NGEx Resources Inc. (TSX:NGQ) ("NGEx" or the "Company") is pleased
to announce additional assay results from the recently completed
2012 exploration program at the Company's Los Helados copper-gold
porphyry project located in Region III of Chile. The drill program
comprised 26 diamond drill holes totaling 22,143 metres. Assay
results from the first 7 holes of the program were released on
April 27, 2012 and results from an additional 8 holes are disclosed
here. Results from the remaining 11 holes are pending and will be
released when received. The Los Helados drill program has finished
for the season and is expected to resume early in the fourth
quarter of 2012. Los Helados is one of 3 advanced exploration-stage
copper-gold projects located on a contiguous land package that the
Company holds in Chile's Region 3 and adjacent San Juan Province,
Argentina.
Highlights from the results reported today include: LHDH27 with
1,013m of 0.58% CuEq (0.47% Cu and 0.16 gpt Au), including 268m @
0.71% CuEq (0.60% Cu and 0.16 gpt Au); and LHDH34 with 702.2m of
0.52% CuEq (0.41% Cu and 0.17 gpt Au) including 240.2m @ 0.76% CuEq
(0.60% Cu and 0.23 gpt Au).
These new drill holes have expanded the Los Helados deposit to
the northwest and southwest and confirm indications from earlier
drilling that the copper-gold mineralization extends from surface
to a vertical depth of more than 1,000 metres. All holes in this
release were terminated due to depth capacity of the drills and
ended in mineralization.
Wojtek Wodzicki, President and CEO of the Company, commented,
"We are very pleased with the results from this year's drill
program at Los Helados. The results announced today continue to
significantly extend the mineralization both laterally and to
depth. Including the drill holes released today, copper gold
mineralization has now been intersected over an area of
approximately 1000m east-west by 750 meters north-south and over a
vertical interval of approximately 1000 meters. The mineralization
remains open in several directions including at depth and we look
forward to continued expansion of the mineralization as the results
of the remaining drill holes are received over the coming weeks.
Along with previously released results from Los Helados as well as
our nearby Filo del Sol and Josemaria projects, the results
released today support our view that the Company's land package has
the potential to host a very significant new copper-gold district
with multiple deposits within a 15 kilometre radius. We feel that
these projects offer our investors exposure to an emerging deposit
cluster that continues to deliver outstanding exploration results
and has the potential to rank among the most significant in this
prolific copper-gold belt."
Intersections from the 8 holes released today are given
below.
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HOLE-ID From (m) To (m) Length (m) Cu % Au g/t CuEq(i)
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LHDH27 162.0 1175.0 1013.0 0.47 0.16 0.58
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incl. 636.0 810.0 174.0 0.55 0.18 0.68
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incl. 876.0 1144.0 268.0 0.60 0.16 0.71
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Southern part of core area. Deeper high-grade section open to the south and
east. Ends in mineralization.
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LHDH31 128.0 994.0 866.0 0.34 0.14 0.44
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incl. 500.0 770.0 270.0 0.48 0.17 0.59
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Northeastern part of deposit. Open to east.
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LHDH33 308.0 1012.9 704.9 0.28 0.09 0.34
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incl. 402.0 494.0 92.0 0.39 0.14 0.49
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Northwestern part of deposit. Open to north and west. Ends in
mineralization.
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LHDH34 276.0 978.2 702.2 0.41 0.17 0.52
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incl. 738.0 978.2 240.2 0.60 0.23 0.76
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and incl. 904.0 948.0 44.0 1.07 0.72 1.56
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Southwestern part of deposit. Mineralization hosted by granite, open to
south. Ends in mineralization.
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LHDH35 240.0 1042.5 802.5 0.36 0.12 0.44
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incl. 778.0 1042.5 264.5 0.49 0.18 0.61
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150 metres northwest of LHDH31 - confirms grade consistency in this area.
Ends in mineralization.
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LHDH36 116.0 518.0 402.0 0.45 0.23 0.61
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plus 542.0 675.0 133.0 0.32 0.09 0.39
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Ended above target depth due to drill capacity. To be completed next drill
campaign.
