ATEX Intersects 0.48% CuEq over 1,122 Metres Along Western Porphyry Trend in First Hole of Phase IV Program
ATEX Intersects 0.48% CuEq over 1,122 Metres
Along Western Porphyry Trend in First Hole of
Phase IV Program
Toronto, Ontario--(Newsfile Corp. - January 18, 2024) -
ATEX Resources Inc. (TSXV: ATX)
("
ATEX
"
or the "
Company
") is pleased to announce complete assay results for drill hole ATXD12A from its
Phase IV drill campaign at the Valeriano Copper-Gold Project ("
Valeriano
" or the "
Project
") located in
Atacama Region, Chile.
Highlights include
:
ATXD12A intersected a longer than anticipated mineralized interval of 1,122 metres
grading 0.48% CuEq
(2
)
(0.37% Cu, 0.14 g/t Au, 0.97 g/t Ag and 57 ppm Mo) within the
Western
Trend
from 864 metres downhole.
The Western Porphyry Trend has a mineralized strike length of over 700 metres
and
remains open to the north and south along strike.
ATEX currently has three rigs actively drilling on the project.
"Our Phase IV program is off to a strong start," stated Raymond Jannas, President, and CEO of ATEX.
"ATXD12A continues to demonstrate the scale potential of the Valeriano mineralized system with
another significant intercept of over a thousand metres along the Western Porphyry Trend."
Table 1. ATXD12A Results
Hole ID
From
To
Interval
Cu %
Au g/t
Ag g/t
Mo g/t
CuEq In
Situ
(1)
CuEq %
MRS
(2)
CuEq %
Met
Results
(3)
ATXD12A**
864.0
1,986.0
1,122.0
0.37
0.14
0.97
57
0.50
0.48
0.50
Incl.
1,500.0
1,986.0
486.0
0.36
0.17
1.40
21
0.53
0.49
0.52
Also incl.
1,648.0
1,682.0
34.0
0.48
0.22
2.60
44
0.70
0.65
0.69
and
1,890.0
1,924.0
34.0
0.48
0.25
2.02
5
0.71
0.65
0.70
1) CuEq reported in situ assuming 100% recovery for component metals assuming metal prices of US$1,800 /oz Au, US$3.15 /lb Cu, US$23 /oz
Ag, and US$20.00 /lb Mo and using the formula stated below
Copper Equivalent (CuEq) is calculated using the formula CuEq % = (((Cu % * 3.15 * 22.0462)) + (Au g/t * (1800/31.1034768))+(Ag g/t *
(23/31.1034768)) + ((Mo g/t / 10000) * (20/22.0462))) / (3.15*22.0462)
(2) CuEq calculated using recoveries assumed in 2023 MRE (90% Cu, 70% Au, 80% Ag and 60% Mo) (See Company news Sept, 12 2023) using
the formula stated below
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)
(3) CuEq calculated using recoveries reported from metallurgical test work results reported in Company news Oct, 18 2023 (95% Cu, 94% Au,
89% Ag and 83% Mo) using the formula stated below
Copper Equivalent (CuEq) is calculated using the formula CuEq % = (((Cu % * 3.15 * 22.0462)) + ((0.94/0.95 * Au g/t) * (1800/31.1034768))+
((0.89/0.95
* Ag g/t) * (23/31.1034768)) + ((0.83/0.95 * Mo g/t / 10000) * (20/22.0462))) / (3.15*22.0462)
*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.
** Reported intervals for ATXD12A are composited at a 0.30% CuEq cut-off. The broader interval from 864 to 1,986 metres, includes a 52 metre
zone of lower grade mineralization from 1,448 to 1,500 metres with a grade of 0.27% CuEq (2)
Results
ATXD12A (daughter hole out of historical hole VALDD12-12) was drilled to the west with a dip of 80
degrees and an azimuth of 310 degrees. Hole ATXD12A targeted the Western Trend where it
intersected Early Porphyry ("EP") expanding the width of the western porphyry that remains open along
strike.
Three diamond drill holes are currently underway (Figure 1):
ATXD25 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.
ATXD17A 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.
ATXD16A, 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 for the Central High-Grade Porphyry trend.
Figure 1: Valeriano Phase IV Drill Hole Status
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/194696_8d159f4484a85925_001full.jpg
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
.
For further information, please contact:
Raymond Jannas,
President and CEO
Email:
Ben Pullinger,
Senior Vice President of Exploration and Business Development
Email:
1-647-287-3778
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",
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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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could differ materially from those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements.
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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/194696