NGEx Minerals (TSXV: NGEX) appears to be taking a page out of the Libero Copper (TSXV: LBC) playbook, reporting assay results this morning from just a single hole drilled at its Los Helados copper-gold project in Chile. The hole marks the first assays to be released from its currently ongoing drill program.
The company is currently in the process of conducting a 16,000 metre drill program at the property, which is focused on defining and extending the core of the deposit at Los Helados. An initial two drills were sent to the property to conduct the program, with three rigs now to continue the program until late May or early June, which marks the onset of winter in the region.
Highlights from the results released this morning include:
- 876 metres of 0.56% copper, 0.28 g/t gold, 2.1 g/t silver starting at 124 metres
- 696 metres of 0.60% copper, 0.31 g/t gold, 2.2 g/t silver starting at 216 metres
- 210 metres of 0.76% copper, 0.45 g/t gold, 2.8 g/t silver starting at 314 metres
All the results come from hole LHDH073, with mineralization extending to a depth of 1,000 metres. The hole was designed as an infill hole, filling a gap of 180 metres between two holes previously drilled on the property, while also extending the known depth of the deposit.
“Hole 73 is the first step in a focused exploration program specifically targeting zones of higher-grade mineralization within the Los Helados deposit. Our renewed exploration effort is based on recently completed geological work, which focused on understanding the controls on high-grade mineralization in order identify opportunities to potentially add higher grade material to the resource,” commented CEO Wojtek Wodzicki on the results.
A total of three holes have been completed under the current drill program, the first two of which focused on infill drilling, while the third focused on testing a southern extension. Once completed, the results from the drill program are to be used for a revised geological model, while samples from the program are to also be used for metallurgical test work.
NGEx Minerals last traded at $3.63 on the TSX Venture.
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