- NGEX Minerals (TSXV:NGEX) has posted its 2019 results
- The company only spun out of Josemaria Resources in July 2019
- NGEX is focusing on advancing its Valle Ancho project in Argentina
- The company has recently completed a field test, and is suspending further field work at the site due to COVID-19
- NGEX Minerals (TSXV:NGEX) is up 18 per cent, and trading at C$0.36 per share, with a $44 million market cap
NGEX Minerals (TSXV:NGEX) has posted its end of year results, announcing a completed initial field program at its Argentinian project.
The company only spun out of Josemaria Resources in July last year. The freshly minted junior miner’s major asset is the Valle Ancho project in Argentina.
The property sits on the Argentinian side of the Chilean Maricguna Gold Belt. The company’s interest in the land package is subject to an option agreement with the Province of Catamarca, who currently own the parcel.
The option allows NGEX to earn a 100 per cent interest by making US$11.5 million in expenditures on the project over a two year period.
Past exploration of Valle Ancho has yielded some interesting results, including two copper-gold porphyry prospects and one gold prospect. However, no significant work has been undertaken in the area for almost 20 years.
NGEX’s CEO, Wojtek Wodzicki, said that the company had responded quickly to COVID-19, by ending its field program early.
“Even having curtailed the program, we are still expecting to achieve our primary operating objective for the season, which is to complete initial reconnaissance and target development on the recently Valle Ancho Project.
“We are pleased to have this exciting new project in our portfolio. Data collected from the recent program will guide our next steps.
“In addition, we have also increased our business development efforts as we look for new projects of potential acquisition.
“Through successful exploration of our current mineral interested and targeted acquisitions, particularly during times of economic downturn, we will continue to work towards positioning NGEX Minerals as a premier investment opportunity,” he said.
NGEX Minerals (TSXV:NGEX) is up 18 per cent, and trading for $0.36 per share at 1:15pm EST.