NGEx drills copper-gold target in Argentina
NGEx Minerals Ltd. [NGEX-TSXV] said Monday it has kicked off a maiden drill program at its Potro Cliffs copper-gold exploration target at San Juan Province, Argentina.
NGEx is the majority partner and operator at the large-scale Los Helados copper-gold deposit, subject to a joint exploration agreement with Nippon Caserones Resources Co. Ltd. The project is located in Chile’s Region 111.
The company also has a portfolio of exploration projects in Argentina, including the Valle Ancho project in Catmarca province, and the Potro Cliffs, located in San Juan province approximately five kilometres north of, and on the same major northeast trending structure as the Filo del Sol deposit where Filo Mining Corp. [FIL-TSXV, NASDAQ First North] is drilling a major copper-gold discovery.
Los Helados is located 16 kilometres north of the Filo del Sol deposit. Filo del Sol and Los Helados lie along the same major northeast-trending structure which controls a series of alteration zones, representing high-quality exploration targets, between the two deposits.
Recent drilling at Los Helados returned 1,016.3 metres at 0.65% copper equivalent (CuEq) from a depth of 42 metres, including 294 metres at 0.87% CuEq from a depth of 201 metres, and 140 metres at 0.83% CuEq from a depth of 606 metres.
NGEX said Potro Cliffs is the largest untested hydrothermal system in the Vacuna District.
The company plans to initially drill two diamond drill holes, one from the plateau at the top of the cliff and another collared in the valley approximately 700 metres below. Subsequent drill holes will be planned based on the results of the first two holes. Drilling has started with one rig at the top of the cliff with a second rig expected to set up on the lower platform in the next few weeks.
Assay results are expected towards the end of the quarter.
“We are thrilled to begin drilling at Potro Cliffs, which is an exciting exploration target located on trend and in between two high-grade deposits, Filo del Sol and Los Helados,’’ said NGEx President and CEO Wojtek Wodzicki.
At the Potro Cliffs target, strong advanced argillic hydrothermal alteration similar to that seen at the nearby Filo del Sol deposit extends over an area of approximately 6.0 square kilometres. The company said a shallow historical hole drilled in the area intersected moderate-grade gold values in a similar geological setting in the shallow part of Filo del Sol.
The topography of the Potro Cliffs area provides a unique opportunity to test up to 2.0 vertical kilometres of the system, with the hole from the plateau at the top of the cliffs testing the upper epithermal part of the system and the lower hole testing the potential for deeper porphyry-style mineralization.
On January 6, 2023, NGEx shares closed at $3.41 and are currently trading in a 52-week range of $4.22 and$1.36.