Business
NGEx Minerals Reports 2024 Results; Phase 3 Drilling at Lunahuasi Project Continues to Showcase Significant Grades and Scale
VANCOUVER, BC, March 25, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx Minerals" "NGEx" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to report its results f
About this update from Ngex Minerals Ltd.
[{"type":"text","content":"VANCOUVER, BC, March 25, 2025 /CNW/ - NGEx Minerals Ltd. (\"NGEx Minerals\" \"NGEx\" or the \"Company\") (TSX: NGEX) (OTCQX: NGXXF) is pleased to report its results for the three months and year ended December 31, 2024. Highlights for the three months and year ended December 31, 2024, include the following, details of which are discussed further below: Drilling at Lunahuasi continues to deliver high-grade results over a sizeable scale. Phase 2 Lunahuasi drilling, which was undertaken from October 2023 to April 2024, and Phase 3 drilling, which began in October 2024 and is planned to continue into May 2025, have consistently delivered high-grade copper, gold and silver intercepts from not only short-range holes, but also in the longest step out holes assayed to date. Another emerging giant in the Vicuña District. Following the initial discovery of the Lunahuasi deposit in 2023, Phase 2 and Phase 3 step out drilling has expanded the boundaries of the mineralized volume to over 1km north-south, east-west and at depth. This mineralized volume is open in all directions, with numerous intersections at the edges of the current drill pattern continuing to return strong grades. Substantial grades that compare to high-grade, gold-only deposits. Gold values intersected in a number of holes completed to date rival those apparent in some of the highest-grade gold deposits globally. These results showcase the significant precious metal content and robust nature of the Lunahuasi deposit. Expansion of current Phase 3 drill program following strong early results and $176.9 million financing. The early successes of the Phase 3 drill campaign have led to the addition of two rigs in late February 2025, bringing the total rig count to eight, and an increase to the number of drill metres planned for the campaign from 20,000m to 25,000m. The ability to expand the Phase 3 program was afforded by the successful completion of an oversubscribed, non-brokered private placement of common shares of the Company on October 31, 2024, which raised gross proceeds of $176.9 million. Wojtek Wodzicki, President and CEO, commented, \"The Company has quickly established the Lunahuasi deposit as a key asset within the rapidly evolving Vicuña District, showcasing a unique combination of unusually high-grades and significant size. The mineralized volume at...