ATEX Record Phase VI Program Expands the High-Grade B2B Breccia Strike by 50% and Discovers New Mineralization Beyond B2B to the East and North Phase VII Program Set to Advance Multiple High-Priority Valeriano Targets Ahead of Updated
ATEX Record Phase VI Program Expands the
High-Grade B2B Breccia Strike by 50% and
Discovers New Mineralization Beyond B2B to
the East and North
Phase VII Program Set to Advance Multiple High-Priority Valeriano Targets Ahead of Updated
Mineral Resource Estimate in 2H 2027
Advancing New Regional Exploration to Demonstrate District-Scale Opportunity
Toronto, Ontario--(Newsfile Corp. - September 16, 2026) -
ATEX Resources Inc. (TSX: ATX)
OTCQX: ATXRF)
("
ATEX
" or the "
Company
") is pleased to announce interpretations and key findings
from its Phase VI drill program at the Valeriano Copper-Gold Project ("
Valeriano
" or the "
Project
"),
located in the Atacama Region, Chile. The Phase VII drill program is expected to commence in early Q4
2026, with further details to be provided closer to its start.
Highlights include:
Phase VI was the largest drill campaign completed by ATEX at Valeriano,
totaling
approximately 28,400m of drilling, exceeding the original 25,000m target and representing an
increase of more than
70%
over Phase V.
Phase VI delivered several of the highest-grade and most significant drill intercepts
in ATEX's exploration history,
highlighted by ATXD25C
i
with
40m of 4.83% CuEq
within
86m of 3.84% CuEq,
ATXD23C
ii
with
78m of 3.03% CuEq,
ATXD26B
iii
with
186m of
2.15% CuEq
andATXD32
iv
with
56m of 2.36% CuEq, all within the high-grade B2B
breccia.
B2B high grade breccia was materially expanded and the system remains open in
all directions
, with Phase VI drilling extending high-grade breccia mineralization by
approximately 200m to the south,
increasing the interpreted strike length by 50% to
approximately 600m
.
Exploration opportunity is growing beyond the high-grade B2B breccia
,with the
broader mineralized corridor expanding approximately
200m east at the higher B2B
elevation
,and an approximate
150m true-width zone
of mineralized host rock identified
north of B2B.
Porphyry-related mineralization
established across an approximate
1.8-kilometre north-
south corridor
, with step-out targets intersecting porphyry alteration pointing to a
potentially much larger mineralized system.
Directional drilling
and wedging saved approximately
12,000m
of drilling during Phase VI,
reducing costs, time and surface disturbance.
Following record snowfall in the Atacama region,
Phase VII drilling
is expected to commence in
early October
targeting a growing pipeline of B2B and high-grade porphyry targets, as well
as broader system opportunities ahead of an updated Mineral Resource Estimate in 2H
2027
.
Chris Beer, Interim President and CEO, commented,
"One of the most important outcomes of Phase VI
has been the evolution of our geological interpretation of the high-grade B2B zone and the
surrounding system. We entered the program intending to test a series of geophysical anomalies as
potentially separate B2B-style breccia bodies. As drilling progressed, it became clear that several of
these targets are better understood as extensions of, or closely related to a larger, higher-grade B2B
mineralized system. Rather than viewing B2B as a discrete breccia body, we now recognize a broader,
high-grade mineralized footprint incorporating multiple breccia and porphyry phases, mineralized host
rocks and high-grade zones. Results from across Phase VI, including mineralization encountered
within rhyolitic host rocks both adjacent to and beyond B2B, provide increasing evidence that the
high-grade mineralization extends well beyond the confines of the breccia itself within the upper fertile
horizon surrounding B2B.
"Phase VI has been a highly successful program that materially advanced Valeriano on several
fronts. We completed approximately 28,400 metres of drilling, exceeding our original 25,000-metre
target, while significantly expanding and improving our understanding of the high-grade B2B zone.
