NGEx Discovers High-Grade Gold Veins at Lunahuasi; Drills 14.74 g/t Gold (Uncut) over 104.80m Core Length, Including 504.00 g/t Gold (Uncut) over 1.55m Core Length and 142.27 g/t Gold (Uncut) over 2.20m Core Length

Jul 08 2025 11:00 BST

VANCOUVER, BC , July 8, 2025 /CNW/ - NGEx Minerals Ltd. ("NGEx", "NGEx Minerals" or the "Company") (TSX: NGEX) (OTCQX: NGXXF) is pleased to announce the final drill results from the Phase 3 program at its 100% owned Lunahuasi high-grade copper-gold-silver project in San Juan, Argentina. The highlight of these results is the discovery of ultra high-grade visible gold in quartz veins in the Saturn zone, including 504.0 g/t over 1.55m and 290.0 g/t over 0.90m in two separate veins in hole DPDH046. This represents a new style of mineralization and a new exploration target for the project. PDF Version

Highlights:

Drillhole DPDH044 intersected:
- 50.50m at 10.68% copper equivalent ("CuEq") from 479.00m
Drillhole DPDH045 intersected:
- 15.40m at 10.28% CuEq from 191.60m
Drillhole DPDH046 intersected:
- 104.80m at 2.97% Cu, 14.74 g/t Au and 65.0 g/t Ag from 447.00m, including:
  - 61.90m at 3.46% Cu, 23.81 g/t Au and 87.3 g/t Ag from 467.10m, including:
    - 2.20m at 11.61% Cu, 142.27 g/t Au and 451.2 g/t Ag from 467.10m, plus:
    - 15.20m at 1.91% Cu, 61.72 g/t Au and 20.0 g/t Ag from 513.80m, including:
      - 3.60m at 2.68% Cu, 245.39 g/t Au and 14.7 g/t Ag from 520.00m

Wojtek Wodzicki, President and CEO, commented, "The discovery of ultra high-grade free gold in quartz veins (see Figures 1-3) adds an entirely new dimension to the Lunahuasi project. High-grade gold quartz veins are a well-known component of the high-sulphidation epithermal deposit model and have proven to be a very significant part of successful projects developed on this deposit style elsewhere, such as the renowned El Indio mine located 150km to the southwest. We have intersected some outstanding gold grades in previous drilling at Lunahuasi, but seeing this new style of mineralization with these grades provides us with the possibility of outlining substantial value in a gold-dominant style of mineralization – further increasing the potential of what is already a great mineral deposit.

These results cap a very successful Phase 3 drill program which has exceeded our expectations on several fronts. Following up on this intersection and continuing to explore for similar veins within the gold-rich Saturn and Mars zones will be an important component of our upcoming Phase 4 drill campaign. We are still in the early stages of exploring this remarkable deposit, continue to get positive surprises as we add drillholes to the Lunahuasi project, and we believe that there will be more discoveries to come."

