ATEX Commences its Phase III Drill Program at Valeriano
ATEX Resources Inc.
25 Adelaide St East, Suite 1900
Toronto, Ontario M5C 3A1
TSXV: ATX
ATEX Commences its Phase III Drill Program at Valeriano
TORONTO, ONTARIO, October 31, 2022 – ATEX Resources Inc. (TSXV: ATX) (“ATEX”) is pleased to announce
that its Phase III diamond drilling program has commenced at the Valeriano Project with two directional
drilling capable drill rigs in operation.
• The Phase III drilling program is designed to further extend the high-grade trend intersected in holes
ATXD-17 (1,160m grading 0.78% copper equivalent (“CuEq”) including 550m of 1.03% CuEq) and
VALDD-14 (1,194m of 0.73% CuEq including 272m of 1.00% CuEq) with initial 200m step out holes
along trend to the north and south.
• An initial 10,000m of drilling is planned with the option to expand the program by another 10,000m
contingent on results.
• The program is being executed utilizing directional drilling allowing for multiple targets to be tested
off a single hole maximizing the efficiency of the planned drilling.
• Recon Drilling, a subsidiary of Geodrill Ltd, with extensive directional drilling experience, currently has
two diamond drill rigs capable of drilling to depths of approximately 2,000m in operation at the
project.
“We are excited to have recommenced drilling at Valeriano,” stated Raymond Jannas, President and CEO of
ATEX. “Last season’s Phase II confirmed the presence of significant high-grade mineralization within a larger
well mineralized footprint. Our Phase III program will build on that success significantly increasing our
understanding of the Valeriano system and expanding our mineralized footprint which remains open in all
directions.”
Phase III Drill Program Background
Phase III follows on from the preceding Phase II program completed in May 2022 (See ATEX releases dated
April 12, 2022, May 11, 2022 and June 13, 2022). Two of three holes from this program intersected
significant mineralization with ATXD-17 returning 1,160m grading 0.78% CuEq (0.53% Cu, 0.28 g/t Au and 70
ppm Mo) including 550m of 1.03% CuEq (0.69% Cu, 0.39 g/t Au and 70 ppm Mo). Hole ATXD-19, which
intersected 647m grading 0.65% CuEq (0.50% Cu, 0.15 g/t Au and 60 ppm Mo), was lost short of its target.
Results from ATXD-17 and ATXD-19 confirmed the presence and continuity of mineralization along a 600m
strike length despite hole ATXD-19 not reaching its intended target depth. At the end of Phase II, the entire
mineralized footprint at Valeriano was confirmed cover an area of 800 m by 850 m (Figure 1) and to be open
for expansion in all directions.
The current Phase III program is designed to follow up on the previous results and test for further high-grade
ATEX Resources Inc.
25 Adelaide St East, Suite 1900
Toronto, Ontario M5C 3A1
TSXV: ATX
>1.0% CuEq mineralization by means of 200m step outs to the north and south of the current limits of the
high-grade trend. In addition, the program will seek to expand Valeriano’s mineralized footprint mainly
along the NNE/SSW striking high-grade trend as well as allowing for the option to test for additional parallel
trends to the east of known mineralization (Figure 2).
Figure 1. Valeriano Plan View - Initial Phase III Drill Holes
ATEX Resources Inc.
25 Adelaide St East, Suite 1900
Toronto, Ontario M5C 3A1
TSXV: ATX
Figure 2. Idealized Sections - Initial Phase III Drilling
About Valeriano
The Valeriano Project 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 is referred informally as the Link Belt. The Link Belt hosts a number of 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).
Qualified Person
Mr. Ben Pullinger, P.Geo., registered with the Professional Geoscientists Ontario, is the Qualified Person, as
defined by Canadian Securities National Instrument 43-101 Standards for Disclosure for Mineral Projects, for
the Valeriano Copper Gold Porphyry Project. Mr. Pullinger is the Senior Vice President Exploration and Business
Development of ATEX. He has reviewed and approved the disclosure of the scientific and technical information
contained in this press release.
For further information, please contact:
Raymond Jannas,
President and CEO
Email: [email protected]
Ben Pullinger,
Senior Vice President of Exploration and Business Development
Email: [email protected]
or visit ATEX’s website at www.atexresources.com
ATEX Resources Inc.
25 Adelaide St East, Suite 1900
Toronto, Ontario M5C 3A1
TSXV: ATX
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
including 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 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: changes in economic parameters and assumptions; all
aspects related to the timing and extent of exploration activities including the Phase III drill program
contemplated in this press release; timing of receipt of exploration results; the interpretation and actual results
of current exploration activities; 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; 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.
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