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LHDH38 430.0 1001.5 571.5 0.33 0.09 0.39
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incl. 802.0 1001.5 199.5 0.43 0.10 0.50
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Northernmost deep hole in deposit, open to north. Ends in mineralization.
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LHDH40 238.0 842.0 604.0 0.35 0.13 0.44
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incl. 276.0 382.0 106.0 0.48 0.26 0.65
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plus 884.0 1000.0 116.0 0.29 0.11 0.36
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Infill hole in north-central deposit area. Ends in mineralization.
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(i) Drillholes were composited based on a 0.3% CuEq cutoff. CuEq - Copper
Equivalent calculated using US$3.00/lb copper and US$1,400/oz gold, with no
provision for metallurgical recoveries. Los Helados is a porphyry deposit,
characterized by a large volume of relatively homogeneous mineralization and
drilled lengths are interpreted to be representative of the true width of
the mineralized zone.
Holes LHDH33, LHDH34 and LHDH38 are step-out holes to the west
of the previous drilling and hole LHDH31 is a step-out to the east.
Holes LHDH27, LHDH35, LHDH36, LHDH40 are infill holes. Please see
attached map for drill hole locations.
Hole LHDH27 was collared 200 metres to the east of previously
released LHDH26 (688.4 m @ 0.40% Cu, 0.11 ppm Au = 0.48% CuEq) and
shows an increase in both mineralization thickness and grade.
Hole LHDH31 was drilled in a gap between earlier drill holes on
the eastern margin of the deposit and confirms and extends
mineralization in this direction. Mineralization remains open to
the east.
Hole LHDH33 is collared 115 m to the north of previously
released LHDH29 (682.5 m @ 0.39% Cu, 0.13 ppm Au = 0.48 CuEq)
extending the limit of mineralization in that direction.
Mineralization remains open to the north and west. Holes LHDH35 and
LHDH40 were drilled on the same section as LHDH 33 and infilled the
northern portion of the deposit. These holes are 200 m apart along
the EW section located 100 m to the south of previously released
LHDH30 (748.0 m @ 0.34% Cu, 0.11 ppm Au = 0.41% CuEq). As such,
these holes confirm the expected extension and tenor of
mineralization.
Hole LHDH34 is a step-out hole drilled at the south-western
margin of the known area of mineralization. The hole is collared in
altered granite and mineralization in this hole is mostly hosted in
granite. Granite is interpreted to be the wall rock of the system
so LHDH34 is important because it indicates that copper
mineralization at least locally extends beyond the margins of the
porphyry and breccia units that host most mineralization drilled to
date. This expands the exploration potential well into the
wall-rock of the system.
Hole LHDH36 is an infill hole drilled on the same section as
previously released LHDH29 (682.5 m @ 0.39% Cu, 0.13 ppm Au = 0.48%
CuEq). It intersected grades and thickness in line with adjacent
holes.
Hole LHDH38 is an exploration step-out drilled in the northern
zone of the deposit. The 199.5 metres at the bottom of the hole
confirms mineralization and indicates that it remains open to the
north.
Collar coordinates and drill hole orientations for the holes in
this news release are shown below:
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HOLE-ID East North Elev. Length (m) AZ DIP
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LHDH27 442199 6864799 4584 1175 90 -80
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LHDH31 442907 6865001 4489 1000 270 -75
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LHDH33 442195 6865094 4561 1012.9 270 -75
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LHDH34 442199 6864699 4594 978.2 270 -75
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LHDH35 442800 6865099 4462 1042.5 270 -75
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LHDH36 442408 6865002 4537 675 270 -75
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LHDH38 442407 6865210 4537 1001.5 270 -75
----------------------------------------------------------------------------
LHDH40 442598 6865093 4490 1000 270 -75
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Los Helados is one of several large copper-gold systems
including the Company's Josemaria and Filo del Sol projects,
located on a contiguous land package that the Company holds in
Chile's Region 3 and adjacent San Juan Province Argentina. Los
Helados, Josemaria, and Filo del Sol are all part of a joint
venture in which the Company holds 60% and JOGMEC (Japan, Oil, Gas,
and Metals National Corporation) holds 40%. Each party funds its
pro-rata share of expenditures.
