ATEX Reports Updated Mineral Resource Estimate of 475 Million Tonnes of 0.88% CuEq Indicated and 1.5 Billion Tonnes of 0.75% CuEq Inferred
ATEX Reports Updated Mineral Resource
Estimate of 475 Million Tonnes of 0.88% CuEq
Indicated and 1.5 Billion Tonnes of 0.75%
CuEq Inferred
Toronto, Ontario--(Newsfile Corp. - September 23, 2025) -
ATEX Resources Inc. (TSXV: ATX)
(OTCQB: ATXRF)
("
ATEX
" or the "
Company
") is pleased to announce the results of its updated,
independent, Mineral Resource Estimate ("
MRE
") for the Valeriano Project ("
Valeriano
" or the
"
Project
") located in Atacama Region, Chile. The updated MRE was prepared in accordance with the
Canadian Institute of Mining, Metallurgy and Petroleum ("
CIM
") guidelines and National Instrument 43-
101 Standards of Disclosure for Mineral Projects ("
NI 43-101
").
Ben Pullinger, President and CEO of ATEX commented,
"We are delighted to confirm that Valeriano
ranks amongst the most significant copper discoveries, internationally, within the last decade
i
. The
Mineral Resource update reflects the exceptional work and commitment of the entire ATEX team
whose efforts have been monumental in achieving this milestone. This Project has been an incredible
journey, advancing rapidly from its first phase of drilling in 2021-2022 to today's announcement and
establishing Valeriano
as one of the largest and highest-grade undeveloped underground copper-
gold projects in the world. With copper equivalent metal of over 9 billion pounds classified as
Indicated and an additional 25 billion pounds in Inferred, Valeriano is within striking distance of
ranking among the top 10 undeveloped copper projects globally.
"As we ramp up our Phase VI drill program this month, we see significant potential to continue to grow
Mineral Resources at Valeriano where the B2B Zone and the Valeriano Porphyry remains
unconstrained and open in multiple directions. Valeriano highlights several strengths as it advances
towards a realizable mining operation with a shortening timeline to development due to the discovery
of high-grade mineralization closer to surface, underlain by a porphyry system that could support
mining for more than a century. Metallurgical testing has proven copper and gold recoveries
exceeding 95%, producing a clean, low impurity concentrate. Large scale water and power
infrastructure solutions are advancing regionally which could benefit the longer-term development of
the Project.
"Valeriano is strategically located in close proximity to large-scale projects operated by major
companies within a jurisdiction supportive of accelerating mining development. Valeriano anchors a
new emerging copper district with the potential to deliver a long-term reliable supply of clean copper
aligned with the global shift towards the rise of artificial intelligence technologies and
decarbonization."
HIGHLIGHTS:
A globally significant copper, gold and silver Mineral Resource:
6.1 billion pounds
("
Blbs
") of
copper
classified as Indicated and
16.7 Blbs
Inferred (475
Mt at 0.58% Cu Indicated and 1.5 Bt at 0.50% Cu Inferred).
3.8 million ounces
("
Moz
") of
gold
classified as Indicated and
9.9 Moz
as Inferred (475 Mt
at 0.25 g/t Au Indicated and 1.5 Bt at 0.20 g/t Au Inferred).
21.2 Moz
of
silver
classified as Indicated and
56.1 Moz
as Inferred (475 Mt at 1.39 g/t Ag
Indicated and 1.5 Bt at 1.16 g/t Ag Inferred).
33 thousand tonnes
("
kt
") of
molybdenum
classified as Indicated and
107 kt
as Inferred
(475 Mt at 70.4 g/t Mo Indicated and 1.5 Bt at 70.6 g/t Mo Inferred).
Establishes
Valeriano as one of the largest and newest undeveloped copper-gold
projects globally
ii
.
Expanding high-grade components of MRE including:
Initial inclusion of B2B Zone
in
Mineral Resource
containing
28.4 million tonnes ("Mt")
in
Indicated
at a grade of
1.36% CuEq
(0.95% copper ("Cu"), 0.33 g/t gold ("Au"), 1.98 g/t
silver ("Ag") and 134 g/t molybdenum ("Mo")) and
2.6 Mt
in
Inferred
at a grade of
1.05%
CuEq
(0.74% Cu, 0.28 g/t Au, 1.74 g/t Ag and 22 g/t Mo) at a
0.6% Cu cut-off grade
.
