NGEx Minerals Ltd. reported results from the final seven diamond drill holes from this season's program at the Potro Cliffs project. Today's results confirm a major new high-grade copper-gold-silver discovery which have named Lunahuasi (meaning House of the Moon). Lunahuasi is the fourth greenfields discovery made by the Lundin Group within the Vicuña District, joining the Filo del Sol, Los Helados, and Josemaria deposits.

Lunahuasi is located approximately 6km northeast of Filo del Sol (meaning "Ridge of the Sun") along the same major structural corridor that also controls mineralization at Los Helados 9km further to the northeast. The portion of the Lunahuasi target drilled to date comprises a large swarm of quartz-sulphide veins carrying high values of copper, gold and silver. This mineralization is interpreted to be porphyry-related and is considered to be strong evidence for the presence of a nearby porphyry copper-gold system, possibly underlying the extensive alteration zone immediately to the west of this season's drilling.

A total of eight holes were completed during 2023, comprised of two on the plateau that is the upper part of the system (DPDH001 and DPDH003) and six (DPDH002, DPDH004, DPDH005, DPDH006, DPDH007, DPDH008) in the valley which is 750 meters below the plateau. All six of the valley holes returned multiple high-grade vein intersections. The two plateau holes drilled distal alteration and appear to be on the periphery of the system.

Highlights from the overall drill program include: Drillhole DPDH002 which is the discovery hole and was previously released (news release dated April 4, 2023) intersected: 4.0m at 8.44% CuEq from 150.0m, 60.0m at 7.52% CuEq from 212.0m; Including 10.0m at 18.00% CuEq and 6.0m at 14.00% CuEq; 10.0m at 7.08% CuEq from 574.0m; Drillhole DPDH004 intersected: 52.0m at 1.01% CuEq from 334.0m; 14.0m at 3.11% CuEq from 452.0m; Drillhole DPDH005 intersected: 3.4m at 7.12% CuEq from 461.6m; 33.4m at 3.50% CuEq from 636.0m; Including 2.0m at 26.57% CuEq and 1.8m at 12.90% CuEq; 4.3m at 11.32% CuEq from 942.5m; Drillhole DPDH006 intersected: 3.9m at 4.33% CuEq from 338.5m; Drillhole DPDH007 intersected: 90.0m at 4.05% CuEq from 74.0m; Including 2.2m at 32.65% CuEq (incl 35.07 g/t Au); 3.9m at 12.82% CuEq from 384.2m; 20.8m at 8.08% CuEq from 439.2m; 8.9m at 7.39% CuEq from 589.5m; 13.7m at 8.10% CuEq from 634.0m; Drillhole DPDH008 intersected: 8.0m at 5.30% CuEq from 148.0m; 16.0m at 1.63% CuEq from 212.0m. Numerous other veins in addition to the highlighted intervals were intersected in all holes, full results are provided in the table below. Together, these holes have defined a block with approximate dimensions of 400m E-W by 180m N-S and a vertical extent of 850m which hosts a vein swarm with multiple veins up to approximately 20m in estimated true width.

This block is currently defined by holes drilled on two E-W sections collared 150m apart and remains open in all directions. Gold and silver values include some bonanza gold grades (top 7 values are 43.9, 18.0, 17.6, 17.3, 11.7, 11.6, 10.8 g/t Au). Very high Ag values are also present, with 39 assays over 100 g/t including 5 over 500 g/t. Results to date include 20 samples with >10% Cu including 5 over 20% Cu.

Mineralization is hosted by structures which are interpreted to be subvertical and to strike approximately north-south. These structures are characterized by massive to semi-massive and disseminated sulphides, principally pyrite and enargite with locally abundant covellite. Sulphides tend to be coarse grained and include some very coarsely crystalline sections.

Hole DPDH004 intersected pyrite-tennantite-chalcopyrite and pyrite-bornite assemblages, possibly indicating a zonation towards intermediate-sulphidation conditions to the west. Of particular interest are the high gold and silver grades seen in the structures, with individual samples assaying up to 43.9 g/t gold and 1,165 g/t silver. Bonanza-grade gold values near the top of hole DPDH007, in a structure that contains more quartz and less sulphide, possibly reflect a zonation from high-sulphidation sulphide veins towards gold-quartz veins at shallower levels and towards the east.

In addition to the valley drilling, two holes were drilled on top of the plateau to the west. Holes DPDH001 and DPDH003 were drilled to final depths of 929m and 350m, respectively. They both intersected a sequence of epiclastic and volcaniclastic rocks with weak silicification and clay alteration typical of the shallow and distal part of an epithermal system.

No significant assay intervals were recorded in either hole.