Drilling has now traced B2B over approximately 600 metres of strike, extended high-grade
mineralization to the north, south and at depth, and delivered multiple high-grade intersections. At the
same time, step-out drilling expanded the broader mineralized footprint to the east and also identified
porphyry-related mineralization across an approximately 1.8-kilometre north-south corridor.
Collectively, these results demonstrate not only the continuity and growth potential of B2B, but also
the potential for a substantially larger mineralized system surrounding it. Phase VI has given us a
much stronger understanding of the architecture of Valeriano and, importantly, a growing pipeline of
targets as we move into the next phase of exploration in Phase VII.
"Beyond Valeriano, the acquisition of the Nuevo Horizonte land package earlier this year expanded
our land package by over 50% to approximately 25,000 hectares and provides ATEX with an
opportunity to evaluate the broader district-scale prospectivity. We are progressing the environmental,
social, geochemical and geophysical assessments required to further advance the Nuevo Horizonte
targets, which exhibit porphyry alteration signatures ranging in scale from comparable to Valeriano to
potentially larger. We will provide more information as work advances."
Phase VI - Record Drilling Delivers Expansion of B2B and the Broader Valeriano System
The Phase VI drill program completed a record approximately
28,400 metres of directional diamond
drilling
, exceeding the original 25,000m target and representing an increase of approximately 11,800m,
or more than 70%, compared with the approximately 16,600m completed during Phase V. The program
utilized six drill rigs and represented the largest drill campaign completed by ATEX at Valeriano to date.
The Company continued to leverage directional drilling and wedging from existing drill holes, allowing
multiple targets to be tested from established parent holes rather than drilling each hole from surface.
This approach
saved approximately 12,000 metres of otherwise required drilling
, significantly
reducing drilling time and costs while improving targeting efficiency and minimizing the surface footprint
of the program.
Phase VI exploration was designed to build on the success of Phase V through the following principal
objectives:
1
.
Growth and Definition of the High-Grade B2B Zone
- expanding and better defining the
geometry, continuity and scale of B2B, particularly along strike and at depth.
2
.
Discovery of New High-Grade Breccia Zones
- systematically testing B2B-analogous
geophysical targets to the north, south and east of the known B2B system.
3
.
Expansion of the Broader Valeriano Porphyry System
- testing the limits of the mineralized
porphyry system through step-out drilling.
Phase VI drilling expanded and better defined the high-grade B2B Zone, extending the high-grade core
100m north and tracing breccia mineralization over approximately
600m o
f
strike, a 50% increase
from its previously interpreted approximately 400m strike length. Drilling also demonstrated continuity at
depth, better defined the geometry and margins of the breccia and supported connectivity between B2B
and the underlying high-grade porphyry system. Importantly, the program also demonstrated that
mineralization extends well beyond the high-grade B2B breccia. Drilling expanded the broader B2B
mineralized footprint by at least 135m to the east, with additional drilling subsequently extending the
broader mineralized corridor approximately
200m east
. Regional step-out drilling intersected porphyry-
related mineralization and alteration to both the north and southeast, establishing an approximate
1.8-
kilometre north-south mineralized corridor
and demonstrating that the broader Valeriano system
remains open. More recent Phase VI drilling has also identified mineralization and porphyry-style
geological indicators more than 400m north of B2B and additional mineralization south of Valeriano,
providing new vectors for follow-up exploration.
Approximately 15,350m targeted the high-grade B2B Zone, 11,400m tested nearby high-grade breccia
targets and 1,650m tested porphyry extensions. Collectively, the program has significantly improved
ATEX's understanding of the scale, geometry and controls on high-grade mineralization at Valeriano
while establishing a strong pipeline of targets for follow-up drilling.
