ATEX Extends Mineralization Along Western Trend by 200 Metres to the North of Hole ATXD-11B
ATEX Extends Mineralization Along Western
Trend by 200 Metres to the North of Hole
ATXD-11B
Toronto, Ontario--(Newsfile Corp. - May 11, 2023) -
ATEX Resources Inc. (TSXV: ATX)
("
ATEX
" or
the "
Company
") is pleased to announce that is has completed drill holes ATXD-22A and ATXD-23 in its
Phase III drill campaign at the Valeriano Copper-Gold Project ("
Valeriano
" or the "
Project
") located in
Atacama Region, Chile.
Highlights include
:
ATXD-23 intersected 550 metres of mineralized early porphyry, between 1,500 and 2,050 metres
downhole (Figures 1&2)
ATXD-23 extends the strike length of the Western Trend by approximately 200 metres north
of hole
ATXD-11B that intersected 1,342.5 metres of 0.73% CuEq (0.46% Cu, 0.31 g/t Au and 43 ppm
Mo) and was released on March 30, 2023.
Copper mineralization in the early porphyry consists mainly of chalcopyrite and to a lesser extent
bornite, consistent with mineralization observed in ATXD-11B.
Additionally, ATXD-23 intersected 650 metres of chalcopyrite-bearing Rock Milled Breccia
("RMB") above the early porphyry interval from a depth of 850 metres downhole to the porphyry
contact at 1,500 metres.
ATXD-22A (daughter hole) drilled southeast out of ATDX-22 intersected altered chalcopyrite
bearing RMB and mineralized late porphyry units.
The final two holes of the program, ATXD-24 and ATXD-22B are anticipated to be completed by
the end of May.
Complete assays for ATXD-23 and ATXD-22A are expected by late May.
"Our Phase III drill program continues to successfully deliver on its objectives with hole ATXD-23
significantly extending the newly discovered Western Trend which remains open along strike to the
northeast," stated Raymond Jannas, President, and CEO of ATEX. "We have now confirmed 750
metres of strike extent along the Western Trend between drill holes VAL-09 and ATXD-23,
demonstrating continuity of the geology and mineralization within this new trend."
Figure 1: Valeriano Project - Plan View
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/165654_8d7b96876440ebb3_001full.jpg
Figure 2A: Valeriano Project - ATXD-23 (Projected 200m North) - Cross Section;
Figure 2B: Valeriano Project - Western Trend - Longitudinal Section
To view an enhanced version of this graphic, please visit:
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Outlook
The Phase III campaign continues to focus on its stated objectives of expanding the mineralized corridor
through step out drilling along strike, primarily to the northeast, testing new targets along this corridor and
seeking to define the continuity and geometry of the porphyry trends.
Two diamond drill holes are currently underway:
ATXD-24 an inclined drill hole is drilled from surface to intersect the Western Trend 200 metres
south along strike from ATXD-11B and is planned to reach the Central High-Grade Trend at depth.
ATXD-22B, (daughter hole) being drilled to the northwest out of ATXD-22 (970 metres of 0.51%
CuEq and was released on March 30, 2023). This hole is testing the northern extension of the
Central High-Grade Trend 200 metres beyond ATXD-11A which intersected 0.63% CuEq over
1,270 metres including 0.81% CuEq over 170 metres along this trend. (See Company release
dated February 7, 2023)
Diamond drill hole ATXD-23 was drilled 200 metres to the north of hole ATXD-11B along the Western
Trend. It was drilled at a dip of -83 degrees and an azimuth of 125 degrees. Alteration commenced from
525 metres downhole where quartz-sericite alteration was intersected in the overlying rhyolitic tuffs.
Mineralized RMB bearing chalcopyrite was intersected from 825 metres with the quartz-sericite
alteration transitioning to potassic alteration, increasing in intensity, to a depth of 1,500 metres. At this
depth, the top of the early porphyry unit was intersected with pervasive potassic alteration and
chalcopyrite present from 1,500 metres to the bottom of the hole at 2,050 metres. Bornite occurs with
chalcopyrite from approximately 1,720 metres to the end of the hole.
Additionally, three intervals of mineralized intermineral porphyry were intersected within the early
porphyry interval at 1,729 to 1,825 metres 1,832 to 1,848 metres and from 1,920 to 1,980 metres.
Hole ATXD-22A (Daughter hole) was drilled out of ATXD-22 which intersected 970 metres of 0.51%
CuEq (0.38 % Cu, 0.10 g/t Au and 99 ppm Mo) and was released on dated March 30,2023. The hole
commenced at 921 metres downhole at an azimuth of 135 degrees and a dip of -65 degrees. From start
ATXD-22A commenced in RMB with chalcopyrite mineralization and weak potassic alteration to a depth
of 1,823.1 meters where a large fault was intersected, terminating the mineralized geology. The hole was
stopped at a depth of 1,871 metres.
The final drill holes of the Phase III program are expected to be completed by late May and complete
assay results for these holes are anticipated by late July.
Once all assay results from the Phase III drill program are received, the Company intends to update the
copper-gold porphyry resource statement for the Valeriano Project and file an updated NI-43 101
compliant technical report. Additionally, metallurgical test work using core from the Phase III program will
be conducted.
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 deposit overlain by a near surface oxidized epithermal
gold deposit. In 2022, ATEX completed the Company's first limited drill test of the copper gold porphyry
system that is now being followed up with 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
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as "plans", "planning", "expects" or "does not expect", "continues", "scheduled", "estimates",
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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 III 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
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