Demonstrates potential for a smaller
starter underground mine accessible from the
valley floor
at an elevation of 3,800m.
B2B Zone remains open for further expansion
in Phase VI and Phase VII drilling with
ATDX25C
iii
that intersected
2.26% CuEq over 7.5m in the bottom of the last hole of
Phase V
being a
Phase VI start-up priority
.
High-Grade Indicated Porphyry Core
of
118 Mt at 1.07% CuEq
(0.68% Cu, 0.35 g/t Au,
1.74 g/t Ag and 42.8 g/t Mo), and
161 Mt of Inferred at 1.01% CuEq
(0.63% Cu, 0.34 g/t
Au, 1.88 g/t Ag, 37.6 g/t Mo), demonstrating high continuity at a 0.5% cut-off grade.
The B2B Zone and high-grade porphyry core remain open for expansion
in future drill
campaigns with multiple B2B style targets being tested in Phase VI and VII.
Conversion of 24% of the Mineral Resource into the Indicated category as a result of a
significant improvement in size and confidence
from the previous MRE reported in 2023.
The updated MRE also includes a significant increase in confidence levels with an Indicated
Resource component of
475 Mt at 0.88% CuEq
(0.58% Cu, 0.25 g/t Au, 1.39 g/t Ag and
70.4 g/t Mo at a cut-off grade of 0.35% Cu.
An Inferred resource component of
1,511 Mt at 0.75% CuEq
(0.50% Cu, 0.20 g/t Au, 1.16
g/t Ag and 70.6 g/t Mo) at a cut-off grade of 0.35% Cu.
Continuation of low discovery costs
with the inclusion of 22 new drill holes from the Phase V
(2024/2025) and Phase IV (2023/2024) drill campaigns.
The Valeriano project has seen approximately
51,000 metres of drilling to the end of
Phase V, generating 15.5 Mt of CuEq metal
, equating to a value creating
303 tonnes per
metre drilled
.
Extremely low discovery costs of $0.0049/lb of Cu
.
The new MRE also includes
more than 500,000 ounces of Inferred gold oxide material at
surface
at a grade of
0.36 g/t AuEq
(0.35 g/t Au, 1.34 g/t Ag).
Continuing to grow the Mineral Resource
- Phase VI drilling is expected to commence this
month with
six rigs operational
and is planned to
further define and expand the existing
Mineral Resource
domains as well as target new areas for discovery. Objectives include:
Further growth and definition of the high-grade B2B Zone, situated atop the porphyry.
Test additional surrounding B2B-style targets, as well as explore new regional targets.
Continue expanding the Valeriano Porphyry system where the system limits are still unknown.
MINERAL RESOURCE ESTIMATE
The following table sets out the updated MRE for the Valeriano Project, with an effective date of
September 1, 2025.
Table 1: Mineral Resource Estimate, Valeriano Project, Atacama Region, Chile
Category
COG
Tonnes
(Mt)
Grade
Contained Metal
Cu
Au
Ag
Mo
CuEq
AuEq
Cu
Au
Ag
Mo
CuEq
AuEq
(%)
(g/t)
(g/t)
(g/t)
(%)
(g/t)
(Mt)
(koz)
(koz)
(kt)
(Mt)
(koz)
Gold
Oxide
Measured
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Indicated
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Inferred
0.16 g/t Au
47
-
0.35
1.34
-
-
0.36
-
531
2,028
-
-
543
Copper -
Gold
Sulphide
Measured
-
-
-
-
-
-
-
-
-
-
-
-
-
-
Indicated
0.35% Cu
475
0.58
0.25
1.39
70.4
0.88
-
2.75
3,822
21,222
33
4.17
-
Inferred
0.35% Cu
1,511
0.50
0.20
1.16
70.6
0.75
-
7.54
9,896
56,126
107
11.30
-
Notes to accompany the Mineral Resource Estimate
:
(1) The Independent and Qualified Person for the Mineral Resource Estimate, as defined by NI 43-101, is David Machuca-Mory , PhD, PEng, from SRK
Consulting (Canada) Inc., and the effective date is September 1, 2025.
