NGEx announces copper gold discovery at Nacimientos project
Tuesday, Jun 26, 2018
NGEx Resources Inc. is pleased to report encouraging copper-gold results from initial scout drilling at its new Nacimientos exploration project in San Juan Province Argentina.

The Nacimientos Project is the Company's newest exploration project and is a district-scale land package that extends over approximately 15,000 hectares and covers at least six distinct porphyry copper-gold and epithermal gold targets.  The project area is located approximately 80 kilometres south of Barrick Gold's Veladero Mine and is within a possible extension of the prolific El Indio-Veladero gold belt that hosts past production and current resources of more than 50 million ounces of gold  (see Figure 1).  Project logistics are excellent, and the site is approximately an hour's drive on dirt roads from a paved highway and small town.

Three diamond drill holes were completed in April 2018, during the last few weeks of the field season. The holes provided an initial test of three out of six target areas identified earlier this year. Two holes, NADH001 and NADH003, confirmed the presence of extensive porphyry copper-gold mineralization associated with an open ended 4 x 2 kilometre copper-gold anomaly.  A third hole, NADH002, confirmed the presence of epithermal alteration under unaltered cover rocks (see Figure 2).  All three scout holes tested multi-kilometre scale targets and were intended to prove geological concepts rather than to be definitive tests.

Commenting on the results from Nacimientos, Wojtek Wodzicki President and CEO of NGEx stated; "We are very encouraged by these early results from Nacimientos.  This was a quick, end-of-season drill program designed as an initial test of geological concepts which has now confirmed the presence of a significant porphyry copper gold system and a large epithermal system under younger cover rocks.  The encouraging results at Nacimientos are an important first step that will guide further exploration that we expect will lead us into the core of the system."

This initial success has encouraged us to plan further drilling, to better define these zones, test a minimum of three other targets, and to vector into the higher-grade parts of the system.  This Phase II work program is scheduled to begin later in the year.

Figure 1 - Nacimientos (Full Resolution)

Figure 2 - Nacimientos (Full Resolution)


Porphyry Copper-Gold Target

NADH003 was sited at the east end of the copper-gold soil anomaly and intersected 52 metres of 0.40% copper and 0.35 grams/tonne gold for a copper equivalent grade of 0.63% CuEq1 starting from 16 metres below surface The hole was strongly altered and mineralized from 12 meters to its final depth of 166 metres. Drilling was halted due to the onset of winter weather. This drill hole is interpreted to be on the edge of the system but is encouraging because it confirms the presence of a large, near surface, mineralized copper-gold system. Further drilling is planned for later this year to vector into the core of the system.

Drill hole NADH001 collared approximately 2 kilometres northwest of NADH003, and intersected strongly altered rocks and anomalous copper and gold averaging 0.12% copper and 0.28 grams/tonne gold (0.30% CuEq1) over 288 meters starting at 14 metres depth confirming the extension of the porphyry system intersected in NADH003 over at least 2 kilometres.

Gold Target

NADH002 was drilled to test for the extension under younger cover rocks, of a previously mapped, flat lying zone of massive silica that outcrops on the slope of an elevated plateau area (see Figure 3). Massive silica can be an important feature of epithermal gold deposits because the silica can act as a seal beneath which ponding of gold bearing solutions occurs.  The drill hole was located near the geographic center of the plateau and approximately 500m from the nearest outcrop of silica (view PDF). A zone of high resistivity identified in a  geophysical survey completed earlier this year, suggested a possible extension of the silica under the cover rocks. The hole drilled through the cover rocks and into massive silica and underlying strongly silicified rocks with highly anomalous levels of epithermal pathfinder elements including mercury, arsenic, and tellurium.  This hole is important because it confirms the presence of a large hydrothermal system extending over at least 1 square kilometre, under the cover rocks. Future work will try to vector towards the interpreted gold-rich part of the system.

Figure 3 - Nacimientos (Full Resolution)

For more information, please visit: http://www.ngexresources.com/

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