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NGEx Hits Significant New Copper/Zinc Discovery in Eritrea

Mar 8, 2010 - 09:00 ET
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VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 8, 2010) - NGEx Resources Inc. ("NGEx" or the "Company") (TSX:NGQ) is pleased to report that the initial diamond drill program at the Aradaib prospect has resulted in an exciting new copper/zinc discovery. Aradaib is a new volcanic hosted massive sulphide prospect in northwestern Eritrea on trend with the Company's growing Hambok copper/zinc deposit and Nevsun's Bisha deposit now under development.

The first hole, ARD-10-001, tested a gossan outcrop highly anomalous in gold, copper, zinc, silver and lead returning a 17 meter interval of massive and semi-massive sulphides. Significant assay intervals are shown in the following table:

  Weighted averages from ARD-10-001              
  Zone   From meters   To meters   Interval meters   Zn%   Cu%   Pb%   Au g/t   Ag g/t  
  Oxide-sulphide transition   63.00   73.00   10.00   1.22   1.89   0.04   0.92   21  
  Sulphide   73.00   80.00   7.00   15.15   0.99   0.32   0.39   33  
                               

NOTE: The above intervals are drill hole lengths. There is currently insufficient information to determine the true widths of the intervals

The sulphide interval is overlain by gossanous oxidized sulphides and altered hanging wall rocks, with locally intense kaolinite, alunite and hematite alteration from which metals have been leached.

A second hole, ARD-10-002, drilled 230 meters to the northeast, intersected altered host volcanic rocks with pervasive disseminated and stringer sulphides, returning a 3 meter interval of 1.30% Zn from 60.0 meters depth. The remainder of the hole was strongly anomalous in copper and zinc. Recent geological mapping together with the results of ARD-20-002 indicates that the sulphide body intersected in ARD-10-001 plunges moderately to the south.

Commenting on the Aradaib discovery, Wojtek Wodzicki, President and CEO stated, "The Aradaib discovery drill hole is the best the Company has drilled in Eritrea. The intercept is notable for its thickness, gold content, high zinc and copper grade, and could represent a very significant new gold-rich massive sulphide discovery in a new and unexplored area. The mineralization is open on strike and down dip and recent prospecting has found additional significant mineralized outcrops along a four kilometer trend. We are very excited about this discovery and plan to follow it up with an aggressive drill program over the coming months."

The Aradaib prospect is located on NGEx's Kerkebet River exploration license and is 75 kilometers north of Nevsun Resources' Bisha deposit (presently under development) and NGEx's Hambok massive sulphide deposit. Nevsun's Bisha deposit contains primary sulphide reserves of 9.71 Mt of 7.21% Zn, 1.14% Cu as well as an oxide cap of 4.02 Mt of 7.99 g/t Au and 33 g/t Ag and a supergene enriched zone of 6.35 Mt of 4.4% Cu (Nevsun Resources website). 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, 6.84 g/t silver, 0.20 g/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, 5.89 g/t silver, 0.19 g/t gold (Hambok NI 43-101 Technical Report, January 23, 2009 available on www.sedar.com).

The Aradaib prospect consists of a series of gossan and massive barite outcrops over a strike length of over 300 meters and was discovered by NGEx crews during a reconnaissance exploration program. Grab and trench samples collected from barite and gossan outcrops prior to drilling returned assays including 4.2 g/t and 8.9 g/t gold (barite outcrops) and 0.37 g/t gold from a 12 meter trench across the gossan. Base metal values from gossan grab samples were highly anomalous with values up to 1589 ppm copper, 523 ppm zinc and 1735 ppm lead. The highest gold values are associated with barite rich horizons that have not yet been drill tested.

Recent regional mapping and prospecting along strike from Aradaib has discovered altered felsic volcanic rocks with lenses of massive barite anomalous in copper and zinc as far as 2.5 kilometre south of the discovery drill hole as well as altered host rock and magnetic exhalites with coincident zinc-anomalous soil 1.5km northeast (see attached map). The base metal results are from field XRF. Gold results for these new samples are pending. The four kilometer strike extent of prospective geology is being covered with a detailed gravity and ground magnetic survey to trace mineralization under cover. Gravity has been an effective exploration tool for detecting massive sulphide bodies at both Bisha and Hambok. The prospect has easy access and follow-up drilling is planned once the current geophysical survey is complete.

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.

Trench channel and grab rock chip samples from Aradaib were submitted to African Horn Laboratories in Asmara for crushing and coarse grinding. A split was air freighted 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, 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 associated with this press release, please click on the following link: http://media3.marketwire.com/docs/nge37.pdf


FOR FURTHER INFORMATION PLEASE CONTACT:

NGEx Resources Inc.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
ngexresources@namdo.com
www.ngexresources.com



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