(2) Mineral Resources have been classified in accordance with the Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") Definition
Standards on Mineral Resources and Mineral Reserves.
(3) Reasonable prospects of eventual economic extraction were considered by applying appropriate cut-off grades and reporting within potentially
mineable envelopes.
(4) Metal prices considered were US$2,750 /oz Au, US$3.80 /lb Cu, US$27.00 /oz Ag, and US$22.00 /lb Mo.
(5) Cut-off grades considered for oxide and sulphide block model estimates were, respectively, 0.16 g/t Au and 0.35% Cu.
(6) Metallurgical recoveries used for open pit oxides based on Coarse Bottle Roll and CIL Leach test work are 76.0% for gold and 50.0% for silver.
(7) Metallurgical recoveries used for underground sulphides based on initial flotation tests was 94.0% for copper, 95.0% for gold, 80.0% for silver,
and 64.0% for molybdenum.
(8) Au-Ox epithermal Mineral Resource estimates are reported within a conceptual pit optimized with a slope angle of 45° and assuming US$2.43/t
for mining costs, US$5.45/t for processing costs, and US$1.31/oz for gold selling costs.
(9) Cu-Au porphyry related Mineral Resource Estimates are reported assuming bulk underground extraction techniques within an envelope around
40m x 40m x 40m mineable shapes above a cut-off of 0.30% Cu.
(10) Tonnage is expressed in millions of tonnes; metal content is expressed in thousands of ounces, for gold and silver, millions of tonnes, for
copper, and thousands of tonnes for molybdenum.
(11) All figures rounded to reflect the relative accuracy of the estimates and totals may not add up due to rounding.
(12) Gold Equivalent (AuEq) is calculated assuming US$27/oz Ag and US$2,750/oz Au and metallurgical recoveries of 76% for Au and 50% for Ag
using the formula AuEq g/t = Au g/t + 0.005856 * Ag g/t).
(13) Copper Equivalent (CuEq) is calculated assuming US$3.80/lb Cu, US$2,750/oz Au, US$27/oz Ag, and US$22/lb Mo and metallurgical recoveries
of 94% for Cu, 95% for Au, 80% for Ag, and 64% for Mo using the formula CuEq % = Cu % + (10499.12432 * Au g/t /10000) + (82.424482 * Ag g/t
/10000) + (3.5790963 * Mo g/t /10000).
The following table sets out the change in the MRE for the Valeriano Project, compared to the MRE
reported on September 12, 2023.
Table 2: Mineral Resource Estimate for Copper-Gold Sulphide, Contained Metal Change from
2023 to 2025
Category
COG
Cu
Au
Ag
Mo
CuEq
CuEq
(Mt)
(koz)
(koz)
(kt)
(Mt)
(Blbs)
2025 MRE
Indicated
0.35% Cu
2.8
3,822
21,222
33
4.2
9.2
Inferred
0.35% Cu
7.5
9,896
56,126
107
11.3
25.0
2023 MRE
iv
Inferred
0.40% Cu
7.1
9,014
43,602
90
9.4
20.7
Figure 1. Long sections with lithology, MRE block model and RPEEE (0.3% Cu grade-shell)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/267502_4f2a47314417196b_001full.jpg
Figure 2. Level plans with lithology, MRE block model and RPEEE (0.3% Cu grade-shell)
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/267502_4f2a47314417196b_002full.jpg
Figure 3. Improvements over 2023 MRE
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/267502_4f2a47314417196b_003full.jpg
MINERAL RESOURCE HIGH-GRADE COMPONENTS REMAIN OPEN FOR EXPANSION
The B2B Zone represents a significant growth opportunity, reporting an initial Indicated Resource of 28.4
Mt of 1.36% CuEq (0.95% Cu, 0.33 g/t Au, 1.98 g/t Ag and 134.0 g/t Mo), and an additional 2.6 Mt in the
Inferred category of 1.05% CuEq (0.74% Cu, 0.28 g/t Au, 1.74 g/t Ag and 22 g/t Mo), at a 0.6% copper
cut-off grade. This high-grade breccia zone positions the Project for a potential and economically
compelling starter conventional underground mine, accessible from the lower elevation valley floor at
3,800 metres, creating a more visible pathway to earlier and lower cost production. Expansion potential
remains open heading into the Phase VI drill program and the following Phase VII campaign designed to
follow up on the strong Phase V results, where the final B2B Zone hole, ATXD25C, intersected 2.26%
CuEq (1.69% Cu, 0.80 g/t Au, 5.0 g/t Ag and 30 g/t Mo) over 7.5 metres
v
highlighting the strength of the
mineral system and setting the stage for additional high-grade discoveries.
