NGEx Reports Q1 2026 Results; Phase 4 Lunahuasi Drill Program Continues to Highlight Size, Grade and Upside
Original announcement by tmx on
- Company
- NGEx Minerals Ltd.
- Ticker
- NGEX
- Exchange
- TSX
- Region
- San Juan Province, Argentina
- Primary commodity
- Copper
- Secondary commodities
- Gold, Silver
- Document categories
- Drill results, Permitting, Other
- Extracted
- 2026-09-14 14:53:38 UTC
Analysis by Minestarters Atlas
Minestarters Atlas analysis
Summary
NGEx Minerals completed its Phase 4 drill program at the Lunahuasi project, reporting high-grade copper-equivalent intercepts in the Mars and Saturn zones and confirming two new high-grade zones. The company also received environmental approval for a proposed exploration adit in Argentina. Financial results for Q1 2026 show a net loss of $44.1 million, primarily driven by exploration costs.
Reasoning: The release reports significant high-grade drill intercepts that confirm existing zones and discover new ones, alongside a key environmental permitting milestone.
Positive factors
- High-grade copper-equivalent intercepts in Mars and Saturn zones
- Discovery of two new high-grade zones
- Environmental approval received for exploration adit
- Phase 4 drill program completed successfully
Negative factors
- Approximately 50% of Phase 4 assays are still pending
Facts used in scoring: 9
Classification and evidence
Step-Out Extensionpositive
Mineralization extended beyond the previously known limit.
Why it applies: Phase 4 drilling included mid-range step-out holes to extend the outer edges of the Lunahuasi deposit.
Evidence · text
“Mid-range step-out holes – to extend the outer edges of the Lunahuasi deposit”
QA/QC Disclosedpositive
Release includes QA/QC disclosure — certified lab, QP sign-off, or stated methods (blanks, standards, duplicates).
Why it applies: The release mentions that assays are being received from labs and refers to previous assay results.
Evidence · text
“Phase 4 assay results received to date”
Extracted facts
Stored fact records: 9. Some facts used in scoring do not have a stored record.
Drill Results (9)
DPDH054Lunahuasi · copperGrade: 3.88Grade Unit: %Intercept: 94 mView all detailsHide details
Identity
- Hole ID
- DPDH054
- Project
- Lunahuasi
- Commodity
- copper
- Region
- argentina
- Reported Region
- argentina
- Ticker
- NGEX
Geometry
- Grade
- 3.88
- Grade Unit
- %
- Intercept
- 94 m
Classification
- Deposit Type
- other
- Program
- resource
- Sample Type
- drill
- Group ID
- DPDH054:0-94.0
- Mining Method
- unknown
Location
- Location
- Mars zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Metal Equivalent
- Metal Eq. Grade
- 8.99
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-05-08T00:00:00.000Z
Reasoning: 94m at 8.99% CuEq is a very strong intercept for this system.
Positive factors
- High grade intercept
Evidence · text
“DPDH054, which intersected 94.00 metres at 8.99% copper equivalent ("CuEq")”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
DPDH054Lunahuasi · goldGrade: 6.66Grade Unit: g/tIntercept: 94 mView all detailsHide details
Identity
- Hole ID
- DPDH054
- Project
- Lunahuasi
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- NGEX
Geometry
- Grade
- 6.66
- Grade Unit
- g/t
- Intercept
- 94 m
Classification
- Deposit Type
- other
- Program
- resource
- Sample Type
- drill
- Group ID
- DPDH054:0-94.0
- Mining Method
- unknown
Location
- Location
- Mars zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-05-08T00:00:00.000Z
Reasoning: Part of a high-grade CuEq intercept.
Positive factors
- High grade gold component
Evidence · text
“6.66 g/t Au”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
DPDH054Lunahuasi · silverGrade: 29.6Grade Unit: g/tIntercept: 94 mView all detailsHide details
Identity
- Hole ID
- DPDH054
- Project
- Lunahuasi
- Commodity
- silver
- Region
- argentina
- Reported Region
- argentina
- Ticker
- NGEX
Geometry
- Grade
- 29.6
- Grade Unit
- g/t
- Intercept
- 94 m
Classification
- Deposit Type
- other
- Program
- resource
- Sample Type
- drill
- Group ID
- DPDH054:0-94.0
- Mining Method
- unknown
Location
- Location
- Mars zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-05-08T00:00:00.000Z
Reasoning: Byproduct silver grade.
Evidence · text
“29.6 g/t Ag”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
DPDH054Lunahuasi · copperGrade: 12.7Grade Unit: %Intercept: 21.7 mView all detailsHide details
Identity
- Hole ID
- DPDH054
- Project
- Lunahuasi
- Commodity
- copper
- Region
- argentina
- Reported Region
- argentina
- Ticker
- NGEX
Geometry
- Grade
- 12.7
- Grade Unit
- %
- Intercept
- 21.7 m
Classification
- Deposit Type
- other
- Program
- resource
- Sample Type
- drill
- Group ID
- DPDH054:sub-21.7
- Mining Method
- unknown
Location
- Location
- Mars zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Metal Equivalent
- Metal Eq. Grade
- 31.92
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-05-08T00:00:00.000Z
Reasoning: Extremely high grade sub-interval of 31.92% CuEq.
