Hot Features
Premium
Trade smarter, not harder: Unleash your inner pro with our toolkit and live discussions.
NGEx Resources (Nasdaq:NGQ) has announced its operating and financial results for the three and nine months ended September 30, 2015 and to provide an update on results of work on its projects to date.
HIGHLIGHTS AND SIGNIFICANT EVENTS
– During the third quarter of 2015, activities were focused on advancing a Preliminary Economic Assessment of an integrated Los Helados – Josemaria operation (the “Integrated Study”), which will consider a scenario in which production from the Los Helados and Josemaria deposits feeds a central processing facility with the goal of optimizing overall project economics.
– On November 3, 2015, the Company and Teck completed the sale of their respective interests in the GJ Project to Skeena Resources Limited.
– The completion of the sale of the GJ Project and the sale of the Assean Lake claims earlier this year reflects the Company’s continuing effort to rationalize its portfolio and to realize value from its non-core projects. The Company continues to focus on its core copper-gold exploration projects including the Los Helados, the Josemaria and the Filo del Sol projects located in South America.
OUTLOOK
At Los Helados, the completion of the Los Helados PEA in the prior year helped identify a number of opportunities to potentially improve the project economics. These include:
– Exploring regional synergies for capital and operating cost reductions, primarily through the Integrated Study which will evaluate the possibility of processing material from Los Helados and Josemaria through a central processing facility;
– Extending the life of mine through the application of variable cut-off grades which has the potential to add tonnage to the proposed mine plan;
– Increasing metallurgical recoveries with further test work and optimization;
– Reviewing the suitability of High Pressure Grinding Roll technology (HPGR) which has the potential to reduce overall power costs; and
– Delineating more or higher-grade feed material for the processing plant through continued exploration.
Work on these opportunities will continue for the rest of the year and the results are expected to be incorporated into the Integrated Study in early 2016.
The results of the drilling completed at Filo del Sol will be incorporated into an updated mineral resource estimate which is expected to be completed by the end of the year. The results of the surface mapping and geochemical sampling and the drilling will be interpreted over the coming quarter and used to generate additional drill targets to be tested in the future.
