ATEX Intersects 0.70% CuEq over 964m in a 200m Step-Out Along the Recently Discovered High-Grade Western Porphyry Trend
ATEX Intersects 0.70% CuEq over 964m in a
200m Step-Out Along the Recently Discovered
High-Grade Western Porphyry Trend
Toronto, Ontario--(Newsfile Corp. - June 5, 2023) -
ATEX Resources Inc. (TSXV: ATX)
("
ATEX
" or the
"
Company
") is pleased to announce complete assay results for drill holes ATXD-22A and ATXD-23
from its Phase III drill campaign at the Valeriano Copper-Gold Project ("
Valeriano
" or the "
Project
")
located in Atacama Region, Chile.
Highlights include
:
ATXD-23 successfully extended the high-grade trend discovered in ATXD-11B,
intersecting 964 metres of 0.70% Copper Equivalent ("CuEq") (0.48% Cu, 0.24 g/t Au and
78 ppm Mo) (Figures 1, 2A & 2B) starting at 782 metres and including
:
602 metres of 0.80% CuEq (0.50% Cu, 0.37 g/t Au and 11 ppm Mo) from 1,130 metres,
and
120 metres of 0.90% CuEq (0.45% Cu, 0.54 g/t Au and 3ppm Mo) starting at 1,612
metres.
Additionally, ATXD-23 intersected 192 metres of 0.56% CuEq (0.24% Cu, 0.40 Au and
4ppm Mo) from 1,858 metres to the bottom of the hole, ending in mineralization.
The newly discovered Western Porphyry Trend now has a strike length of
approximately 700 metres and remains open. The Phase IV program will include
holes testing further extensions of this high-grade discovery
.
ATXD-22A (daughter hole), targeting the Eastern Porphyry Trend, intersected 546 metres of
0.45% CuEq (0.32% Cu, 0.08 g/t Au and 173 ppm Mo) from 921.4 meters downhole.
This mineralization continues from hole ATXD-22 (mother hole) grading 0.44% CuEq over
292 metres from 630 to 922 metres (0.31% Cu, 0.01 g/t Au and108 ppm Mo) (See March 30
release) above the kickoff point for ATXD-22A.
The final two holes of the program, ATXD-24 and ATXD-22B reached depths of 1,842.4 metres
and 1,615.05 metres respectively, with ATXD-24 paused in early porphyry within the Central Trend
and ATXD-22B in potassic altered, mineralized rock milled breccia "RMB" approaching the
Central Trend extension.
Both holes were paused due to earlier-than-expected adverse weather conditions.
Samples for the partial holes ATXD-24 and ATXD-22B have been sent to the lab with results
expected by late June or early July.
"We are incredibly happy and proud of how well our team and partners were able to execute throughout
this campaign," stated Raymond Jannas, President, and CEO of ATEX. "The Phase III program has
delivered on, and exceeded, its stated objectives, expanding the mineralized footprint, confirming
continuity along the Central High-Grade Trend, and testing new targets.
This has led to the discovery of a
new high-grade porphyry trend, the Western Trend where ATXD-11B, the highest-grade hole of the
Phase III was drilled. The overall size of the system has grown to 1,000 metres long by 1,000 metres
wide with a vertical extent of 1,000 metres. Within this footprint we have confirmed two high-grade
porphyry trends and have demonstrated their continuity with multiple drill intersections in both. We are
looking forward to completing a full review of these results and integrating them into our plans for Phase
IV, where we intend to continue demonstrating the enormous potential of the Valeriano Porphyry system.
We are also working towards an updated mineral resource estimate incorporating drilling up to and
including Phase III. We expect to update investors on this in the coming months."
Table 1. ATXD-23 and ATXD-22A Results
Hole ID
From
To
Interval
2,3
Cu
Au
Mo
CuEq
1
Hole Length
(metres)
(metres)
(metres)
(metres)
%
g/t
ppm
%
ATXD-23
782.00
1,746.00
964.00
0.48
0.24
78
0.70
2,050.5
incl.
