$1.05  even
NGEx Resources Inc.
The NGEx District

Chile's Biggest New Copper-Gold Camp

Projects

Resource Estimates

Los Helados (0.33% CuEq Cutoff)1
  Tonnes
millions
Cu
%
Au
g/t
Ag
g/t
CuEq
%
Cu
(billion lbs)
Au
(million ozs)
Ag
(million ozs)
Indicated 2,099 0.38 0.15 1.4 0.48 17.6 10.1 92.5
Inferred 827 0.32 0.10 1.3 0.39 5.8 2.7 35.1
Josemaria Sulphide (0.20% CuEq Cutoff)2
  Tonnes
millions
Cu
%
Au
g/t
Ag
g/t
CuEq
%
Cu
(billion lbs)
Au
(million ozs)
Ag
(million ozs)
Indicated 1,066 0.31 0.22 1.0 0.44 7.4 7.4 34.5
Inferred 404 0.24 0.15 0.8 0.33 2.0 2.0 10.8
Josemaria Oxide (0.20g/t Au Cutoff)2
  Tonnes
millions
Cu
%
Au
g/t
Ag
g/t
    Au
(thousand ozs)
Ag
(thousand ozs)
Indicated 43 0.15 0.32 1.2     450 1,610
Inferred 4 0.00 0.34 1.0     48 145

1. Notes to accompany the Los Helados Mineral Resource Table.
  • The Mineral Resource estimate was prepared by Mr. Gino Zandonai, RM CMC, Senior Associate with Behre Dolbear who is the qualified person for the estimate. The Los Helados estimate has an effective date of September 19, 2014;
  • Mineral Resources are reported using a copper equivalent (CuEq) cutoff grade. Copper equivalent is calculated using US$3.00/lb copper, US$ 1,300/oz gold and US$23/oz Ag, and includes a provision for selling costs and metallurgical recoveries corresponding to three zones defined by depth below surface. The formulas used are: CuEq% = Cu% + 0.6264*Au (g/t) + 0.0047*Ag (g/t) for the Upper Zone (surface to ~ 250 m); Cu% + 0.6366*Au (g/t) + 0.0077*Ag (g/t) for the Intermediate Zone (~250 m to ~600 m); Cu% + 0.6337*Au (g/t) + 0.0096*Ag (g/t) for the Deep Zone (> ~600 m);
  • Cutoff grade refers to the diluted cutoff grade used to generate the corresponding block cave shape. The tonnes and grade represent the total Indicated or Inferred undiluted material within the cave volume;
  • Mineral Resources are reported within a block cave underground mining shape based on the diluted CuEq grade, $13.07/t operating costs and including a provision for capital expenditure. The base case cutoff grade of 0.33% CuEq was derived through an economic evaluation of several block cave shapes developed over a range of different cutoff grades and is the cutoff grade which results in a zero net present value;
  • Details of the Los Helados Mineral Resource estimate are presented in the technical report titled "Los Helados Cu-Au Deposit Atacama Region III Chile NI 43-101 Technical Report on Preliminary Economic Assessment" dated September 19, 2014 and available under the Company's profile on SEDAR;
  • Totals may not sum due to rounding as required by reporting guidelines.
2. Notes to accompany the Josemaria Mineral Resource Tables.
  • The Mineral Resource estimate was prepared by Mr. Gino Zandonai, RM CMC, Senior Associate with Behre Dolbear who is the qualified person for the estimate. The Josemaria estimate effective date is August 7, 2015;
  • Mineral Resources are reported using a copper equivalent (CuEq) cutoff grade. CuEq was calculated using US$3.00/lb copper, US$ 1,400/oz gold and US$23/oz Ag and was based on copper, gold and silver recoveries obtained in metallurgical testwork on four composite samples representing the rhyolite, tonalite, porphyry and supergene zones. Copper recoveries for the rhyolite, tonalite and porphyry zones were calculated as a function of copper grade, ranging from a low of 81% to a high of 97%. Copper recovery in the supergene zone was fixed at 85%. Gold recoveries were fixed between 62% and 73% and silver recoveries were fixed between 53% and 75% depending on the zone;
  • Mineral Resources are reported within a conceptual Whittle pit that uses the following input parameters: Cu price: US$3.00/lb, mining cost: US$2.20/t, process cost (including G&A): US$7.40/t processed, copper selling cost: US$0.35/lb and Over-all pit slope angle of 42. The oxide resource was treated as waste for the Whittle run, however preliminary testwork has shown good recovery of gold through cyanide leaching and there is a reasonable prospect of eventual economic extraction of gold and silver using this method. Additional testwork is planned to confirm these results and there was no contibution from the oxide resource to the PEA project economics;
  • Mineral Resources (sulphide) have a base case estimate using a 0.2% CuEq cutoff grade; Mineral Resources (oxide) are reported using a 0.2 g/t Au cutoff grade;
  • Details of the Josemaria Mineral Resource estimate are contained in the technical report titled "Constellation Project incorporating the Los Helados Deposit, Chile and the Josemaria Deposit, Argentina" dated February 12, 2016 and available under the Company's profile on SEDAR;
  • Totals may not sum due to rounding as required by reporting guidelines.

 
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