VANCOUVER,BC,
HIGHLIGHTS
- La Quebrada Copper-Gold Porphyry Target
- VADH003/3A: 596.5m of 0.50% CuEq (0.23% Cu; 0.37 g/t Au; 1.4 g/t Ag) from 4.0m including:
- 104.0 m of 0.62% CuEq (0.25% Cu; 0.50 g/t Au; 1.5 g/t Ag) from 6.0m
- Ended in mineralization, with the last 20m averaging 0.50% CuEq (0.23% Cu, 0.36 g/t Au, 1.1 g/t Ag)
- VADH005: 271.0 m of 0.32% CuEq (0.12% Cu; 0.26 g/t Au; 1.1 g/t Ag), including:
- 86.0m of 0.40% CuEq (0.15% Cu; 0.33 g/t Au; 1.5 g/t Ag) from 138.0m
- Ended in mineralization, with the last 20m averaging 0.34% CuEq (0.17% Cu, 0.23 g/t Au, 1.2 g/t Ag)
- VADH006: 423.0m of 0.40% CuEq (0.19% Cu; 0.27 g/t Au; 2.2 g/t Ag) including:
- 108m of 0.50% CuEq (0.22% Cu; 0.38 g/t Au; 1.9 g/t Ag) from 162.0m
- 136m of 0.50% CuEq (0.25% Cu; 0.32 g/t Au; 4.2 g/t Ag) from 292.0m
- Ended in mineralization, with the last 20m averaging 0.52% CuEq (0.27% Cu, 0.34 g/t Au, 1.4 g/t Ag)
- A total of 3,060 metres of diamond drilling in 8 holes was completed on the
Valle Ancho Project . Nordin Target : 2 holes (508m)- La Quebrada: 5 holes (2,052m)
- Anomalia 4: 1 hole (500m)
- All assay results have now been received. Results from the Nordin gold target were reported in a news release dated
February 28, 2022 . All remaining results are reported today.
Commenting on the results
Hole ID | From | To | Length | Cu % | Au g/t | Ag g/t | CuEq % |
VADH003 | 4.0 | 600.5 | 596.5 | 0.23 | 0.37 | 1.4 | 0.50 |
incl | 4.0 | 108.0 | 104.0 | 0.25 | 0.50 | 1.5 | 0.62 |
incl | 350.0 | 600.5 | 250.5 | 0.23 | 0.40 | 1.6 | 0.53 |
VADH004 | No significant values | ||||||
VADH005 | 0.0 | 271.0 | 271.0 | 0.12 | 0.26 | 1.1 | 0.32 |
incl | 76.0 | 271.0 | 195.0 | 0.14 | 0.29 | 1.2 | 0.36 |
incl | 138.0 | 224.0 | 86.0 | 0.15 | 0.33 | 1.5 | 0.40 |
VADH006 | 8.0 | 431.0 | 423.0 | 0.19 | 0.27 | 2.2 | 0.40 |
incl | 162.0 | 270.0 | 108.0 | 0.22 | 0.38 | 1.9 | 0.50 |
incl | 292.0 | 428.0 | 136.0 | 0.25 | 0.32 | 4.2 | 0.50 |
VADH007 | No significant values | ||||||
VADH008 | No significant values |
La Quebrada is a porphyry copper-gold system located approximately 15 km southeast of the Nordin gold target. Mineralization at La Quebrada outcrops in an erosional window through a thin screen of younger cover rocks and extends over an area of at least 0.5 km by 1 km, extending under the cover in all directions. During the current program, five holes tested an area which has strong surface alteration and geochemistry as well as a strong geophysical (chargeability) anomaly at depth. Three of the five holes intersected significant intervals of copper-gold mineralization consistent with a large porphyry system, and all three of these holes ended in mineralization.