Positive factors
- Bonanza grade sub-interval
Evidence · text
“21.70 metres at 31.92% CuEq”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
DPDH051Lunahuasi · copperGrade: 2.43Grade Unit: %Intercept: 327.4 mView all detailsHide details
Identity
- Hole ID
- DPDH051
- Project
- Lunahuasi
- Commodity
- copper
- Region
- argentina
- Reported Region
- argentina
- Ticker
- NGEX
Geometry
- Grade
- 2.43
- Grade Unit
- %
- Intercept
- 327.4 m
Classification
- Deposit Type
- other
- Program
- resource
- Sample Type
- drill
- Group ID
- DPDH051:0-327.4
- Mining Method
- unknown
Location
- Location
- Saturn zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Metal Equivalent
- Metal Eq. Grade
- 3.74
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-05-08T00:00:00.000Z
Reasoning: Very wide intercept of 327m at 3.74% CuEq.
Positive factors
- Significant width and consistent grade
Evidence · text
“DPDH051, which intersected 327.40 metres at 3.74% CuEq”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
DPDH059Lunahuasi · copperGrade: 2.25Grade Unit: %Intercept: 335.15 mView all detailsHide details
Identity
- Hole ID
- DPDH059
- Project
- Lunahuasi
- Commodity
- copper
- Region
- argentina
- Reported Region
- argentina
- Ticker
- NGEX
Geometry
- Grade
- 2.25
- Grade Unit
- %
- Intercept
- 335.15 m
Classification
- Deposit Type
- other
- Program
- resource
- Sample Type
- drill
- Group ID
- DPDH059:0-335.15
- Mining Method
- unknown
Location
- Location
- Saturn zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Metal Equivalent
- Metal Eq. Grade
- 4.08
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-05-08T00:00:00.000Z
Reasoning: Large width intercept of 335m at 4.08% CuEq.
Positive factors
- Significant width
Evidence · text
“DPDH059, which intersected 335.15 metres at 4.08% CuEq”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
DPDH058Lunahuasi · copperGrade: 1.77Grade Unit: %Intercept: 109 mView all detailsHide details
Identity
- Hole ID
- DPDH058
- Project
- Lunahuasi
- Commodity
- copper
- Region
- argentina
- Reported Region
- argentina
- Ticker
- NGEX
Geometry
- Grade
- 1.77
- Grade Unit
- %
- Intercept
- 109 m
Classification
- Deposit Type
- other
- Program
- resource
- Sample Type
- drill
- Group ID
- DPDH058:0-109.0
- Mining Method
- unknown
Location
- Location
- northern limit
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Metal Equivalent
- Metal Eq. Grade
- 3.37
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-05-08T00:00:00.000Z
Reasoning: Helps outline a new zone at the northern limit.
Positive factors
- Defines new zone
Evidence · text
“DPDH058 intersected 109.00 metres at 3.37% CuEq”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
DPGT004Lunahuasi · copperGrade: 2.75Grade Unit: %Intercept: 23.1 mView all detailsHide details
Identity
- Hole ID
- DPGT004
- Project
- Lunahuasi
- Commodity
- copper
- Region
- argentina
- Reported Region
- argentina
- Ticker
- NGEX
Geometry
- Grade
- 2.75
- Grade Unit
- %
- Intercept
- 23.1 m
- From
- 187.9 m
- To
- 211 m
- Intercept Depth
- 187.9 m
Classification
- Deposit Type
- other
- Program
- resource
- Sample Type
- drill
- Group ID
- DPGT004:187.9-211
- Mining Method
- unknown
Location
- Location
- 300m east of Mars
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Metal Equivalent
- Metal Eq. Grade
- 4.71
- Metal Eq. Unit
- % CuEq
- Assumptions Disclosed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-05-08T00:00:00.000Z
Reasoning: Discovery of a previously unknown high-grade zone.
Positive factors
- Discovery of new high-grade zone
Evidence · text
“DPGT004 intersected 23.10 metres at 4.71% CuEq”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
Infill Drillingneutral
Confirmatory drilling to raise resource confidence, not new discovery.
Why it applies: drill_program_type is "resource"
DPDH049Lunahuasi · goldGrade: 5.49Grade Unit: g/tIntercept: 20 mView all detailsHide details
Identity
- Hole ID
- DPDH049
- Project
- Lunahuasi
- Commodity
- gold
- Region
- argentina
- Reported Region
- argentina
- Ticker
- NGEX
Geometry
- Grade
- 5.49
- Grade Unit
- g/t
- Intercept
- 20 m
- From
- 350.65 m
- To
- 370.65 m
Classification
- Deposit Type
- other
- Sample Type
- drill
Location
- Location
- Mars zone
- Loc. Source
- document
QA/QC
- QP Signed
- Yes
Review
- Needs Review
- No
- Interp. Status
- scored
- Historical
- No
Dates
- Event date
- 2026-05-08T00:00:00.000Z
Reasoning: 94m at 8.99% CuEq is a very strong intercept for this system.
Positive factors
- High grade intercept
Evidence · text
“20.00 metres at 5.49 g/t Au) and a lower copper-rich zone from 350.65 metres”
Tags used in scoring
No QA/QC Disclosurenegative
Release does not disclose QA/QC — lab certification, CP/QP sign-off and assay protocols cannot be checked from this document.
Why it applies: qaqc_disclosed is not true
Cut-off Undisclosednegative
High-grade interval reported without stating the cut-off grade used for compositing.
Why it applies: no cutoff_grade was stated
How Atlas produces this analysis
Minestarters Atlas uses automated extraction to summarize mining announcements, identify reported measurements, and classify supporting evidence. Sentiment reflects the extracted narrative and classification rules; it is an interpretation, not a reported measurement. Evidence quotes and context are provided where available. Missing data, low-confidence results, and review flags indicate limitations. Check the original publisher announcement before relying on an interpretation.