NGEx Resources Inc.: Final Josemaria Drill Results
April 24 2014 - 5:00PM
Marketwired Canada
NGEx Resources Inc. (TSX:NGQ) ("NGEx" or the "Company") reports final drilling
results from the 2013/2014 program at the Josemaria copper-gold porphyry project
located in San Juan Province, Argentina. A total of 7,302 metres in 14 holes,
including two geotechnical holes, was completed during the field season and
drilling is now finished. Results from seven holes were released on February
21st, and assays for the remaining five exploration holes are included here.
Please see attached map - to view, please visit the following link:
http://media3.marketwire.com/docs/941594.pdf.
The focus of this season's drill program was to define the high-grade supergene
zone at the north end of the deposit and test for possible extensions of this
zone to the northwest of previous drilling. Several larger step-out holes were
also completed in order to test a broad area of leached cap extending to the
north and northwest of the main deposit area.
All of the holes reported here were designed to test for extensions of the
Josemaria deposit to the west and northwest of the current resource. Results of
the final holes from the season are presented below:
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Length Cu Au Ag CuEq(i)
HOLE-ID From To (m) % g/t g/t %
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JMDH10(ii) 220.0 308.2 88.2 0.28 0.16 0.43 0.39
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JMDH84 308.0 600.2 292.2 0.31 0.18 1.40 0.45
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JMDH86 No Significant Values
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JMDH87 250.0 432.0 182.0 0.32 0.10 1.73 0.41
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JMDH88 322.0 596.0 274.0 0.21 0.07 0.70 0.27
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JMDH89 286.0 576.0 290.0 0.25 0.15 0.70 0.36
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incl 472.0 576.0 104.0 0.24 0.28 0.69 0.44
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(i) CuEq - Copper Equivalent is calculated using US$3.00/lb copper,
US$1,400/oz gold and US$23/oz Ag, with no provision for metallurgical
recoveries. The formula used is CuEq% = Cu% + 0.6806 x Au (g/t) +
0.011 x Ag (g/t). Josemaria 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.
(ii) Previously announced drill intercept
Drill hole JMDH84 was an extension of previously announced hole JMDH10, which
was drilled in 2009 and stopped at 308.2 metres, within the mineralized zone.
The assay composite shown here for JMDH10 was previously released and is
included here for complete information. JMDH84 extended the mineralization to a
depth of 600.2 metres and ended in mineralization (0.16 g/t Au and 0.373% Cu).
This hole intersected the Inferred resource block from 390 metres to the end.
Drill hole JMDH86 was drilled 300 metres to the north of the main deposit in
order to test for the extension of the supergene mineralization beneath the
leached cap in this area. No significant mineralization was encountered.
Drill hole JMDH87 was collared 200 metres to the west of JMDH84 to test for the
western extension of the mineralization intersected in that hole. It intersected
a 182 metre section of 0.41% CuEq, including higher than usual silver grades.
This intersection is outside of the current resource block.
Drill holes JMDH88 and JMDH89 were drilled to the west of the main deposit.
JMDH88 is entirely outside of the resource block and JMDH89, located 330 metres
to the south, is within the Indicated resource block to a depth of 460 metres,
and within the Inferred resource block below.
Metallurgical test work and baseline environmental programs are ongoing and will
continue during the coming months. The Company plans to incorporate the results
of this year's drilling into an updated resource estimate and once the
metallurgical test work is complete, to complete an updated Technical Report. We
expect to be in a position to complete an updated Technical Report during the
fourth quarter of 2014.
Collar information for the drill holes in this news release is shown below:
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Hole ID East North Elevation Length (m) Azimuth Dip
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JMDH84 2446212 6855902 4536 600 90 -70
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JMDH86 2446283 6856399 4392 300 90 -70
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JMDH87 2446000 6855896 4502 500 90 -70
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JMDH88 2445599 6855504 4545 600 90 -70
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JMDH89 2445649 6855169 4652 600 90 -60
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At a 0.30% copper equivalent cutoff grade, Josemaria has a current Indicated
Resource of 789 million tonnes at 0.35% copper and 0.24 g/t gold and an
additional Inferred Resource of 315 million tonnes at 0.28% copper and 0.17 g/t
gold(i).
About NGEX
NGEX is a Canadian mineral exploration company with exploration projects in
Chile, Argentina, and Canada. The Company's shares are listed on the Toronto
Stock Exchange under the symbol "NGQ". The Company's focus is on advancing its
Vicuna Project which includes several large copper-gold systems including the
Los Helados, Josemaria, and Filo del Sol projects, located in Region III, Chile
and San Juan Province, Argentina. Los Helados and Filo del Sol are part of a
joint venture in which the Company holds 60% and Pan Pacific Copper Co., Ltd
holds 40%. Josemaria is part of a joint venture in which the Company holds 60%
and Japan Oil, Gas, and Metals National Corporation (JOGMEC) owns 40%. In
addition to the Vicuna Project the Company holds an extensive portfolio of 100%
owned early stage exploration projects located in Chile and Argentina. It also
owns a 100% interest in the GJ copper and gold project located in British
Columbia Canada. The GJ project is optioned to Teck Resources who are earning up
to a 75% interest.
On behalf of the board
Wojtek Wodzicki, President and CEO
Qualified Person and Assay Protocols
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 the
Josemaria Project is under the management of Diego Charchaflie MSc., P.Geo (BC),
a Qualified Person pursuant to NI 43-101.
The drill core was logged and sawed at the Company's core facility in San Juan,
Argentina. Half cores were sampled in their entirety in two meter intervals or
intervals corresponding to geologic breaks determined by Company personnel.
Samples were shipped to Acme Labs in Mendoza, Argentina for preparation 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.
(i) Technical Report dated November 13, 2013 and amended March 24, 2014 and
titled "Second Updated Mineral Resource Estimate for the Josemaria
Property San Juan Province Argentina" with an effective date of
September 27, 2013. This report is available under the Company's profile
on SEDAR www.sedar.com
Cautionary Note Regarding Forward-Looking Statements and Information
This news release contains "forward-looking information" within the meaning of
applicable Canadian securities legislation, concerning the business, operations
and financial performance and condition of NGEx Resources Inc. Forward-looking
information includes, but is not limited to, statements with respect to the
estimation of commodity prices, mineral resources, costs, 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, this
forward-looking information 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 information is 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 information is 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 information, including but not limited to: risks
and uncertainties relating to, among other things, changes in commodity prices,
currency fluctuation, financing, unanticipated 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 information, 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 information contained in this document is qualified by these
cautionary statements. Readers should not place undue reliance on
forward-looking information.
Forward-looking information is 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.
These factors are not, and should not be construed as being, exhaustive. Forward
looking information in this news release includes but is not limited to
statements with regards to expected timelines for the completion of
metallurgical test work and an updated resource estimate for the Josemaria
Project as well as the timeline for completing an updated Technical Report for
the Josemaria Project. Statements relating to "mineral resources" are deemed to
be forward-looking information, as they involve the implied assessment, based on
certain estimates and assumptions that the mineral resources described can be
profitably produced in the future. The forward-looking information contained in
this press release is expressly qualified by this cautionary statement. The
Company expressly disclaims any intention or obligation to update or revise any
forward-looking information whether as a result of new information, events or
otherwise, except in accordance with applicable securities laws.
FOR FURTHER INFORMATION PLEASE CONTACT:
NGEx Resources Inc.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
ngexresources@namdo.com
www.ngexresources.com