11:36 AM EDT, 05/21/2025 (MT Newswires) -- (Updates shares.)

NGEx Minerals ( NGXXF ) on Wednesday said it discovered a major copper-gold porphyry system at the Lunahuasi copper-gold-silver project in Argentina.

The discovery confirms the company's interpretation of the geological setting of the Lunahuasi mineralization and opens up a new large-scale exploration target at the project.

NGEx said Drillhole DPDH027 demonstrates that the Lunahuasi system has similar size and scale potential to other deposits in the Vicuna cluster, adding to the unique structural attributes of the system. Drillhole DPDH027 entered a porphyry copper-gold deposit at about 1,262 meters and ended in mineralization at a depth of 2,005 meters. Highlights include 1,619.4 meters at 0.87% copper equivalent from 385.6 meters.

Drillhole DPDH029 is the southernmost hole drilled to date at Lunahuasi, with early porphyry veins occurring from 1,100 meters. Highlights include 823.1 meters at 1.17% copper equivalent from 776.9 meters.

The company's shares were last seen up $2.32 to $14.52 on the Toronto Stock Exchange.

Price: 14.41, Change: +2.21, Percent Change: +18.11