NGEx Minerals Ltd. (TSX-V: NGEX) is pleased to report remaining drill results from hole DPDH010 and full results for holes DPDH011 and DPDH014 from the Lunahuasi Project located in the Vicuña District in San Juan Province, Argentina. Lunahuasi drilling continues to intersect long, bonanza-grade mineralized intervals in a zone which remains open in all directions.

Highlights

• Drillhole DPDH010 intersected several mineralized intervals:

• • 102.0 metres at 4.56% copper equivalent from 192.0m (previously reported), including

• • • 62.6m at 5.84% CuEq from 226.0m, including

• • • • 9.4m at 12.10% CuEq from 232.0m, plus
      • 4.2m at 19.70% CuEq from 282.2m, plus

• • 460.9m at 1.09% CuEq from 609.3m (new), including

• • • 4.5m at 25.95% CuEq from 609.3m, plus
    • 1.9m at 10.57% CuEq from 764.5m, plus
    • 5.8m at 6.81% CuEq from 834.3m

• • Drill results down to a depth of 355.3m were previously reported on January 8, 2024.

• Drillhole DPDH011 intersected 46.0m at 2.06% CuEq from 330.0m, including

• • 10.0m at 3.42% CuEq from 330.0m.

• Drillhole DPDH014 intersected several mineralized intervals:

• • 184.2m at 4.61% CuEq from 166.0m, includin

• • • 71.9m at 9.63% CuEq from 171.2m, including

• • • • 23.0m at 23.02% CuEq from 220.0m, including

• • • • • 9.4m at 40.12% CuEq from 231.7m, plus

• • 28.0m at 5.44% CuEq from 533.0m, plus
  • 10.9m at 4.39% CuEq from 722.4m, plus
  • 6.4m at 8.82% CuEq from 953.6m.

• Estimated true widths of the intersections and breakdown of individual metal grades are shown in Table 1 below.
• Plan view maps of Lunahuasi drill holes to date are attached to the end of this news release.

Wojtek Wodzicki, President and CEO, commented, “Lunahuasi continues to exceed our expectations and these new holes have delivered some of the longest, highest-grade, combined copper, gold and silver intersections seen globally for a long time. The deposit remains open in all directions and is rapidly turning into a major new discovery. In addition to the high grades in individual structures, we are starting to see longer intervals of stockwork and disseminated mineralization towards the western part of the deposit.”

Table 1: Significant Intercepts

DPDH010 was reported to a depth of 355.3m on January 8, 2024. The hole was collared on Section 6225N and drilled to the west at an angle of -55 degrees to a total depth of 1,070.2m. The 62.6m intersection from 226.0m is interpreted to be the same structure drilled in holes DPDH002 (212.0m to 272.0m) and DSDH009 (144.0m to 272.3m). Mineralized structures below 288.6m cannot yet be reliably correlated with adjacent holes due to distances between holes and incomplete assay data for adjacent holes.

DPDH011 was collared 80m northeast of DPDH010 on Section 6275N and drilled to the west at an angle of -62 degrees to a total depth of 419m. The hole intersected 3 discrete mineralized structures.

DPDH014 was collared 50m east and 50m south of DPDH007 on Section 6225N and drilled to the west at -55 degrees to a total depth of 976.8m, intended to test the down-dip extent of the high-grade zone in DPDH007. A thick section of high-grade mineralization from 171.2m to 243.0m correlates very well with the zone in DPDH007 and is 90m away from it. Both intersections have high precious metal grades, supporting the interpretation that they represent the same zone. This zone remains open in all directions beyond DPDH014. From 533m to 960m the hole intersected both stockwork and disseminated mineralization and a series of discrete high-grade structures.

Full assay results have now been reported for ten holes at Lunahuasi (including six holes from last season) and drilling is beginning to outline a significant copper, gold and silver deposit. Mineralization has been intersected over:

• An east/west distance of 750m from DPDH014 at 60.0m to DPDH010 at 1,070.2m;
• A north/south distance of 180m from DPDH008 at 61.7m to DPDH002 at 648.0m;
• A vertical distance of 890m from DPDH005 at 32.0m to DPDH005 at 989.0m.

The deposit remains open in all directions beyond these dimensions.

Mineralization is remarkably consistent across this volume, typically occurring as mixed coarse-grained pyrite, enargite and lesser covellite, ranging from disseminations through semi-massive and breccia-fill textures to massive sulphide zones up to several metres in core length. There appears to be a transition from discreet high-grade structures separated by unmineralized and propylitically altered wall rock in the east towards higher temperature alteration and stockwork and disseminated mineralization to the west. This style of mineralization is typified by DPDH010 between 609.3m and 1,070.2m and DPDH014 from 533.0m to 960.0m and is comprised of almost continuous alteration of the host rhyolite and andesite cut by an apparent stockwork of massive sulphide veins ranging from 5cm to 5m thick.

Outlook

Drilling is continuing with four rigs currently active. Holes DPDH001 through DPDH008 were completed and reported last season, and four holes from the current season, DPDH009, DPDH010, DPDH011 and DPDH014 have now been reported. A total of 15,000m is planned for the current program with 8,614m drilled to date. In addition to the holes reported here, five holes have been completed to date (DPDH012 to 704.0m, DPDH013 to 1,033.4m, DPDH015 to 917.5m, DPDH016 to 773.0m and DPDH017 to 393.0m) and four holes are currently in progress (DPDH018 at 1,052.0m, DPDH019 at 317.0m, DPDH020 at 233.0m and DPDH021 at 143.5m). Assays have been received for 3,485m of the current program with the remainder pending. Assay results for completed holes will be released as they are received, analyzed, and confirmed by the Company.

Table 2: Drill Hole Information

Qualified Persons and Technical Notes

The scientific and technical disclosure included in this news release have been reviewed and approved by Bob Carmichael, B.A.Sc., P.Eng. who is the Qualified Person as defined by NI 43-101. Mr. Carmichael is Vice President, Exploration for the Company.

Samples were cut at NGEx’s operations base in San Juan, Argentina by Company personnel. Diamond drill core was sampled in maximum 2-meter intervals, stopping at geological boundaries, using a rock saw. 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 either Lima, Peru or Santiago, Chile 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. 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. 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, 9% of the submitted samples are Quality Control samples. No data quality problems were indicated by the QA/QC program.

Copper equivalent for drill intersections is calculated based on US$3.00/lb Cu, US$1,500/oz Au and US$18/oz Ag, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t). True widths are estimated based on a preliminary geological interpretation and are subject to change as more information is acquired and the geological interpretation is refined.

About NGEx Minerals

NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of the Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the nearby Los Helados copper-gold project located approximately nine kilometres northeast in Chile’s Region III. Both projects are located within the Vicuña District, which includes the Caserones mine, and the Josemaria and Filo del Sol deposits.

NGEx Minerals owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project, subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which is the indirect 49% owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados. Lundin Mining Corporation holds the remaining 51% stake in Caserones.

Figure 1: Lunahuasi Plan View With Surface Geology (CNW Group/NGEx Minerals Ltd.)

Figure 2: Enlarged Lunahuasi Plan View With Surface Geology (CNW Group/NGEx Minerals Ltd.)