Atex Mobilizes Drill Contractor FOR Phase III Program and Makes Third Option Payment ON Valeriano
ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario M5C 3A1
ATEX MOBILIZES DRILL CONTRACTOR FOR PHASE III PROGRAM
AND MAKES THIRD OPTION PAYMENT ON VALERIANO
TORONTO, ONTARIO, September 12, 2022 - ATEX Resources Inc. (TSXV:ATX) ("ATEX") is
pleased to provide an update on preparation for its upcoming Phase III drill campaign at the
Valeriano Copper Gold Project (“Valeriano” or the “Project”) located in Atacama Region, Chile.
Highlights include:
• Mobilization of Recon Drilling (subsidiary of Geodrill Ltd.) to commence drilling
in early October.
• Completion of third option payment, under the terms of the amended option
agreement, leaving two more payments to earn 100% of the Project.
• Commence m obilization and installation of ATEX field camp with initial
occupancy scheduled for late September.
• Clearing and rehabilitation of approximately 40 kilometres of the Project access
road commenced in mid-August.
• Selected and shipped t wo composite samples of porphyry copper gold
mineralization for initial metallurgical test work.
“This has been a transformative year for ATEX as we successfully intersected and expanded
porphyry mineralization at Valeriano and now have the financing in place to follow up on the
outstanding Phase II results with a much larger program,” stated Raymond Jannas, President and
CEO of ATEX. “We are in the process of ramping up our preparation to commence the Phase III
program. Additionally, we a re excited to be partnering with Recon Drilling for this campaign.
Recon’s extensive international experience with directional drilling will allow us to maximize the
efficiency of our program resulting in less metres required to be drilled, quicker completion of
more target intersections and using fewer drill pads. This will de-risk our program significantly and
allows for increased flexibility as we drill and, seek to grow the deposit.”
Phase III Drill Program
The upcoming Phase III drill program consists of an initial 10,000 metres of directional diamond
drilling. The holes considered in this program includes new holes and plans to leverage existing
holes that can be reentered, extended and finished in a different orientation . This is achieved
using directional drilling equipment and establishing multiple daughter holes drilled in various
orientations to test multiple targets. Dependent on the s uccess of this initial 10,000 metre
program, the program may be expanded by another 10,000 metres.
The Phase III objectives are:
1. Follow up on the VALDD-14 to ATXD-17 high grade trend copper-gold seeking to extend
it along strike as well as down and up dip of existing holes;
ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario M5C 3A1
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2. Test new geophysical targets including the targets defined in geophysical surveys
indicating potential for other high-grade trends; and
3. Drilling to expand the current footprint of the defined copper-gold mineralized envelope.
Option Agreement
To date, ATEX has completed three payments under the amended option agreement with the
third payment, US$250,000 , being made at the end of August 2022 (See Company releases,
dated September 23, 2019 and February 1, 2021, and MD&A for full option details). Under the
terms of the amended option agreement there are two outstanding payments to be made in order
to earn 100% of the Valeriano project. The remaining US$11,500,000 are payable in two tranches,
the first (US$3,500.000) by September 1st, 2023, and the second (US$8,000,000) by September
1st, 2025, and are partially payable in ATEX common shares.
Metallurgical Testing
ATEX has begun a preliminary metallurgical testing program with the collection of two composite
samples of copper gold porphyry mineralization for preliminary flotation tests. The two samples,
grading 0.75% and 1.00% copper equivalent, consist of approximately 25 kilograms each of
diamond drill core selected from drill hole ATXD -17. The samples have been couriered to
Advanced Mineral Technology Laboratory , London, Ontario, a company specializing a
metallurgical testing. Results are anticipated during the fourth quarter 2022.
Investor Relations
ATEX has entered into a n agreement with Adelaide Capital Markets Inc. (“Adelaide”), Toronto,
Ontario, to provide investor relations se rvices to ATEX. Under the terms of the agreement,
Adelaide will receive C$10,000 per month commencing September 1, 2022 for a period of three
months. Adelaide will provide services including updating and creating corporate content,
assisting with public reporting and filings, hosting virtual webinars and shareholder engagement.
Adelaide is independent of ATEX and is a full-service investor relations firm specializing in
providing services to small and mid-cap companies throughout North America.
About the Valeriano Copper Gold Deposit
The Valeriano Project 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 a number of 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).
Qualified Person
Mr. Ben Pullinger, P.Geo. registered with the Professional Geoscientists Ontario, is the Qualified
Person, as defined by Canadian Securities National Instrument 43-101 Standards for Disclosure
for Mineral Projects, for the Valeriano Copper Gold Porphyry Project. Mr. Pullinger is the 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.
ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario M5C 3A1
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For further information, please contact:
Raymond Jannas,
President and CEO
Email: [email protected]
Ben Pullinger,
Senior Vice President of Exploration and Business Development
Email: [email protected]
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. Forward -
looking statements include, but are not limited to: 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; and, potential for future metals production. 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 o f
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 o r 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: changes in econo mic 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; changes in project parameters as plans continue to be refined; the results of regulatory and permitting
processes; future metals price; possible varia tions 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; 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 resu lts 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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responsibility for the adequacy or accuracy of the content of this news release.