NGEx Minerals Ltd. (TSX-V: NGEX) is pleased to report the discovery of a significant new zone of high-grade copper, gold and silver mineralization at the 100% owned Potro Cliffs project located in San Juan Province, Argentina. Today’s results are interpreted to be the first intercepts into the edges of a major new copper-gold system located midway between the Company’s Los Helados Cu-Au Porphyry deposit, located 9km to the north and Filo Mining’s Au-Cu-Ag epithermal/porphyry deposit, located 7km to the south.

HIGHLIGHTS

• DPDH002 intersected multiple zones of massive to semi-massive sulphide veins and breccias, including:
  • 4.0m at 8.44% CuEq from 150.0m
  • 60.0m at 7.52% CuEq from 212.0m
    • Includes 10.0m at 18.00% CuEq and 6.0m at 14.00% CuEq
  • 4.0m at 4.57% CuEq from 308.0m
  • 4.0m at 3.89% CuEq from 520.0m
  • 10.0m at 7.08% CuEq from 574.0m.

Wojtek Wodzicki, President and CEO commented, “These are some of the best grades I have seen in my career, and it is remarkable to have hit such significant mineralization so early in the first ever drill program on this target. Today’s results include the highest copper grades drilled to date in the Vicuna District and rank among the highest copper grades intersected globally in the last few years. This style of mineralization typically occurs lateral to, or above major porphyry copper-gold systems and the grades and thickness reported today are very encouraging indicators of the strength and potential of the system that is the source of these high-grade zones.”

Dr. Wodzicki, added, “One of the key messages from the Vicuna District presentation that we made a few years ago was that giant metal districts tend to continue to deliver new discoveries. Today’s results reinforce that point and I am confident that we are in the very earliest stages of defining the fourth major deposit discovered in the Vicuna district.

This discovery builds on the remarkable track record of exploration success that the NGEx has built over the years, and I could not be more proud of our team. The Company is planning an expanded exploration program to begin to systematically follow-up these exciting results.”

Composited intervals are shown in the table below:

Lengths reported are drilled lengths, additional drilling is required in order to establish geometry and true widths of the mineralized zones. Gold assays indicated as * are pending. 

DPDH002 was collared at the bottom of a distinct topographic feature known as the Potro Cliffs at an elevation of 4,700m and drilled towards the west at an angle of -70 degrees to a total depth of 719 meters. Fragmental and flow-banded rhyolite occur to a depth of about 352m where there is a transition to a quartz-diorite porphyry which continues to the end of the hole. Advanced argillic alteration and silicification are prevalent throughout the hole, with intervals of sericite and chlorite/epidote alteration in the diorite.

The entire sequence between 150m and 680m is cut by a series of semi-massive to massive sulphide veins and clusters of veins, with individual veins attaining core lengths of up to 10m. These veins are typically composed of pyrite and enargite with lesser covellite – and are interpreted as veins and replacements of high-sulphidation affinity. The copper-gold-silver mineralization also occurs as anastomosing stockwork veinlets and breccia matrix with minor zinc sulphides.

2023 POTRO CLIFFS DRILL PROGRAM OVERVIEW

The 2023 drilling program has focused on improving our initial understanding of this large alteration zone and following up on surface sampling results.  Topography at the Potro Cliffs alteration zone offers the opportunity to test different levels within the hydrothermal system, with holes at the bottom of the cliffs testing areas 600m vertically below holes collared at the top of the cliffs. The drill program, including completed and planned holes, is outlined below:

Holes Drilled/in Progress

DPDH001: Top of cliffs, testing surface geochemical anomalies
DPDH002: Bottom of cliffs, testing surface geochemical anomalies
DPDH003: Top of cliffs
DPDH004: Same platform as DPDH002, drilled at -50 degrees
DPDH005: Bottom of cliffs, 100m south of DPDH002.

Drilling is ongoing with two diamond drill rigs. Holes DPDH001 and 003 at the top of the cliffs are complete with assays pending. These two drill holes are 1.6km and 1.9km from DPDH002 respectively. Holes DPDH004 and 005 are testing for extensions of the mineralization intersected in DPDH002 and are in progress.

NEXT STEPS

The initially planned program is being re-evaluated in light of the results of DPDH002 and will continue to be modified based on results of the next few holes. The current plan is to focus on expanding and delineating the mineralization intersected in DHPH002. Drilling is planned to continue until the onset of winter conditions in May.

ABOUT NGEX MINERALS

NGEx Minerals is a copper and gold exploration company based in Canada, focused on advancing its Los Helados copper-gold project located in Chile’s Region III and testing the nearby Potro Cliffs exploration target located to the southwest in San Juan Province, Argentina. Both projects are located within the Vicuña District which includes the Josemaria and Filo del Sol deposits. Los Helados and the Potro Cliffs target lie along the same major north-northeast trending structure that controls the Filo del Sol deposit.

NGEx Minerals is the majority partner and operator for the Los Helados Project, subject to a Joint Exploration Agreement with Nippon Caserones Resources Co., Ltd. which operates the Caserones open pit copper mine located approximately 15km north of Los Helados through a subsidiary that is subject to a recently announced agreement whereby Lundin Mining Corporation will acquire a controlling stake.

Base Map with Sat Image 2023 Potro (CNW Group/NGEx Minerals Ltd.)