ATEX Intersects 88 Metres of 1.03% CuEq Within 1,090 Metres of 0.81% CuEq Along High-Grade Porphyry Trend
ATEX Intersects 88 Metres of 1.03% CuEq Within
1,090 Metres of 0.81% CuEq Along High-Grade
Porphyry Trend
Toronto, Ontario--(Newsfile Corp. - June 2, 2025) - ATEX Resources Inc. (TSXV: ATX) ("ATEX" or the
"Company") is pleased to announce full assay results for drill hole ATXD28, the sixth hole from its
Phase V drill campaign at the Valeriano Copper-Gold Project ("Valeriano" or the "Project"), located in
the Atacama Region, Chile. The Company is currently undertaking a staged shutdown of its Phase V drill
program with remaining assay results expected to be released through July. The program's strategic
objectives are to delineate the high-grade B2B breccia zone and conduct infill and extensional drilling
along the high-grade porphyry trend, with the aim of supporting an updated Mineral Resource estimate
anticipated for release in H2 2025. The Company plans to commence its Phase VI drill program as early
as September and release an updated Mineral Resource Estimate thereafter. To date, ATEX has
completed approximately 16,600 metres of drilling in the Phase V program.
Highlights include:
ATXD28 targeting the high-grade component of Valeriano Porphyry intersected 88 metres ('m')
grading 1.03% copper equivalent ('CuEq') (0.78% Cu, 0.35 g/t Au, 2.4 g/t Ag, 18 g/t Mo) and
281m of 0.93% CuEq (0.55% Cu, 0.53 g/t Au, 3.3 g/t Ag, 4 g/t Mo) within a broader interval of
1,090m of 0.81% CuEq (0.56% Cu, 0.32 g/t Au, 1.8 g/t Ag, 57 g/t Mo) from 834m downhole.
ATXD28 drilled 160m north of high-grade porphyry drill hole VALDD13-014 (272m of 0.93%
CuEq (0.72% Cu, 0.28 g/t Au, 1.52 g/t Ag, 21 g/t Moi)) and 170m north of drill hole ATXD24
(670m of 0.84% CuEq (0.60% Cu, 0.24 g/t Au, 101 ppm Moii)). Visual details are provided in
Figure 2.
The broader intercept of 1,090m at 0.81% CuEq (0.56% Cu, 0.32 g/t Au, 1.8 g/t Ag, 57 g/t Mo)
highlights another significant and continuous well-mineralized interval consistent with our
expectation of the Valeriano Porphyry system.
ATXD28 demonstrates further continuity within the high-grade porphyry trend in an area
untested in previous exploration programs.
The high-grade porphyry trend remains open along strike to the southeast and
northwest.
"The Phase V drill program continues to deliver impressive results, advancing the Project across multiple
fronts," stated Ben Pullinger, President and CEO of ATEX. "The continuity demonstrated by this hole
along the high-grade porphyry trend enhances confidence in the geological model and is expected to
support the reclassification from the Inferred to the Indicated category in the next Mineral Resource
update expected later this year. With several assay results still pending and additional high-priority
targets identified, we are confident in the Project's continued positive momentum and look forward to
initiating the next phase of drilling in September."
Phase V Update - Nine Holes Completed and Five Drill Holes to Resume Drilling in Phase VI
To date, approximately 16,600 metres have been drilled as part of the Phase V program and a total of
nine holes (ATXD16B, 22C, 23A, 23B, 25A, 25B, 27A, 28, and 29) have been completed. ATEX is
demobilizing drill rigs into June and expects to commence its Phase VI campaign as early as September.
An additional five holes (ATXD22D, 25C, 27B, 28A, and 29A) have reached partial completion and will
resume as part of the Phase VI program (Tables 2 and 3). Pending assay results from seven drill holes
(ATXD25C, 27B, 29A, 22C, 25B, 22D, 28A) will be reported as they become available. Summary
information for these holes is provided in the following sections.
Using directional drilling techniques, ATEX has optimized efficiency, saving approximately 9,200 metres
of drilling compared to conventional methods. This approach has significantly enhanced the overall
effectiveness of the program.
Following the strong results from the Phase V drill program, the Phase VI campaign is anticipated to
begin in September. The program will aim to further define the geometry and improve the understanding
of the orientation of the high-grade breccia targets, while continuing to advance infill and expansion
drilling objectives (Figures 1 and 2).
