NGEx Minerals Ltd. reported additional assay results from the 2022 drill campaign at the Los Helados copper-gold project located in Region III, Chile. Drill hole LHDH077 has successfully extended the high-grade Condor Zone both upwards towards the surface and at depth. Today's result is the latest from the highly successful 2022 drill program which focused on adding high-grade material to the Los Helados deposit.

To date, drilling has extended the previously known Condor Zone and identified two additional high grade zones known as the Fenix Zone and the Alicanto Zone. All three zones remain open with potential to add high-grade material to the deposit. Hole LHDH077 was drilled across the southern boundary of the high-grade copper-gold envelope of the Condor Zone into an area where spacing between previously completed adjacent holes was between 200m and 300m.

The hole intersected a long section of mineralized phreatic-hydrothermal breccia at the top and early phase quartz porphyry at the bottom. The sulphide mineralization comprises pyrite and chalcopyrite veinlets, with anhydrite and magnetite-hematite associated with chlorite-sericite alteration, which overprints the early potassic alteration. Although pyrite is present throughout the deposit, a clear sulphide zonation is observed from top to bottom also laterally.

At the higher levels pyrite is dominant with the presence of minor chalcopyrite content. Chalcopyrite progressively increases downwards showing equal to greater than pyrite ratios. Bornite is also present and has been observed mainly in sulphide veinlets hosted in mafic rocks.

2022 LOS HELADOS DRILL PROGRAM OVERVIEW - The 2022 drilling program has focused on extending existing zones of high-grade mineralization within the footprint of the Los Helados deposit and discovering new zones of high-grade material. The program has achieved both objectives. A total of 10 holes were drilled this season.

The results of six holes have been released to date with the results of the remaining four holes expected in the coming weeks. Reinterpretation of the deposit geology and drill results to date suggest that Los Helados contains at least three distinct high-grade zones hosted within well-defined structural corridors. From north to south these are, the Alicanto Zone, the Condor Zone, and the Fenix Zone The drill program, including completed and planned holes, is outlined below: Holes Completed - LHDH073: Results previously released; infills a gap between existing holes and extends deposit at depth LHDH074: Results previously released; infills a large gap between existing holes and extends the core of the deposit, LHDH075: Results previously released; extends the deposit's core to the south, LHDH076: Results previously released; tested gap between the Condor Zone and the Fenix Zone; extension of the Fenix Zone, LHDH078: Results previously released; tested for confirmation and extension of a third structural,corridor; discovered high-grade Alicanto Zone as confirmation of this third corridor, LHDH077: Results released today; extended Condor Zone towards surface and at depth, LHDH079: Complete, results pending.

Testing depth extension of Condor Zone, LHDH080: Suspended. Testing area to the east of LHDH078. Hole suspended at 310m in order to reposition rig to drill LHDH082.

Plan to complete LHDH080 next season. Holes in Progress - LHDH081: Testing continuity and extension of Fenix Zone at depth. Hole suspended at 1,096m planned to be completed in September, LHDH082: Testing depth extension of Condor Zone in eastern sector of the deposit.

Hole suspended at 1,133 planned to be completed in September. NEXT STEPS- Drilling at Los Helados has finished for this season due to the onset of winter weather and is expected to resume in September following a short break. The data generated from the current drill program at Los Helados will form the basis for a revised geological model.

Samples generated by this season's drilling will be sent for additional detailed metallurgical test work, which will allow for optimization of process flowsheets and a better understanding of variability within the deposit.