NGEx Minerals Initiates Phase 3 at Lunahuasi Property
NGEx Minerals Ltd. (TSX: NGEX, OTCQX: NGXXF) has officially started its much-anticipated Phase 3 drill program at the Lunahuasi property. This significant initiative follows the success of the previous Phase 2 drilling operation, which provided remarkable results featuring some of the highest-grade copper, gold, and silver intercepts identified globally. The Phase 3 program is set to aim for resource expansion and further refinement of exploration targets as outlined under NI 43-101.
President's Excitement for the Drilling Strategy
Wojtek Wodzicki, the President and CEO of NGEx Minerals, expressed his enthusiasm about the commencement of this sizable drilling phase. He noted, "We are extremely excited to kick off our third and largest drill program at Lunahuasi. The previous drilling illuminated the exceptional grades within a substantial volume of the deposit. Our upcoming endeavors in this ample space will more than double our total drilling meter count to date. We're eager to expand our understanding of this high-grade discovery, which we believe represents a vast system yet to be fully delineated. Furthermore, with our private placement financing, attracting approximately C$175 million, we’re poised to advance our exploration plans efficiently and effectively."
Details of the Current Drilling Activity
The ongoing drill program is ambitious, featuring three drill rigs currently operational, with plans to introduce three more by the month's end. This enhanced program plans for up to 20,000 meters of diamond drilling, with an objective closely following 17,862 meters completed since the discovery. Each drilling strategy will involve various target ranges to meet distinct exploration objectives: long-range exploration holes, mid-range step-out holes, and short-range infill holes. Anticipation for initial drilling results is high, slated for late in Q4. However, the precise timing remains dependent on both drill operation velocities and assay processing times.
About NGEx Minerals and Its Projects
NGEx Minerals stands as a prominent exploration company focused on securing high-value copper and gold prospects. Its efforts concentrate primarily on the Lunahuasi project in San Juan Province, Argentina, alongside the adjacent Los Helados project located in Chile. This latter site is merely nine kilometers northeast of Lunahuasi, nestled within the mineral-rich Vicuña District, which also hosts the noteworthy Caserones mine. NGEx holds full ownership of Lunahuasi and stands as the majority operator for the Los Helados project.
Company's Strategic Outlook and Share Information
The company's common shares are traded on the TSX under the symbol "NGEX" and on the OTCQX market as "NGXXF". NGEx Minerals belongs to the established Lundin Group of Companies, reflecting a reputable position in the mining sector. As exploration digs deeper, the company is fortified by significant financial backing, aiming to propel its projects forward amidst growing market interest.
Frequently Asked Questions
What is the purpose of the Phase 3 drill program at Lunahuasi?
The Phase 3 drill program aims to expand the resource base and develop an initial Exploration Target at Lunahuasi, following a successful Phase 2 program.
How much drilling is planned for this program?
The program plans for up to 20,000 meters of diamond drilling to further investigate and explore the high-grade deposit.
When can we expect the results of the new drilling?
Initial results from the drilling program are expected towards the end of Q4, pending drilling rates and assay processing times.
What is NGEx Minerals' focus beyond Lunahuasi?
NGEx Minerals also focuses on the nearby Los Helados project in Chile, enhancing its portfolio within the Vicuña District.
How does NGEx financing impact its operations?
Current financing efforts, with around C$175 million anticipated, position NGEx to effectively fund its ongoing drilling programs and enhance its exploration capabilities.