The Phase VI campaign delivered several of the highest-grade and most significant drill intercepts in
ATEX's exploration history. Drill hole highlights included the following:
ATXD25C (December 18, 2025)
v
- Delivered one of the highest-grade B2B intersections to date,
returning
40m
of
4.83% CuEq
(2.76% Cu, 1.88 g/t Au, 10.0 g/t Ag and 43 g/t Mo) within
86m
of
3.84% CuEq
(2.28% Cu, 1.41 g/t Au, 7.9 g/t Ag and 48 g/t Mo), within a broader
164m
of
2.77%
CuEq
(1.69% Cu, 0.97 g/t Au, 5.5 g/t Ag and 43 g/t Mo).
ATXD26B (February 12, 2026)
vi
- Returned a long, high-grade B2B intersection of
186m
of
2.15% CuEq
(1.33% Cu, 0.72 g/t Au, 4.0 g/t Ag and 80.8 g/t Mo) within a record broader, high-
grade interval of
887m
of
1.06% CuEq
(0.65% Cu, 0.35 g/t Au, 2.1 g/t Ag and 87.6 g/t Mo). The
hole extended B2B approximately 100m down-dip and demonstrated continuity into the underlying
high-grade porphyry system.
ATXD32 (February 12, 2026)
vi
- Extended the high-grade core of B2B approximately 100m to the
north along strike, intersecting
56m
of
2.36% CuEq
(1.49% Cu, 0.78 g/t Au, 4.9 g/t Ag and 20.6
g/t Mo) within a broader
592m
of
1.04% CuEq
(0.69% Cu, 0.29 g/t Au, 1.6 g/t Ag and 105.5 g/t
Mo), within a broader
1,080m
of
0.89% CuEq
(0.53% Cu, 0.31 g/t Au, 1.6 g/t Ag and 73.1 g/t Mo).
The hole demonstrated that the high-grade B2B system remained open to the north.
ATXD34 (March 16, 2026)
vii
- Significantly expanded the broader B2B mineralized footprint to the
east, intersecting
172m
of
0.80% CuEq
(0.56% Cu, 0.16 g/t Au, 0.9 g/t Ag and 167.0 g/t Mo)
within a broad
834m
of
0.66% CuEq
(0.48% Cu, 0.13 g/t Au, 1.0 g/t Ag and 90.2 g/t Mo),
extending mineralization at least 135m east of B2B.
ATXD23C (July 8, 2026)
viii
- Delivered another high-grade B2B intersection, returning
20m
of
4.10% CuEq
(2.53% Cu, 1.39 g/t Au, 9.3 g/t Ag and 84.0 g/t Mo) within
78m
of
3.03% CuEq
(1.91% Cu, 0.99 g/t Au, 6.6 g/t Ag and 107.2 g/t Mo), within
124m
of
2.65% CuEq
(1.67% Cu,
0.86 g/t Au, 5.5 g/t Ag and 102.4 g/t Mo). The hole further defined the southern B2B geometry and
demonstrated continuity between the high-grade breccia and underlying high-grade porphyry
system.
ATXD19B
(August 26, 2026)
ix
- Wedged from ATXD19A, which extended B2B to the south;
ATXD19B returned multiple high-grade intersections, including
37m
of
1.72% CuEq
(0.93% Cu,
0.71 g/t Au, 4.2 g/t Ag and 2 g/t Mo) within a broader interval of
446m
of
0.74% CuEq
(0.45% Cu,
0.25 g/t Au, 1.6 g/t Ag and 23 g/t Mo). Mineralization remains open, providing a target for follow-up
drilling in Phase VII.
ATXD25E
(August 26, 2026)
ix
- Demonstrated substantial width and continuity within the B2B
mineralized system, returning
20m
of
1.70% CuEq
(1.08% Cu, 0.56 g/t Au, 3.1 g/t Ag, 12 g/t Mo)
within
66m
of
1.30% CuEq
(0.84% Cu, 0.41 g/t Au, 2.5 g/t Ag and 10 g/t Mo), and a separate
294m
of
1.05% CuEq
(0.63% Cu, 0.38 g/t Au, 2.5 g/t Ag and 17 g/t Mo) interval, all within a broad
884m
of
0.79% CuEq
(0.52% Cu, 0.22 g/t Au, 1.6 g/t Ag and 46 g/t Mo), and extended its known
limits to the east.