1,130.00
1,732.00
602.00
0.50
0.37
11
0.80
incl.
1,612.00
1,732.00
120.00
0.45
0.54
3
0.90
and
1,858.00
2,050.05
192.05
0.24
0.40
4
0.56
ATXD-22*
630.00
1,600.00
970.00
0.38
0.10
99
0.51
1,712.0
incl.
630.00
922.00
292.00
0.31
0.01
108
0.44
ATXD-22A**
921.35
1,468.00
546.65
0.32
0.08
173
0.45
1,871.0
1
The CuEq grade was calculated using a copper price of $2.60/lb, gold price of $1,450/oz and molybdenum price of $11.00/lb (all prices in US$).
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
Intervals are composited at a 0.40% CuEq cut-off and unless otherwise stated a maximum of 10 metres of internal dilution.
3
All intervals are reported as core lengths as the true lengths of the intervals are unknown at this time.
*
ATXD-22 Was initially reported by the Company on March 30, 2023.
**
ATXD-22A continues from mineralized interval in ATXD-22 from 630 metres to 922 metres.
Results
The intervals reported in ATXD-23 (Table 1) are interrupted by a 112-metre interval of intermineral
porphyry ("IMP") from 1,746 to 1,858 metres downhole. This interval of IMP grades 0.24% CuEq (0.11%
Cu, 0.16 g/t Au and 2 ppm Mo). ATXD-23 was drilled at a sub vertical angle (-83 degrees) and drilled
along the intermineral porphyry before exiting back into the early porphyry. Phase IV drill plans for the
Western Trend will include drill holes with intersection angles planned to drill across the target geology
and better test the width of the trend.
ATXD-22A (Daughter hole) commenced at a depth of 921.4 metres and was drilled southeast to test the
northern extension of the Eastern Trend. It was targeted to intersect this trend approximately 400 metres
north of VAL-16 (1,045 metres of 0.54% CuEq (0.39% Cu, 0.17 g/t Au & 54 ppm Mo)). The hole
commenced in mineralized RMB from its start point at 921 metres downhole in ATXD-22. Mineralization
and alteration in the hole decreased as the hole intersected a series of faults that ultimately cut-off
mineralization.
ATXD-24 was drilled to the southeast across the eastern contact of the Western trend and towards the
Central Trend. The hole intersected chalcopyrite bearing, mineralized RMB and a series of intermineral
porphyries starting from a depth of 580 metres to a depth of 1,350 metres. Several chalcopyrite bearing
hydrothermal breccia units were observed from 1,350 metres to 1,525 metres downhole. Strong
potassic alteration with intense stockwork and veining was intersected within the early porphyry from
1,525 metres to where the hole was paused at 1,842.4 metres. Assay results from ATXD-24 are
expected in late June or early July.
ATXD-22B (daughter hole), targeting the Central High-Grade Trend extension, commenced at a depth of
444 metres downhole from ATXD-22(mother hole). The hole intersected chalcopyrite bearing argillic
altered RMB from 595 metres to a depth of 1,100 metres. From 1,100 metres, to where the hole was
paused due to weather conditions, potassic altered chalcopyrite bearing RMB was intersected, including
zones of veining with visible chalcopyrite and bornite mineralization. The hole has been left in a condition
to be re-entered and completed, as an option in Phase IV, and results are expected by late June or early
July.
The Phase III campaign commenced in October 2022 and has been completed in late May 2023.
In total
12,513 metres of drilling were completed in eight drill holes including four holes from surface, and four
daughter holes drilled from existing holes. A summary of results for phase III is presented in Table 2.
There are two holes still to be reported from Phase III, ATXD-24 and ATXD-22B which are expected to
be announced in late June or early July.
Phase III achieved a series of execution records for the project including completing the deepest hole to
date at a depth of 2,190.5 metres (ATXD-11B) as well as achieving a 100% completion rate on drill
holes. Additionally, the utilization of directional drilling in Phase III resulted in a saving of ~3,000 metres
of drilling from surface. Phase IV, which will follow up on the success achieved in Phase III, is expected to
commence in October 2023.