On behalf of the board
Wojtek Wodzicki, President and CEO
Qualified Person and Assay Methods
The drill core was logged, sawed, and half cores were sampled in
their entirety in two meter intervals at the Company's core
processing facility located in Copiapo, Chile. Samples were shipped
to Acme Analytical Laboratories sample preparation facility also in
Copiap , and pulps were forwarded to the Acme lab in Santiago,
Chile. Samples were crushed, split and 500g was pulverized to 85%
passing 200 mesh. Gold analyses were by fire assay fusion with AAS
finish on a 30g sample. Copper was analyzed by AAS using a 4 acid
digestion and samples were also analyzed for a suite of 36 elements
with ICP-ES. 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 correspond to Quality Control samples.
Mr. Bob Carmichael, B.A.Sc, P.Eng., is the Qualified Person as
defined by National Instrument 43-101. Mr. Carmichael is Vice
President, Exploration for the Company and has reviewed and
approved the technical information contained in this news release.
The Quality Control/Quality Assurance (QA/QC) program on Los
Helados Project is under the management of Diego Charchaflie MSc.,
P.Geo (BC), a Qualified Person pursuant to NI 43-101.
To view the maps associated with this release, please visit the
following link: http://media3.marketwire.com/docs/ngq705i.pdf.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within
the meaning of applicable Canadian securities legislation,
concerning the business, operations and financial performance and
condition of NGEx Resources Inc. Forward-looking statements
include, but are not limited to, statements with respect to the
estimation of commodity prices, mineral reserves and resources, the
realization of mineral reserve estimates, capital expenditures,
costs and timing of the development of new deposits, the success of
exploration activities, permitting time lines, currency exchange
rate fluctuations, requirements for additional capital, government
regulation of mining activities, environmental risks, unanticipated
reclamation expenses, title disputes or claims and limitations on
insurance coverage. Generally, these forward-looking statements can
be identified by the use of forward-looking terminology such as
"plans", "expects" or "does not expect", "is expected", "budget",
"scheduled", "estimates", "forecasts", "intends", "anticipates" or
"does not anticipate", or "believes", or variations of such words
and phrases or state that certain actions, events or results "may",
"could", "would", "might" or "will be taken", "occur" or "be
achieved" or the negative connotations thereof. All such
forward-looking statements are based on the opinions and estimates
of the relevant management as of the date such statements are made
and are subject to important risk factors and uncertainties, many
of which are beyond the Company's ability to control or
predict.
Forward-looking statements are necessarily based on estimates
and assumptions that are inherently subject to known and unknown
risks, uncertainties and other factors that may cause the actual
results, level of activity, performance or achievements of the
Company to be materially different from those expressed or implied
by such forward-looking statements, including but not limited to:
risks and uncertainties relating to, among other things, changes in
commodity prices, currency fluctuation, financing, unanticipated
reserve and resource grades, infrastructure, results of exploration
activities, cost overruns, availability of materials and equipment,
timeliness of government approvals, taxation, political risk and
related economic risk and unanticipated environmental impact on
operations as well as other risks and uncertainties described under
"Risks Factors" in the Company's Annual Information Form available
under the Company's profile at www.sedar.com and the Company's
website.
Although the Company has attempted to identify important factors
that would cause actual results to differ materially from those
contained in forward-looking statements, there may be other factors
that cause results not to be as anticipated, estimated, or
intended. There can be no assurance that such statements will prove
to be accurate, as actual results and future events could differ
materially from those anticipated in such statements. All of the
forward-looking statements contained in this document are qualified
by these cautionary statements. Readers should not place undue
reliance on forward-looking statements. Forward-looking statements
are provided for the purpose of providing information about
management's current expectations and plans and allowing investors
and other to get a better understanding of the Company's operating
environment. The Company expressly disclaims any intention or
obligation to update or revise any forward-looking statements
whether as a result of new information, events or otherwise, except
in accordance with applicable securities laws.
Contacts: NGEx Resources Inc. Sophia Shane Corporate Development
(604) 689-7842 (604) 689-4250 (FAX)ngexresources@namdo.com
www.ngexresources.com