Announcement • May 15
Ngex Minerals Ltd. Announces Results of Five Drill Holes from the Phase 4 Drill Program At Its 100% Owned Lunahuasi High-Grade Copper-Gold-Silver Project in San Juan, Argentina
NGEx Minerals Ltd. announced results of five drill holes from the Phase 4 drill program at its 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. DPDH062 intersected the Saturn zone down dip of DPDH059. The zone is defined by a 150m interval at 2.73% CuEq from 628.60m, with several higher-grade sub-intervals included, and continues to be open at depth. Low to mid-grade disseminated and stockwork HS mineralization continued to the end of the hole at 1,604.30m with the entire mineralized section averaging 0.89% CuEq over 1,380.30m from 224.00m. DPDH063 intersected Saturn 60m south of and 200m above the intersection in DPDH062, with a 129.10m interval at 4.06% CuEq starting at 559.80m, with several higher-grade sub-intervals, including 41.25m at 7.86% CuEq. This was followed by a 121.30m section of lower grade from 688.90m (1.08% CuEq; 0.68% Cu, 0.43 g/t Au, 10.4 g/t Ag) and then a second high-grade zone from 810.20m with 110.00m at 2.88% Cu, 3.41 g/t Au and 23.9 g/t Ag, including a 4.88m section at 60.10 g/t Au with one 1.38m sample at 159.5 g/t Au. In our current interpretation, this zone lies to the west of Saturn, however there is some evidence that the zone is widening in this area and it may be more appropriate to define the Saturn zone interval to 920.20m. This broader zone comprises a 360.40m interval from 559.80m averaging 2.11% Cu, 1.62 g/t Au and 26.4 g/t Ag. As with hole DPDH062, low to mid-grade stockwork and disseminated HS mineralization continued to the end of the hole at 1,920.40m and the entire hole, starting from the first sample greater than 1% CuEq at 152.00m, averaged 1.10% CuEq over 1,768.40m. DPDH067 was a shorter hole drilled to the west of Jupiter at a shallow dip, testing the area above several high-grade intersections at depth. The hole intersected two narrow intersections of moderate grade. DPDH068 was drilled across the Saturn zone towards the southwest, intersecting it from 427.70m with a 179.30m interval at 2.71% CuEq. Two additional mineralized zones were intersected to the west of the current Saturn zone interpretation, and the hole was ended at 695.10m. DPDH070 intersected the Mars zone 100m down-dip from DPDH060 and 56m northeast from DPDH061. The highlight of this hole was a 2.00m sample with 1,740 g/t Au confirming the presence of a very high-grade phase of gold mineralization occurring primarily as free gold in quartz veins which has now been intersected in several holes across the deposit. This sample occurs within a 17.30m interval with contained several other samples greater than 10 g/t gold and averaged 207.79 g/t Au. This sample is 660m to the northeast (270m above) the high-grade interval in DPDH063 (1.38m at 159.50 g/t Au) and 730m southeast of (500m above) a high-grade interval in DPDH033 (1.10m at 151.50 g/t Au) suggesting that this style of mineralization is widespread throughout the deposit, with a significant vertical range. Samples were cut at NGEx's operations base in San Juan, Argentina by Company personnel. Diamond drill core was sawed and then sampled in maximum 2-meter intervals, stopping at geological boundaries. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Samples were bagged, tagged, and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared sample splits were sent to the ALS assay laboratory in Lima, Peru for copper, gold and silver assays, and multi-element ICP. ALS is an accredited laboratory which is independent of the Company. Gold assays were by fire assay fusion with AAS finish on a 30g sample (Au-AA23). Samples returning > 10 g/t gold were then reanalyzed by fire assay with gravimetric finish on a 30g sample (Au-GRA21). Copper and silver were assayed by atomic absorption following a 4-acid digestion. Samples were also analyzed for a suite of 48 elements with ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with copper greater than 500ppm (0.05%). Sequential copper analysis involves the sequential leaching of the sample by acid, followed by a cyanide solution. It can be used to differentiate copper speciation, with copper oxide minerals leachable with acid and high-sulphidation copper minerals (enargite, chalcocite, covellite) leachable by cyanide. The residual copper remaining following the sequential leaches is typically contained in chalcopyrite and bornite. Copper and gold standards as well as blanks and duplicates (field, preparation, and analysis) were randomly inserted into the sampling sequence for Quality Control. On average, 10% of the submitted samples are Quality Control samples. No data quality problems were indicated by the QA/QC program.
