ATEX Intersects 0.63% CuEq over 1,270m Extending the High-Grade Porphyry Trend 200 Metres to the Northeast
ATEX Intersects 0.63% CuEq over 1,270m
Extending the High-Grade Porphyry Trend 200
Metres to the Northeast
Toronto, Ontario--(Newsfile Corp. - February 7, 2023) -
ATEX Resources Inc. (TSXV: ATX)
("
ATEX
"
or the "
Company
") is pleased to announce results from drill hole ATXD-11A during Phase III of
its drill
campaign at the Valeriano Copper-Gold
Project ("Valeriano" or the "Project") located in Atacama
Region, Chile.
Highlights include:
ATXD-11A returned 1,270 metres grading 0.63% Copper Equivalent "CuEq" (0.43% Cu,
0.21 g/t Au, 52 ppm Mo) ending in mineralization at 2,130 metres (Figures 1 and 2).
Hole ATXD-11A ended in mineralized porphyry with the grade increasing over the final 30
metres, returning 0.73 CuEq (0.53% Cu, 0.2 g/t Au, 19 ppm Mo).
Confirmed continuity of the Central High-Grade Porphyry Trend with ATXD-11A
intersecting 170 metres of 0.80% CuEq (0.54% Cu, 0.3 g/t Au and 11 ppm Mo), extending
the trend over 200 metres northeast from VAL-14 (1,194m of 0.73% CuEq including 272m
of 1.00% CuEq*).
ATXD-11A extends the western mineralized zone 400 metres north of VAL-09 (852 metres
grading 0.64% CuEq*).
ATEX is presently drilling holes ATXD-11B and ATXD-22 with the goal of extending
mineralization north of intersections in ATXD-11A along the Western and Central
Porphyry Trends.
Hole ATXD-11B is currently drilling in mineralized porphyry along a new trend following
up on zone intersected within the Western Porphyry Trend in the upper part of hole
ATXD-11A.
"
We are thrilled with the initial results from our Phase III drilling campaign which has both confirmed the
continuity of the high-grade porphyry trend to the northeast by a further 200 metres and extended the
known copper-gold mineralization along a new trend to the west. The giant is starting to shape up,"
stated Raymond Jannas, President and CEO of ATEX.
*See ATEX's website (
https://www.atexresources.com/
) and historical releases dated Jan 6th and June 13th, 2022, for full disclosure of historical
results.
Table 1 - ATXD-11A Drill Assay Results
Hole ID
From
To
Interval
(
2)
(3)
Cu
Au
Mo
CuEq
(
1)
(metres)
(metres)
(metres)
%
g/t
(ppm)
(%)
ATXD-11A
860.0
2,130.1
1270.1
0.43
0.2
52
0.63
incl.
1,048.0
1,213.4
165.4
0.51
0.2
105
0.73
and
1,376.0
1,492.4
116.4
0.56
0.3
95
0.82
Incl.
1,376.0
1,393.3
17.3
0.73
0.3
39
1.01
and incl.
1,450.0
1,470.0
20.0
0.64
0.3
308
1.06
and
1,698.0
2,130.1
432.1
0.48
0.3
12
0.71
incl.
1,698.0
1,868.0
170.0
0.54
0.3
11
0.81
also incl.
1,730.0
1,752.0
22.0
0.66
0.4
11
0.95
and
1,816.7
1,836.0
19.3
0.56
0.5
10
0.94
and
1,854.0
1,868.0
14.0
0.60
0.5
11
1.00
and
2,100.0
2,130.1
30.1
0.53
0.2
19
0.73
1
.
The CuEq grade for ATXD-11A was calculated using a copper price of $3.50/lb, gold price of
$1,950/oz and molybdenum price of $18.00/lb (all prices in US$).
Metal recoveries are not
considered.
CuEq is calculated using the following formula - CuEq% = ((Cu%/100 * Cu $/tonne)
+ (Au g/t * Au $/gr.) + (Mo%/100 * Mo $/tonne)) / Cu $/tonne.
2
.
Unless otherwise indicated, intervals are composited at a 0.30% CuEq cut-off and a 10m width
internal dilution except for the inclusion of an interval of low-grade mineralization of 50 metres
grading 0.06% CuEq from 1,213.4m to 1,264.4m in the first interval.
3
.
All intervals are reported as core lengths as the true lengths of the intervals are unknown at this
time.
Figure 1 - Valeriano Plan View at 2,750 Metres Elevation
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/153881_4c69a2be746beb81_001full.jpg
Figure 2 - Valeriano Cross-Section through ATXD-11A
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/153881_4c69a2be746beb81_002full.jpg
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 high-grade trends. Two diamond drill holes are currently
underway, hole ATXD-11B and Hole ATXD-22.
ATXD-11B (daughter hole) was wedged from historical hole VAL-11 (mother hole) to the northeast at an
azimuth of 54 degrees. This hole was wedged out of hole VAL-11 at a depth of approximately 700
metres commencing in mineralized rock milled breccia "RMB". An early porphyry unit was intersected at
a depth of approximately 1,420 metres down hole and continued in this unit until the last reported depth
prior to writing of 1,650 metres. This is a new porphyry trend intersected in this hole which is open both
to the northeast and southwest.
Hole ATXD-22 is being drilled at an azimuth of 322 degrees and is designed to extend the high-grade
porphyry corridor intersected in ATXD-11A a further 200 metres along strike to the northeast. The hole is
progressing on track and is at a depth of 800 metres having drilled though the overlying crystal tuff unit
and into the RMB unit.
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.
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 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).
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.
Based on an option agreement from August 2019 and amended in January 2020 and January 2021,
ATEX can earn a 100% interest in Valeriano by September 1, 2025.
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.
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",
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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
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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