-- NGEx Minerals (NGEX.TO) reported Thursday the results of three drill holes from its phase-four drill program at the Lunahuasi copper-gold-silver project in Argentina.
Among highlights, NGEX said it drilled 34 metres at 7.25% CuEq (copper equivalent) plus 48 metres at 7.72% CuEq, 180 metres apart in Mars, while it discovered a new zone 300 metres east Of Mars with 23 metres at 4.72% CuEq.
"We remain very bullish on the continued exploration upside at Lunahuasi," President and Chief Executive Officer Wojtek Wodzicki said. "With achievement of all our objectives and the onset of winter weather at site, we have now concluded the Phase 4 program and all equipment and personnel are being demobilized. Assays are pending for the last sixteen holes, and we look forward to updating the market with these results as they come in over the coming weeks."
With completion of the Phase 4 program, it will begin planning for the Phase 5 program which is planned to start in the third quarter, the company said. In addition to the Phase 5 drilling program, it will be initiating construction of an exploration adit which will provide access for drilling the deposit from underground drill stations enabling the company to "maximize the efficiency of our drill programs and to map the mineralized zones in underground exposures, helping to improve our geological knowledge."
Shares in NGEX fell more than 4% in Canada yesterday.