VANCOUVER, BC, Aug. 12, 2024 /CNW/ - NGEx Minerals Ltd. ("NGEx Minerals" "NGEx" or the "Company") (TSX:NGEX) (OTCQX:NGXXF) is pleased to report its results for the three and six months ended June 30, 2024. View PDF Highlights for the second quarter of 2024, include the following, details of which are discussed further below: Successful drill program: 2023-2024 program at Lunahuasi completed in April 2024 with 12,952 metres drilled in 15 holes significantly expanded the high-grade system which remains open in all directions and to depth. High-grade intersections: Assays covering the final 11 holes of the recent Lunahuasi program received and released during the quarter. Results continued to showcase some of the highest copper grades drilled to date in the Vicuña District, which hosts other world class deposits like Filo del Sol on trend to the south. Highlights include: DPDH013 intersecting 509.4 metres at 1.33% copper equivalent ("CuEq"); DPDH018 intersecting 429.4 metres at 2.31% CuEq, including 102.7 metres at 4.26% CuEq; DPDH020 intersecting 750.1 metres at 1.13% CuEq, including 17.3 metres at 5.94% CuEq; DPDH021 intersecting 772.5 metres at 1.60% CuEq, including 58.1 metres at 6.04% CuEq; and DPDH022 intersecting 726.5 metres at 1.66% CuEq, including 157.0 metres at 4.37% CuEq. Significant size potential: Lunahuasi program continued to consistently intersect high-grade mineralization stepping out from the initial discovery hole. High-grade mineralization has now been intersected across a significant volume, measuring at least 900 metres east-west, 400 metres north-south, and 960 metres vertically, which remains open in all directions. Strong treasury: Cash and short-term investments totaled $50.9 million as of June 30, 2024. Wojtek Wodzicki, President and CEO, remarked, "Drilling at Lunahuasi this season successfully followed up on the discovery made last year with numerous high-grade copper-gold-silver intersections, demonstrating the significant size potential of the system. With only 17,864 drill metres completed to date over two programs, Lunahuasi is proving to be a remarkable discovery and with $50.9 million in cash and short-term investments as of June 30, 2024, the Company is well funded and a follow-up program consisting of step-out and infill drilling is planned to begin early in the fourth quarter." Q2 2024 Highlights Following the discovery of high-grade mineralization at Lunahuasi in early 2023, the Company launched a follow-up drill program in October 2023, which ran until the onset of winter weather conditions in April 2024 (the "2023-2024 Lunahuasi Program"). This second campaign completed 12,952 metres of drilling in 15 holes and showcased Lunahuasi as the newest high-grade deposit with meaningful size potential to be discovered in the developing Vicuña District. Final assays results of the 2023-2024 Lunahuasi Program were received and disclosed during the second quarter of 2024 and were highlighted by: DPDH013: 509.4 metres at 1.33% CuEq (0.75% Cu, 0.55 g/t Au, 19.6 g/t Ag); DPDH015: 328.0 metres at 1.10% CuEq (0.73% Cu, 0.30 g/t Au, 16.4 g/t Ag); including 78.3 metres at 2.05% CuEq (1.71% Cu, 0.33 g/t Au, 11.5 g/t Ag); DPDH016: 179.6 metres at 1.24% CuEq (0.81% Cu, 0.38 g/t Au, 17.8 g/t Ag); including 22.1 metres at 3.36% CuEq (2.45% Cu, 0.76 g/t Au, 40.3 g/t Ag); DPDH018: 429.4 metres at 2.31% CuEq (1.41% Cu, 0.67 g/t Au, 46.6 g/t Ag); including 102.7 metres at 4.26% CuEq (1.89% Cu, 1.43 g/t Au, 150.6 g/t Ag); DPDH020: 750.1 metres at 1.13% CuEq (0.74% Cu, 0.38 g/t Au, 11.9 g/t Ag); including 17.3 metres at 5.94% CuEq (4.87% Cu, 0.72 g/t Au, 61.0 g/t Ag); DPDH021: 772.5 metres at 1.60% CuEq (1.02% Cu, 0.64 g/t Au, 14.2 g/t Ag); including 58.1 metres at 6.04% CuEq (3.53% Cu, 2.76 g/t Au, 56.3 g/t Ag); DPDH022: 726.5 metres at 1.66% CuEq (0.89% Cu, 0.88 g/t Au, 14.5 g/t Ag); and including 157.0 metres at 4.37% CuEq (1.86% Cu, 3.03 g/t Au, 33.6 g/t Ag). The 2023-2024 Lunahuasi Program successfully extended the system's high-grade mineralization and expanded the overall mineralized volume to at least 900 metres east-west, 400 metres north-south, and 960 metres vertically. The mineralized volume also remains open in all directions, including at depth, where several holes ended in good mineralization, such as DPDH018 which returned 3.37% CuEq (2.87% Cu, 0.45 g/t Au, 20.2 g/t Ag) and DPDH021 which returned 1.32% CuEq (1.07% Cu, 0.25 g/t Au, 7.1 g/t Ag) over the final 20 metres of each respective hole. Drilling at Lunahuasi has discovered a significant new zone of high-grade copper, gold and silver mineralization, which includes some of the highest copper grades drilled to date in the Vicuña District and intersected globally in recent years. Follow-up drilling completed during the 2023-2024 field program has demonstrated the significant size potential of the initially discovered high-grade copper-gold-silver veins and confirmed the presence of longer intercepts of high-grade stockwork mineralization. Both styles of mineralization are interpreted to be part of a porphyry copper-gold system centered nearby and following up on these initial findings will continue to be a focus for the Company moving forward. Drilling is planned to resume early in the fourth quarter of 2024. Select drilling and assay results from the 2023-2024 Lunahuasi Program as noted above are summarized in Appendix 1 to this news release. The assumptions and formula used to calculate copper equivalent for the Lunahuasi drill intersections noted above are provided in the technical notes at the end of this news release. Drilling and assay results from the complete 2023-2024 Lunahuasi Program are discussed in news releases dated January 8, 2024, February 21, 2024, April 30, 2024, May 9, 2024, and June 19, 2024, specifically: Hole ID Status DPDH009 Hole completed; Results published January 8, 2024 DPDH010 Hole completed; Results published January 8, 2024 & February 21, 2024 DPDH011 Hole completed; Results published February 21, 2024 DPDH012 Hole completed; Results published April 30, 2024 DPDH013 Hole completed; Results published April 30, 2024 DPDH014 Hole completed; Results published February 21, 2024 DPDH015 Hole completed; Results published April 30, 2024 DPDH016 Hole completed; Results published April 30, 2024 DPDH017 Hole completed; Results published June 19, 2024 DPDH018 Hole completed; Results published May 9, 2024 DPDH019 Hole completed; Results published June 19, 2024 DPDH020 Hole completed; Results published June 19, 2024 DPDH021 Hole completed; Results published June 19, 2024 DPDH022 Hole completed; Results published June 19, 2024 DPDH023 Hole completed; Results published June 19, 2024 Buy Back of Lunahuasi Royalty Under the terms of a 2018 royalty agreement with Filo Corp. ("Filo"), the Company held the right to buy back two thirds of a 3% net smelter return ("NSR") royalty held by Filo on the Nacimiento I concession, within which the Company would discover the Lunahuasi deposit in 2023. On May 13, 2024, the Company exercised that right for cash consideration totaling US$ 1.5 million, reducing Filo's NSR royalty on the Nacimiento I concession to 1%. Financial Results (In thousands of Canadian dollars, except per share amounts) Three months ended Six months ended June 30, June 30, 2024 2023 2024 2023