ATEX Announces Phase V Exploration Plans
ATEX Announces Phase V Exploration Plans
Toronto, Ontario--(Newsfile Corp. - September 9, 2024) -
ATEX Resources Inc. (TSXV: ATX)
("
ATEX
" or the "
Company
") is pleased to provide an update on its exploration strategy at the Valeriano
Copper-Gold Project ("
Valeriano
" or the "
Project
") located in the Atacama Region, Chile. The Phase V
drill program will follow on from the Company's most successful drill program to date and is anticipated
to commence in October 2024.
Highlights:
Phase V program targeting an initial 20,000 metres of directional diamond drilling with
most planned holes being daughters out of holes drilled in previous programs
. This will
allow for an accelerated, efficient, high impact program.
The following priorities will be included in the Phase V drill program:
1
.
Step out drilling to expand the late-stage epithermal overprinting system above the
porphyry horizon in drill hole ATXD26 which intersected the highest grades at
Valeriano to date including 68.0 metres of 2.02% CuEq (1.39% Cu, 0.60 g/t Au, 3.81
g/t Ag and 473 g/t Mo)
1
.
2
.
Definition and extension of the high-grade trend hosted within the larger
mineralized porphyry body to increase the size and confidence of the >0.8% CuEq
mineralization.
3
.
Large step-out drilling to expand the known mineralized footprint, specifically along
trend where the system remains open to the north, northwest and to the southeast.
4
.
Targeting updated Mineral Resource Estimate in H2 2025.
Ben Pullinger, President and CEO commented,
"The Phase IV drill program was a transformative
exploration season for the Company that yielded the highest grades and best results we have seen at
Valeriano to date. Our 2024-2025 Phase V program will prioritize stepping out on the known high-
grade upper epithermal zones of the system as well as further defining higher-grade trends within the
porphyry. Our current understanding of the geology at Valeriano has demonstrated that the system
remains open in all directions with significant opportunity for further expansion - as such, we have
earmarked meters in this program to test for further significant extensions of the mineralized system.
We will also continue to advance our metallurgical programs and many of our key engineering studies
in 2024-2025."
Mr. Pullinger continued,
"We will look forward to pushing the limits of the system and to
delivering an updated Mineral Resource Estimate ("MRE") in H2 2025. The updated 2025 MRE will
include all drilling completed in Phase IV (9 holes totalling ~12,000m) and all drill holes completed in
Phase V. The MRE will also include improved metallurgical recoveries announced in October 2023
2
as well as the results of a larger follow up program that is currently underway, with results expected
later in 2024."
Phase V Drill Program Details
Preparation for the Phase V drill program is underway with drilling expected to commence in October
2024. The program contemplates having three drill rigs operating in October with the potential to add two
additional rigs by December. ATEX is targeting an initial 20,000 meters of directional diamond drilling in
Phase V.
Phase V Objectives and Priorities
1
.
Define Shallower High-Grade Cu-Au Epithermal Mineralization (Step-out Drilling from
ATXD26)
The high-grade, overprinting epithermal-style mineralization encountered in drillhole
ATXD26 (Phase IV)
including 68.0 metres of 2.02% CuEq (1.39% Cu, 0.60 g/t Au, 3.81 g/t Ag and 473 g/t Mo)
and
located above the known porphyry body will be tested by step-out drilling with the objective to grow and
define the size and shape of this very high-grade target. These results are intended to be used as the
basis for initial resource estimations and for planning further infill and expansion drilling in the future.
Selected samples from this zone have been taken and are currently being analyzed for initial
metallurgical studies. (Figures 1 & 2).
2
.
Definition and Extension of the High-Grade Trend Hosted within the Porphyry
The high-grade trend hosted within the larger porphyry body has a current strike length of ~800m from
ATXD23 in the northwest to ATXD16A in the southeast. This trend will be the target of a definition and
extension program during Phase V with the intention of intersecting more high-grade material and
increasing the confidence of >0.8% CuEq mineralization. Specifically, drilling will test to the southeast of
ATXD16A that intersected 112m of 1.42% CuEq (1.01% Cu, 0.57 g/t Au, 2.06 g/t Ag and 46 g/t
Mo)
within broader intervals of 594m of 0.92% CuEq (0.67% Cu, 0.32 g/t Au, 1.13 g/t Ag and 71 g/t Mo)
and 852m of 0.82% CuEq (0.60% Cu, 0.28 g/t Au, 0.98 g/t Ag and 72 g/t Mo) in Phase IV.
3
.
Extension of Known Mineralization
Compilation of Phase IV results along with data from previous programs has led to a revised geological
interpretation for Valeriano. This new interpretation, supported by drilling, core re-logging,
lithogeochemistry and geophysical data has highlighted areas of potential extensions to mineralization
previously defined in the 2023 MRE
3
. Part of the upcoming Phase V drill program will be designed to
test these extensions.
4
.
Upgrading Mineral Resource
The revised and updated geology model has also identified untested areas with potential to contain
higher-grade mineralization. These areas will be targeted by closer-spaced drilling (nominal 150m
spacing) aiming to improve the overall grade and confidence of mineralization within the resource
envelope and upgrading the core of the current Inferred Mineral Resource to an Indicated Resource
Category
3
.