Table 1 - Summary Results for ATXD28
Hole ID
From To Interval Cu Au Ag Mo CuEq %
MRS(1)(m) (m) (m) (%) (g/t) (g/t) (g/t)
ATXD28(2), (3), (4) 834 1,924 1,090 0.56 0.32 1.8 57 0.81
Incl. 1,098 1,188 90 0.71 0.30 1.4 80 0.95
Incl. 1,398 1,486 88 0.78 0.35 2.4 18 1.03
Incl. 1,643 1,924 281 0.55 0.53 3.3 4 0.93
(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) ATXD28 was composited at a cut-off of 0.3% CuEq and had a maximum internal dilution of 20m.
(3) Includes intervals of 7.3m from 1,554.7m to 1,562m, 15.25m from 1,585.25m to 1,600.5m, 20.05m from 1,608.3m to 1,628.4m and 10.2m from
1,632.3 to 1,642.5m where no drill core was recovered due to the use of a directional drilling tool.
(4) True width of mineralized intersection not known at this stage.
Figure 1. Long-Section with High-Grade Breccia and Cu/Au Porphyry Targets
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/254132_f6ceebee6472883b_001full.jpg
Figure 2. Plan Map, High-Grade Cu/Au Porphyry Trend
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/254132_f6ceebee6472883b_002full.jpg
ATDX28 and Phase V Drill Holes with Pending Assay Results and Phase VI Resumption
A discussion of hole ATXD28 is provided below along with an overview of completed drill holes, as well
as those being drilled up until the Phase V demobilization. Drilling activities are expected to resume with
the launch of the Phase VI campaign in September.
Valeriano Porphyry Exploration
ATXD28 (completed at 1,924 metres) is a parent hole from the same platform as ATXD19 (Phase
II) drilled from surface. The hole was designed to increase confidence in the Inferred Mineral
Resource, drilling at nominal 150 metre centres on previously defined high-grade zones within the
existing porphyry footprint.
The 88m (from 1,398m to 1,486m) interval grading 1.03% CuEq grade is associated with a
breccia body intersecting the mineralized Early Porphyry.
Directly below the strongly mineralized interval described above is 56m of NAVI drilling to
correct the downhole deviation. No core was recovered in this interval.
The last 281m (from 1,643m to 1924m) of this hole returned 0.93% CuEq, in potassic altered
Early Porphyry.
ATXD25B (completed at 1,837m) is the second daughter hole from ATXD25 located 250m along
strike from and following up on ATXD25A. The hole was designed to test mineralized intersections
approximately 200m up dip. 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. Assay
results are pending.
ATXD22C (completed at 1,814 metres) is a daughter hole of ATXD22 (Phase III), designed to infill
drill and increase the confidence level of the Inferred Mineral Resource, drilling at nominal 150
metre centres on previously defined high-grade zones within the existing porphyry footprint. This
hole is currently still drilling through host rock sequences. The hole intersected mineralized
porphyry at 1,375m downhole, Early Porphyry from 1,580m to 1,666m, and was completed in
mineralized porphyry. Assay results are pending.
ATXD22D (paused at 1,916 metres) is a daughter hole from ATXD22C and is designed to test
Early Porphyry mineralization on nominal 150m centres as part of the infill program. Assay results
are pending.
ATXD28A (paused at 1,918 metres) is a daughter hole from ATXD28 and is designed to test Early
Porphyry mineralization on nominal 150m centres as part of the infill program. Assay results are
pending.
B2B Zone Exploration
ATXD27B (paused at 1,632 metres) 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. Assays results are pending.
ATXD29A (paused at 1,934 metres) is a daughter hole from ATXD29 and is targeting the B2B
breccia approximately 100m up dip from the intersections drilled in ATXD26 and ATXD23A. It
intercepted 382m (1,123m to 1,505m) of mineralized breccia and 343m (from 1,508m to 1,851m)
of Early Porphyry. Assay results are pending.
ATXD25C (paused at 1,566 metres) 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.
Assay results are pending.
