ATEX Files NI 43-101 Technical Report on Updated Mineral Resource Estimate for Valeriano Project
ATEX Files NI 43-101 Technical Report on
Updated Mineral Resource Estimate for
Valeriano Project
Toronto, Ontario--(Newsfile Corp. - October 25, 2023) -
ATEX Resources Inc. (TSXV: ATX)
("
ATEX
"
or the "
Company
") has filed a technical report, prepared in accordance with National Instrument 43-101
-
Standards of Disclosure for Mineral Projects
("
NI 43-101
") for its Valeriano Copper Gold Project (the
"
Valeriano Project
" or "
Valeriano
") located in the Atacama Region, Chile. ATEX previously released
the results of the Mineral Resource Estimate (the "
MRE
") on
September 12, 2023
, which highlight a
robust high-grade resource with expansion potential. The technical report is available on SEDAR+ under
the Company's profile at
www.sedarplus.com
and on the Company's website at
www.atexresources.com
.
Key highlights of the MRE include:
HIGHLIGHTS
:
NEW ROBUST RESOURCE
- ATEX is excited to report a substantial increase in the MRE for the
Cu-Au Porphyry mineralization at Valeriano
.
The deposit now contains an
Inferred Mineral
Resource of 1.4 billion tonnes at a grade of 0.67% CuEq*
(0.50 % copper ("
Cu
"), 0.20 g/t
gold ("
Au
"), 0.96 g/t silver ("
Ag
") and 63.8 g/t Molybdenum ("
Mo
")) reported at a cut-off grade
above 0.4% Cu (Table 1-1).
HIGH-GRADE CORE
- The MRE includes a
higher-grade core within Early Porphyry ("EP")
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 at a 0.50% Cu cut-off), further emphasizing the potential viability of the Valeriano deposit. High-
grade core remains open in multiple directions.
A GROWING DISCOVERY
- A significant milestone for the Company achieved by the ATEX team
through diligent and systematic exploration resulting in the successful execution of the Phase II and
Phase III drill programs with all holes intersecting significant new Cu-Au mineralization. These
results greatly expanded the dimensions of known mineralization while also extending known high-
grade porphyry mineralization in the Central Trend and discovering new high-grade porphyry
mineralization within the Western Trend.
STRATEGIC VALUE -
The increased size of the MRE' represents a globally significant discovery
within an emerging porphyry district.
EXPLORATION POTENTIAL
- Phase IV drilling, has commenced and is planned to further define
and expand the existing resource by targeting:
High-grade EP Trends
- specifically the Central and Western Trends that already include
multiple high-grade intercepts and are open along strike and at depth.
Expansion of the Mineralized Corridor
, currently defined with a surface area measuring
1.0 kilometre along strike by 1.0 kilometre wide and open for expansion in all directions.
Table 1-1: Mineral Resource Statement*, Valeriano Project, Atacama Region, Chile. SRK
Consulting (Chile)
SpA., September 1, 2023
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* Notes to accompany the Mineral Resource Estimate:
1
.
The Independent and Qualified Person for the Mineral Resource Estimate, as defined by NI 43-
101, is Joled Nur, CCCRRM-Chile of SRK Consulting (Chile) SpA, with an effective date 0f
September 1, 2023.
2
.
Mineral Resources are not mineral reserves and do not have demonstrated economic viability.
3
.
Mineral Resources have been classified in accordance with the Canadian Institute of Mining,
Metallurgy and Petroleum ("CIM") Definition Standards on Mineral Resources and Mineral
Reserves 2019.
4
.
Reasonable prospects of eventual economic extraction ("RPEEE") were considered by applying
appropriate cut-off grades and reporting within potentially mineable constraining shapes derived
from benchmarked economic factors.
5
.
Metal prices considered were US$1,800 /oz Au, US$3.15 /lb Cu, US$23 /oz Ag, and US$20.00 /lb
Mo.
6
.
Cut-off grades used for reporting were, 0.28 g/t Au for the Au-oxide and 0.40% Cu for the Cu-Au
sulphide.
7
.
Metallurgical recoveries assumed for Au-oxide mineralization are based on Coarse Bottle Roll and
CIL leach test work and are 76.0% for Au and 50.0% for Ag.
8
.
Metallurgical recoveries assumed for Cu-Au underground amenable sulphide mineralization are
based on initial flotation test work and are 90.0% for Cu, 70.0% for Au, 80.0% for Ag, and 60% for
Mo.
9
.
Au-epithermal Mineral Resource estimates are reported within an optimized, conceptual, pit shell,
with a pit slope angle of 45° and assuming US$2.35/t for mining costs, US$5.26/t for processing
costs, and US$1.31/oz for sales costs.
10
.
Cu-Au porphyry Mineral Resource Estimates are reported assuming bulk underground extraction
techniques and 40 m x 40 m x 40 m panels with no internal selectivity within a potential mineable
envelope constraining mineralization above 0.30% Cu.
11
.
Tonnage is expressed in millions of tonnes; metal content is expressed in thousands of ounces, for
gold and silver, millions of tonnes, for copper, and thousands of tonnes for molybdenum
12
.
All figures rounded to reflect the relative accuracy of the estimates and totals may not add up due
to rounding
13
.
Copper Equivalent (CuEq) is calculated using the formula CuEq % = Cu % + (6481.488523 * Au
g/t /10000) + (94.6503085864 * Ag g/t /10000) + (4.2328042328 * Mo g/t /10000) assuming
prices and recoveries in note 5 and 8.
14
.
Gold Equivalent (AuEq) is calculated using the formula AuEq g/t = Au g/t + (0.00840643275 * Ag
g/t) assuming prices and recoveries in note 5 and 7.
QUALIFIED PERSON
Mr. Ben Pullinger, P.Geo., registered with the Professional Geoscientists Ontario, is the Qualified
Person, as defined by NI 43-101, for the Valeriano 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 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
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 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.
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