07:35 AM EST, 12/18/2024 (MT Newswires) -- NGEx Minerals ( NGXXF ) reported Wednesday initial results from its phase 3 drill program on the Lunahuasi copper-gold-silver project in Argentina.

Highlights include 12.25 meters at 23.35% copper equivalent and 11.90 meters at 10.74% copper equivalent.

"These initial results from the upper parts of the first two holes of this program have exceeded our expectations," said Wojtek Wodzicki, NGEx's president and CEO. "With only 6,500 meters drilled to date and most of the drill program still ahead of us, we have had a great start to the program and look forward to sharing ongoing results on a regular basis over the coming months as we continue to expand and infill this remarkable deposit."

The company said drilling on three holes over 1,000 meters deep is ongoing, two of which are planned to reach at least 2,000 meters.

The company's share price fell 2.2% on Tuesday to $12.35 on the TSX.