ATXD31B
(August 26, 2026)
ix
- Further defined the northern margin of B2B, returning
10m
of
2.22% CuEq
(1.36% Cu, 0.79 g/t Au, 3.2 g/t Ag, 3 g/t Mo) within
22m
of
1.74% CuEq
(1.10% Cu,
0.59 g/t Au, 2.5 g/t Ag and 9 g/t Mo), plus a separate
118m
of
0.87% CuEq
(0.45% Cu, 0.38 g/t
Au, 1.5 g/t Ag and 6 g/t Mo) interval. The hole also returned
543m
of
0.82% CuEq
(0.54% Cu,
0.24 g/t Au, 1.5 g/t Ag and 46 g/t Mo) in a separate mineralized interval and helped define an
approximately 150m true-width zone of mineralized host rock immediately north of B2B.
Overall, Phase VI achieved its core objective of growing and better defining the high-grade B2B Zone
while demonstrating that the exploration opportunity at Valeriano extends beyond B2B. The combination
of repeated high-grade copper-gold intersections, expansion of B2B along strike and at depth, broad
mineralized intervals surrounding the breccia and regional drilling that continues to encounter porphyry-
related mineralization outside the known system provides a strong foundation for the next phase of
exploration.
Figure 1. Plan Map of Phase VI Drill Holes and Expansion Opportunities
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/314659_atex1.jpg
Figure 2. Plan Map of Phase VI Collars and Drill Platform Utilization
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/314659_d2df4ade24e70be0_009full.jpg
Phase VII Preliminary Exploration Outlook
Phase VII is expected to build directly on the geological advances made during Phase VI, with the
program focused on expanding known high-grade mineralization at the B2B elevation while testing
several priority opportunities across the broader Valeriano system. The improved geological model
developed through Phase VI has provided ATEX with a clearer understanding of the controls on
mineralization and has identified multiple areas where the B2B system remains open along strike,
laterally and at depth.
The program is expected to balance near-B2B expansion opportunities with broader exploration targets.
Priority areas include potential extensions of B2B and the underlying high-grade porphyry system,
prospective areas surrounding the expanded B2B mineralized footprint, and targets along geological
and geophysical trends that may represent extensions or additional centres of mineralization. Phase VII
will also evaluate opportunities for mineralization closer to surface.
In addition, ATEX is evaluating the exploration potential at Nuevo Horizonte, located southwest of the
Valeriano project, as part of its broader regional exploration strategy. Drilling at the Nuevo Horizonte
targets will be subject to the advancement of ongoing environmental, social, geochemical and
geophysical assessments. The area represents a significant opportunity to explore ATEX's significant
land position encompassing 25,000 hectares. Further details will be provided as the Phase VII program
advances.
Collectively, Phase VII provides ATEX with a diverse pipeline of opportunities ranging from expansion of
known high-grade mineralization to larger-scale discovery targets at Valeriano and, potentially, initial
testing of Nuevo Horizonte. Further details regarding the scope, timing and specific targets of the Phase
VII program will be provided closer to the commencement of drilling, expected in early October.
Table 1 - Phase VI Drill Hole Summary
Hole ID
From (m)
To (m)
Interval (m)
Cu (%)
Au (g/t)
Ag (g/t)
Mo (g/t)
CuEq %
(1)
Date
ATXD25C
1,302
1,886
584
0.83
0.39
2.2
65
1.27
18-Dec-25
Incl.
1,558
1,722
164
1.69
0.97
5.5
43
2.77
Incl.
