Drilling results from the NGEx Minerals (TSX: NGEX; US-OTC: NGXXF) Lunahuasi copper-gold-silver project in northern Argentina have expanded the high-grade Jupiter zone while also expanding the Saturn zone.
Spotlight hole DPDH077 at Jupiter cut 10 meters grading 0.88% copper, 3.14 grams gold and 12.2 grams silver from a depth of 89 metres, including 7.6 meters grading 18.84% copper, 5.54 grams gold and 336.7 grams silver, NGEx reported on Wednesday. Lunahuasi is located about 1,300 kilometers northwest of Buenos Aires.
“DPDH077 is a good reminder that the Jupiter zone, which first intersected with the Lunahwasie discovery hole, should not be overlooked,” NGEx CEO Wojtek Wodziecki said in a statement.
Jupiter’s growing power
While the company has drilled fewer holes at Jupiter than its Saturn and Mars targets, the intersections across Jupiter in a 400m x 500m area show the potential of this key area, Wodzicki added.
State-of-the-art boosting assays The emergence of Lunahuasi As one of the highest undeveloped copper, gold and silver discoveries in the world. Drilling continues to expand and connect mineralized areas that could support a larger future resource.
The intersections at Jupiter indicate great potential for the size of the region and will be a priority target for the Phase 5 programme. NGEx did not specify when that phase would begin.
Saturn shines
In the Saturn region, hole DPDH069 cut 13 meters with a gradation of 1.07% copper, 1.31 grams of gold, and 37.6 grams of silver from a depth of 437 meters, including 135 meters with a gradation of 1.18% copper, 0.81 grams of gold, and 27.2 grams of silver.
Hole DPDH072, also on Saturn, returned 34 meters grading 1.43% copper, 1.8 grams gold and 40.2 grams silver from a depth of 193 metres, including 6 meters grading 3.75% copper, 4.82 grams gold and 93.1 grams silver.
NGEx said the intersections in that hole may indicate a new region emerging east of Saturn. Saturn can be a large structurally controlled zone of diffuse mineralization and stock cut by numerous high to very high grade veins.
The results are from the Phase 4 drilling program at Lunahuassie, which comprises 27,318 meters across 32 holes.
NGEx shares fell 2% to $23.96 a share midday Wednesday in Toronto, with a market value of $5.2 billion. The stock has traded in a 12-month range of $16.35 to $32.41.
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