Figure 1 Valeriano Project Plan View
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/168733_3c3d0f2764599b11_001full.jpg
Figure 2A and 2B Valeriano Cross Section and Western Long Section
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/168733_3c3d0f2764599b11_002full.jpg
Table 2. Phase III Results Summary
Hole ID
From
To
Interval
2
Cu
Au
Mo
Cu Eq
Hole Length (m)
and
Objective
(metres)
(metres)
(metres)
(%)
(g/t)
(ppm)
(%)
ATXD-11A
860.0
2130.0
1270.0
0.43
0.21
52
0.63
2,130 m - daughter
from VALDD-11.
Tested Western and
Central Trends
incl.
1048.0
1213.4
165.4
0.51
0.20
105
0.73
and
1376.0
1492.4
116.4
0.56
0.30
95
0.82
Incl.
1376.0
1393.3
17.3
0.73
0.30
39
1.01
and incl.
1450.0
1470.0
20.0
0.64
0.30
308
1.06
and
1698.0
2130.1
432.1
0.48
0.30
12
0.71
incl.
1698.0
1868.0
170.0
0.54
0.30
11
0.81
also incl.
1730.0
1752.0
22.0
0.66
0.40
11
0.95
and
1816.7
1836.0
19.3
0.56
0.50
10
0.94
and
1854.0
1868.0
14.0
0.60
0.50
11
1.00
and
2100.0
2130.1
30.1
0.53
0.20
19
0.73
ATXD-21
846.0
1274.0
428.0
0.31
0.20
56
0.48
1,838 m - Drilled from
surface. Tested above
Eastern Trend didn't
reach Central Trend
incl.
850.0
902.0
52.0
0.34
0.20
73
0.53
incl.
1020.0
1044.0
24.0
0.32
0.20
38
0.52
incl.
1084.0
1252.0
168.0
0.41
0.20
60
0.59
and
1492.0
1532.0
40.0
0.27
0.10
68
0.41
ATXD-11B
848.0
2190.5
1342.5
0.46
0.31
43
0.73
2,190.5 m - Daughter
from VALDD-11.
Discovery hole on
Western Trend
incl.
1078.0
2088.0
1010.0
0.50
0.35
29
0.80
incl.
1438.0
2088.0
650.0
0.46
0.44
13
0.83
incl.
1864.0
2086.0
222.0
0.46
0.58
13
0.94
incl.
1964.0
2086.0
122.0
0.47
0.65
14
1.01
ATXD-22
630.0
1600.0
970.0
0.38
0.10
99
0.51
1,712 m - Drilled from
surface - Mother hole
between Central and
Eastern Trends
incl.
1016.0
1128.0
112.0
0.57
0.14
212
0.77
and
1426.0
1568.0
142.0
0.4
0.11
55
0.51
ATXD-23
782.00
1,746.00
964.0
0.48
0.24
78
0.70
2,050.5 m - Drilled
from Surface testing
Western Trend
extension
incl.
1,130.00
1,732.00
602.0
0.50
0.37
11
0.80
incl.
1,612.00
1,732.00
120.0
0.45
0.54
3
0.90
and
1,858.00
2,050.05
192.1
0.24
0.40
4
0.56
ATXD-22A
921.35
1,468.00
546.7
0.32
0.08
173
0.45
1,871 m - daughter
from ATXD-22 testing
Eastern Trend
* Please see Company releases noted below for full details on Phase III results:
ATXD-11A - Released Feb 07, 2023
ATXD-21 - Released Feb 27, 2023
ATXD-11B & ATXD-22 - Released March 30, 2023
Outlook
Final assay results for the remaining holes of the Phase III drill program are expected by the end of June
or early July. The Company intends to use these the Phase III results and data to update the copper-gold
mineral 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 is being undertaken by
Atex in conjunction with Libertas Metallurgy and Base Met Labs of Kamloops BC.
This work is expected
to be completed in Q3.
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
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 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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