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NGEx Announces Start of 2011 Exploration Program at GJ Copper Gold Project in BC
Jul 20, 2011 - 10:18 ET
FOR FURTHER INFORMATION PLEASE CONTACT:
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 20, 2011) - NGEx Resources Inc. (TSX:NGQ) ("NGEx" or the "Company") is pleased to announce the start of the 2011 exploration program at the Company's 100% owned GJ copper-gold project located in northern British Columbia, Canada. This year's exploration program is 100% funded by Teck Resources Limited ("Teck") under an option agreement signed in August, 2010 whereby Teck has the right to earn an initial 51% interest by spending $12,000,000 by December 31, 2014 and up to a 75% interest by spending an aggregate of $44,000,000 by December 31, 2020.
Teck has advised the Company that it plans a $4.5 million exploration program consisting of geological mapping and prospecting, ground geophysics, and diamond drilling. Drilling began last week and is expected to continue through to September. The overall objective of the program is to test possible extensions to the previously reported NI 43-101 resource (see news release dated October 7, 2008 for details), to test the potential for high grade copper-gold zones and to test a number of high priority targets elsewhere on the property that were identified during Teck's initial mapping and geophysical programs.
Work completed by Teck in September, 2010 included 37 line kilometers of ground magnetics and 26 line kilometers of IP as well as new geological mapping and re-logging of historical drill core. The geophysical surveys were successful in identifying drill targets at depth and to the south of the resource area. Specific targets to be drill tested include: a possible extension of the Donnelly Zone at depth and an area of potassic alteration to the east of the resource area that has seen only limited previous drill testing. These and any new drill targets generated will be tested with 10-15 diamond drill holes expected to total approximately 4,000 to 5,000 meters. Work planned for this field season includes another 125 line kilometers of ground magnetics and 145 line kilometers of IP surveying distributed between extensions of the resource area and new targets. Initial drill results are expected in late September.
Commenting on the planned program Wojtek Wodzicki, President and CEO of NGEX said, "We are very pleased that Teck plans an aggressive field program with a significant amount of drilling that is well in excess of the minimums required by our option agreement. The drill targets that they have developed to date are promising and we look forward to a very successful field season that expands the potential of the GJ Project."
Dr. Wojtek Wodzicki, P.Geo. (BC), President and CEO of NGEx, a Qualified Person as defined by National Instrument 43-101, has reviewed the technical contents of this release.
On behalf of the board
Wojtek Wodzicki, President and CEO
NGEx Resources Inc.
(604) 689-4250 (FAX)