ATEX Intersects 44 Metres of 1.00% CuEq Expanding B2B Zone Updip and Along Strike Elijah Tyshynski Joins ATEX as Chief Financial Officer and Corporate Secretary
ATEX Intersects 44 Metres of 1.00% CuEq
Expanding B2B Zone Updip and Along Strike
Elijah Tyshynski Joins ATEX as Chief Financial Officer and
Corporate Secretary
Toronto, Ontario--(Newsfile Corp. - April 22, 2025) -
ATEX Resources Inc.
(
TSXV: ATX
) ("
ATEX
" or
the "
Company
") is pleased to provide an update on its Phase V program at the Valeriano Copper Gold
Project ("
Valeriano
" or the "
Project
"), located in the Atacama Region, Chile. The Company currently
has five diamond drill rigs operating, nine holes completed and another five in progress. To date, ATEX
has completed approximately 13,700 metres of drilling in the Phase V program. ATEX is also pleased
to announce the appointment of Elijah Tyshynski as Chief Financial Officer and Corporate Secretary
effective May 1, 2025. Mr. Tyshynski brings to ATEX decades of experience inclusive of the mining
sector and within the international capital markets, a valuable skillset as Valeriano advances to the next
stage.
Highlights include:
Completed assay results for
ATXD25A
including the previously announced
highest-grade
intersection of 30 metres ("m") of 4.40% copper equivalent ("CuEq")
(2.21% Cu, 3.17 g/t
Au, 15.1 g/t Ag, 3 g/t Mo)within a
broader interval of 108m of 1.69% CuEq
(0.87% Cu, 1.18 g/t
Au, 5.5 g/t Ag and 9 g/t Mo) and
602m of 0.54% CuEq
(0.40% Cu, 0.16 g/t Au, 1.0 g/t Ag, 57 g/t
Mo), from 1,230m downhole
[i]
.
From 1,892m to 1,922m, the 30m interval grading 4.40% CuEq is the highest-grade and
northernmost intersection encountered within the mineralized porphyry to date, therefore
extendingthe previously identified
high-grade trend by 200m to a length of ~1,000m and
the trend remains open to the north.
ATXD25B will be targeting the updip extension of the high-grade interval intersected in
ATXD25A
exploring for potential continuity of a structural control
linking ATXD25A
to the B2B breccia zone
approximately 1,000m above.
ATXD23B targeting the B2B zone intersected 44m grading 1.00% CuEq
(0.83% Cu, 0.21 g/t
Au, 1.4 g/t Ag, 36 g/t Mo)
within a broader interval of 210m of 0.83% CuEq
(0.60% Cu, 0.21
g/t Au, 1.0 g/t Ag, 210 g/t Mo) from 1,028m downhole.
ATXD23B targeted 100m updip of high-grade intersections in the B2B breccia from drill hole
ATXD23A. The 210m (from 1,028m to 1,238m) interval grading of 0.83% CuEq and located
in the B2B breccia confirms the vertical extension of this highly mineralized unit.
The highly mineralized
B2B zone remains open updip and along strike
.
ATXD27A intersected 42m of 1.20% CuEq
(0.84% Cu, 0.49 g/t Au, 3.1 g/t Ag, 9 g/t Mo)
from
1,638m to 1,776m downhole, extending the strike length of the
B2B zone by ~140m north
of ATXD23A; additionally a second zone of
32m of 1.00% CuEq
(0.77% Cu, 0.31 g/t Au, 1.7
g/t Ag, 19 g/t Mo) from 1,888m to 1,920m was also intersected.
Elijah Tyshynski to join as Chief Financial Officer and Corporate Secretary bringing to
ATEX extensive senior level corporate, capital markets and financing experience.
"Today's results continue to showcase the significant grades and widths achievable by the B2B zone
and the broader Valeriano deposit which still remains open in all directions,"
stated Ben Pullinger,
President and CEO of ATEX.
"The high-grade porphyry trend now measures approximately 1,000m
along strike and remains open. The B2B breccia zone continues to grow and remains a key focus for
exploration as it has the potential to materially enhance the grade and potential economic profile for
Valeriano. Through the rest of the program, we will be zeroing in on the broader structural controls, that
not only host the B2B breccias but have the potential to host further breccia bodies currently
suggested by our geophysical data. These will be a priority for Phase VI."
Mr. Pullinger continued,
"I am also excited to have Elijah Tyshynski join our team. His strong finance
track record most recently at O3 Mining up until the acquisition by Agnico Eagle Mines and
international experience will be critical as we continue to advance the Valeriano project. In addition, I
also want to thank Sheila Magallon for her many contributions to the Valeriano Project and ATEX over
her tenure as CFO. We wish her all the best in her future endeavours."