Table 1 : Significant Intersections

Hole ID	From (m)	To (m)	Length (m)	Est True Width (m)	Cu %	Au g/t	Au g/t (cut to 90 g/t)	Ag g/t	CuEq %
DPDH044	171.30	179.00	7.70	2.3	0.33	2.00	2.00	22.9	1.99
plus	259.00	721.20	462.20	139	1.61	1.44	1.44	41.02	3.02
incl	344.50	368.15	23.65	7.1	3.21	2.22	2.22	36.3	5.15
and incl	395.50	402.00	6.50	2.0	2.23	2.21	2.21	18.2	4.01
and incl	417.30	441.45	24.15	7.2	2.05	2.07	2.07	32.7	3.84
and incl	456.00	647.10	191.10	57	2.53	2.12	2.12	71.5	4.71
incl	479.00	529.50	50.50	15	5.26	5.56	5.56	155.1	10.68
incl	479.00	502.00	23.00	6.9	9.97	5.31	5.31	266.9	16.20
incl	524.00	529.50	5.50	1.7	2.89	19.62	19.62	179.2	18.78
and incl	677.40	689.10	11.70	3.5	3.25	2.55	2.55	79.0	5.80
DPDH045	191.60	207.00	15.40	4.9	5.28	4.81	4.81	169.2	10.28
plus	391.00	397.00	6.00	1.9	0.89	1.31	1.31	60.7	2.38
DPDH046	280.80	285.30	4.50	2.9	1.85	1.35	1.35	42.3	3.21
plus	428.00	435.00	7.00	4.6	4.44	3.30	3.30	161.3	8.27
plus	447.00	551.80	104.80	68	2.97	14.74	6.90	65.0	*
incl	467.10	529.00	61.90	40	3.46	23.81	10.53	87.3	21.59
incl	467.10	469.30	2.20	1.4	11.61	142.27	60.45	451.2	*
Incl	468.40	469.30	0.90	0.6	25.00	290.00	90.00	1090.0	*
and incl	478.00	500.00	22.00	14	5.90	8.47	9.47	178.4	13.65
incl	493.00	500.00	7.00	4.6	10.06	16.48	16.48	319.7	24.89
and incl	513.80	529.00	15.20	9.9	1.91	61.72	19.50	20.0	*
incl	520.00	523.60	3.60	2.3	2.68	245.39	67.14	14.7	*
incl	521.00	522.55	1.55	1.0	4.84	504.00	90.00	28.0	*
plus	595.10	597.70	2.60	1.7	4.64	0.48	0.48	21.7	5.18
plus	609.00	618.20	9.20	6.0	1.64	1.20	1.20	13.4	2.63
DPDH047	207.80	212.00	4.20	2.2	1.31	1.03	1.03	29.9	2.33
plus	315.30	325.60	10.30	5.5	2.20	0.63	0.63	15.6	2.80
incl	323.40	325.60	2.20	1.2	7.37	1.47	1.47	26.6	8.68
plus	336.00	345.50	9.50	5.0	2.58	1.46	1.46	22.0	3.83
plus	420.10	425.15	5.05	2.7	1.26	1.45	1.45	13.3	2.44
plus	447.60	459.45	11.85	6.3	3.90	0.46	0.46	16.2	4.38

Copper equivalent (CuEq) for drill intersections is calculated based on US$3.00/lb Cu, US$1,500/oz Au and US$18/oz Ag, with 80% metallurgical recoveries assumed for all metals. The formula is: CuEq % = Cu % + (0.7292 * Au g/t) + (0.0088 * Ag g/t). A * indicates that no CuEq was calculated as samples within the interval and/or the entire interval returned >100% CuEq. Table 1 shows intervals calculated with gold grades both uncut and cut to 90 g/t which is consistent at this time with statistical analysis of the distribution of gold grades drilled to date. We currently have 148 samples > 10 g/t Au, 18 samples > 50 g/t Au and 8 samples > 100 g/t Au and top cut values are subject to change as more assays are added to the data set.

Estimated true widths are rounded to the nearest metre for widths over 10m and to the nearest 0.1m for widths less than 10m, as this better reflects the precision of the estimates. True widths should be regarded as approximate as these are derived from an estimation that uses a preliminary interpretation of the geological model and are subject to change as more information becomes available.

DPDH044 was collared on the same platform as DPDH023 and angled to the south (170^o) with a dip of -61^o to drill across the Saturn zone perpendicular to the direction of the other drill holes. The hole drilled an oblique intersection of the zone between 259.00m and 721.20m which included a number of higher-grade sections. The estimated true width and overall grade of this intersection matches well with other Saturn zone holes (see News Release dated April 24, 2025) and helps to delineate the geometry of the zone.

DPDH045 was collared from the same platform as DPDH040 and drilled towards the northeast (45^o) at a dip of -65^o to test for continuity of the Mars zone between holes DPDH032 and DPDH042. The hole intersected a new zone between 191.60m and 207.00m (15.40m at 10.28% CuEq) and is interpreted to have hit the Mars zone between 391.00m and 397.00m (6.00m at 2.38% CuEq).

DPDH046 was drilled from the same platform as DPDH028 and angled to the west at a dip of -45^o to explore the Saturn zone to the north of DPDH028. It intersected the Saturn zone between 447.00m and 551.80m about 35m north of the zone intersected in DPDH028.

