NGEx Minerals' Lunahuasi Discovery: A Copper-Gold Game Changer

The global mining sector is rarely blessed with discoveries that redefine strategic positioning and valuation potential overnight. NGEx Minerals’ Lunahuasi project in Argentina’s San Juan province is one such rarity. With its colossal porphyry copper-gold system and world-class high-sulphidation (HS) epithermal zones, Lunahuasi isn’t just another deposit—it’s a transformative asset that could propel NGEx into the upper echelon of copper-gold explorers. Here’s why investors should pay close attention.

The Scale of the Porphyry: A Deposit for the Ages

Lunahuasi’s porphyry system is nothing short of monumental. Drillhole DPDH027 alone intersected mineralization over 2,000 meters vertically, transitioning from HS epithermal gold-rich zones to a potassic-altered porphyry center. The system’s north-south extent spans at least 700 meters, with vertical continuity exceeding 1,200 meters—a scale that rivals giants like BHP’s Escondida (Chile) or Freeport-McMoRan’s Grasberg (Indonesia). What sets Lunahuasi apart is its vertical integration: high-grade HS zones overlap with the porphyry, creating a “sweet spot” where copper grades exceed 7% CuEq and gold reaches 39 g/t.

Crucially, the deposit remains open in all directions. With assays pending for 10,369 meters of drilling and an expanded Phase 3 program (25,000 meters, eight rigs), NGEx is aggressively testing lateral and depth extensions. The upcoming Exploration Target (NI 43-101 compliant, expected by late 2025) could redefine the project’s economic footprint.

HS Epithermal Zones: The High-Grade Wildcard

While porphyry systems are valued for bulk tonnage, Lunahuasi’s HS zones deliver jaw-dropping grades. Intersections like 51.1 meters at 13.84% CuEq (including 8.2 meters at 39.1 g/t Au) and 27.4 meters at 25.19% CuEq (with 8.6 meters at 69.8 g/t Au) place it in the realm of top-tier epithermal deposits. These grades are akin to the Kettle gold mine (Canada) or Nevada’s Cortez, but with copper adding significant upside.

The HS system’s vertical and lateral continuity—spanning 1,100 meters north-south and 960 meters vertically—suggests a structurally controlled, high-grade corridor. This is no flash-in-the-pan discovery; it’s a multi-metal engine with potential to deliver both bulk and high-grade reserves.

World-Class Comparisons: Lunahuasi vs. the Competition

Lunahuasi’s uniqueness lies in its dual porphyry-HS architecture. Compare this to the Filo del Sol (BHP/Ivanhoe) or Caserones (Teck) deposits in the same Vicuña district: while those are massive porphyry systems, Lunahuasi’s HS zones add a rare, high-margin component. The project’s grade consistency across multiple drill holes (e.g., 1,619 meters at 0.87% CuEq, with 876 meters at 1.13% CuEq) mirrors the consistency seen in Oyu Tolgoi (Mongolia), but with an added precious metals kicker.

Strategic Positioning: From Explorer to Producer

NGEx’s $176.9 million private placement in late 2024 has given it a war chest of $153.4 million in cash, ensuring Lunahuasi’s rapid advancement. With a 100% ownership stake and Argentina’s emerging mining-friendly policies, the project faces minimal dilution or regulatory hurdles. The company’s focus is clear: turn Lunahuasi into a flagship asset capable of supporting a multi-decade mine life.

Immediate and Long-Term Upside: Catalysts Ahead

• Q2 2025 Assay Results: Pending assays could unlock the full scale of the western porphyry source and southern HS extensions.
• Phase 4 Drilling: Planned for late 2025, this will target the deepest and westernmost zones, potentially expanding the deposit’s footprint further.
• Exploration Target Release: By late 2025, NGEx could present a resource estimate that rivals the largest deposits in the Vicuña district, instantly revaluing the company.

Why Act Now?

Lunahuasi is at the cusp of a valuation inflection point. With drill results consistently exceeding expectations and a project that combines the scale of a porphyry with the margins of an epithermal system, NGEx is positioned to outperform. Investors who act now gain exposure to a discovery that could redefine the company’s worth—and the global copper-gold landscape—by year-end.

The message is clear: Lunahuasi isn’t just a deposit. It’s a generational opportunity.

This article is for informational purposes only and does not constitute financial advice. Always conduct your own research or consult a professional before making investment decisions.