Elijah Tyshynski Joins ATEX as Chief Financial Officer and Corporate Secretary
Effective May 1, 2025, Mr. Tyshynski joins ATEX following the sale of O3 Mining ("O3") to Agnico Eagle
Mines ("Agnico"), where he acted as O3's Chief Financial Officer and Corporate Secretary. During his
time with O3, he oversaw financial and regulatory reporting, financings, implementation of internal
policies and processes, and the eventual transaction with Agnico. Prior to, and during his time with O3,
Mr. Tyshynski worked with Osisko Mining as the Director of Strategic Development, along with providing
capital markets and strategic advice to other companies within the Osisko Group. Mr. Tyshynski has
extensive capital markets and infrastructure financing experience, having held the position of Senior
Portfolio Manager at Ontario Teachers Pension Plan, Head of Trading for the Standard Bank of South
Africa in Johannesburg, and Vice President of Emerging Market Trading for both Morgan Stanley and
Royal Bank of Canada in London, England.
Phase V Update - Nine Holes Completed, Five Holes Actively Drilling
To date 13,700m has been completed in the Phase V program
with nine holes including ATXD16B,
ATXD23A, ATXD25A, ATXD23B, ATXD25B, ATXD27A, ATXD22C, ATXD28, and ATXD29 being
completed, and an additional five holes actively drilling. Additional details on these holes are provided in
the subsequent sections. Using directional drilling techniques and drilling daughter holes, ATEX has
saved approximately 9,200m of drilling, compared to conventional drilling, resulting in a much more
effective and efficient program. Current and subsequent drill holes will continue to target infill, extensional
(Figure 1 & 2), and high-grade breccia targets (Figure 1, 2 & 3).
Table 1 - Final Results for ATXD25A, ATXD23B and ATXD27A
Hole ID
From
To
Interval
Cu
Au
Ag
Mo
CuEq %
MRS
(1)
(m)
(m)
(m)
(%)
(g/t)
(g/t)
(g/t)
ATXD25A
1,230
1,832
602
0.40
0.16
1.0
57
0.54
Incl.
1,770
1,830
60
0.60
0.49
2.4
5
0.94
And
1,874
1,982
108
0.87
1.18
5.5
9
1.69
Incl.
1,892
1,922
30
2.21
3.17
15.1
3
4.40
Incl.
1,896
1,912
16
3.04
4.82
21.1
5
6.36
ATXD23B
1,028
1,238
210
0.60
0.21
1.0
210
0.83
Incl.
1,212
1,236
24
0.81
0.30
1.2
136
1.07
And
1,264
1,999
735
0.47
0.14
1.0
39
0.59
Incl.
1,274
1,318
44
0.83
0.21
1.4
36
1.00
ATXD27A
1,172
1,626
454
0.48
0.13
0.9
121
0.62
And
1,636
2,148
512
0.58
0.27
1.7
18
0.78
Incl.
1,672
1,714
42
0.84
0.49
3.1
9
1.20
Incl.
1,888
1,920
32
0.77
0.31
1.7
19
1.00
(1) CuEq calculated using recoveries assumed in 2023 MRE (90% Cu, 70% Au, 80% Ag and 60% Mo) (See Company news dated September 12, 2023)
using the formula stated below:
Copper Equivalent (CuEq) is calculated using the formula CuEq % = Cu % + (6,481.488523 * Au g/t /10,000) + (94.6503085864* Ag g/t /10,000) +
(4.2328042328 * Mo g/t /10,000) *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.
(2) ATXD25A, ATXD23B and ATXD27A were composited at a cut-off of 0.3% CuEq. ATXD25A had a maximum internal dilution of 16m, ATXD23B had
a maximum internal dilution of 20m and ATX27A had a maximum internal dilution of 10m.
(3) True width of mineralized intersection not known at this stage.
Figure 1. Isometric View with High-Grade Breccia and Cu/Au Porphyry Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/249287_c9600f16448178c0_001full.jpg
Figure 2. Level Plans, High-Grade Breccia and Cu/Au Porphyry Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/249287_c9600f16448178c0_002full.jpg
Figure 3. Long Section, High-Grade Breccia Target
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/249287_c9600f16448178c0_003full.jpg
Table 2 - Detailed Results with Metallurgical Recoveries for ATXD25A, ATXD23B & ATXD27A
Hole ID
From
To
Interval
Cu
Au
Ag
Mo
CuEq % In
Situ
(2)
CuEq %
MRS
(1)
CuEq %
Met
(3)
(m)
(m)
(m)
(%)
(g/t)
(g/t)
(g/t)
ATXD25A
1,230
1,832
602
0.40
0.16
1.0
57
0.58
0.54
0.57
Incl.