1,558
1,644
86
2.28
1.41
7.9
48
3.84
Incl.
1,604
1,644
40
2.76
1.88
10
43
4.83
ATXD26B
763
1,650
887
0.65
0.35
2.1
87.6
1.06
Incl.
1,014
1,462
448
0.94
0.51
2.9
70.9
1.52
Incl.
1,076
1,262
186
1.33
0.72
4
80.8
2.15
Incl.
1,332
1,394
62
1.12
0.69
4.3
24.2
1.89
And
1,468
1,650
182
0.4
0.32
1.9
16.4
0.75
ATXD32
760
1,840
1,080
0.53
0.31
1.6
73.1
0.89
12-Feb-26
Incl.
846
1,438
592
0.69
0.29
1.6
105.5
1.04
Incl.
1,228
1,284
56
1.49
0.78
4.9
20.6
2.36
Incl.
1,322
1,390
68
0.95
0.49
2.6
13
1.49
Incl.
1,558
1,702
144
0.46
0.55
2.7
2
1.06
And
2,010
2,134
124
0.28
0.34
2
8.5
0.66
ATXD34
778
1,612
834
0.48
0.13
1
90
0.66
Incl.
912
1,084
172
0.56
0.16
0.9
167
0.8
16-Mar-26
Incl.
1,174
1,246
72
0.63
0.14
0.9
63
0.8
ATXD33
1,102
1,300
198
0.1
0.03
0.3
22
0.14
And
1,554
1,688
134
0.1
0.02
0.3
38
0.13
ATXD25D
1,208
1,826
618
0.4
0.1
0.7
110.9
0.54
Incl.
1,388
1,662
274
0.43
0.11
0.7
138.2
0.6
ATXD26C
660
1,452
792
0.51
0.15
1
114.2
0.71
Incl.
870
1,176
306
0.59
0.17
1
138.1
0.82
26-May-26
And Incl.
1,238
1,350
112
0.59
0.16
1
53.7
0.78
ATXD35
48
58
10
1.99
0.27
8.6
1.5
2.34
And
1,232
1,632
400
0.42
0.1
1
67.1
0.56
Incl.
1,580
1,632
52
0.45
0.17
1.7
30.1
0.65
ATXD23C
916
1,608
692
0.72
0.31
1.9
157.4
1.11
Incl.
1,074
1,384
310
1.02
0.45
2.8
192
1.59
And Incl.
1,236
1,360
124
1.67
0.86
5.5
102.4
2.65
And Incl.
1,240
1,318
78
1.91
0.99
6.6
107.2
3.03
08-Jul-26
And Incl.
1,260
1,280
20
2.53
1.39
9.3
84
4.1
ATXD31A
1,304
1,834
530
0.47
0.2
1.1
52.4
0.71
Incl.
1,638
1,722
84
0.62
0.3
1.7
12.4
0.96
And Incl.
1,748
1,812
64
0.52
0.45
2.3
3.5
1.02
ATXD19A
828
1,056
228
0.54
0.23
1.0
129
0.84
Incl.
852
916
64
0.66
0.29
1.3
103
1.01
And
1,218
1,464
246
0.45
0.17
1.1
114
0.67
Incl.
1,228
1,280
52
0.65
0.26
1.7
252
1.03
ATXD19B
1,287
1,733
446
0.45
0.25
1.6
23
0.74
And Incl.
1,696
1,733
37
0.93
0.71
4.2
2
1.72
ATXD31B
1,303
1,846
543
0.54
0.24
1.5
46
0.82
And
1,862
1,980
118
0.45
0.38
1.5
6
0.87
26-Aug-26
Incl.
1,894
1,904
10
1.36
0.79
3.2
3
2.22
And
1,988
2,018
30
0.33
0.41
1.8
9
0.78
ATXD31C
1,320
1,848
528
0.51
0.20
1.2
55
0.75
Incl.
