NGEx Minerals Ltd. reported its results for the three months and year ended December 31, 2024.
By Panorama Minero
Highlights for the three months and year ended December 31, 2024, include the following:
· Drilling at Lunahuasi continues to deliver high-grade results over a sizeable scale. Phase 2 Lunahuasi drilling, which was undertaken from October 2023 to April 2024, and Phase 3 drilling, which began in October 2024 and is planned to continue into May 2025, have consistently delivered high-grade copper, gold and silver intercepts from not only short-range holes, but also in the longest step out holes assayed to date.
· Another emerging giant in the Vicuña District. Following the initial discovery of the Lunahuasi deposit in 2023, Phase 2 and Phase 3 step out drilling has expanded the boundaries of the mineralized volume to over 1km north-south, east-west and at depth. This mineralized volume is open in all directions, with numerous intersections at the edges of the current drill pattern continuing to return strong grades.
· Substantial gold grades that compare to high-grade, gold-only deposits. Gold values intersected in a number of holes completed to date rival those apparent in some of the highest-grade gold deposits globally. These results showcase the significant precious metal content and robust nature of the Lunahuasi deposit.
· Expansion of current Phase 3 drill program following strong early results and $176.9 million financing. The early successes of the Phase 3 drill campaign have led to the addition of two rigs in late February 2025, bringing the total rig count to eight, and an increase to the number of drill metres planned for the campaign from 20,000m to 25,000m.
Wojtek Wodzicki, President and CEO, commented,
The Company has quickly established the Lunahuasi deposit as a key asset within the rapidly evolving Vicuña District, showcasing a unique combination of unusually high-grades and significant size. The mineralized volume at Lunahuasi now measures a minimum of 1km north-south, east-west and vertically. There remains significant potential for further expansion as drilling continues to return strong grades at the edges of the current drill pattern.
With the incorporation of two additional rigs to the ongoing Phase 3 program, the Company has accelerated exploration at Lunahuasi. A top priority continues to be additional step out drilling to extend and further define high-grade mineralization. A secondary objective is testing for a porphyry source to the west. We look forward to a strong conclusion to our Phase 3 program, planned for late Q2 2025, a subsequent steady flow of assay results into mid-year leading into the release of an initial Exploration Target, as defined under National Instrument 43-101, in the second half of the year.