1,770
1,830
60
0.60
0.49
2.4
5
1.04
0.94
1.03
And
1,874
1,982
108
0.87
1.18
5.5
9
1.92
1.69
1.90
Incl.
1,892
1,922
30
2.21
3.17
15.1
3
5.01
4.40
4.97
Incl.
1,896
1,912
16
3.04
4.82
21.1
5
7.28
6.36
7.22
ATXD23B
1,028
1,238
210
0.60
0.21
1.0
210
0.92
0.83
0.90
Incl.
1,212
1,236
24
0.81
0.30
1.2
136
1.16
1.07
1.15
And
1,264
1,999
735
0.47
0.14
1.0
39
0.62
0.59
0.62
Incl.
1,274
1,318
44
0.83
0.21
1.4
36
1.05
1.00
1.04
ATXD27A
1,172
1,626
454
0.48
0.13
0.9
121
0.67
0.62
0.66
And
1,636
2,148
512
0.58
0.27
1.7
18
0.83
0.78
0.83
Incl.
1,672
1,714
42
0.84
0.49
3.1
9
1.29
1.20
1.29
Incl.
1,888
1,920
32
0.77
0.31
1.7
19
1.06
1.00
1.05
(1) CuEq calculated using recoveries assumed in 2023 MRE (90% Cu, 70% Au, 80% Ag and 60% Mo) (See Company news dated September 12, 2023)
using the formula stated below:
Copper Equivalent (CuEq) is calculated using the formula CuEq % = Cu % + (6,481.488523 * Au g/t /10,000) + (94.6503085864* Ag g/t /10,000) +
(4.2328042328 * Mo g/t /10,000).
(2) 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 * (1,800/31.1034768))+(Ag g/t *
(23/31.1034768)) + ((Mo g/t / 10,000) * (20*22.0462))) / (3.15*22.0462).
(3) CuEq calculated using recoveries reported from metallurgical test work results reported in Company news dated October 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) * (1,800/31.1034768)) + ((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).
B2B Exploration
ATXD23B
(140°/-50°,
completed
at 1,999m) is a daughter hole from ATXD23A stepping out
100m above ATXD23A, and is approximately 100m along strike, to the north, of ATXD26. The drill
hole targeted updip extensions, toward surface, of high-grade mineralization intersected in
ATXD23A. From 1,723m to 1,897m, this hole intersected a zone of alteration and mineralization
like that intersected 100m above in ATXD23A. Results returned and reported here support the
interpretation of the extension of the B2B breccia updip of ATXD23A. Associated with this
mineralized intercept, and from 1,028m to 1,318m downhole is a zone of widespread
disseminated bornite mineralization which will be followed up on in Phase VI.
(Released today)
ATXD27A
(167°/-43°,
completed
at 2,148m) is a daughter hole from ATXD27 that was paused at
944 meters at the end of Phase IV. The target for ATXD27A was the northern extension of the
breccia corridor, 140m to the north of where the target was intersected in ATXD23A, and in an
area never tested before. ATXD27A drilled through host rock and from 1,043m to 1,397m and
entered a zone of alteration like that seen in drill holes ATXD23A and ATXD26. The hole was
completed at a length of 2,148m ending in early porphyry with chalcopyrite-bornite mineralization.
(Released today)
ATXD27B
(149°/-47°,
ongoing
at 1,257m) is the second daughter hole from ATXD27. The hole is
currently drilling in mineralized host rock and will be targeting the B2B zone 150m to the northeast
of the high-grade breccia intersected in ATXD26 and ATXD23A.
ATXD29A
(173°/-74°,
ongoing
at 1,154m) is a daughter hole from ATXD29 and is targeting the
B2B breccias approximately 100m updip from the intersections drilled in ATXD26 and ATXD23A.
ATXD25C
(098°/-66°,
ongoing
at 887m) is a daughter hole from ATXD25A and is designed to
test the potential link between the B2B breccia and the high-grade bornite zone intersected in
ATXD25A.
