ATEX Metallurgical Testing Achieves 70.8% Recoveries From Valeriano Oxide Gold Deposit
ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario, M5C 3A1
ATEX Metallurgical Testing Achieves 70.8% Recoveries
From Valeriano Oxide Gold Deposit
TORONTO, Canada, March 8, 2021 - ATEX Resources Inc. (TSXV:ATX) ("ATEX”) is
pleased to announce the metallurgical test results from 13 bott le roll leach tests from the
Valeriano Oxide Gold Deposit. Table 1 provides details from the metallurgical program.
Highlights from the metallurgical testing include:
average gold recoveries of 70.8%;
significant amounts of exposed gold at coarse sizes were visib le; and
average NaCN consumption of 0.29 kg/t and average lime consump tion of 7.0 kg/t (see
“Discussion”).
“The positive results from the preliminary metallurgical progra m represent a significant step
forward towards the potential development of the Valeranio Oxid e Gold Deposit by
demonstrating that the oxide gold mineralization at Valeriano i s amenable to heap leach
processing”, said Raymond Jannas, CEO of ATEX. “While the main goal of the ongoing
3,000 metre drill program is to expand the existing near surfac e oxide gold resource and
convert a portion of inferred gold resource to the measured and indicated categories, the
drill program will also provide addition samples for further de tailed metallurgical test work
with results available during the second half of 2021.”
Table 1 – Metallurgical Test Results, Valeriano Oxide Gold Deposit
Composite
Sample
Crush Size Head Grade Gold
Recovery
NaCN
Consumption Ca(OH)2 Sample
Location
(P80 - mm) (g/t Au) (%) (kg/t) (kg/t) (drill hole #)
172488 2.68 0.695 77 0.30 1.04 VALDD12-009
172498 2.61 0.504 67 0.18 0.82 VALDD12-009
172499 2.58 0.600 78 0.20 2.77 VALDD12-009
172505 2.57 0.891 89 0.29 0.78 VALDD12-009
172528 2.79 0.727 69 0.39 0.71 VALDD12-009
173035 2.57 0.270 66 0.33 13.78 VALDD12-010
173036 2.80 0.540 76 0.47 25.74 VALDD12-010
173043 2.66 0.346 59 0.54 21.47 VALDD12-010
173048 2.80 0.328 63 0.45 6.31 VALDD12-010
173072 2.60 0.412 52 0.24 12.55 VALDD12-010
184069 2.27 0.550 75 0.19 2.13 VALDD12-011
184830 3.19 0.409 60 0.03 2.22 VALDD12-012
185536 2.77 0.200 87 0.18 1.16 VALDD13-013
Discussion
Ca(OH)2, (lime) consumption average 7.0 kilograms per tonne, however, this figure was
impacted by elevated consumption associated with samples collec ted from drill hole
VALDD012-010 which occurs adjacent to but outside the 0.275 g/t Au resource envelope.
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Removing the results from VALDD012-010 from the study decreases lime consumption to
1.45 kg/t while gold recoveries increase to 75.3%. Core from VA LDD012-010 will be
examined to determine the cause of the elevated lime consumption.
NaCN consumption averaged 0.29 kilograms per tonne. While bott le roll tests are not
particularly useful in predicting actual NaCN consumption, the results are indicative of
potential issues. No issues were noted during the test work.
While the samples were being prepared, Advanced Mineral Technol ogy Laboratory Ltd.
(“AMTEL”) noted that significant a mounts of exposed gold at coa rse sizes were visible.
Studies are being undertaken to characterize the nature of gold mineralization.
Summary of Metallurgical Test Protocols
Thirteen metallurgical test samples, varying from 4 to 6 kilogr ams, were collected from
diamond drill core sample rejects from Hochschild Mining’s 2012 -2013 drill program. The
availability of diamond drill holes which cut the Valeriano Gol d Oxide deposit was limited.
The samples were shipped to the AMTEL laboratory located in Lon don, Canada. AMTEL
was responsible for all aspects of the metallurgical test work.