In addition, the high-grade porphyry core contains 118 Mt of Indicated Resources at 1.07% CuEq
(0.68% Cu, 0.35 g/t Au, 1.74 g/t Ag, 42.8 g/t Mo) and 161 Mt of Inferred Resources at 1.01% CuEq
(0.63% Cu, 0.34 g/t Au, 1.88 g/t Ag, 37.6 g/t Mo) at a 0.5% cut-off. This demonstrates the potential for a
higher-grade start up
that could derisk initial project economics in the future. This high-grade core could
continue to increase in size and grade through future infill and expansion drilling. Currently this core only
represents 42% and 27% of the Indicated and Inferred Mineral Resources, respectively.
With multiple high-impact B2B-style targets planned to be tested and extensional opportunities with the
high-grade porphyry trend at 1,000 metres length and still open to the north-northwest and southeast,
there remains strong potential to unlock considerable value as drilling advances.
Figure 4. MRE B2B Zone and High-Grade Core expansion potential
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/267502_4f2a47314417196b_004full.jpg
RESOURCE SENSITIVITY ANALYSIS
Sensitivity analysis on the MRE was completed at various cut-off grades with the results presented in
Tables 3 and Table 4 below.
Table 3. Indicated Cu-Au Porphyry Mineral Resource Sensitivity Analysis*
Cut-off
Grade
(Cu%)
Tonnes
(Mt)
Grade
Contained Metal
Cu
(%)
Au
(g/t)
Ag
(g/t)
Mo
(g/t)
CuEq
**
(%)
Cu
(Mt)
Au
(koz)
Ag
(koz)
Mo
(kt)
CuEq
(Mt)
0.20
571
0.53
0.24
1.34
68.4
0.82
3.02
4,365
24,539
39.0
4.65
0.25
551
0.54
0.24
1.35
68.8
0.83
2.98
4,262
23,905
37.9
4.57
0.30
520
0.56
0.24
1.37
69.5
0.85
2.89
4,086
22,833
36.1
4.42
0.35
475
0.58
0.25
1.39
70.4
0.88
2.75
3,822
21,222
33.5
4.17
0.40
417
0.61
0.26
1.42
71.6
0.91
2.53
3,457
19,039
29.9
3.81
0.45
350
0.64
0.27
1.46
72.8
0.96
2.24
3,011
16,399
25.4
3.36
0.50
278
0.68
0.28
1.51
74.4
1.02
1.90
2,508
13,485
20.7
2.83
0.55
210
0.74
0.30
1.57
75.9
1.09
1.54
2,000
10,611
15.9
2.28
0.60
153
0.80
0.31
1.64
77.5
1.17
1.22
1,548
8,084
11.9
1.79
0.65
110
0.86
0.33
1.72
79.4
1.26
0.95
1,182
6,093
8.7
1.38
0.70
80
0.93
0.35
1.80
81.6
1.35
0.75
911
4,649
6.5
1.08
Table 4. Inferred Cu-Au Porphyry Mineral Resource Sensitivity Analysis*
Cut-off
Grade
(Cu%)
Tonnes
(Mt)
Grade
Contained Metal
Cu
(%)
Au
(g/t)
Ag
(g/t)
Mo
(g/t)
CuEq
**
(%)
Cu
(Mt)
Au
(koz)
Ag
(koz)
Mo
(kt)
CuEq
(Mt)
0.20
2,398
0.42
0.18
1.05
70.3
0.64
10.02
13,971
80,649
168.5
15.39
0.25
2,142
0.44
0.19
1.08
70.4
0.67
9.44
12,876
74,050
150.8
14.38
0.30
1,841
0.47
0.19
1.11
70.5
0.71
8.61
11,507
65,782
129.8
13.00
0.35
1,511
0.50
0.20
1.16
70.6
0.75
7.54
9,896
56,126
106.7
11.30
0.40
1,180
0.53
0.21
1.21
70.6
0.79
6.30
8,141
45,808
83.3
9.37
0.45
869
0.57
0.23
1.27
70.5
0.85
4.98
6,361
35,470
61.3
7.37
0.50
602
0.62
0.24
1.34
70.4
0.91
3.71
4,699
25,914
42.4
5.47
0.55
394
0.67
0.26
1.41
70.3
0.97
2.63
3,285
17,897
27.7
3.84
0.60
249
0.72
0.28
1.49
70.4
1.05
1.80
2,215
11,913
17.5
2.61
0.65
156
0.78
0.29
1.56
70.6
1.12
1.22
1,474
7,836
11.0
1.76
0.70
99
0.84
0.31
1.63
70.8
1.20
0.83
990
5,201
7.0
1.19
*The reader is cautioned that the figures in this table should not be misconstrued for a Mineral Resource Statement. The figures are only presented
to show the sensitivity of the block model estimates to the selection of a cut-off grade.
