A porphyry discovery beneath the Lunahuasi copper-gold project in Argentina increases the long-term value of the project. Credit: NGEx Minerals
NGEx Minerals’ (TSXV: NGEX) shares jumped nearly 20% on Wednesday after drill results in Argentina revealed the presence of a bigger underlying porphyry system than previously thought.
Drillhole DPDH027 at the Lunahuasi project returned 0.52% copper and 0.32 grams gold per tonne over 1,619.4 metres from 385.6 to 2,005 metres depth, ending in open potassic-altered diorite porphyry, NGEx said Wednesday. The discovery opens up a new district-scale porphyry target west of the known high-sulphidation veins.
With NGEx having finished 25,003 meters of Phase 3 drilling on May 8, assays for the remaining 10,369 meters across 12 holes should come in by mid-2025. The company is refining its targets and looking for partners for prefeasibility studies.
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