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From: Berhane Habtemariam (Berhane.Habtemariam@gmx.de)
Date: Tue Aug 24 2010 - 07:41:02 EDT
CORRECTION FROM SOURCE: NGEx Intersects 13m of 3.3% Copper, 5.6% Zinc 1.8g/t
Gold, 46g/t Silver at Aradaib Prospect, Eritrea
August 24, 2010
_____
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 23, 2010) - NGEx Resources
Inc. (TSX:NGQ) ("NGEx" or the "Company") is pleased to report the results of
follow-up drilling at its recently discovered Aradaib volcanic hosted
massive sulphide (VHMS) prospect located in northwestern Eritrea. The
recently completed drill program followed up previously reported results
from ARD-10-01 which returned 10 metres of 1.89% copper, 1.2% zinc, trace
lead, 0.92 grams/tonne gold and 21 grams/tonne silver, and a contiguous
lower interval of 7 metres of 0.99% copper, 15.15% zinc, 0.32% lead, 0.39
grams/tonne gold, 33 grams/tonne silver (see March 08, 2010 News Release).
The recent drill program included three holes around ARD-10-01, and an
additional scout hole, on a newly found occurrence of gold mineralized
baritic and ferruginous volcanic rock, 1.7 kilometres to the south.
Two holes (ARD-10-03 and 04) confirmed the projected down plunge and down
dip extensions of the massive sulfides intersected in ARD-10-01. ARD-10-03
tested 30 metres down plunge from the mineralization in ARD-10-01 and
returned 13.0 metres grading 5.59% Zn, 3.31% Cu, 1.85g/t Au and 46g/t Ag
from a 24.4 metre intersection of massive sulfide and stringer
mineralization. Hole ARD-10-04 drilled on the same section as ARD-10-01 but
intersecting the zone 25m deeper, returned 4.0m grading 0.31% Zn, 3.49% Cu,
0.68 g/t Au and 38g/t Ag from massive sulfides at 108 metres and 7.0 metres
at 1.70% Zn, 2.70% Cu, 0.82g/t Au and 26g/t Ag from 118 metres. The copper
in the above intervals occurs as chalcopyrite and bornite which suggests
that the high copper grades are primary rather than representing secondary
enrichment. The host rocks are metamorphosed to amhibolite grade and the
sulphides are coarse grained. The results of ARD-10-03 and ARD-10-04
indicate that mineralization is similar in thickness and grade down dip from
ARD-10-01 and similar in thickness but higher in copper and gold to the
south. This in turn suggests that the center of the system is to the south.
The third hole in this program, ARD-10-05, was drilled under gossan outcrops
approximately 300 metres north of the other two holes, and intersected a
thick interval of altered and oxidized volcanic rock with disseminated and
stringer mineralization but no significant values. The style of
mineralization that was intercepted is interpreted as proximal to a massive
sulfide body but it is possible that these drill holes over- or under-cut
massive sulphide mineralization
Significant results from this round of drilling are shown in the tables.
The composite interval for ARD-10-03 from 60.0m to 84.4m was incorrectly
shown in the previous release. The correct individual intervals are shown in
the table below.
ARD-10-03
From(m)
To (m)
Interval(m)
Cu %
Zn %
Pb%
Au g/t
Ag g/t
60.00
64.00
4.00
0.849
0.076
0.006
0.280
17
64.00
68.00
4.00
0.149
0.028
0.003
0.078
5
68.00
81.00
13.00
3.309
5.593
0.068
1.848
46
81.00
84.40
3.40
0.308
8.200
0.062
0.248
12
The composite interval for ARD-10-04 from 108.0m to 125.0m was incorrectly
shown in the previous release. The correct individual intervals are shown
below.
ARD-10-04
From(m)
To (m)
Interval(m)
Cu%
Zn %
Pb%
Au g/t
Ag g/t
108.00
112.00
4.00
3.492
0.314
0.027
0.685
38
112.00
115.20
3.20
1.795
5.134
0.100
0.219
27
115.20
118.00
2.80
0.078
0.306
0.007
0.037
5
118.00
125.00
7.00
2.697
1.703
0.021
0.824
26
Hole
From(m)
To(m)
Int(m)
Cu%
Zn%
Pb%
Au g/t
Ag g/t
ARD-10-03
60.0
84.4
See corrected interval breakdown above.
Including
68.0
81.0
13.0
3.31
5.59
0.07
1.85
46
Including
81.0
84.4
3.4
0.31
8.20
0.06
0.25
12
ARD-10-04
108.0
125.0
See corrected interval breakdown above.
Including
108.0
112.0
4.0
3.49
0.31
0.03
0.68
38
Including
112.0
115.2
3.2
1.80
5.13
0.10
0.22
27
Including
118.0
125.0
7.0
2.70
1.70
0.02
0.82
26
ARD-10-05
55.0
56.0
1.0
0.85
0.65
-
-
5
ARD-10-06
41.0
50.0
9.0
0.03
0.09
-
0.21
5
NOTE: The above intervals are drill hole lengths. There is currently
insufficient information to determine the true widths of the intervals
The Aradaib prospect is located on NGEx's Kerkebet River exploration license
and is 75 kilometres north of Nevsun Resources' Bisha deposit (presently
under development) and NGEx's Hambok massive sulphide deposit. 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, 6.84g/t
silver, 0.20g/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, 5.89g/t silver,
0.19g/t gold (Hambok NI 43-101 Technical Report, January 23, 2009 available
on <http://www.sedar.com/> www.sedar.com). Aradaib is new grass roots
discoveries made by NGEx geologists during follow-up of anomalous rock
samples collected during regional reconnaissance of the license.
The Aradaib gossan is just one of a large number of similar gossans that
have been found by prospecting on the Company's licenses. Prospecting,
surface sampling, and ground gravity surveys have been the main exploration
methods used, however, this work has largely been limited to areas with good
outcrop. The approximately 50% of the Company's license area that is
overlain by shallow gravel cover has seen only limited exploration. Airborne
Mag and EM, a highly effective tool in VHMS exploration in covered areas,
has never been flown over the Company's current licenses due to the expense
and difficulty of getting equipment into the country. A consortium of
company's operating in Eritrea have recently joined forces to bring an
airborne contractor to the country and the Company plans a 1,700 line
kilometer survey that will cover the entire license area. The survey is
planned for early October, 2010 and is expected to generate significant new
targets. It will also be useful for defining possible extensions of known
systems like Hambok and Aradaib.
Commenting on the results Wojtek Wodzicki, President and CEO of NGEx,
stated, "We are very encouraged by the results from Aradaib which confirm
that we have discovered a new copper and gold enriched massive sulfide
system at Aradaib. We are also very excited by the prospect of finally being
able to fly our license with Mag and EM. We are confident that the airborne
geophysical survey combined with the surface geological and geochemical
database that we have developed, will help guide future exploration at
Aradaib and lead to new discoveries elsewhere on our licenses."
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.
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 and photos accompanying this press release please click on
the following link: <http://media3.marketwire.com/docs/NGEx0823.pdf>
http://media3.marketwire.com/docs/NGEx0823.pdf
FOR FURTHER INFORMATION PLEASE CONTACT:
NEGx Resources Inc.
Sophia Shane
Corporate Development
(604) 689-7842
(604) 689-4250 (FAX)
ngexresources@namdo.com
www.ngexresources.com
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