NGEx Minerals released its third-quarter 2026 results and announced preparations for the fifth phase of drilling at Lunahuasi, its copper, gold and silver project located in San Juan. The programme includes up to eight drill rigs and aims to expand known mineralised zones, evaluate new targets and advance towards a future mineral resource estimate.
By Panorama Minero
The new campaign will build on Phase 4, completed in April 2026, which extended the Mars, Saturn and Jupiter zones, identified new mineralised areas and confirmed the presence of a breccia body associated with a copper-gold porphyry system.
According to the company, Lunahuasi remains open in all directions and contains exploration targets that have yet to be drilled.
Drilling and Underground Development
Phase 5 will involve three different drill-hole spacing patterns, designed to define and expand known zones, extend mineralised intersections and assess areas beyond the current drilling footprint.
In parallel, NGEx plans to begin developing an underground exploration adit to facilitate access to sections of the deposit and improve operational efficiency.
Engineering, contractor selection and site preparation were completed during the previous campaign. The start of construction remains subject to weather conditions and the receipt of outstanding permits and approvals.
Metallurgical Results
NGEx also reported initial results from metallurgical tests conducted on representative samples from the Mars, Saturn and Jupiter zones.
The tests produced final copper concentrates grading between 17% and 39% copper, with gold grades ranging from 10 to 44 grams per tonne.
Copper recoveries ranged from 92% to 98%, while gold recoveries were between 61% and 96%. According to the company, deleterious elements remained below standard penalty thresholds.
The studies included flotation testing and preliminary assessments of alternative treatment methods for arsenic-bearing concentrates.
On the corporate front, NGEx shareholders approved the spin-off of Valiente Resources on 29 October. The new Lundin Group exploration company will hold a portfolio of assets including the Valle Ancho project, located in the province of Catamarca.
