From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Mon Mar 08 2010 - 16:26:07 EST
NGEx Hits Significant New Copper/Zinc Discovery in Eritrea
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VANCOUVER, BRITISH COLUMBIA, Mar 08, 2010 (MARKETWIRE via COMTEX) - NGEx
Resources Inc. ("NGEx" or the "Company") /quotes/comstock/11t!ngq (CA:NGQ
0.70, -0.01, -1.41%) 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
-----------------------------------------------------------------------
Interval
Zone From meters To meters 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
Contacts:
NGEx Resources Inc.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
www.ngexresources.com
SOURCE: NGEx Resources Inc.
mailto:ngexresources@namdo.com
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