Valeriano Porphyry Exploration
ATXD25A
(102°/-47°,
completed
at 2,232m) continued from where it was paused at the end of
Phase IV at a depth of 1,454m, targeting the northernmost extensions of the known mineralized
footprint. ATXD25A is a daughter hole to the north of ATXD25 (862.2m of 0.62% CuEq (0.42%
Cu, 0.27 g/t Au, 1.72 g/t Ag and 26 g/t Mo), including 114m of 0.88% CuEq (0.54% Cu, 0.48 g/t
Au, 2.95 g/t Ag and 6 g/t Mo), within a broader interval of 350.2m grading 0.75% CuEq (0.45% Cu,
0.42 g/t Au, 2.60 g/t Ag and 3 g/t Mo))
ii
and intersected the targeted mineralized porphyry at
1,771m to its final downhole length of 2,232m. A bornite bearing hydrothermal breccia zone was
intersected from 1,892m to 1,902m, and the hole was completed at 2,232m downhole achieving a
new record hole length at Valeriano. As this deeper hydrothermal breccia is directly below
intersections in the B2B breccias, it could possibly be a feeder zone to these intersections.
(Partial
assays released on March 18, 2025
iii
)
ATXD25B
(092°/-47°,
completed
at 1,837m) is the second daughter hole from ATXD25 located
250m along strike from and following-up to ATXD25A. The hole was designed to test mineralized
intersections approximately 200m updip. ATXD25B intersected disseminated zones of potassic
alteration from 1,340m downhole, chalcopyrite from 1,337m to 1,837m and bornite from 1,249m to
1,646m.
(Assays pending)
ATXD22C
(257°/-74°,
completed
at 1,814m) is a daughter hole from ATXD22, designed to infill
drill and increase the confidence level of the Inferred Mineral Resource, drilling at nominal 150m
centres on previously defined high-grade zones within the existing porphyry footprint. The hole
intersected mineralized porphyry at 1,375m downhole, early porphyry from 1,580m to 1,666m, and
was completed in mineralized porphyry.
(Assays pending)
ATXD28
(293°/-76°,
completed
at 1,924m) is a parent hole from the same platform as ATXD19
and is being drilled from surface. The hole is designed to infill drill on previously defined high-grade
zones within the existing porphyry footprint to increase confidence in the Inferred Mineral Resource,
drilling at nominal 150m centres. The drill hole intersected early porphyry from 1,246m to 1,276m
and is currently drilling in mineralized porphyry.
(Assays pending)
ATXD22D
(217°/-72°,
ongoing
at 1,490m) is a daughter hole from ATXD22C and is designed to
test early porphyry mineralization on nominal 150m centres as part of the infill program.
ATXD28A
(311°/-76°,
ongoing
at 1,297m) is a daughter hole from ATXD28 and is designed to
test early porphyry mineralization on nominal 150m centres as part of the infill program.
Quality Control & Quality Assurance
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 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
Dr. Owen Hatton, PhD, MAusIMM, registered with the Australasian Institute of Mining and Metallurgy
(AusIMM), is the Qualified Person, as defined by Canadian Securities National Instrument 43-101
Standards for Disclosure for Mineral Projects ("NI 43-101"), for the Valeriano Copper-Gold Porphyry
Project. Dr. Hatton is the former Exploration Director of ATEX and currently is a Senior Geology Advisor,
therefore still not independent of ATEX for the purposes of NI 43-101. 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, located in the Atacama Region, Chile. 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 (Lundin Mining/BHP), Josemaria (Lundin Mining), Lunahausi (NGEx
Minerals), La Fortuna (Teck Resources/Newmont) and El Encierro (Antofagasta/Barrick Gold). The
Valeriano Project hosts a large copper gold porphyry mineral 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), as reported by
ATEX on September 12, 2023
iv
.
For further information, please contact:
Ben Pullinger,
President and CEO
Email:
Aman Atwal,
Vice President, Business Development and Investor Relations
Email:
1-647-398-9405
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: statements regarding the appoint and start date
of the new Chief Financial Officer and Corporate Secretary; plans for the evaluation of exploration
properties including the Valeriano Copper Gold Project; the success of evaluation plans; the success of
exploration activities especially to the significant expansion of the high-grade corridor; 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 V
and Phase VI programs 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.
________________________
i
See news release dated March 18, 2025, titled "ATEX Intersects 30 Metres of 4.40% CUEQ in Highest-Grade Porphyry Intersection at Valeriano
to Date".
ii
See news release dated April 30, 2024, titled "ATEX Step Out Drilling Intersects 114 Metres of 0.88% CuEq Within a Broader Interval of 862.2
Metres of 0.62% CuEq".
iii
See news release dated March 18, 2025, titled "ATEX Intersects 30 Metres of 4.40% CUEQ in Highest-Grade Porphyry Intersection at Valeriano
to Date".
iv
See NI 43-101 technical report titled "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile" by Joled
Nur, CCCRRM-Chile, and David Hopper, CGeol, with an effective date of September 1, 2023, filed at
www.sedarplus.ca
on October 25, 2023, 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/249287