Los Helados (Company)

Los Helados (Company)

NGEx Resources (NGQ:TSX) released an updated resource estimate for its Los Helados copper-gold porphyry project.  The project is a large, low-grade, bulk tonnage copper-gold porphyry system located on a contiguous land package that the company holds in Chile’s Region III.  The company completed an additional 32 holes and over 32,200m which was completed earlier this year.  The team has increased copper and gold within the indicated mineral resource category by 48% and 34% respectively.  Copper inventory within the indicated category sits at 15.26 billion pounds (previously 10.34 billion pounds).  For gold, the inventory now sits at 8.9 million ounces (up from the previous 6.65 million ounces).  NGEx hosts another 4.8 billion pounds of copper and 2.41 million ounces of gold in the inferred category, much of which will be moved up to indicated as more definition drilling is done.

Here’s the release: NGEx Announces Updated Mineral Resource Estimate

President & CEO Dr. Wojtek Wodzicki

President & CEO Dr. Wojtek Wodzicki (Company)

Wojtek Wodzicki, President and CEO of the Company, commented, "The significant increase in the resource at Los Helados emphasizes the growth potential that we see in continued exploration of the district scale land package that we hold in the Los Helados area, and confirms our belief that we are defining a new copper-gold district with world-class potential. An updated resource estimate for the nearby Josemaria deposit is expected to be complete by the end of September. We hope to build on this year's success during the next season of exploration drilling that will focus on further expanding our resource base in the district by testing possible extensions of Josemaria and completing sufficient drilling to permit calculation of an initial resource at Filo del Sol. In parallel with the planned exploration programs we continue to assess development options for all the projects."

The company has been low on news flow of late, given they stopped drilling earlier this year.  Watch for them to pick up drilling soon.  NGEx is a Lundin Group company, with Lukas Lundin sitting as Chairman, and is led by one of the smartest teams out there.