The hole drilled a very strong Saturn zone intersection, highlighted by two high-grade gold veins 53.90m apart; 2.20m at 142.27 g/t Au from 467.10m and 1.55m at 504.00 g/t Au from 521.00m. Both were characterized by visible gold in quartz veins, with the shallower vein clearly crosscutting an earlier pyrite-enargite vein as indicated by its higher copper grade. These veins appear to have been intersected by other Saturn zone holes, as shown in Table 2 below, most of which cross-cut massive sulphide veins. There is a 123m gap in drilling between this intersection and DPDH042 to the north, and the zone remains open up-dip and down-dip of this intersection.

DPDH047 was collared on the same platform as DPDH042 and drilled at an azimuth of 263^o and a dip of -65^o to test the Mars zone down dip of the strong intersection in that hole. It intersected the interpreted continuation of the Mars zone at 336.00m with 9.50m at 3.83% CuEq, 64m below the intersection in DPDH042. The zone remains open down-dip and to the south of this intersection. The hole went on to intersect two additional intervals, as shown in Table 1, and stopped short of the northern projection of the Saturn zone due to the end of the season.

Discussion

The presence of ultra-high-grade native gold in quartz veins at Lunahuasi confirms the existence of a part of the system that we have been hoping to discover since we started drilling. Although we have intersected high gold grades in previous holes, this new style of mineralization is fundamentally different and significantly increases the potential value of the project.

This style of veining is a well-known component of the high-sulphidation epithermal deposit model, and there are several good examples of these veins in similar systems, including at the El Indio deposit located 150km southwest of Lunahuasi. It is related to a slightly later stage of intermediate or low-sulphidation mineralization, typically following the same structures and cross-cutting the earlier pyrite-enargite copper-gold-silver veins.

This cross-cutting nature can make it difficult to recognize this as a separate mineralizing event in places where the veins manifest as massive sulphide veins or breccias with a cross-cutting component of gold-rich quartz as breccia filling or discreet veins. The distribution of gold within them can be highly variable, typically forming an "ore shoot" geometry with sections of the veins containing much higher grades than the average. For example, at El Indio the gold veins averaged between 18 and 30 g/t Au, with ore shoots containing >100 g/t Au obtaining dimensions of 1-2m wide and up to 100m long.

These veins differ from the pyrite-enargite veins, which themselves can contain appreciable gold, by their simple mineralogy – native gold in quartz veins with a low sulphide content. They are typically comprised of chalcedonic quartz with textures characteristic of low-sulphidation deposits, such as banding, open vugs and brecciation. See Figures 1-3 for examples of the mineralization. Table 2 shows interpreted intersections of these later, gold-rich veins in both the Saturn and Mars zones.

Table 2 : Intersections of Gold-Quartz Vein Mineralization


Zone	Hole ID	From	To	Length (m)	Estimated True Width (m)	Cu %	Au g/t	Ag g/t
Saturn	DPDH021	480.50	484.05	3.55	2.4	25.23	31.34	296.1
	DPDH022	427.00	428.80	1.80	1.2	11.43	48.13	72.2
	DPDH022	438.05	440.30	2.25	1.6	7.21	48.60	228.4
	DPDH028	507.00	512.30	5.30	4.0	7.90	52.16	159.1
	DPDH044	497.00	498.00	1.00	0.4	17.88	47.20	174.0
	DPDH044	524.00	526.00	1.00	0.4	1.57	48.20	50.0
	DPDH046	467.10	469.30	2.20	1.4	11.61	142.27	451.2
	DPDH046	520.00	523.60	3.60	2.3	2.68	245.39	14.7
Mars	DPDH007	91.80	94.00	2.20	1.3	6.54	35.07	60.4
	DPDH024	139.75	142.00	2.25	1.1	7.23	14.41	43.4
	DPDH024	145.35	149.40	4.05	2.1	22.29	42.58	218.6
	DPDH031	133.00	146.00	13.00	9.0	2.92	16.56	35.0
	DPDH032	476.50	485.10	8.60	5.7	15.80	69.82	127.4
	DPDH035	227.70	232.00	4.30	1.9	15.97	57.26	123.7
	DPDH035	240.20	246.20	6.00	2.7	11.35	21.99	100.2

The Saturn zone veins shown in Table 2 span a strike length of 120m north-south from DPDH046 in the north to DPDH021 in the south, and 100m vertical between the same two holes and remain open in all directions. The Mars zone veins are 40m north-south from DPDH007 in the north to DPDH032 in the south and 155m vertical from DPDH007 down to DPDH035 and also remain open in all directions.

