VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/31/13 -- NGEx Resources Inc. (TSX: NGQ) ("NGEx" or the "Company") is pleased to announce assay results from the first ten holes from the current drill program at the Los Helados deposit. The 2012 / 2013 drill program was initiated on October 20, 2012 and 15 holes totalling 18,500 metres have been completed to date. The results from 5 of the holes drill to date are pending. The holes included here are a combination of infill holes (Inferred to Indicated resource conversion) and step-out holes (expansion of Inferred resource). The 2012 / 2013 drill program continues with 6 rigs active at Los Helados and is expected to total more than 28,000 meters. Drilling is expected to continue into at least March.
Highlights from the results reported today include: LHDH50 with 1,175 metres of 0.65% CuEq (0.52% Cu and 0.19 gpt Au), including 308 metres @ 0.82% CuEq (0.70% Cu and 0.17 gpt Au); and LHDH22 with 1,168 metres of 0.53% CuEq (0.40% Cu and 0.20 gpt Au) including 376 metres @ 0.63% CuEq (0.51% Cu and 0.16 gpt Au).
Wojtek Wodzicki, President and CEO of the Company, commented, "This season's drill program is a combination of infill drilling within the current resource envelope which is designed to try to convert portions of the existing inferred resource to indicated and a step out program designed to test targets outside the current resource boundary. Most of the drill holes reported today are the first batch from the infill portion of the 2012/2013 drill program. This portion of the drill program is expected to refine the resource model and to contribute data to a resource update in Q3. The current drill program also has a significant exploration component and drilling continues outside the current resource boundaries with larger step out holes, currently underway, testing for possible extensions of the mineralization to the south, east, and north of the current resource block.
The results of LHDH51 located to the southwest of the current resource are an example of one of the step out targets that will be tested during the remainder of this season's program. LHDH51 is of particular interest because it appears to extend high grade mineralization first encountered in LHDH34. The mineralization intersected in these two holes occurs under a cap of weakly mineralized granite and may suggest the potential for blind satellite breccia bodies peripheral to the main Los Helados breccia. Follow-up drilling is testing this idea.
The Company is in the midst of a very active exploration program on all the main targets on the Vicuna Project. In addition to the ongoing drill program at Los Helados, the Company continues to drill at the nearby Josemaria deposit where a second rig has been added to test for possible extensions of the Josemaria resource. Two drills continue to work at Filo del Sol testing extensions of the high grade mineralization intersected last season and an additional rig is testing a series of early stage targets located between Josemaria and Los Helados."
Intersections from the 10 holes released today are given below.
----------------------------------------------------------------------------HOLE-ID From (m) To (m) Length (m) Cu % Au g/t CuEq(i)----------------------------------------------------------------------------LHDH22 46.0 1214.0 1168.0 0.40 0.20 0.53---------------------------------------------------------------------------- incl 46.0 406.0 360.0 0.34 0.33 0.57---------------------------------------------------------------------------- incl 438.0 814.0 376.0 0.51 0.16 0.63---------------------------------------------------------------------------- extension 750.0 1214.0 464.0 0.38 0.13 0.47----------------------------------------------------------------------------Total Depth: 1,306.3m. Extension of a previous hole. Within Indicatedresource shell to 835m and within Inferred resource shell to 1,148m.Converts Inferred to Indicated and extends resource at depth.----------------------------------------------------------------------------LHDH44 172.0 1023.2 851.2 0.33 0.12 0.42---------------------------------------------------------------------------- extension 497.3 1023.2 525.9 0.36 0.11 0.44----------------------------------------------------------------------------Total Depth: 1,023.2m. Extension of a previous hole. Within Indicatedresource shell to 619m, remainder in Inferred resource shell. ConvertsInferred to Indicated resource.----------------------------------------------------------------------------LHDH47A 74.0 102.0 28.0 0.07 0.42 0.36---------------------------------------------------------------------------- plus 130.0 988.0 858.0 0.32 0.08 0.37---------------------------------------------------------------------------- incl 496.0 988.0 492.0 0.38 0.08 0.44----------------------------------------------------------------------------Total Depth: 988.0m. Within Indicated resource shell to 549m, remainder inInferred resource shell. Converts Inferred to Indicated resource.----------------------------------------------------------------------------LHDH48 12.0 1213.5 1201.5 0.29 0.13 0.38----------------------------------------------------------------------------Total Depth: 1,213.5m. Entirely outside Indicated resource shell, withinInferred resource shell to 751m. Extends resource to the south.----------------------------------------------------------------------------LHDH49 446.0 988.0 542.0 0.31 0.10 0.37----------------------------------------------------------------------------Total Depth: 1,158.7m. Within Indicated resource shell to 669m, withinInferred resource shell to 1,115m. Converts Inferred to Indicated resource.----------------------------------------------------------------------------LHDH50 96.0 1270.8 1174.8 0.52 0.19 0.65---------------------------------------------------------------------------- incl 236.0 498.0 262.0 0.64 0.28 0.83---------------------------------------------------------------------------- incl 792.0 1100.0 308.0 0.70 0.17 0.82----------------------------------------------------------------------------Total Depth: 1,271.0m. Within Indicated resource shell to 1181m, remainderin Inferred resource shell. Hole angled towards the south to check fordirectional bias in grades. Results do not indicate any material directionalbias----------------------------------------------------------------------------LHDH51 108.0 1223.0 1115.0 0.23 0.09 0.30---------------------------------------------------------------------------- incl 654.0 1223.0 569.0 0.36 0.07 0.40---------------------------------------------------------------------------- and incl 1188.0 1223.0 35.0 0.67 0.09 0.73----------------------------------------------------------------------------Total Depth: 1,223.0m. Entirely outside Indicated resource shell, withinInferred resource shell to 978m. Extends resource to the south.----------------------------------------------------------------------------LHDH52 52.0 126.0 74.0 0.25 0.16 0.36---------------------------------------------------------------------------- plus 164.0 1090.0 926.0 0.41 0.17 0.53---------------------------------------------------------------------------- incl 682.0 960.0 278.0 0.55 0.17 0.66----------------------------------------------------------------------------Total Depth: 1,193.5m. Within Indicated resource shell to 815m, withinInferred resource shell to 974m. Converts Inferred to Indicated and extendsresource at depth.----------------------------------------------------------------------------LHDH53 264.0 860.6 596.6 0.34 0.12 0.42---------------------------------------------------------------------------- incl 564.0 860.6 296.6 0.44 0.14 0.54----------------------------------------------------------------------------Total Depth: 860.6m. Hole abandoned in mineralization due to technicalproblems. Entirely outside Indicated resource shell. Converts Inferred toIndicated resource.----------------------------------------------------------------------------LHDH54 14.0 244.0 230.0 0.23 0.07 0.28---------------------------------------------------------------------------- plus 268.0 1199.0 931.0 0.34 0.13 0.42---------------------------------------------------------------------------- incl 508.0 932.0 424.0 0.43 0.17 0.54----------------------------------------------------------------------------Total Depth: 1,199.0m. Entirely outside Indicated resource shell, withinInferred resource shell to 835m. Extends resource to the south.----------------------------------------------------------------------------(i) Drillholes were composited based on a 0.3% CuEq cutoff. CuEq - CopperEquivalent calculated using US$3.00/lb copper and US$1,400/oz gold, with noprovision for metallurgical recoveries. Los Helados is a porphyry deposit,characterized by a large volume of relatively homogeneous mineralization anddrilled lengths are interpreted to be representative of the true width ofthe mineralized zone.
