NGEx Minerals (TSX: NGEX) is making the case that the gold story at Lunahuasi is no longer a sideshow to the copper. Five fresh holes from the Phase 4 program at the Argentina project returned some of the strongest precious metal numbers yet released from the deposit, including a two metre interval grading 1,740 grams per tonne gold.
That interval sits inside a broader 17.30 metre intercept averaging 207.79 grams per tonne gold in hole DPDH070, drilled into the Mars zone. The intersection was made 660 metres to the northeast of hole DPDH063, which is said to suggest that this style of mineralization is widespread throughout the deposit.
Highlight assay results include:
- DPDH070: 17.30 metres at 207.79 g/t gold from 334.90 metres depth
- Including 2.00 metres at 1,740.00 g/t gold
- And 2.60 metres at 14.57% copper equivalent (12.52% copper, 2.05 g/t gold, 63.4 g/t silver) from 423.90 metres depth
- DPDH063: 1,768.40 metres at 1.10% copper equivalent (0.69% copper, 0.45 g/t gold, 10 g/t silver) from 152.00 metres depth
- And 4.88 metres at 60.10 g/t gold from 831.50 metres depth
- Including 1.38 metres at 159.50 g/t gold
- And 4.88 metres at 60.10 g/t gold from 831.50 metres depth
- DPDH062: 1,380.30 metres at 0.89% copper equivalent (0.57% copper, 0.27 g/t gold, 13.5 g/t silver) from 224.00 metres depth,
- Including 150.70 metres at 2.73% copper equivalent (1.61% copper, 0.93 g/t gold, 50.3 g/t silver)
- DPDH068: 179.30 metres at 2.71% copper equivalent (1.67% copper, 1.10 g/t gold, 27.6 g/t silver) from 427.70 metres depth
President and CEO Wojtek Wodzicki framed the results as evidence that grades at Lunahuasi rival some of the best gold only deposits globally, noting that both high grade intercepts sit at the edges of the current drill pattern and remain open in every direction.
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The latest batch builds on results released at the end of April, when NGEx reported 33.85 metres at 7.25% copper equivalent in hole DPDH061 and a 48.00 metre intercept at 7.72% copper equivalent in geotechnical hole DPGT004.
That same geotechnical hole punched into a previously unknown high grade zone roughly 300 metres east of Mars, returning 23.10 metres at 4.72% copper equivalent from just 187.90 metres downhole, a discovery that extended the project’s footprint to the east.
Phase 4 wrapped at 27,318 metres across 32 holes, with assays still pending on the final twelve. Phase 5 is slated for the third quarter, alongside the start of construction on an exploration adit designed to support underground drilling stations.
NGEx Minerals last traded at $28.36 on the TSX.
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