NGEx Minerals (TSX: NGEX) is reporting that a major discovery has been made at its Lunahuasi copper-gold-silver project in San Juan, Argentina. The discovery, which amounts to a copper-gold porphyry system, was made following drill testing.
The discovery is based on a single drill hole, which is said to have encountered a system similar in size and scale potential to other deposits within the region. The Lunahuasi system however differs from peer discoveries in that it has large high grade copper-gold-silver high sulphidation epithermal structures.
Highlights from the drill results include:
- DPDH027: 1,619.4 metres of 0.87% copper equivalent from a depth of 385.6 metres
- Including 876.4 metres of 1.13% copper equivalent from 385.6 metres depth
- Including 205.05 metres of 2.04% copper equivalent from 590.65 metres depth
- Including 743.0 metres of 0.56% copper equivalent from 1,262.0 metres depth
- Including 18.00 metres of 2.68% copper equivalent from 1,343.0 metres
- Including 17.80 metres of 1.23% copper equivalent from 1,495.2 metres
- Including 876.4 metres of 1.13% copper equivalent from 385.6 metres depth
- DPDH029: 823.10 metres of 1.17% copper equivalent from a depth of 776.9 metres
- Including 157.50 metres of 2.18% copper equivalent from 776.90 metres
- Including 38.90 metres of 4.35% copper equivalent from 870.7 metres
- Including 153.50 metres of 1.98% copper equivalent from 1,207.5 metres
Hole DPDH027 is said to have encountered the high sulphidation zone before intersecting a porphyry copper-gold deposit at a depth of 1,262.0 metres. The drill hole ended in mineralization at a depth of 2,005 metres with the full scale of the system currently unknown. Hole DPDH029 meanwhile hit the high sulphidation zone over its entire length, before encountering early porphyry veins at a depth of 1,100 metres.
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“Drillhole DPDH027 opens up an entirely new dimension of the Lunahuasi project, adding to the potential of what this giant mineral system will ultimately become. The possible presence of a large copper-gold porphyry system associated with the high-grade vein-hosted HS mineralization has been a part of our geological interpretation from the beginning, and we have now confirmed that we were on the right track,” commented Wojtek Wodzicki, CEO of NGEx Minerals.
Drilling at Lunahuasi has now been completed following 25,003 metres of drilling occurring across 24 drill holes, alongside three geotechnical holes and two water wells. Assays remain outstanding for 12 holes.
NGEx Minerals last traded at $12.20 on the TSX.
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