19:13:54 EDT Thu 25 Apr 2024
Enter Symbol
or Name
USA
CA



NGEx Resources Inc
Symbol NGQ
Shares Issued 146,901,649
Close 2010-08-20 C$ 0.62
Market Cap C$ 91,079,022
Recent Sedar Documents

NGEx drills 13 metres 3.3% Cu at Aradaib prospect

2010-08-23 13:14 ET - News Release

Dr. Wojtek Wodzicki reports

NGEX INTERSECTS 13 M OF 3.3% COPPER, 5.6% ZINC 1.8G/T GOLD, 46G/T SILVER AT ARADAIB PROSPECT, ERITREA

NGEx Resources Inc. has received the results of follow-up drilling at its recently discovered Aradaib volcanic hosted massive sulphide (VHMS) prospect located in northwestern Eritrea. The recently completed drill program followed up previously reported results from ARD-10-01 which returned 10 metres of 1.89 per cent copper, 1.2 per cent zinc, trace lead, 0.92 gram per tonne gold and 21 g/t silver, and a contiguous lower interval of seven metres of 0.99 per cent copper, 15.15 per cent zinc, 0.32 per cent lead, 0.39 g/t gold, 33 g/t silver (see Stockwatch on March 8, 2010). The recent drill program included three holes around ARD-10-01, and an additional scout hole, on a newly found occurrence of gold mineralized baritic and ferruginous volcanic rock, 1.7 kilometres to the south.

Two holes (ARD-10-03 and 04) confirmed the projected down plunge and down dip extensions of the massive sulfides intersected in ARD-10-01. ARD-10-03 tested 30 metres down plunge from the mineralization in ARD-10-01 and returned 13 metres grading 5.59 per cent Zn, 3.31 per cent Cu, 1.85 g/t Au and 46g/t Ag from a 20.4 metre intersection of massive sulfide and stringer mineralization. Hole ARD-10-04 drilled on the same section as ARD-10-01 but intersecting the zone 25 m deeper, returned four metres grading 0.31 Zn, 3.49 per cent Cu, 0.68 g/t Au and 38 g/t Ag from massive sulfides at 108 m and seven metres at 1.70 per cent Zn, 2.70 per cent Cu, 0.82 g/t Au and 26 g/t Ag from 118 m. The copper in the above intervals occurs as chalcopyrite and bornite which suggests that the high copper grades are primary rather than representing secondary enrichment. The host rocks are metamorphosed to amhibolite grade and the sulphides are coarse grained. The results of ARD-10-03 and ARD-10-04 indicate that mineralization is similar in thickness and grade down dip from ARD-10-01 and similar in thickness but higher in copper and gold to the south. This in turn suggests that the center of the system is to the south.

The third hole in this program, ARD-10-05, was drilled under gossan outcrops approximately 300 metres north of the other two holes, and intersected a thick interval of altered and oxidized volcanic rock with disseminated and stringer mineralization but no significant values. The style of mineralization that was intercepted is interpreted as proximal to a massive sulfide body but it is possible that these drill holes over- or under-cut massive sulphide mineralization

               From     To     Int                              Au      Ag
Hole             (m)    (m)     (m)    Cu%     Zn%     Pb%     g/t     g/t

ARD-10-03      60.0   84.4    20.4    0.37    1.35    0.01    0.21       6
Including      68.0   81.0    13.0    3.31    5.59    0.07    1.85      46
Including      81.0   84.4     3.4    0.31    8.20    0.06    0.25      12

ARD-10-04     108.0  125.0    13.0    0.70    1.10    0.02    0.17       9
Including     108.0  112.0     4.0    3.49    0.31    0.03    0.68      38
Including     112.0  115.2     3.2    1.80    5.13    0.10    0.22      27
Including     118.0  125.0     7.0    2.70    1.70    0.02    0.82      26

ARD-10-05      55.0   56.0     1.0    0.85    0.65       -       -       5

ARD-10-06      41.0   50.0     9.0    0.03    0.09       -    0.21       5

NOTE: The above intervals are drill hole lengths. There is currently
insufficient information to determine the true widths of the intervals.

The Aradaib prospect is located on NGEx's Kerkebet River exploration licence and is 75 kilometres north of Nevsun Resources' Bisha deposit (presently under development) and NGEx's Hambok massive sulphide deposit. NGEx's Hambok deposit has an NI 43-101-compliant indicated resource (at a 0.75 per cent zinc cutoff) of 10.7 million tonnes grading 0.98 per cent copper, 2.25 per cent zinc, 6.84 g/t silver, 0.20 g/t gold and an additional inferred resource (at a 0.75 per cent zinc cutoff) of 17.0 million tonnes of 0.85 per cent copper, 1.74 per cent zinc, 5.89 g/t silver, 0.19 g/t gold (Hambok NI 43-101 technical report, Jan. 23, 2009 available on SEDAR). Aradaib is new grass roots discoveries made by NGEx geologists during follow-up of anomalous rock samples collected during regional reconnaissance of the licence.

The Aradaib gossan is just one of a large number of similar gossans that have been found by prospecting on the company's licences. Prospecting, surface sampling and ground gravity surveys have been the main exploration methods used, however, this work has largely been limited to areas with good outcrop. Approximately 50 per cent of the company's licence area that is overlain by shallow gravel cover has seen only limited exploration. An airborne magnetic and electromagnetic survey, a highly effective tool in VHMS exploration in covered areas, has never been flown over the company's current licences due to the expense and difficulty of getting equipment into the country. A consortium of companies operating in Eritrea have recently joined forces to bring an airborne contractor to the country and the company plans a 1,700-line-kilometre survey that will cover the entire licence area. The survey is planned for early October, 2010, and is expected to generate significant new targets. It will also be useful for defining possible extensions of known systems like Hambok and Aradaib.

Commenting on the results Wojtek Wodzicki, president and chief executive officer of NGEx, stated: "We are very encouraged by the results from Aradaib which confirm that we have discovered a new copper and gold enriched massive sulfide system at Aradaib. We are also very excited by the prospect of finally being able to fly our licence with Mag and EM. We are confident that the airborne geophysical survey combined with the surface geological and geochemical database that we have developed, will help guide future exploration at Aradaib and lead to new discoveries elsewhere on our licences."

Sample preparation and analysis

The drill core was sawn on site and quarter cores were sampled in their entirety in one-metre intervals or intervals corresponding to geological breaks. The quartered core was bagged and air-freighted directly to Genalysis Laboratories in Perth, Western Australia. Genalysis Laboratories crushed and ground the samples. All splits and rejects produced during sample preparation have been retained at Genalysis Laboratories. A minimum of 5 per cent duplicate core samples were sent to ALS laboratories in Vancouver for check analyses.

High- and low-grade, base metal and gold standards were randomly inserted into the sample stream before shipment of the samples to Genalysis. Duplicate samples and standards accounted for approximately 5 per cent of all samples submitted for analysis.

Qualified person/quality analysis/quality control

Dr. Demetrius Pohl, a qualified person as defined by National Instrument 43-101 and vice-president of exploration for NGEX's wholly owned subsidiary Sanu Resources, has reviewed and verified the technical exploration information contained in this news release.

© 2024 Canjex Publishing Ltd. All rights reserved.