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NGEx Announces Updates on South American and Eritrean Drill Programs
Jan 19, 2010 - 03:35 ET
FOR FURTHER INFORMATION PLEASE CONTACT:
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 19, 2010) - NGEx Resources Inc. (TSX:NGQ) ('NGEx' or the 'Company') is pleased to report on its drill programs currently underway in Chile and Eritrea. The Company's 2010 drill program at its Los Helados project located in Region III, Chile started on January 14, 2010 at site I (to see photo please click on: http://media3.marketwire.com/docs/ngq119a.jpg). The planned program will consist of approximately 3,800 meters in 6 or 7 holes. Drilling is planned to follow up on encouraging results obtained in DDH 04 drilled in 2009 which intersected 762 meters of 0.43% copper and 0.22 g/t gold, including 343 meters of 0.58% copper and 0.21 g/t gold. The drilling will target a 1 kilometre long chargeability anomaly that lies to the north of previous drilling. Outcrops above the anomaly contain potassic alteration, stockwork veining and local copper sulphides. The drill program is expected to take approximately two months. Los Helados is part of the Company's joint venture with the Japan Oil, Gas and Metals National Corporation (JOGMEC). JOGMEC holds a 40% participating interest in Los Helados.
Drilling at the Company's nearby Josemaria project concluded in mid-December, 2009. Seven diamond drill holes totalling 2,253 meters tested possible extensions of the Josemaria resource. Results are expected toward the end of January, 2010.
The Company also has a drill program underway in western Eritrea that is targeting volcanogenic massive sulphide targets on its Mogoraib and Kerkebeit licenses. Drilling will test additional targets at the Koken Prospect where initial drilling in 2008 intersected encouraging results; possible extensions to the Hambok deposit identified by a gradient IP survey conducted in November, 2009 (to see map please click on: http://media3.marketwire.com/docs/ngq119b.jpg).
Drilling is also underway to test a new mineralized gossan known as the Aradaib prospect that was identified by prospecting (to see photo please click on: http://media3.marketwire.com/docs/ngq119c.jpg). Initial work identified 350m of discontinuous strike exposure of the gossan. Of twelve rock chip samples taken, ten returned anomalous gold values (100 to 350ppb) with two assaying 4.1 and 8.9gpt, five had Cu values >1000ppm, and two had Pb >1000ppm. Zn is moderately anomalous in all of them.
Dr. Wojtek Wodzicki, P. Geo. (BC), President and CEO of NGEx, a Qualified Person as defined by National Instrument 43-101, has review the technical contents of this release.
On behalf of the Board,
Dr. Wojtek Wodzicki, President and CEO
NGEx Resources Inc.
(604) 689-4250 (FAX)