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NGEx Granted Prospecting Licenses on New Massive Sulfide Discovery in Eritrea
Sep 24, 2009 - 09:00 ET
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 24, 2009) - NGEx Resources Inc. ("NGEx" or the "Company") (TSX:NGQ) is pleased to announce that it has been granted two contiguous Prospecting Licenses, Shukula (49 sq. km) and Lelit (64 sq. km) over a new discovery of volcanic-hosted massive sulfide (VHMS) occurrences in northern Eritrea. The massive sulfide prospects were discovered during regional exploration and are on a new and virtually unexplored VHMS trend in northern Eritrea. Please see attached map.
The Shukula prospect consists of outcropping gossan 100m in length on which the best grab and chip-channel samples returned up to 2.8, 5.4, and 5.6 ppm gold, 0.5% Cu,1841 ppm Zn, and 1164 Pb. The altered rock package hosting the gossan extends for an additional 3 kms and contains discontinuous narrower lenses of gossan as well as oxidized veinlet stockwork zones.
The Lelit license covers 4 kms of prospective strike on the southwestern extension of the Shukula gossan horizon. Rock chip samples from gossan and altered metavolcanic rocks on the license area returned results as high as 2.2 and 3.7 ppm gold, 2361 ppm copper as welll as being strongly anomalous in zinc and lead.
The Company is excited about the discovery of this new VHMS district and the associated prospective unexplored terrain. Field work will commence after the rainy season ends in October.
Qualified Person/Quality Analysis/Quality Control
Rock chip and grab samples from Shukula and Lelit were submitted to African Horn Laboratories in Asmara for crushing and coarse grinding. A split was airfreighted to Genalysis Laboratories in Perth Western Australia where the final grinding and analysis were performed. The remainder of the sample was retained in NGEx's store in Asmara. High and low grade basemetal and gold standards were randomly inserted into the sample stream before shipment of the samples to Genalysis. Duplicates samples and standards accounted for approximately 5% of all samples submitted for analysis.
Dr. Demetrius Pohl, a Qualified Person as defined by National Instrument 43-101 and Vice President of Exploration for the Company, has reviewed and verified the technical mining information contained in this news release.
On behalf of the Board,
Wojtek Wodzicki, President and CEO
To view the map associated with this press release, please click on the following link: http://media3.marketwire.com/docs/ngex93.pdf
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