en.Wedoany.com Reported - Canadian mineral exploration company NGEx Minerals announced ultra-high grade gold assay results from its Lunahuasi copper-gold-silver project in Argentina's Vicuña district, as the company defines one of the richest emerging metallogenic systems in the region. The company's share price rose on the news.
NGEx stated in a release on Wednesday that highlight hole DPDH070 intersected 17.3 meters at 207.79 g/t gold, 2.02% copper, and 16.2 g/t silver from a depth of approximately 335 meters. Within this intersection, it included 8.3 meters at 10.81 g/t gold, 1.8% copper, and 10.3 g/t silver from a depth of approximately 344 meters. Another standout hole, DPDH063, intersected approximately 40 meters at 3.41 g/t gold, 2.88% copper, and 23.9 g/t silver from a depth of 810 meters.
Desjardins Capital Markets mining analyst Bryce Adams noted in a report on Wednesday that these intersections "reinforce the potential for bonanza-grade gold quartz veins within this deposit and beyond the named areas." NGEx shares rose 6.1% in early Toronto trading on Wednesday to C$30.08, giving the company a valuation of approximately C$6.5 billion (about US$4.7 billion). The stock has traded in a range of C$11.66 to C$32.41 over the past year.
Other noteworthy holes include DPDH062, which intersected approximately 19 meters at 4.47 g/t gold, 5.28% copper, and 274.1 g/t silver from a depth of approximately 647 meters, and remains open at depth. Hole DPDH068 intersected 8.6 meters at 8.14 g/t gold, 1.13% copper, and 33.4 g/t silver from a down-hole depth of 492 meters.
National Bank Financial mining analyst Rabi Nizami stated that the Lunahuasi project "remains in the expanding discovery phase of exploration. Ultra-high grade gold veins are distributed throughout the deposit and are still expanding, with the highlighted intersections today being 660 meters apart and located at the edges of the drilling pattern, indicating further room for expansion in all directions."
These assay results are part of the recently completed Phase 4 drilling campaign by Vancouver, Canada-headquartered NGEx, which included 32 holes totaling 27,318 meters. Results from the final 12 holes will be released once the company receives, analyzes, and confirms the assay results. Earlier results from this campaign included broad, high-grade copper-gold intersections from the project's Mars and Saturn zones.
NGEx CEO Wojtek Wodzicki stated in the release: "Today's press release highlights the high-grade gold component of this remarkable deposit, with two new intersections showing grades comparable to some of the best pure gold mines globally. It is becoming increasingly clear that these high-grade gold quartz veins are distributed throughout the deposit."
Lunahuasi is located within the Vicuña district on the Chile-Argentina border and is a relatively new discovery, first identified in 2023. The project quickly gained attention for yielding some of the highest copper and gold grades encountered in the region, which hosts large deposits such as Josemaria and Filo del Sol, held by a joint venture between Lundin Mining and BHP, as well as NGEx's Los Helados. Drilling to date has outlined multiple mineralization types, including high-sulphidation epithermal systems, porphyry copper-gold, and high-grade gold veins. Lunahuasi remains at an early stage, and NGEx has yet to release a maiden resource estimate.
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