Exciting Developments as NGEx Launches Drill Program at Lunahuasi
NGEx Minerals Begins Phase 4 Drill Program at Lunahuasi
NGEx Minerals Ltd. (TSX: NGEX) has embarked on its much-anticipated Phase 4 drill program at the 100%-owned Lunahuasi property. This initiative follows the completion of a highly successful Phase 3 drilling program, which saw the company uncover high-grade copper, gold, and silver deposits.
Successful Phase 3 Program Results
The previous drilling phase delivered remarkable results, expanding the geological understanding of the mineral deposits at Lunahuasi. During this phase, significant vein mineralization was discovered, revealing a new copper-gold porphyry system and ultra-high-grade gold in quartz veins, indicating varying types of mineralization potential within the project.
Objective and Scope of the Current Drill Program
As the Phase 4 program gets underway, six drill rigs are actively engaged, with plans to expand to eight as necessary. This season's drilling aims to explore multiple mineralization styles while identifying new high-grade zones. The company is targeting a comprehensive 25,000 meters of diamond drilling to follow up on the previous work, which has already yielded over 43,249 meters since the discovery of the deposit. Results of initial assays are anticipated by the end of the year, although it's dependent on drilling rates and processing timelines.
Funding and Future Plans
Wojtek Wodzicki, NGEx's President and CEO, expressed enthusiasm about the project, noting that ongoing funding through a recent oversubscribed private placement of C$175 million has positioned the company strongly to achieve its drilling objectives. This financial flexibility could allow for further program expansions if justified by exploration results.
About NGEx Minerals
Headquartered in Canada, NGEx Minerals specializes in the exploration of copper and gold projects in Latin America, particularly focusing on Lunahuasi in Argentina and Los Helados in Chile. These regions are rich in mineral resources and encompass significant mines and deposits that heighten the company's exploration potential.
Company Ownership and Partnerships
NGEx holds a 100% stake in Lunahuasi and operates the nearby Los Helados project through a Joint Exploration Agreement with Nippon Caserones Resources LLC. This partnership underscores the company's strong position in the exploration and mining landscape.
Conclusion
With its Phase 4 drilling program, NGEx Minerals Ltd. sets the stage for substantial expansions and potential discoveries that may redefine its operations in the mining sector. As the company pushes forward, investors and stakeholders remain optimistic about the future results from Lunahuasi.
Frequently Asked Questions
What is the focus of NGEx's Phase 4 drilling program?
The Phase 4 drilling program aims to explore four styles of mineralization, search for new high-grade zones, and expand the deposit boundaries.
How many drill rigs are currently operational for the program?
Currently, six drill rigs are active, with plans for expansion to eight rigs depending on operational needs.
What results can be expected, and when?
Initial assay results are expected by the end of Q4 of this year, subject to drilling rates and assay turnaround times.
What recent financing has NGEx secured?
NGEx has successfully completed a private placement financing of C$175 million, providing substantial resources for exploration.
Where can I find more information about NGEx Minerals?
Additional information about NGEx, including financials and exploration updates, can be accessed through SEDAR+.
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