NGEX Resources (NGQ.TO) has released the results of an updated NI43-compliant resource estimate at its Josemaria project in Argentina’s San Juan province. This update was compiled after an additional 18-hole drill program which drilled just over 8,200 meters. A new drill program to define additional resources will start later this year. This program will also aim to result in an initial resource estimate at the Filo del Sol project.
The total resource estimate (indicated + inferred) now stands at 8 billion pounds of copper and 7.8 million ounces of gold, of which approximately 75% is in the indicated category. There’s also an oxide zone with a resource estimate of almost half a million ounces of gold using a 0.2g/t cutoff-grade, but as the average grade is just 0.32g/t this will very likely be uneconomical at $1300 gold.
Disclosure: The author holds no position in NGEX Resources. Please see our disclaimer for current positions.