Intersects 13 M Of 3.3% Copper, 5.6% Zinc 1.8g/t Gold, 46g/t Silver At Aradaib Prospect, Eritrea
Aug. 24, 2010 (Market News Publishing) --
NGEX RESOURCES INC ("NGQ-T") - Intersects 13 M Of 3.3% Copper, 5.6% Zinc 1.8g/t Gold, 46g/t - Silver At Aradaib Prospect, Eritrea
NGEx Resources Inc.
("NGEx" or the "Company") is pleased to report 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% copper, 1.2% zinc, trace lead, 0.92 grams/tonne gold and 21 grams/tonne silver, and a contiguous lower interval of 7 metres of 0.99% copper, 15.15% zinc, 0.32% lead, 0.39 grams/tonne gold, 33 grams/tonne silver (see March 08, 2010 News Release). 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 13.0 metres grading 5.59% Zn, 3.31% Cu, 1.85g/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 25m deeper, returned 4.0m grading 0.31% Zn, 3.49% Cu, 0.68g/t Au and 38g/t Ag from massive sulfides at 108 metres and 7.0 metres at 1.70% Zn, 2.70% Cu, 0.82g/t Au and 26g/t Ag from 118 metres. 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
Significant results from this round of drilling are shown in the table.
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 license 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% zinc cutoff) of 10.7 million tonnes grading 0.98% copper, 2.25% zinc, 6.84g/t silver, 0.20g/t gold and an additional inferred resource (at a 0.75% zinc cutoff) of 17.0 million tonnes of 0.85% copper, 1.74% zinc, 5.89g/t silver, 0.19g/t gold (Hambok NI 43-101 Technical Report, January 23, 2009 available on www.sedar.com). Aradaib is new grass roots discoveries made by NGEx geologists during follow-up of anomalous rock samples collected during regional reconnaissance of the license.
The Aradaib gossan is just one of a large number of similar gossans that have been found by prospecting on the Company's licenses. 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. The approximately 50% of the Company's license area that is overlain by shallow gravel cover has seen only limited exploration. Airborne Mag and EM, a highly effective tool in VHMS exploration in covered areas, has never been flown over the Company's current licenses due to the expense and difficulty of getting equipment into the country. A consortium of company's operating in Eritrea have recently joined forces to bring an airborne contractor to the country and the Company plans a 1,700 line kilometer survey that will cover the entire license 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 CEO 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 license 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 licenses."
Sample Preparation and Analysis
The drill core was sawn on site and quarter cores were sampled in their entirety in one meter 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% 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% 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.
On behalf of the Board,
Dr. Wojtek Wodzicki, President and CEO
To view the map and photos accompanying this press release please click on the following link: http://media3.marketwire.com/docs/NGEx0823.pdf
TSX closing price for NGQ
Date: 2010/08/20
Closing Price: 0.620
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TEL: (604) 689-7842
Sophia Shane, Corporate Development
NGEx Resources Inc.
FAX: (604) 689-4250
EMAIL: ngexresources@namdo.com
INTERNET: http://www.ngexresources.com
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