Drill hole VADH003/3A returned 596.5m of 0.50% CuEq (0.23% Cu; 0.37 g/t Au; 1.4 g/t Ag) from 4.0m to the final depth of 600.5m. The hole was oxidized to approximately 104m and intersected potassic alteration variably overprinted by quartz-sericite pyrite alteration with well developed quartz stockwork veining and occasional zones of hydrothermal breccia. Copper mineralization below the limit of oxidation is primarily chalcopyrite.
Drill hole VADH004 drilled 350 meters to the east of VADH003 did not return any significant gold or copper values and intersected primarily propylitic alteration locally overprinted by quartz-sericite-pyrite alteration and cut by weakly developed quartz-pyrite veining.
Drill hole VADH005 drilled 240 metres south of VADH003 was mineralized over its entire length, ending in mineralization at 271.0m. The entire hole returned 271m of 0.32% CuEq (0.12% Cu; 0.26 g/t Au; 1.1 g/t Ag). Mineralization is associated with stockwork quartz-sulfide veining and sericite-chlorite alteration overprinting relict potassic alteration.
Drill hole VADH006 was collared 190m east of VADH005 intersected 423m of 0.40% CuEq (0.19% Cu; 0.27 g/t Au; 2.2 g/t Ag). Mineralization is oxidized to a depth of approximately 62 metres and is associated with stockwork quartz sulfide veining and sericite-chlorite alteration.
Drill hole VADH007 was collared 620m southeast of VADH006 and tested a strong chargeability anomaly at depth. The hole intersected strong quartz-sericite-pyrite alteration but no significant gold or copper values, other than a 2m section of 5.35 g/t Au between 76m and 78m.
Anomalia 4 is an area located approximately halfway between Nordin and La Quebrada and is characterized by sub-cropping silicified structures and hydrothermal breccias and strong sericitic alteration underlain by a strong chargeability anomaly. Drill hole VADH008 tested this area and intersected quartz-sericite-pyrite alteration cut by quartz-pyrite and pyrite veins. Anomalous gold (up to 0.4 g/t Au) and copper grades (up to 0.36% Cu) do not extend over significant intervals.
In addition to the drill program and local IP surveys, the Company completed an airborne magnetic survey covering the entire land package and a regional prospecting and target development program. Encouraging results were obtained from the La Austral target which is located approximately 9 kilometres southeast of La Quebrada. It was discovered by NGEx geologists in 2020 through follow-up of a stream sediment anomaly.
Mineralization is associated with silica-alunite cemented breccia zones containing strongly anomalous gold. The breccias contain highly silified angular clasts in a matrix of silica, alunite, and jarosite. Initial grab samples of the breccia zone returned values of up to 7.18 g/t gold and 777 g/t silver. Three other samples returned values in excess of 1 g/t Au. All samples were high in eptithermal pathfinder elements Hg-Te-Sb-As-Bi. Further geological mapping and geochemical sampling was carried out in 2022 to define targets for possible future drill testing.
220504 NGEx Valle Ancho Base Map with Satellite Image
220504_NGEX Valle Ancho Location Map
The project area was initially explored in the 1990's resulting in the identification of several interesting gold and copper-gold targets. Despite the encouraging results obtained by earlier explorers the area was not available for exploration for most of the last 20 years. The main targets lie along a major northwest trending structural corridor called the Valle Ancho Lineament. Many of the major deposits in the Andes are spatially related to similar northwest trending lineaments.
The Company has an option to earn a 100% interest in the
The scientific and technical disclosure for the
Samples were cut at NGEX´s exploration camp in Catamarca,
Copper Equivalent (CuEq) for drill intersections is calculated based on
On behalf of
President and CEO
Additional information relating to
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 Company's anticipation that it will complete the expenditure commitment required to complete the earn-in to the
Forward-looking information is necessarily based upon various estimates and assumptions including, without limitation, the expectations and beliefs of management regarding its anticipation that it will complete the expenditures required to earn a 100% interest in the
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 included forward-looking information, 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
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
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