The Phase 3 drill program was completed on May 8, 2025, with a total of 25,003m drilled in 24 holes. All field activities have now been concluded, and all assay results have now been released. We are focused on advancing our geological interpretation and building out the deposit model during the austral winter season before finalizing and announcing our Phase 4 program plans in the upcoming months.

Table 3: Assay Intervals by News Release Date

Hole ID	Feb 19	Mar 13	Apr 24	May 21	June 18	July 2	July 9
DPDH024	757.0-968
DPDH025	652.0-1303.8
DPDH026	553.0-1261.2
DPDH027	459.0-1075.1			1015.1-2005.0
DPDH028	588.0-1530.7
DPDH029	0-1060.0			1060.0-1600.0
DPDH030		0-502.9
DPDH031		0-860.0
DPDH032		0-573.0	573.0-896.1
DPDH033		0-475.8	475.8-1235.0
DPDH034		0-353.3	353.3-1329.7
DPDH035		0-273.5	273.5-1073.0
DPDH036					0-1105.2
DPDH037					0-1196.1
DPDH038					0-785.0
DPDH039					0-1200.8
DPDH040						0-1177.3
DPDH041						0-1098.5
DPDH042						0-891.5
DPDH043						0-554.0
DPDH044							0-737.5
DPDH045							0-455.0
DPDH046							0-670.9
DPDH047							0-497.0

Qualified Persons and Technical Notes

The scientific and technical disclosure included in this news release have been reviewed and approved by Bob Carmichael, B.A.Sc., P.Eng. who is the Qualified Person as defined by NI 43-101. Mr. Carmichael is Vice President, Exploration for the Company.

Samples were cut at NGEx's operations base in San Juan, Argentina by Company personnel. Diamond drill core was sawed and then sampled in maximum 2-meter intervals, stopping at geological boundaries. Core diameter is a mix of PQ, HQ and NQ depending on the depth of the drill hole. Samples were bagged, tagged, and packaged for shipment by truck to the ALS preparation laboratory in Mendoza, Argentina where they were crushed and a 500g split was pulverized to 85% passing 200 mesh. The prepared sample splits were sent to the ALS assay laboratory in Lima, Peru for copper, gold and silver assays, and multi-element ICP. ALS is an accredited laboratory which is independent of the Company. Gold assays were by fire assay fusion with AAS finish on a 30g sample (Au-AA23). Any samples returning > 10 g/t were then reanalyzed by fire assay with gravimetric finish on a 30g sample (Au-GRA21). Copper and silver were assayed by atomic absorption following a 4-acid digestion. Samples were also analyzed for a suite of 48 elements with ME-MS61 plus mercury and a sequential copper leach analysis was completed on each sample with copper greater than 500ppm (0.05%). Sequential copper analysis involves the sequential leaching of the sample by acid, followed by a cyanide solution. It can be used to differentiate copper speciation, with copper oxide minerals leachable with acid and secondary copper minerals (enargite, chalcocite, covellite) leachable by cyanide. The residual copper remaining following the sequential leaches it typically contained in chalcopyrite and bornite. Copper and gold standards as well as blanks and duplicates (field, preparation, and analysis) were randomly inserted into the sampling sequence for Quality Control. On average, 10% of the submitted samples are Quality Control samples. No data quality problems were indicated by the QA/QC program.

About NGEx Minerals

NGEx Minerals is a copper and gold exploration company based in Canada, focused on exploration of the Lunahuasi copper-gold-silver project in San Juan Province, Argentina, and the nearby Los Helados copper-gold project located approximately nine kilometres to the northeast in Chile's Region III. Both projects are located within the Vicuña District, which includes the Caserones mine, and the Josemaria and Filo del Sol deposits.

NGEx owns 100% of Lunahuasi and is the majority partner and operator for the Los Helados project, subject to a Joint Exploration Agreement with Nippon Caserones Resources LLC, which is the indirect 30% owner of the operating Caserones open pit copper mine located approximately 17 kilometres north of Los Helados. Lundin Mining Corporation holds the remaining 70% stake in Caserones.