Samples were crushed to a target size of P80 2 mm and split to 1,000 gram charges for
testing. The bottle roll leach tests were performed at 60% soli ds : 40% liquids, under
intensive leach conditions of 5 g/L NaCN for a period of 24 hou rs. The samples were split
into representative aliquots for study and assay. Duplicate fir e assays were performed on
head samples, and single assays were performed on ‘coarse’, CIL and pulverized CN
residues. Fire assay were checked by internal AMTEL QA-QC samples.
Valeriano Oxide Gold Resource Estimate
The Valeriano epithermal oxide gold deposit contains 0.585 mill ion ounces of gold and 2.65
million ounces of silver for 0.623 million gold equivalent ounc es in the inferred category
hosted in 34.4 million tonnes at a grade of 0.528 grams per ton ne (‘g/t”) gold and 2.4 g/t
silver for a gold equivalent grade of 0.561 g/t at a 0.275 g/t gold cut-off grade.
The mineral resource is not confined by economic or mining para meters. Equivalent grades
are calculated based upon a gold price of $1,800 per ounce and a silver price of $25.00 per
ounce. The formula for the equivalent grade calculations are a s follows: Aueq g/t =Augt + (Ag
g/t*Agprice / Au price). All prices are in US$.For further details on the Valeriano r esource
estimates, see ATEX’s “NI 43-101 Technical Report Valeriano Pro ject Inferred Resources
Estimates” dated November 13, 2020 filed at www.sedar.com.
NI 43-101 Disclosure
David Hopper, a geological consultant and resident of El Arrayá n, Santiago, Chile, is the
qualified person (“QP”), as defined by National Instrument 43-1 01 Standards for Disclosure
for Mineral Projects, for the V aleriano Project. Mr. Hopper is a Chartered Geologist of the
Geological Society of London, Fellow No. 1030584. The Valeriano Project resource
estimates were undertaken by SRK Consulting (Chile) SpA. Joled Nur, Civil Mining
Engineer, SRK Consulting (Chile) SpA, a member of the Public Re gister of Competent
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Persons in Mining Resources and Reserves of Chile, No. 181, was the independent QP
who prepared the resource estimates.
About ATEX Resources Inc.
ATEX is a mineral exploration company focused on the acquisitio n, development and
monetization of projects throughout the Americas. ATEX’s flagsh ip Valeriano Project is
located in Chile’s prolific El Indio Mineral Belt.
On behalf of ATEX Resources Inc.
Dr. Raymond Jannas, CEO
For additional information, please email rjannas@atexresources. com or call 1-647-287-
3778
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This news release contains forwa rd-looking statements, includin g predictions, projections and forecasts.
Forward-looking statements include, but are not limited to: pla ns for the evaluation of the Valeriano
property; the success of evaluat ion plans; the success of explo ration activities; mine development
prospects; and, potential for fu ture metals production. Often, but not always, forward-looking statements
can be identified by the use of words such as "plans", "plannin g", "expects" or "does not expect",
"continues", "scheduled", "estima tes", "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 involv e known and unknown risks, fut ure events, conditions, uncertainties
and other factors which may cause the actual results, performan ce or achievements to be materially
different from any future results, prediction, projection, forecast, performance or achievements expressed
or implied by the forward-looki ng statements. Such factors incl ude, among others, changes in economic
parameters and assumptions, the interpretation and actual resul ts of current exploration activities;
changes in project parameters as plans continue to be refined; the conversion of inferred resources to the
measured and indicated category; the timing of metallurgical te st results; the results of regulatory and
permitting processes; future meta ls price; possible variations in grade or recovery rates; failure of
equipment or processes to operate as anticipated; labour disput es and other risks of the mining industry;
the results of economic and technical studies, delays in obtain ing governmental approvals or financing or
in the completion of exploration, as well as those factors disclosed in ATEX's publicly filed documents.
Although ATEX has attempted to identify important factors that could cause actual a ctions, events or
results to differ materially from those described in forward-lo oking statements, there may be other factors
that cause actions, events or res ults not to be as anticipated, estimated or intended. There can be no
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