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Hole LHDH54 was collared on the same line as LHDH48, 300m to the west, ending in weakly mineralized (0.23% Cu, 0.05 g/t Au) breccia. The entire hole is outside of the Indicated resource shell to the south and will extend the resource in this direction. The deposit remains open to the south beyond this hole.
Collar coordinates and drill hole orientations for the holes in this news release are shown below:
----------------------------------------------------------------------------HOLE-ID LOCATIONX LOCATIONY LOCATIONZ LENGTH AZIMUTH DIP----------------------------------------------------------------------------LHDH22 442557 6865004 4513 1306 270 -75----------------------------------------------------------------------------LHDH44 442356 6865109 4531 1023 270 -75----------------------------------------------------------------------------LHDH47A 442803 6865300 4440 988 270 -75----------------------------------------------------------------------------LHDH48 442598 6864498 4727 1214 90 -75----------------------------------------------------------------------------LHDH49 442100 6864900 4560 1159 270 -75----------------------------------------------------------------------------LHDH50 442407 6865210 4537 1271 180 -60----------------------------------------------------------------------------LHDH51 441917 6864600 4620 1223 90 -85----------------------------------------------------------------------------LHDH52 442800 6864700 4624 1194 270 -78----------------------------------------------------------------------------LHDH53 443024 6865000 4510 861 270 -78----------------------------------------------------------------------------LHDH54 442300 6864500 4700 1199 90 -75----------------------------------------------------------------------------
Los Helados has a previously announced Mineral Resource at a base case 0.30% copper equivalent(i) cutoff as follows:
-- 1,114 million tonnes at a grade of 0.42% copper and 0.19 g/t gold for a copper equivalent grade of 0.55% (10.34 billion pounds of copper and 6.65 million ounces of gold) in the Indicated Resource category; and,-- 1,015 million tonnes at a grade of 0.38% copper and 0.14 g/t gold for a copper equivalent grade of 0.47% (8.41 billion pounds of copper and 4.70 million ounces of gold) in the Inferred Resource category.
(i) CuEq - Copper Equivalent is calculated using US$3.00/lb copper and US$ 1,400/oz gold, with no provision for metallurgical recoveries. Silver is not included in the CuEq. The formula used is CuEq% = Cu% + 0.6806(i)Au (g/t). Small discrepancies may exist due to rounding errors.
For more details on the Los Helados resource please refer to the Los Helados Technical Report filed under the Company's profile on www.sedar.com
To view the Vicuna Project Location map and the Los Helados Drill Hole Plan Map, lease visit the following link: http://media3.marketwire.com/docs/ngq131i.pdf.
About NGEX
NGEX is a Canadian mineral exploration company with exploration projects in Chile, Argentina, and Canada. The Company's shares are listed on the Toronto Stock Exchange under the symbol "NGQ". The Company's focus is on advancing its Vicuna Project which includes several large copper-gold systems including the Josemaria, Los Helados, and Filo del Sol projects, located on a contiguous land package that the Company holds in Chile's Region III and adjacent San Juan Province, Argentina. Los Helados and Filo del Sol are part of a joint venture in which the Company holds 60% and Pan Pacific Copper Corporation holds 40%. Josemaria is part of a joint venture in which the Company holds 60% and Japan Oil, Gas, and Metals National Corporation (JOGMEC) owns 40%. In addition to the Vicuna Project the Company holds an extensive portfolio of 100% owned early stage exploration projects located in Chile and Argentina. It also owns a 100% interest in the GJ copper and gold project located in British Columbia Canada. The GJ project is optioned to Teck Resources who are earning up to a 75% interest.
