NGEx Minerals receives EIS approval for Lunahuasi
NGEx Secures Critical Path for Lunahuasi Underground Development Following Massive C$175M Capital Injection
The most recent news (March 9, 2026) announces that NGEx Minerals has received Environmental Impact Statement (EIS/DIA) approval from the San Juan Mining Authority for an exploration adit at its 100%-owned Lunahuasi project in Argentina. This permit allows the company to move beyond surface drilling to underground development. Key details include a planned start date for the adit in Q4 2026, pending final minor permits. The adit is designed to provide a platform for definition drilling, metallurgical sampling, and geotechnical assessments of the high-grade copper-gold-silver deposit.
The news is categorized as Routine - Positive. While the approval is a critical operational milestone, it was largely expected following the company’s aggressive Phase 4 drilling ramp-up and the specific allocation of funds for an "exploration adit" in the C$175 million financing closed in October 2025. - Operational De-risking: Moving underground is essential for the "Vicuña-style" deposits which often feature complex, high-grade vein geometries that are difficult to define accurately from surface. - Validation of Jurisdiction: Approval from the San Juan authorities reinforces the company's strong local standing and the pro-mining stance of the province. - Timeline Clarity: Setting a Q4 2026 target for underground development provides a clear roadmap, though the 18-month lead time from approval to "start" suggests significant preparatory engineering and contractor selection remain.
NGEx Minerals is a Lundin Group company focused on the Vicuña District, a premier emerging copper-gold province spanning the border of Argentina and Chile. - Flagship Project: Lunahuasi (Argentina). A 100%-owned high-grade copper-gold-silver discovery. Recent drilling has returned "world-class" grades, including 94m at 8.99% CuEq and ultra-high-grade gold veins (e.g., 2.2m at 142.27 g/t Au). - Secondary Asset: Los Helados (Chile). A massive copper-gold porphyry with an Indicated Resource of 18.4 billion lbs of copper. It provides a valuation floor and long-term optionality.