ATEX Intersects 0.84% CuEq over 670 Metres Widening the Central High-Grade Trend in the Last Drill Hole of Phase III Program
ATEX Intersects 0.84% CuEq over 670 Metres
Widening the Central High-Grade Trend in the
Last Drill Hole of Phase III Program
Toronto, Ontario--(Newsfile Corp. - July 13, 2023) -
ATEX Resources Inc. (TSXV: ATX)
("
ATEX
" or
the "
Company
") is pleased to announce partial assay results for drill holes ATXD-24 and ATXD-22B,
the last two holes, from its Phase III drill campaign at the Valeriano Copper-Gold Project ("
Valeriano
" or
the "
Project
") located in Atacama Region, Chile.
Highlights include
:
ATXD-24 intersected 670 metres of 0.84% Copper Equivalent "CuEq" (0.60% Cu, 0.24 g/t
Au & 101 ppm Mo) including,
312 metres of 1.00% CuEq (0.50% Cu, 0.37 g/t Au and 11 ppm Mo), in Early Porphyry
within the Central Trend, from 1,530 metres to where the hole was paused at a depth
of 1,842.4 metres at the end of the drill season (Figure 1).
The high-grade, Early Porphyry was intersected earlier in the hole than anticipated,
widening the Central Trend by approximately 70 metres to the west.
ATXD-24 was planned to reach 2,200 metres in depth and will be completed as part
of the Phase IV drill program.
ATXD-22B intersected 947 metres of 0.64% CuEq (0.49% Cu, 0.15 g/t Au and 74 ppm Mo) in
mineralized rock milled breccia "RMB" from 668 metres to the bottom of the hole at 1,615 metres.
ATXD-22B ended in mineralization and with the grade improving towards the bottom of
the hole
. The hole was planned to reach a depth of 2,100 metres and will be completed as part of
the Phase IV program.
"This is a great way to finish the Phase III program and has us excited to restart drilling in the fall and
continue where we left off with Phase III," stated Raymond Jannas, President, and CEO of ATEX. "Hole
ATXD-24 is a very significant hole as it intersected Early Porphyry further west than anticipated
demonstrating that the Central Trend is wider than anticipated in this area. We look forward to
completing this hole in the fall and are especially excited to follow up and test the continuity of this wider
part of the Central Trend."
Table 1. ATXD-24 and ATXD-22B Results
Hole ID
From
To
Interval
(2) (3)
Cu
Au
Mo
CuEq
(
1)
(metres)
(metres)
(metres)
%
g/t
ppm
%
ATXD-24*
1,173.0
1,842.4
670.0
0.60
0.24
101
0.84
incl.
1,173.0
1,530.0
357.0
0.50
0.18
121
0.70
incl.
1,530.0
1,842.4
312.4
0.73
0.30
77
1.00
ATXD-22B*
668.0
1,615.1
947.1
0.49
0.15
74
0.64
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 as grade is reported as in-situ. Recoveries for comparable deposits range from 85-94% for Cu
and 68-85% for Au.
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.
Results
ATXD-24 was drilled to the southeast across the eastern contact of the Western trend and towards the
Central Trend. The dip of the hole was flattened using directional drilling tools to intersect the Central
Trend at a better angle. Three runs with the directional tool were completed between a depth of 1,050
and 1,173 metres with partial core recovery within this interval. Mineralization grading over 0.40% CuEq
commenced above this interval in mineralized RMB from 964 metres to the top of the directional cut at
1,050 metres. This interval returned 86.0 metres of 0.45% CuEq (0.34% Cu, 0.1 g/t Au and 70 ppm Mo).
ATXD-22B was paused, at the end of the program, in potassic altered, chalcopyrite bearing RMB which
included zones of veining with visible chalcopyrite and bornite mineralization and will be continued in
Phase IV.
These results represent the last drill holes from the Phase III campaign which commenced in October
2022 and was 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 the Phase III Program are presented in Table 2.
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/6303/173316_da919c7634c92ac2_001full.jpg
Table 2. Phase III Results Summary
Hole ID**
From
To
Interval
2
Cu
Au
Mo
Cu Eq
Hole Length
and Objective
(metres)
(metres)
(metres)
(%)
(g/t)
(ppm)
(%)
ATXD-11A
860.0
2,130.0
1,270.0
0.43
0.21
52
0.63
2,130 m -
daughter from
VALDD-11.
Tested Western
and Central
Trends
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
0.6
0.5
11
1.00
and
2,100.0
2,130.1
30.1
0.53
0.2
19
0.73
ATXD-21
846.0
1,274.0
428.0
0.31
0.2
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
0.2
73
0.53
incl.
1,020.0
1,044.0
24.0
0.32
0.2
38
0.52
incl.
1,084.0
1,252.0
168.0
0.41
0.2
60
0.59
and
1,492.0
1,532.0
40.0
0.27
0.1
68
0.41
ATXD-11B
848.0
2,190.5
1,342.5
0.46
0.31
43
0.73
2,190.5 m -
Daughter from
VALDD-11.
Discovery hole
on Western
Trend
incl.
1,078.0
2,088.0
1,010.0
0.5
0.35
29
0.8
incl.
1,438.0
2,088.0
650.0
0.46
0.44
13
0.83
incl.
1,864.0
2,086.0
222.0
0.46
0.58
13
0.94
incl.
1,964.0
2,086.0
122.0
0.47
0.65
14
1.01
ATXD-22
630.0
1,600.0
970.0
0.38
0.1
99
0.51
1,712 m -
Drilled from
surface -
Mother hole
between
Central and
Eastern Trends
incl.
1,016.0
1,128.0
112.0
0.57
0.14
212
0.77
and
1,426.0
1,568.0
142.0
0.4
0.11
55
0.51
ATXD-23
782.0
1,746.0
964.0
0.48
0.24
78
0.70
2,050.5 m -
Drilled from
Surface testing
Western Trend
extension
incl.
1,130.0
1,732.0
602.0
0.5
0.37
11
0.80
incl.
1,612.0
1,732.0
120.0
0.45
0.54
3
0.90
and
1,858.0
2,050.1
192.1
0.24
0.4
4
0.56
ATXD-22A
921.4
1,468.0
546.7
0.32
0.08
173
0.45
1,871 m -
daughter from
ATXD-22
testing Eastern
Trend
ATXD-24*
1,173.0
1,842.4
669.4
0.60
0.24
101
0.84
1,842.4 m -
Collared above
Western trend
and stopped in
Central Trend
incl.
1,173.0
1,530.0
357.0
0.50
0.18
121
0.70
incl.
1,530.0
1,842.4
312.4
0.73
0.30
77
1.00
ATXD-22B*
668.0
1,615.1
947.1
0.49
0.15
74
0.64
1615.1 m -
Daughter out of
ATXD-22
towards Central
Trend
* Holes ATXD-24 and ATXD-22B were paused at end of Phase III
**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
ATXD-23 & ATXD-22A Released June 05, 2023
Outlook
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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