Business
NGEx Minerals Reports Q3 2023 Results; Resumption of Drilling at Lunahuasi after $85.7 Million Financing
VANCOUVER, BC, Nov. 24, 2023 /CNW/ - NGEx Minerals Ltd. (TSXV: NGEX) ("NGEx Minerals" "NGEx" or the "Company") is pleased to report its results for the three an
About this update from Ngex Minerals Ltd.
[{"type":"text","content":" VANCOUVER, BC, Nov. 24, 2023 /CNW/ - NGEx Minerals Ltd. (TSXV: NGEX) (\"NGEx Minerals\" \"NGEx\" or the \"Company\") is pleased to report its results for the three and nine months ended September 30, 2023. Wojtek Wodzicki, President and CEO, commented, \"Following the closing of the oversubscribed, non-brokered private placement in August, which generated over $83 million in net proceeds, NGEx has now resumed drilling at Lunahuasi. The equity financing not only fully funds the highly anticipated 2023-2024 Lunahuasi campaign currently underway, but also provides significant optionality to increase the scope of the program in response to encouraging results. The initial drill program completed at Lunahuasi in Q2 2023 returned some of the highest grades seen in the Vicuña District to date, including DPDH002 which intersected 60 metres at 7.52% copper equivalent. The 2023-2024 follow-up program, which has now ramped up to four rigs, will initially focus on defining and expanding the zone of high-grade mineralization intersected in the maiden campaign. As additional targeting work is completed, we will also test other high potential targets, including zones of outcropping high-grade mineralization within the broader 11 km2 alteration system. The Company anticipates that initial assay results will be available late in the fourth quarter of 2023 or early in the first quarter of 2024, subject to drilling rates and assay turn-around times, which would cap off a very successful year for the Company.\" Q3 2023 and Subsequent Period Highlights On August 11, 2023, the Company closed a non-brokered private placement, whereby the Company sold 13,178,460 common shares at a price of $6.50 per common share (the \"Financing\"). The Financing generated gross proceeds of $85.7 million, or $83.2 million net of related share issuance costs. The common shares issued under the Financing are subject to a hold period expiring on December 12, 2023. In July 2023, NGEx received and released its final drill results from the maiden 2023 drill campaign undertaken from January to May 2023 at its 100%-owned Lunahuasi Project, located in San Juan, Argentina, which comprised a total of 4,912 metres (\"m\") of diamond drilling. The initial drill program intersected a large swarm of quartz-sulphide veins carrying high values of copper, gold and silv...