ATEX Completes First Hole in Phase IV Drill Program Extending Western Poprhyry Trend to South and Provides Exploration Update
ATEX Completes First Hole in Phase IV Drill
Program Extending Western Poprhyry Trend to
South and Provides Exploration Update
Toronto, Ontario--(Newsfile Corp. - December 14, 2023) -
ATEX Resources Inc. (TSXV: ATX)
("
ATEX
" or the "
Company
") is pleased to announce that is has completed drill hole ATXD-12A, the first
hole, of its Phase IV drill campaign at the Valeriano Copper-Gold Project ("
Valeriano
" or the "
Project
")
located in Atacama Region, Chile.
Highlights include
:
Drill hole ATXD-12A targeting the
Western Trend
, intersected a
1,096 metre zone of copper
mineralization from 906 metres downhole, including 638 metres of mineralized early
porphyry
("EP")
from 1,267 metres (hole completed at 2,001 metres).
ATXD-12A
confirmed the presence of EP along the Western Trend, 200 metres to the
south of ATXD-11B*
(1,342.5 metres of 0.73% CuEq (0.46% Cu 0.31 g/t Au, 43 ppm Mo),
reported
March 30, 2023
), where the Western Trend remains open along strike.
Additionally, ATXD-12A expanded the Western Trend Porphyry contact by approximately 50
metres to the west.
ATEX has also strategically added to its land position to the east of Valeriano, adding 2,700
hectares of new ground to the Valeriano property package (Figure 1).
ATEX is currently drilling with three drill rigs
, testing for the extensions of the Western Trend
and the strike extension of the Central High-Grade Trend.
Complete assays for ATXD-12A are anticipated in mid-January.
"This is an exciting start to the Phase IV Program," stated Raymond Jannas, President and CEO of
ATEX. "In Phase III we discovered and loosely defined initial continuity within the Western Trend and,
picking up where we left off after Phase III, we have now been able to confirm and extend the strike
extents of this trend to the south while also adding volume to the EP unit to the west. We are looking
forward to the assay results considering the excellent grades reported in earlier Phase III holes along this
trend, ATXD-11B and ATXD-23."
Phase IV Update
The Phase IV drill campaign had been planned to continue where Phase III left off with the intention to:
1
.
Further expand the mineralized corridor defined to roughly 1km X 1 km X 1km in Phase III.
2
.
Further define and delineate the high-grade Central and West Porphyry trends.
3
.
Test new targets along strike and to the east and west of the currently defined corridor.
Figure 1: Newly Added ATEX Concessions
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Figure 2: Valeriano Phase IV Drill Hole Status
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Three diamond drill holes are currently underway (Figure 2):
ATXD-25 is being drilled from surface on the west side of the Valeriano Ridge. This hole is being
drilled east towards the Western Porphyry trend where it will test a corridor of potential
mineralization associated with the Western Trend Porphyry and potentially the western contact of
the porphyry. This target is assumed to have rough dimensions of 1 kilometre along strike, in
excess of 500 metres wide and a kilometer of vertical extent, based on previous holes. Should
ATXD-25 be successful, multiple daughter holes can be drilled out of it, testing strike and dip
continuity of this target.
ATXD-17A* is a daughter hole from ATXD-17 (1,160 metres grading 0.78% copper equivalent
("CuEq") (0.53% Cu, 0.28 g/t Au and 70 ppm Mo), reported
June 13, 2022
, including 550 metres
of 1.03% CuEq (0.69% Cu, 0.39 g/t Au and 70 ppm Mo)) and will be testing the vertical extent of
the Central High grade trend as well as the eastern contact of the Western Trend Porphyry.
ATXD-16A, a daughter hole being drilled to the west out of VAL-16* (historical hole intersecting
1,045 metres of 0.53% CuEq (0.39 Cu, 0.17 Au, 54 Mo)). This hole has been planned to test the
eastern contact of the Central High-Grade Porphyry trend.
The first hole attempted in Phase IV was the continuation of ATXD-24* (670 metres of 0.84%
Copper Equivalent "CuEq" (0.60% Cu, 0.24 g/t Au & 101 ppm Mo), reported
July 13, 2023
,
including 312 metres of 1.00% CuEq (0.73% Cu, 0.30 g/t Au and 77 ppm Mo)) which was
suspended at a depth of 1,842 metres in EP within the Central Trend, at the end of Phase III.
Multiple attempts to restart the hole were unsuccessful, with in hole complications finally resulting in
the decision to exit the hole and move to a new one. The mineralization intersected in ATXD-24
remains open to the east and other plans are being evaluated to follow up.
*CuEQ values reported in historical releases use metals reported in situ (100% basis). Recoveries for these metals as assumed in the NI 43-101
technical report titled "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile" with an effective date of
September 1, 2023, available at
www.sedarplus.ca
and
www.atexresources.com
are 90% Cu, 70% Au, 80% Ag and 60% Mo.
QAQC
Drill holes are collared with a PQ drill bit, reduced to HQ and, sequentially, to NQ as the drill holes
progressed deeper.
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 the 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
Mr. Ben Pullinger, P.Geo., registered with the Professional Geoscientists Ontario, is the Qualified
Person, as defined by National Instrument 43-101 -
Standards for Disclosure for Mineral Projects
, for
the Valeriano Copper Gold Porphyry Project. Mr. Pullinger is not considered independent under NI 43-
101 as he is 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.
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), reported in September 2023
1
.
After completing the company's first limited drill test of the copper-gold porphyry system in 2022, ATEX
is now following up with a campaign of directional drilling to extend the high-grade trend, test new targets
and expand the mineralized envelope.
For further information, please contact:
Raymond Jannas,
President and CEO
Email:
Ben Pullinger,
Senior Vice President of Exploration and Business Development
Email:
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 Valeriano Copper Gold Project; the success of evaluation plans; the success of
exploration activities; 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 drill program contemplated in this press release; 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
Please see NI 43-101 technical report titled "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile" with
an effective date of September 1, 2023, available at
www.sedarplus.ca
and
www.atexresources.com
for additional details on the 2023 Mineral
Resource Estimate for the Valeriano project.
To view the source version of this press release, please visit
https://www.newsfilecorp.com/release/190965