1,700
1,748
48
0.68
0.43
2.2
11
1.16
ATXD25E
1,210
2,094
884
0.52
0.22
1.6
46
0.79
Incl.
1,590
1,656
66
0.84
0.41
2.5
10
1.30
Incl.
1,626
1,646
20
1.08
0.56
3.1
12
1.70
And Incl.
1,672
1,966
294
0.63
0.38
2.5
17
1.05
ATXD37
1,570
1,612
42
0.39
0.06
0.8
102
0.50
And
1,716
1,770
54
0.25
0.05
0.6
105
0.35
ATXD39A
1,632
1,668
36
0.27
0.09
0.6
42
0.39
Hole ID
From (m)
To (m)
Interval (m)
Cu (%)
Au (g/t)
Ag (g/t)
Mo (g/t)
CuEq %
(1)
Date
Notes
:
(1) CuEq was calculated using the metal prices and recoveries set out in Notes (2) and (3), consistent with the assumptions used in the 2025
Mineral Resource Estimate (see the Valeriano Technical Report), using the following formula: Cu (%) + 1.04991243188302 x Au (g/t) +
0.00824244819238401 x Ag (g/t) + 0.000357909627766355 x Mo (g/t).
(2) CuEq reported assuming metal prices of US$2,750/oz Au, US$3.80/lb Cu, US$27/oz Ag, and US$22/lb Mo.
(3) CuEq reported assuming recoveries of Cu 94%, Au 95%, Ag 80% and Mo 64%.
(4) Drill holes were composited at a cut-off of 0.3% CuEq.
(5) True widths are unknown except where an interpreted true width is specifically stated.
(6) See press releases dated December 18, 2025, February 12, 2026, March 16, 2026, May 26, 2026, July 8, 2026, and August 26, 2026 for
previously released Phase VI drill results.
(7) Drill holes ATXD30 and ATXD36 did not return any significant mineralized intervals based on the 0.3% CuEq cut-off used for the composites.
Table 2 - Phase VI Drill Hole Collar, Status and Drilled Meters Summary
Hole ID
UTMX
UTMY
Elev.
Kick-off
Status
Length
Drilled
WGS84 19S
WGS84 19S
(m)
(m)
(m)
(m)
1
B2B Breccia
ATXD19A
415,124
6,779,360
4,155
296
Complete
1,464
1,169
ATXD19B
415,124
6,779,360
4,155
1,287
Paused
1,733
446
ATXD23C
414,625
6,779,925
4,347
504
Complete
1,608
1,104
ATXD25C
2
413,898
6,779,921
4,155
1,566
Complete
1,886
321
ATXD25D
413,898
6,779,921
4,155
779
Complete
1,930
1,151
ATXD25E
413,898
6,779,921
4,155
768
Complete
2,094
1,326
ATXD25F
3
413,898
6,779,921
4,155
908
Paused
1,545
637
ATXD26B
414,796
6,779,657
4,272
763
Complete
1,872
1,109
ATXD26C
414,796
6,779,657
4,272
660
Complete
1,685
1,025
ATXD31
4
414,552
6,780,408
4,408
-
Complete
850
850
ATXD31A
414,552
6,780,408
4,408
696
Complete
1,942
1,246
ATXD31B
414,552
6,780,408
4,408
1,303
Complete
2,020
717
ATXD31C
414,552
6,780,408
4,408
1,320
Complete
1,848
528
ATXD32
415,008
6,779,874
4,276
-
Complete
2,134
2,134
ATXD40
3
413,918
6,779,986
4,157
-
Paused
633
633
ATXD35A
3
415,546
6,779,940
4,245
442
Paused
672
230
ATXD41
3
415,195
6,779,420
4,135
-
Paused
718
718
Breccia Exploration
ATXD30
415,279
6,780,325
4,330
-
Complete
1,904
1,904
ATXD33
415,657
6,778,772
4,109
-
Complete
1,693
1,693