ATEX Announces Geophysical Results Establish Correlation Between Valeriano Copper Gold Mineralization and Resistivity
ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario M5C 3A1
ATEX Announces Geophysical Results Establish Correlation Between
Valeriano Copper Gold Mineralization and Resistivity
TORONTO, ONTARIO, February 22, 2022 - ATEX Resources Inc. (TSXV:ATX) ("ATEX") is
pleased to announce that the recently complete d deep penetrating magnetotelluric (“MT”)
geophysical survey, completed over the Valeriano property, was successful in establishing a clear
correlation between the mineralization comprising the Valeriano Copper Gold Deposit, a sub -
circular chargeability anomaly three kilometres in diameter and an extensive resistivity anomaly
extending significantly to depth . The resistivity anomaly, the focus of the current drilling
campaign, is associated with higher grade copper gold drill intersections from the historical
drilling.
Modelling of the MT survey data resulted in the identification of a zone of low resistivity coincident
with the chargeability anomaly outlined by a historical induced polarization (“IP”) survey. Figure
1 shows a series of elevation level plans illustrating the low resistivity anomaly coalescing beneath
the 3,700 metre level. A zone of higher resistivity, associated with the more quartz dominated
epithermal gold system, occurs above the 3,700 metre level (figure 1a).
Below 3,700 metres, the elevation plan maps (figures 1b, 1c and 1d) show a well-defined zone of
low resistivity extending to at least the 2,000 metre leve l (figures 2 and 3) which may be
associated with more conductive stockwork porphyry mineralization at depth as suggested by
three historic deep drill holes. The modeled MT low resistivity bodies extending to depth
correlated well with the near surface resistivity (figure 4) outlined from the historic IP survey.
ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario M5C 3A1
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Commenting on the recent geophysical survey results, Raymond Jannas, CEO of ATEX stated,
“The new magnetotelluric 3D model outlines an area of low resistivity, associated with the known
copper gold mineralization , extending over 2,000 metres below surface , and clearly
demonstrating Valeriano’s potential to host a significant copper gold porphyry deposit. The
ongoing Phase 2 drilling campaign is testing the extension of the higher grade copper gold
porphyry mineralization with 200 metre step -outs. The recent MT results have justified the
mobilization of a third diamond drill rig this month which will target the low resistivity anomaly 400
metres south of drill hole VAL DD13-14 which returned 1,194 metres grading 0.73% copper
equivalent.”
Southern Rock Geophysics completed the MT survey over the entire Valeriano property during
December 2021 and January 2022. The MT s urvey, which uses natural time variations of the
Earth's magnetic and electric fields to measure the subsurface electrical resistivity, was designed
to take measurements to depths of 2,000 metres with the goal of confirming the trend of the
mineralized system and approximate boundaries of the Valeriano copper gold deposit.
Valeriano Copper Gold Deposit
The Valeriano Copper Gold Deposit hosts a preliminary inferred resource of 297.3 million tonnes
grading 0.59% copper, 0.193 grams per tonne gold and 0.90 grams per tonne silver (0.77%
copper equivalent) at a cut-off grade of 0.50% copper. Contained metals totals 1.77 million tonnes
copper, 1.84 million ounces gold and 8.62 million ounces silver for 2.30 million tonnes copper
equivalent. See the Sept ember 29, 2020 ATEX press release for further information on the
Valeriano copper gold deposit inferred resource estimate.
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Figure 2 - MAGNETOTELLURICSURVEY
VALERIANO PROJECT – CENTRAL AREA
3D Inversion Model Resistivity
With Historical and Phase 2 Drill Holes
ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario M5C 3A1
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National Instrument 43-101 Compliance
The Qualified Person, as defined by National Instrument 43 -101 of the Canadian Securities
Administrators, for the Valeriano Copper Gold Project is Sergio Diaz, a resident of La Senera,
Chile. Mr. Diaz is a Public Registered Per son for Reserves and Resources No. 51, in Chile and
is also registered in the Colegio de Geólogos de Chile under No. 315.
The resource estimate c opper equivalent grade was calculated based upon a copper price of
$3.00 per pound, gold price of $1,800 per ounce and silver price of $25.00 per ounces (all prices
in US$). Metal recoveries were not considered. The formula used for the copper equivalent
calculation was: Cu Eq% = (Cu ppm/10,000) + (Au g/t * Au $/ oz/ 22.0462 * 31.1035*Cu price) + (Ag g/t * Ag price /
22.0462 * 31.1035*Cu price)
About ATEX Resources Inc.
ATEX is a mineral exploration company focused on the acquisition, development and
monetization of projects throughout the Americas. ATEX’s flagship Valeriano Copper Gold Project
is located in Chile’s prolific El Indio Mineral Belt.
For further information, please contact:
Raymond Jannas,
President and CEO
Email: [email protected]
or visit ATEX’s website at www.atexresources.com
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This news release contains forward -looking statements, including predictions, projections and forecasts. Forward -
looking statements include, but are not limited to: plans for the evaluation of exploration properties i ncluding the
Valeriano Copper Gold Project; the success of evaluation plans; the success of exploration activities; mine development
prospects; and, potential for future metals production. Often, but not always, forward -looking statements can be
identified by the use of words such as "plans", "planning", "expects" or "does not expect", "continues", "scheduled",
"estimates", "forecasts", "intends", "potential", "anticipates", "does not anticipate", or describes a "goal", or variation o f
such words and phrase s or state that certain actions, events or results "may", "could", "would", "might" or "will" be
taken, occur or be achieved.
Forward-looking statements involve known and unknown risks, future events, conditions, uncertainties and other factors
which may cause the actual results, performance or achievements to be materially different from any future results,
prediction, projection, forecast, performance or achievements expressed or implied by the forward-looking statements.
Such forward -looking statements include, among others: changes in economic parameters and assumptions; all
aspects related to the timing of exploration activities and receipt of exploration results; the interpretation and actual
results of current exploration activities; changes in proje ct parameters as plans continue to be refined; the results of
regulatory and permitting processes; future metals price; possible variations in grade or recovery rates; failure of
equipment or processes to operate as anticipated; labour disputes and other risks of the mining industry; the results of
economic and technical studies; delays in obtaining governmental and local approvals or financing or in the completion
of exploration; as well as those factors disclosed in ATEX’s publicly filed documents.
Although ATEX has attempted to identify important factors that could cause actual actions, events or results to differ
materially from those described in forward -looking statements, there may be other factors that cause actions, events
or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements
will prove to be accurate, as actual results and future events could differ materially from those anticipated in such
statements. Accordingly, readers should not place undue reliance on forward-looking statements.
Neither the TSX Venture Exchange nor its regulation services provider has reviewed or accepts
responsibility for the adequacy or accuracy of the content of this news release.
ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario M5C 3A1
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Figure 3 – MAGNETOTELLURIC SURVEY
VALERIANO PROJECT - CENTRAL AREA
3D Inversion Model Resistivity
With Historical and Planned Drill Holes