ATEX Provides Update on Valeriano Copper Gold Project With Drilling Planned to Commence in January 2022
ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario M5C 3A1
ATEX Provides Update on Valeriano Copper Gold Project With
Drilling Planned to Commence in January 2022
TORONTO, ONTARIO, January 6 , 2022 - ATEX Resources Inc. (TSXV:ATX) ("ATEX") is
pleased to report that a contract has been signed with Atacama Drilling for two diamond drill rigs
to be mobilized to the Valeriano Copper Gold Project by m id-January 2022. A third rig is being
considered in order to expedite the exploration campaign.
The planned 6,000 metre drill program will follow up on the results from the 2013 historical drilling
which returned three diamond drill intersections from the Valeriano copper gold porphyry with a
1,194 metre interval from drill hole VAL13 -14 grading 0.73% copper equivalent (0.52% copper,
0.24 grams per tonne gold and 36 ppm molybdenum) including 493 metres grading 0.94% copper
equivalent (0.67% copper, 0.32 grams per tonne gold and 31 ppm molybdenum). The Valeriano
copper gold porphyry lies within a large surface alteration zone covering an area of approximately
13.0 by 4.5 kilometres extending from the Valeriano property northward over Antofagasta/Barrick
Gold’s El Encierro discovery.
In preparation for the upcoming drilling campaign, Southern Rock Geophysics is currently on site
conducting 102 stations of magnetotelluric (“MT”) and 330 line-kilometres of ground magnetics
covering the entire Valeriano property. The MT survey, which uses natural time variations of the
Earth's magnetic and electric fields to measure the subsurface electrical resistivity, has been
designed to take measurement to depths of 2,000 metres with the goal of confirming the trend of
the mineralized system and approximate boundaries of the Valeriano copper gold deposit.
“With the 2022 exploration season ramping up quickly, the following few months should be
exciting times for ATEX”, said Raymond Jannas, CEO of ATEX. “The majority of the necessary
exploration infrastructure is in place, with construction of the exploration camp in the final stages,
and all necessary permits are in hand. Upon completion of the geophysical survey, drill plans will
be finalized and drilling is scheduled to begin in mid -January. We anticipate that the drilling
program will be finished in March.”
The Valeriano copper gold deposit hosts an inferred r esource of 297.3 million tonnes grading
0.59% copper, 0.193 grams per tonne gold and 0.90 grams per tonne silve r (0.77% copper
equivalent) at a cut-off grade of 0.50% copper. Contained metal totals 1.77 million tonnes copper,
1.84 million ounces gold and 8.62 million ounces silver for 2.30 million tonnes copper equivalent.
See the September 29, 2020 ATEX press release for further information on the Valeriano copper
gold deposit inferred resource estimate.
National Instrument 43-101 Compliance
The Qualified Person, as defined by National Instrument 43 -101 of the Canadian Securities
Administrators, for the Valerian o Copper Gold Project is Sergio Diaz, a resident of La Senera,
Chile. Mr. Diaz is a Public Registered Per son for Reserves and Resources No. 51, in Chile and
is also registered in the Colegio de Geólogos de Chile under No. 315.
The resource estimate copper equivalent grade was calculated based upon a copper price of
$3.00 per pound, gold price of $1,800 per ounce and silver price of $25.00 per ounces (all prices
ATEX Resources Inc., 25 Adelaide Street East, Suite 1900, Toronto, Ontario M5C 3A1
2
in US$). Metal recoveries were not considered. The formula used for the copper equivalent
calculation was: Cu Eq% = (Cu ppm/10,000) + (Au g/t * Au $/ oz/ 22.0462 * 31.1035*Cu price) + (Ag g/t * Ag price /
22.0462 * 31.1035*Cu price)
About ATEX Resources Inc.
ATEX is a mineral exploration company focused on the acquisition, development and
monetization of projects throughout the Americas. ATEX’s flagship Valeriano Copper Gold Project
is located in Chile’s prolific El Indio Mineral Belt.
For further information, please contact:
Raymond Jannas,
President and CEO
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 of exploration activities and receipt of exploration results; the interpretation and actual
results of current exploration activities; changes in project parameters as plans continue to be r efined; 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; as well as those factors disclosed in ATEX’s publicly filed documents.
Although ATEX has attempted to identify impo rtant 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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responsibility for the adequacy or accuracy of the content of this news release.