ATEX Receives Conditional Approval for Valeriano Acquisition Historical Drill Results Include 1,194 Metres Grading 0.73% Cu eq.
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ATEX Receives Conditional Approval for Valeriano Acquisition
Historical Drill Results Include 1,194 Metres Grading 0.73% Cu eq.
VANCOUVER, British Columbia, December 3, 2019 - ATEX Resources Inc. (TSXV:ATX)
("ATEX") is pleased to announce that the TSX Venture Exchange ( the "TSXV") has given
conditional approval for ATEX's acquisition of the Valeriano po rphyry copper gold project
("Valeriano"). With the conditional TSXV approval, ATEX shares will again commence trading
on the TSXV on December 5, 2019.
Valeriano, located in Chile's prolific El Indio Belt, 30 kilome tres north of the Veladero mine
(Barrick/Shandong) and immediately south and adjacent to the An tofagasta/Barrick El Encierro
project, overlies a large copper gold molybdenum-bearing porphyry system which has only been
partially tested by three diamond drill holes (see table 1 and figure 1) completed in 2013 by
Hochschild Mining plc ("Hochschild"). Two of the drill holes in tersected a potassic altered
granodiorite porphyry including drill hole VAL13-14 which retur ned 1,194 metres ("m") grading
0.52% copper ("Cu"), 0.24 grams per tonne gold ("g/t Au") and 3 6 parts per million ("ppm")
molybdenum ("Mo") or 0.73% Cu equivalent ("Cu eq") and included 416 m of granodiorite
porphyry which graded 0.67% Cu, 0.32 g/t Au and 31 ppm Mo for 0 .94% Cu eq. The drill hole
ended in mineralization.
"With the conditional approval of Valeriano copper gold project acquisition in hand, we can start
making the necessary preparations to commence exploration activ ities in the new year." stated
Carl Hansen, CEO of ATEX, "The previous Hochschild exploration activities, including
geophysics and limited drilling, demonstrated the presence of a large porphyry system at
Valeriano. It is our intent to commence a diamond drilling prog ram in early 2020 to establish the
potential of copper gold porphyry system."
In order to complete the upcoming exploration program, ATEX int ends to commence a financing
in the near term. Details on a pending financing will be annou nced when available. Completion
of a financing should provide for final TSXV approval of the Valeriano acquisition.
Table 1 – Assay results from historical Valeriano porphyry drilling (Hochschild 2012/13)
Hole # from to length Cu Au Mo Cu Eq Rock type
metres metres metres % g/t ppm %
VAL12-09 668 742 74 0.37 0.18 186 0.59 rhyolite & diorite porphyry
900 1,748 848 0.47 0.16 89 0.64 breccias & diorite
VAL13-14 614 1,808 1,194 0.52 0.24 36 0.73 multiple
including 614 1,170 556 0.45 0.20 44 0.63 rhyolite & diorite porphyry
and 1,170 1,704 534 0.61 0.29 36 0.86 granodiorite porphyry
including 1,288 1,704 416 0.67 0.32 31 0.94 granodiorite porphyry
including 1,596 1,670 74 0.85 0.41 13 1.19 granodiorite porphyry
and 1,704 1,808 104 0.37 0.20 3 0.53 inter-mineral porphyry
VAL13-16 270 446 176 0.24 0.28 121 0.52 rhyolite & diorite porphyry
476 520 44 0.37 0.19 70 0.55 rhyolite & diorite porphyry
576 1620.8 1,044.8 0.39 0.17 54 0.54 multiple
including 1214 1620.8 406.8 0.46 0.17 61 0.62 granodiorite porphyry
1. Intervals are composited at a 0.40 % Cu eq. cut-off.
2. Cu eq. grades are calculated based upon a Cu price of $2.60 per pound, Au price of $1,450 per ounce and Mo price of
$11.00 per pound (all prices in US$). Minor discrepancies may exist due to rounding. Metal recoveries were not considered.
3. Formula for Cu eq.% calculation: Cu eq%=(Cu %/100 * Cu $/tonne)+(Au g/t * Au $/gr.)+(Mo%/100 * Mo $/tonne) / Cu $/tonne
4. Insufficient information is available to estimate the true widths of the drill hole intervals or mineralized zone
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ATEX, through its Chilean subsidiary ATEX Valeriano SpA., may e arn up to a 100% interest in
the Valeriano property by means of an option agreement with Soc iedad Contractual Minera
Valleno, an arm’s length Chilean private company. ATEX's Septe mber 23, 2019 press release
provides further details on the Valeriano property acquisition agreements and historical
exploration activities.
NI 43-101 and Qualified Person Statements
Diamond drill core samples were prepared according to industry best practice under direct
supervision of Hochschild and shipped directly to ALS laborator ies in Chile for sample
preparation and analysis using ICP-MS and fire assay. Internal QA/QC, including use of industry
blanks and standards, was conducted by Hochschild. Drill hole a nd surface assays, geology
and drill hole locations are shown as recorded in the Hochschil d database as provided to ATEX
by the vendors. ATEX has reviewed and validated the integrity o f the data but has not
independently verified the accuracy of the assay results.
Cu eq. grades were calculated based upon a Cu price of $2.60 pe r pound, Au price of $1,450
per ounce and Mo price of $11.00 per pound (all prices in US$). Metal recoveries were not
used.
The scientific and technical information in this press release has been reviewed and approved
by David R. Hopper, a Qualified Person as defined by NI 43-101 Standards for Disclosure for
Mineral Projects. As the supervising geologist for the Hochschi ld exploration campaigns, Mr.
Hopper, confirms the veracity of the Hochschild data, based upon his personal knowledge of the
work undertaken and procedures used. David Hopper is a Chartere d Geologist of the
Geological Society of London, Fellow No. 1030584, and has over 25 years of relevant
experience in exploration of porphy ry-epithermal deposits. He r esides in Santiago, Chile and is
independent of ATEX within the meaning of NI 43-101.
A National Instrument 43-101 ("NI 43-101") compliant technical report on the Valeriano Project,
dated November 25, 2019, has been filed on www.sedar.com.
About ATEX Resources Inc.
ATEX is a TSXV-listed minerals exploration company focused on t he acquisition, development
and monetization of projects throughout the Americas.
On behalf of ATEX Resources Inc.
Carl Hansen, CEO
For more information, email [email protected] or call 604 684 7160.
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: the success of exploration activities; mine
development prospects; and, potential for future metals production. Often, but not always, forward-looking
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statements can be identified by t he use of words such as "plans ", "planning", "expects" or "does not
expect", "continues", "scheduled", "estimates", "forecasts", "i ntends", "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 in this news release including statements regarding the acquisition of the Valeriano property,
the receipt of TSXV approvals, and future exploration activitie s and the result of those exploration
activities.
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 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 indu stry; the results of
economic and technical studies, delays in obtaining governmenta l 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
assurance that forward-looking statements will prove to be accu rate, as actual results and future events
could differ materially from those anticipated in such statemen ts. Accordingly, readers should not place
undue reliance on forward-looking statements.
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV)
accepts responsibility for the adequacy or accuracy of this press release.
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Figure 1