NGEx Minerals Discovers Third High-Grade Zone at Los Helados – QNT Press Release


VANCOUVER, BC, June 12, 2022 /CNW/ – NGEx Minerals Ltd. (TSXV:NGEX) (“NGEx Minerals” “NGEx” or the “Company”) is pleased to report the discovery of a third zone of high-grade copper-gold mineralization at the Los Helados project, Chile. This new zone, called the Alicanto Zone, is located 550m north of the Condor Zone and is related to a new porphyry center. The Alicanto Zone was discovered by hole LHDH078, which was targeting a geophysical anomaly north of hole LHDH062 (256m at 0.56% CuEq). View PDF

HIGHLIGHTS
  • Drillhole LHDH078 returned 474.8m at 0.61% CuEq from 566m including:
    • 100.0m at 1.20% CuEq from 844m
    • And 0.56% CuEq over the last 20.8m of the hole
  • This intersection constitutes the discovery of a third distinct zone, the Alicanto Zone, of high-grade mineralization within the overall Los Helados deposit
  • The Alicanto Zone remains completely open to expansion in all directions

Commenting on the results Wojtek WodzickiPresident and CEO, stated “Hole 78 has given us exactly what we were looking for this season – the discovery of a brand new zone of high-grade mineralization associated with the giant Los Helados system. We are naming this the Alicanto Zone after a mythical bird of the Atacama Desert which feeds on gold and silver. Legend has it that miners who follow an Alicanto will find rich mineral outcrops or treasure. Following reinterpretation of the geology in hole LHDH062, we realized that the intersection in that hole likely represented a new porphyry center adjacent to the Condor Zone, and this has been confirmed with the discovery of the Alicanto Zone. This discovery is a direct result of the re-interpretation of the geology at Los Helados, and confirmation that we are on the right track in our quest for additional high-grade material. Our improved understanding of the controls on mineralization has given us a clear, testable model which provides huge upside for expanding the high-grade at Los Helados as we continue to drill the extensions of the Condor, Fenix ​​and now the new Alicanto Zone.”

Composited intervals are shown in the table below:

Hole ID

From

To

Length (m)

Cu %

Au g/t

Ag g/t

CuEq %

LHDH078

566.0

1040.8

474.8

0.55

0.08

1.7

0.61

LHDH078

700.0

1040.8

340.8

0.67

0.09

2.0

0.73

LHDH078

844.0

944.0

100.0

1.10

0.14

2.1

1.20

Hole LHDH078 was a vertical hole collared 275m northwest of LHDH062 which is the closest hole to it. Hole LHDH062 is one of our longest intersections, with 1,345m at 0.39% CuEq (0.32% Cu, 0.10 g/t Au, 1.1 g/t Ag) including a 256m section at 0.56% CuEq (0.46% Cu, 0.16 g/t Au, 1.9 g/t Ag). This was previously our most northerly hole into the deposit, and convinced us that we had not yet reached the edge of the deposit. As we worked through a reinterpretation of the deposit geology late last year, we realized that LHDH062 had likely intersected a separate porphyry center, and that there was potential to expand this to the northwest.

The high-grade Alicanto Zone intersected in hole LHDH078 is comprised of a hydrothermal breccia developed in Permo-Triassic rhyolite country rock. The breccia matrix is ​​composed of very distinct purple anhydrite containing large clots of coarse chalcopyrite, and …

Full story available on Benzinga.com



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