Figure 1: Schematic Valeriano Long Section Showing Phase V Targets and Priorities
To view an enhanced version of this graphic, please visit:
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Figure 2: Plan View Highlighting Phase V Priorities Above and Within Porphyry Body
To view an enhanced version of this graphic, please visit:
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QAQC
Drill holes are collared with a PQ drill bit, reduced to HQ and, sequentially, to NQ as the drill holes
progress at depth. Drill core produced by the drill rigs was extracted from the core tubes by the drill
contractor under the supervision of ATEX employees, marked for consistent orientation and placed in
core boxes with appropriate depth markers added. Full core boxes were then sealed before being
transported by ATEX personnel to the Valeriano field camp. Core at the field camp is processed, quick
logged, checked for recovery, photographed, and marked for specific gravity, geotechnical studies and
for assays. From camp, the core is transferred to a secure core-cutting facility in Vallenar, operated by
IMG, a third-party consultant. Here, the core trays are weighed before being cut using a diamond saw
under ATEX personnel oversight. ATEX geologists working at this facility double-check the selected
two-metre sample intervals, placing the samples in seal bags and ensuring that the same side of the
core is consistently sampled. Reference numbers are assigned to each sample and each sample is
weighed. The core trays with the remaining half-core are weighed and photographed. Additionally, core
logs are updated, and specific gravity and geotechnical samples are collected.
The remaining core is
stored in racks at the Company's secure facility in Vallenar.
From Vallenar samples are sent to an ALS preparation facility in La Serena. ALS is an accredited
laboratory which is independent of the Company. The prepared samples were sent to the ALS assay
laboratories in either Santiago, Chile and Lima, Peru for gold (Au-AA24), copper (Cu-AA62),
molybdenum (Mo-AA62) and silver (Ag-AA62) assays as well as and multi-element ICP (ME-MS61)
analysis. No data quality problems were indicated by the QA/QC program.
Qualified Person
Dr. Owen Hatton, PhD, MAusIMM., registered with the Australian Institute of Mining and Metallurgy, is the
Qualified Person, as defined by National Instrument 43-101 - Standards for Disclosure for Mineral
Projects, for the Valeriano Copper Gold Porphyry Project. Dr. Hatton is not considered independent
under NI 43-101 as he is a full time employee of ATEX. He has reviewed and approved the disclosure of
the scientific and technical information contained in this press release.
About ATEX
ATEX is exploring the Valeriano Copper Gold Project which is located within the emerging copper gold
porphyry mineral belt linking the prolific El Indio High-Sulphidation Belt to the south with the Maricunga
Gold Porphyry Belt to the north. This emerging belt, informally referred to as the Link Belt, hosts several
copper gold porphyry deposits at various stages of development including, Filo del Sol (Filo Mining),
Josemaria (Lundin Mining), Los Helados (NGEX Minerals/JX Nippon), La Fortuna (Teck
Resources/Newmont) and El Encierro (Antofagasta/Barrick Gold). Valeriano hosts a large copper gold
porphyry resource: 1.41 billion tonnes at 0.67% CuEq (0.50% Cu, 0.20 g/t Au, 0.96 g/t Ag and 63.80 g/t
Mo), which includes a higher-grade core totaling 200 million tonnes at 0.84% CuEq (0.62% Cu, 0.29 g/t
Au 1.25 g/t Ag and 55.7 g/t Mo), as reported by ATEX on September 12, 2023
4
.
For further information, please contact:
Ben Pullinger,
President and CEO
Email:
Aman Atwal,
Vice President, Business Development and Investor Relations
Email:
1-647-398-9405
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. 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
of such words and phrases 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: plans for the evaluation of exploration
properties including the Project; the success of evaluation plans; the success of exploration activities
especially to the significant expansion of the high-grade corridor; mine development prospects; potential
for future metals production; changes in economic parameters and assumptions; all aspects related to
the timing and extent of exploration activities including the Phase IV and Phase V drill programs
contemplated in this press release; the timing or nature of a preliminary economic study; timing of
receipt of exploration results; the interpretation and actual results of current exploration activities and
mineralization; changes in project 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; timing of assay results; 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.
________________________
1
See Company news dated May 15, 2024, "ATEX Discovers New High-Grade Mineralization at Valeriano Intersecting 68 metres of 2.02% CuEq
within a Broader Intercept of 356 metres of 0.98% CuEq".
2
See Company news dated October 18, 2023, "ATEX Announces Excellent Metallurgical Recoveries for Cu-Au Porphyry Mineralization at
Valeriano".
3
See Company news dated October 25, 2023, "ATEX Files NI 43-101 Technical Report on Updated Mineral Resource Estimate for Valeriano
Project".
4
Please see NI 43-101 technical report titled "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile" by
Joled Nur, CCCRRM-Chile, and David Hopper, CGeol, with an effective date of September 1, 2023, filed at
www.sedarplus.ca
on October 25,
2023, for additional details on the 2023 Mineral Resource Estimate for the Valeriano project.
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