Table 2 - Detailed Results with Metallurgical Recoveries for Phase V Drill Holes to Date
Hole ID
From To Interval Cu Au Ag Mo CuEq %
In Situ(2)
CuEq %
MRS(1)
CuEq %
Met(3) Date
(m) (m) (m) (%) (g/t) (g/t) (g/t)
ATXD16B 1,044 1,824 780 0.56 0.23 0.9 90 0.82 0.76 0.81
March 18,
2025Incl. 1,364 1,690 326 0.71 0.29 1.1 87 1.02 0.95 1.01
Incl. 1,414 1,646 232 0.75 0.31 1.2 88 1.07 1.00 1.06
ATXD23A 822 2,042 1,220 0.66 0.28 1.9 130 0.99 0.91 0.98
March 18,
2025
Incl. 1,036 1,378 342 1.05 0.47 3.0 326 1.68 1.52 1.65
Incl. 1,092 1,378 286 1.17 0.53 3.4 340 1.86 1.69 1.83
Incl. 1,162 1,378 216 1.34 0.63 4.1 334 2.12 1.93 2.08
Incl. 1,226 1,378 152 1.52 0.75 4.9 161 2.30 2.12 2.28
Incl. 1,334 1,356 22 2.35 1.31 8.6 29 3.56 3.30 3.54
ATXD25A 1,230 1,832 602 0.40 0.16 1.0 57 0.58 0.54 0.57
April 22,
2025
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
April 22,
2025
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
April 22,
2025
And 1,636 2,148 512 0.58 0.27 1.7 18 0.84 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
ATXD28 834 1,924 1,090 0.56 0.32 1.8 57 0.88 0.81 0.87
June 2,
2025
Incl. 1,098 1,188 90 0.71 0.30 1.4 80 1.02 0.95 1.01
Incl. 1,398 1,486 88 0.78 0.35 2.4 18 1.10 1.03 1.10
Incl. 1,643 1,924 281 0.55 0.53 3.3 4 1.03 0.93 1.02
(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).
Table 3 - Phase V Drill Hole Summary
Hole ID UTMX
WGS8419S
UTMY
WGS8419S
Elevation
(m)
Kick-off
(m)
Start of Hole End of
Hole Status Length
(m)
Drilled
(m)1 Azi./Dip Azi./Dip
B2B Breccia
ATXD23A 414,623 6,779,921 4,346 515 134 / 81 161 / 50 Complete 2,042 1,527
ATXD23B 414,623 6,779,921 4,346 962 139 / 59 143 / 49 Complete 1,999 1,037
ATXD27A 414,558 6,780,399 4,424 794 153 / 72 175 / 31 Complete 2,148 1,354
ATXD27B 414,558 6,780,399 4,424 704 149 / 73 155 / 33 Paused 1,632 928
ATXD29 414,962 6,779,682 4,257 170 / 89 163 / 89 Complete 711 711
ATXD29A 414,962 6,779,682 4,257 355 313 / 88 289 / 74 Paused 1,934 1,580
Porphyry
ATXD16B 415,381 6,779,128 4,134 827 287 / 77 270 / 44 Complete 1,880 1,053
ATXD22C 415,187 6,779,412 4,134 667 261 / 89 286 / 66 Complete 1,814 1,148
ATXD22D 415,187 6,779,412 4,134 732 250 / 86 222 / 64 Paused 1,916 1,185
ATXD25A** 413,896 6,779,919 4,160 1,454 125 / 76 102 / 47 Complete 2,232 778
ATXD25B 413,896 6,779,919 4,160 765 100 / 60 89 / 32 Complete 1,837 1,072
ATXD25C 413,896 6,779,919 4,160 408 129 / 80 108 / 18 Paused 1,566 1,158
ATXD28 415,132 6,779,354 4,170 276 / 78 344 / 75 Complete 1,924 1,924
ATXD28A 415,132 6,779,354 4,170 970 291 / 78 353 / 74 Paused 1,918 947
Total 25,552 16,552
1 - Includes re-drilled meters (152.7m).
* Table contains preliminary data.
** ATXD25 was paused at 1,454.2m at the end of the Phase IV campaign and drilling resumed from this depth. Initial kick-off from ATXD25 was at
629.5m.
ATEX Announces Grant of Stock Options
ATEX announces that it granted an aggregate of 400,000 stock options to an officer of the Company.
Each option entitles the holder to acquire one common share at an exercise price of C$2.20 for a period
of five years in accordance with the Company's Stock Option Plan.
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
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 President and CEO 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, 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/BHP), Lunahausi
(NGEx Minerals), La Fortuna (Teck Resources/Newmont) and El Encierro (Antofagasta/Barrick). 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, 2023iii.
For further information, please contact:
Ben Pullinger,
President and CEO
Email: [email protected]
Aman Atwal,
Vice President, Business Development and Investor Relations
Email: [email protected]
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 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 Please 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, available at www.sedarplus.ca and
www.atexresources.com for additional details on the 2023 Mineral Resource Estimate for the Valeriano project.
ii See news release dated July 13, 2023, titled "ATEX Intersects 0.84% CuEq over 670 metres Widening the Central High-Grade Trend in the Last Drill