VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 13, 2011) - NGEx Resources Inc. (TSX:NGQ) ("NGEx" or the "Company") is pleased to announce that it has received the results from the 2011 exploration program at the Company's 100% owned GJ copper-gold project located in northern British Columbia, Canada. GJ is currently under option to Teck Resources Limited ("Teck"). The results reported herein are from drill holes GJK-11-219 to GJK-11-228. Highlights include: GJK-11-219 with 141.21 metres of 0.38% Cu and 0.53 g/t Au plus 5.35 metres of 6.82 g/t Au; GJK-11-226 with 9.60 metres of 0.15% Cu and 6.64 g/t Au and GJK-11-228 with 29.15 metres of 0.18% Cu and 0.39 g/t Au (please see attached map: http://media3.marketwire.com/docs/ngq1.pdf). The objective of this year's program was to better define higher-grade mineralization suggested by historical drilling at depth below the Donnelly Zone, while continuing exploration across the property at the Wolf and Seestor targets. The drill holes released today confirm and extend the Donnelly Zone and identify a new zone of previously untested mineralization at the Wolf target.
This year's exploration program took place between June and October, and included 10 diamond drill holes comprising a total of 4,307 metres of drilling and ground geophysics including 50 line kilometres of ground magnetics concentrated on the Donnelly and GJ Zones and a new area on the sides of the Wolf Plateau. The same areas were also covered with 76.6 line kilometres of Induced Polarization geophysics ("IP"). Primary goals included drill testing possible extensions of the Donnelly Zone which includes the current Measured and Indicated Resource of 153.3 million tonnes grading 0.32% copper and 0.37 g/t gold* (see news release dated October 7, 2008). Additional holes were designed to test exploration targets outside the Donnelly Zone. Three drill holes in the previously undrilled Wolf Zone (GJK-11-220, -221, and -222) confirm the presence of a potential porphyry system. The 3 drill holes in the Wolf area identified vectors in hydrothermal alteration directed towards the North and to depth.
Comprehensive data compilation, including integration of 2011 mapping, geophysics and historical geochemical data from the Donnelly, GJ, Wolf, QC, Horn and Seestor targets, will be completed during the winter in preparation for the 2012 field season.
The 2011 exploration program was 100% funded by Teck under an option agreement signed in August, 2010 whereby Teck has the right to earn an initial 51% interest by spending $12,000,000 by December 31, 2014 and up to a 75% interest by spending an aggregate of $44,000,000 by December 31, 2020.
Intervals for the holes reported today are summarized in the table below: (true widths for the reported intervals are unknown).
Table 1: Significant mineralized DDH intercepts from the 2011 GJ drill program
|Hole ID||Zone||Interval||Length (m)||Cu (%)||Au (g/t)|
|From (m)||To (m)|
|GJK-11-221||Wolf||No significant intervals|
|GJK-11-222||Wolf||No significant intervals|
|GJK-11-224||West GJ||No significant intervals|
|GJK-11-225||East Donnelly||Assays Pending|
|GJK-11-227||North of Donnelly||No significant intervals|
The drill core was logged, sawed, and half cores were sampled in their entirety in two meter intervals or intervals corresponding to geologic breaks determined by Teck personnel and contractors at the GJ site. Samples were shipped to Acme Labs in Smithers for sample preparation. The sample pulps were analyzed by standard industry assay methods, at Acme Labs in Vancouver. Copper and gold standards, as well as blanks and duplicates (field, preparation and analysis) were randomly inserted into the sampling sequence for Quality Control.
Mr. Bob Carmichael, Bachelor of Applied Science (B.A.Sc.) degree from UBC, and a registered Professional Engineer (P.Eng.) with the Association of Professional Engineers and Geoscientists of BC (APEGBC), is the Qualified Person as defined by National Instrument 43-101. Mr. Carmichael is Vice President, Exploration for the Company and has reviewed and approved the technical information contained in this news release.
*Please see technical report entitled Technical Report on the GJ Copper-Gold Porphyry Project dated April 30, 2007 available on www.sedar.com or the Company's website.
Cautionary Note Regarding Forward-Looking Statements
This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation, concerning the business, operations and financial performance and condition of NGEx Resources Inc. Forward-looking statements include, but are not limited to, statements with respect to the estimation of commodity prices, mineral reserves and resources, the realization of mineral reserve estimates, capital expenditures, costs and timing of the development of new deposits, the success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining activities, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotations thereof. All such forward-looking statements are based on the opinions and estimates of the relevant management as of the date such statements are made and are subject to important risk factors and uncertainties, many of which are beyond the Company's ability to control or predict.
Forward-looking statements are necessarily based on estimates and assumptions that are inherently subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking statements, including but not limited to: risks and uncertainties relating to, among other things, changes in commodity prices, currency fluctuation, financing, unanticipated reserve and resource grades, infrastructure, results of exploration activities, cost overruns, availability of materials and equipment, timeliness of government approvals, taxation, political risk and related economic risk and unanticipated environmental impact on operations as well as other risks and uncertainties described under "Risks Factors" in the Company's Annual Information Form available under the Company's profile at www.sedar.com and the Company's website.
Although the Company has attempted to identify important factors that would cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated, or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. All of the forward-looking statements contained in this document are qualified by these cautionary statements. Readers should not place undue reliance on forward-looking statements. Forward-looking statements are provided for the purpose of providing information about management's current expectations and plans and allowing investors and other to get a better understanding of the Company's operating environment. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, events or otherwise, except in accordance with applicable securities laws.
Disclosure of Mineral Reserves and Mineral Resources
Information concerning the properties and operations of NGEx Resources Inc. has been prepared in accordance with Canadian standards under applicable Canadian securities laws, National Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. You should refer to the annual information form of NGEx Resources Inc. for the year ended December 31, 2010 and other continuous disclosure documents filed by the Company since January 1, 2011 available at www.sedar.com, for this detailed information, which is subject to the qualifications and notes set forth therein.
On behalf of the board
Wojtek Wodzicki, President and CEO
NGEx Resources Inc.
(604) 689-4250 (FAX)