NGEx Resources (TSX:NGQ) has announced its results for the three months ended March 31, 2018.

Highlights include a CA$12.5 million private placement for proceeds to go towards the companies ongoing work programs in Chile and Argentina, including a scout drilling program at the companies new Nacimientos copper-gold project and an update on how the company is evaluating possible development options for the Josemaria deposit.

As quoted in the press release, president and chief excecutive officer of NGEx, Wojtek Wodzicki said:

“The first quarter was active and productive as we positioned the company for its next phase of growth. Our efforts were twofold: an internal review to optimize our development projects as well as increased exploration work on our new projects. At Josemaría, an opportunity to exploit more of the resource than originally considered in project constellation was highlighted. Additionally, starting with the stand-alone development of Josemaría could result in a faster path towards eventual production, while enhancing the long-term optionality at Los Helados (Chile). Josemaría benefits from several advantages including simple open pit mining, conventional processing, and access to water. We plan to initiate a pre-feasibility study on this concept, largely using existing data, and are targeting completion in Q1 2019. We were also active on the exploration front. We fast-tracked our exciting new Nacimientos project from early stage targeting to an initial drill program in 4 months. Nacimientos is a large property located south east of Barrick’s Veladero mine, in an extension of one of South America’s major gold belts and has potential for both gold and copper discoveries.”

Click here to read the full NGEx Resources Inc (TSX:NGQ) press release.