NGEx Minerals Reports Positive Preliminary Metallurgical Results from Lunahuasi
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, Arsenic
- Document categories
- Metallurgy
- Extracted
- 2026-09-22 10:21:54 UTC
Analysis by Minestarters Atlas
Atlas analysis published:
Minestarters Atlas analysis
Summary
NGEx Minerals reported positive preliminary metallurgical results from its Lunahuasi Project in Argentina. Phase 1 flotation achieved strong copper recoveries of up to 94.2%, while Phase 2 testing showed that GlassLock treatment can remove over 95% of arsenic from concentrates.
Reasoning: The results demonstrate high copper and gold recoveries and a viable pathway (GlassLock) to manage arsenic penalties, which is critical for the project's economic viability.
Positive factors
- Strong copper recoveries (92.0% to 94.2%)
- Successful arsenic removal via GlassLock treatment
- Simple sequential flotation flowsheet requires no cleaning stages
- High concentrate grades achieved after pyrolysis
Negative factors
- Initial concentrates contain arsenic above typical penalty thresholds
- Preliminary results require further scale-up and variability testing
Facts used in scoring: 9
Classification and evidence
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: Copper recoveries reached up to 94.2% in flotation tests.
Evidence · text
“copper recoveries ranging from 92.0% to 94.2%”
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: Testwork involved SAG mill, rod mill, and Bond ball mill testing.
Evidence · text
“included SAG mill comminution, rod mill and Bond ball mill testing”
POX/BIOX Routeneutral
Pressure or bio-oxidation for refractory ore — high CAPEX and OPEX.
Why it applies: the document describes a pox_biox route ("POX")
Multi-Domain Testedpositive
Variability across ore domains (oxide, transition, fresh) has been addressed.
Why it applies: 3 distinct composites were tested
Extracted facts
Stored fact records: 9. Some facts used in scoring do not have a stored record.
Metallurgical Results (9)
flotationLunahuasi · copperRecovery: 94.2 %Head Grade: 4.16Head Grade Unit: %View all detailsHide details
Identity
- Project
- Lunahuasi
- Commodity
- copper
- Region
- argentina
- Reported Region
- San Juan Province, Argentina
- Ticker
- NGEX
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Mars composite
Recovery
- Recovery
- 94.2 %
- Recovery Basis
- actual_test
- Head Grade
- 4.16
- Head Grade Unit
- %
Lab
- Laboratory
- Base Metallurgical Laboratories Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-15T00:00:00.000Z
Reasoning: 94.2% copper recovery is exceptional for flotation.
Positive factors
- High recovery
Evidence · table
“94.2”
Context: 4.16
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 94.2% is at or above the exceptional band (92%)
flotationLunahuasi · goldRecovery: 87.1 %Head Grade: 5.38Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Lunahuasi
- Commodity
- gold
- Region
- argentina
- Reported Region
- San Juan Province, Argentina
- Ticker
- NGEX
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Mars composite
Recovery
- Recovery
- 87.1 %
- Recovery Basis
- actual_test
- Head Grade
- 5.38
- Head Grade Unit
- g/t
Lab
- Laboratory
- Base Metallurgical Laboratories Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-15T00:00:00.000Z
Reasoning: 87.1% gold recovery is strong for a flotation circuit.
Positive factors
- Strong gold recovery
Evidence · table
“87.1”
Context: 4.16
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationLunahuasi · silverRecovery: 88.3 %Head Grade: 36.8Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Lunahuasi
- Commodity
- silver
- Region
- argentina
- Reported Region
- San Juan Province, Argentina
- Ticker
- NGEX
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Mars composite
Recovery
- Recovery
- 88.3 %
- Recovery Basis
- actual_test
- Head Grade
- 36.8
- Head Grade Unit
- g/t
Lab
- Laboratory
- Base Metallurgical Laboratories Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-15T00:00:00.000Z
Reasoning: 88.3% silver recovery is solid.
Positive factors
- Good silver recovery
Evidence · table
“88.3”
Context: 4.16
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationLunahuasi · copperRecovery: 92 %Head Grade: 3.85Head Grade Unit: %View all detailsHide details
Identity
- Project
- Lunahuasi
- Commodity
- copper
- Region
- argentina
- Reported Region
- San Juan Province, Argentina
- Ticker
- NGEX
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Saturn composite
Recovery
- Recovery
- 92 %
- Recovery Basis
- actual_test
- Head Grade
- 3.85
- Head Grade Unit
- %
Lab
- Laboratory
- Base Metallurgical Laboratories Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-15T00:00:00.000Z
Reasoning: 92.0% copper recovery is strong.