The Company's common shares are listed on the TSX under the symbol "NGEX" and also trade on the OTCQX under the symbol "NGXXF". NGEx is part of the Lundin Group of Companies.

Additional information relating to NGEx may be obtained or viewed on SEDAR+ at www.sedarplus.ca.

Additional Information

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this news release.

The information contained in this news release was accurate at the time of dissemination but may be superseded by subsequent news release(s). The Company is under no obligation, nor does it intend to update or revise the forward-looking information, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Cautionary Note Regarding Forward-Looking Statements

Certain statements made and information contained herein in the news release constitutes "forward-looking information" and "forward-looking statements" within the meaning of applicable securities legislation (collectively, "forward-looking information"). All statements other than statements of historical facts included in this document constitute forward-looking information, including but not limited to, statements regarding: the geological interpretation of the Lunahuasi system which is expected to evolve with additional drilling, the nature and timing of the work to be undertaken to advance the Lunahuasi project, including the timing of the planned Phase 4 drill program, the potential for further discovery and/or extension of mineralized zones at the Lunahuasi project; the timing of, and conclusions resulting from, an update to the geological interpretation at Lunahuasi, including the ultimate size potential of the Lunahuasi system, or the timing and/or results thereof; and the Company's ability to use information gathered from drilling to date to effectively target and drill in future campaigns. Generally, this forward-looking information can frequently, but not always, be identified by use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "projects", "budgets", "assumes", "strategy", "objectives", "potential", "possible", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events, conditions or results "will", "may", "could", "would", "should", "might" or "will be taken", "will occur" or "will be achieved" or the negative connotations thereof.

Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management with respect to the nature, scope and timing of the work to be undertaken to advance the Lunahuasi Project. Although the Company believes that these factors and expectations are reasonable as at the date of this document, in light of management's experience and perception of current conditions and expected developments, these statements are inherently subject to significant business, economic and competitive uncertainties and contingencies. Known and unknown risks, uncertainties and other factors may cause actual results or events to differ materially from those anticipated in such forward-looking statements and undue reliance should not be placed on such statements and information. Such factors include, without limitation: the emergence or intensification of infectious diseases, such as COVID 19, and the risk that such an occurrence globally, or in the Company's operating jurisdictions and/or at its project sites in particular, could impact the Company's ability to carry out the program and could cause the program to be shut down; estimations of costs, and permitting time lines; ability to obtain environmental permits, surface rights and property interests in a timely manner; currency exchange rate fluctuations; requirements for additional capital; changes in the Company's share price; changes to government regulation of mining activities; environmental risks; unanticipated reclamation or remediation expenses; title disputes or claims; limitations on insurance coverage, fluctuations in the current price of and demand for commodities, particularly gold prices, as they are fluctuating currently due to market volatility; material adverse changes in general business, government and economic conditions in the Company's operating jurisdictions, particularly Argentina; the availability of financing if and when needed on reasonable terms; risks related to material labour disputes, accidents, or failure of plant or equipment; there may be other factors that cause results not to be as anticipated, estimated, or intended, including those set out in the Company's annual information form and annual management discussion and analysis for the year ended December 31, 2024, which are available on the Company's website and SEDAR+ at www.sedarplus.ca under the Company's profile.

The forward-looking information contained in this news release is based on information available to the Company as at the date of this news release. Except as required under applicable securities legislation, the Company does not undertake any obligation to publicly update and/or revise any of the forward-looking information included, whether as a result of additional information, future events and/or otherwise. Forward-looking information is provided for the purpose of providing information about management's current expectations and plans and allowing investors and others to get a better understanding of the Company's operating environment. Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All the forward-looking information contained in this document is qualified by these cautionary statements. Readers are cautioned not to place undue reliance on forward-looking information due to the inherent uncertainty thereof.

Cautionary Note to U.S. Readers

Information concerning the mineral properties of the Company contained in this news release has been prepared in accordance with the requirements of Canadian securities laws, which differ in material respects from the requirements of securities laws of the United States applicable to U.S. companies subject to the reporting and disclosure requirements of the United States Securities and Exchange Commission.

SOURCE NGEx Minerals Ltd.