Positive factors
- High copper recovery
Evidence · table
“92.0”
Context: 3.85
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 92% is at or above the exceptional band (92%)
flotationLunahuasi · goldRecovery: 79.6 %Head Grade: 3.5Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Lunahuasi
- Commodity
- gold
- Region
- argentina
- Reported Region
- San Juan Province, Argentina
- Ticker
- NGEX
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Saturn composite
Recovery
- Recovery
- 79.6 %
- Recovery Basis
- actual_test
- Head Grade
- 3.5
- Head Grade Unit
- g/t
Lab
- Laboratory
- Base Metallurgical Laboratories Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-15T00:00:00.000Z
Reasoning: 79.6% gold recovery is moderate for flotation.
Evidence · table
“79.6”
Context: 3.85
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 79.6% is below the weak band (80%)
flotationLunahuasi · silverRecovery: 84 %Head Grade: 57.1Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Lunahuasi
- Commodity
- silver
- Region
- argentina
- Reported Region
- San Juan Province, Argentina
- Ticker
- NGEX
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Saturn composite
Recovery
- Recovery
- 84 %
- Recovery Basis
- actual_test
- Head Grade
- 57.1
- Head Grade Unit
- g/t
Lab
- Laboratory
- Base Metallurgical Laboratories Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-15T00:00:00.000Z
Reasoning: 84.0% silver recovery is solid.
Positive factors
- Good silver recovery
Evidence · table
“84.0”
Context: 3.85
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
flotationLunahuasi · copperRecovery: 93.6 %Head Grade: 2.51Head Grade Unit: %View all detailsHide details
Identity
- Project
- Lunahuasi
- Commodity
- copper
- Region
- argentina
- Reported Region
- San Juan Province, Argentina
- Ticker
- NGEX
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Jupiter composite
Recovery
- Recovery
- 93.6 %
- Recovery Basis
- actual_test
- Head Grade
- 2.51
- Head Grade Unit
- %
Lab
- Laboratory
- Base Metallurgical Laboratories Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-15T00:00:00.000Z
Reasoning: 93.6% copper recovery is strong.
Positive factors
- High copper recovery
Evidence · table
“93.6”
Context: 2.51
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
High Recoverypositive
Recovery at or above the exceptional band for the commodity and processing route.
Why it applies: 93.6% is at or above the exceptional band (92%)
flotationLunahuasi · goldRecovery: 61.1 %Head Grade: 1.78Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Lunahuasi
- Commodity
- gold
- Region
- argentina
- Reported Region
- San Juan Province, Argentina
- Ticker
- NGEX
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Jupiter composite
Recovery
- Recovery
- 61.1 %
- Recovery Basis
- actual_test
- Head Grade
- 1.78
- Head Grade Unit
- g/t
Lab
- Laboratory
- Base Metallurgical Laboratories Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-15T00:00:00.000Z
Reasoning: 61.1% gold recovery is weak for a flotation circuit.
Negative factors
- Low gold recovery
Evidence · table
“61.1”
Context: 2.51
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
Low Recoverynegative
Recovery below the weak band for the commodity and processing route.
Why it applies: 61.1% is below the weak band (80%)
flotationLunahuasi · silverRecovery: 80.2 %Head Grade: 60.6Head Grade Unit: g/tView all detailsHide details
Identity
- Project
- Lunahuasi
- Commodity
- silver
- Region
- argentina
- Reported Region
- San Juan Province, Argentina
- Ticker
- NGEX
Test Work
- Program Status
- preliminary
- Test Type
- flotation
- Processing Route
- flotation
- Sample
- Jupiter composite
Recovery
- Recovery
- 80.2 %
- Recovery Basis
- actual_test
- Head Grade
- 60.6
- Head Grade Unit
- g/t
Lab
- Laboratory
- Base Metallurgical Laboratories Ltd.
Review
- Needs Review
- No
- Historical
- No
Dates
- Event date
- 2026-09-15T00:00:00.000Z
Reasoning: 80.2% silver recovery is solid.
Positive factors
- Good silver recovery
Evidence · table
“80.2”
Context: 2.51
Tags used in scoring
Mill Routeneutral
Processing via mill or concentrator (CIL, CIP, tank leach, flotation).
Why it applies: processing_route matches the flotation signal
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.