** Copper Equivalent (CuEq) is calculated assuming US$3.80/lb Cu, US$2,750/oz Au, US$27/oz Ag, and US$22/lb Mo and metallurgical recoveries of
94% for Cu, 95% for Au, 80% for Ag, and 64% for Mo using the formula CuEq % = Cu % + (10499.12432 * Au g/t /10000) + (82.424482 * Ag g/t
/10000) + (3.5790963* Mo g/t /10000).
PHASE VI DRILLING TO DRIVE NEXT STAGE OF MINERAL RESOURCE GROWTH
The updated Mineral Resource estimate represents a point-in-time foundation of what continues to
emerge as a much larger, district-scale copper-gold system. Considerable potential exists to further
expand this endowment, with Phase VI drilling set to commence this month with three rigs currently on-
site and more set to arrive before the end of the month. Phase VI will be ATEX's largest program to date
and strategically planned to both grow and refine the current Mineral Resource while also advancing new
discovery opportunities. Key objectives include building on the momentum of the high-grade B2B Zone,
where drilling to date has demonstrated strong continuity and upside; systematically testing additional
B2B-style targets in the surrounding area alongside new regional targets that could open up fresh
discovery corridors; and continuing to step out within the Valeriano Porphyry system, which remains
open in multiple directions with its full extent still undefined. Testing of the broader porphyry system will
remain dynamic and can be modified or adjusted to maintain flexibility of the exploration strategy and
unlock the greatest value.
Figure 5. Mineral Resource expansion potential
To view an enhanced version of this graphic, please visit:
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MINERAL RESOURCE ESTIMATION METHODOLOGY
Complete details for the MRE reported in Table 1 will be documented in a technical report prepared in
accordance with NI 43-101 (the "
New Technical Report
") to be filed under the Corporation's SEDAR+
profile at
www.sedarplus.ca
as soon as practicable and not later than 45 days after the date of this news
release. Once filed, the New Technical Report will supersede the Company's current technical report
entitled "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile,"
with an effective date of October 7, 2023, in its entirety.
The Mineral Resource estimation methodology used by the Qualified Person ("
QP
"), David F. Machuca-
Mory, PhD, PEng to update the Mineral Resource estimates on the Valeriano Project included the
following procedures:
Compilation and verification of the updated database.
Review of the component parts of the 3D geology model built by ATEX for mineralization, lithology
and alteration.
Definition of estimation domains based on the current geological understanding of the deposit and
the statistical analysis of grades in relation to the modeled mineralization, lithology and alteration
domains.
Data conditioning (compositing and capping).
Definition of a local anisotropy field based on the mineralization profiles.
Geostatistical analysis including variography and local anisotropy analysis.
Block modelling and specific gravity interpolation by inverse distance weighting.
Ordinary kriging estimation of copper, gold, silver, molybdenum and arsenic grades using local
anisotropy variograms.
Post processing of all estimated grades by Local Uniform Conditioning.
Validation of estimates through visual inspection and statistical analysis, including swath plots and
Change of Support models.
Resource classification based on criteria of geological continuity and confidence and drill hole
density.
Assessment of the "reasonable prospects for eventual economic extraction" and selection of
appropriate reporting cut-off grades, considering a open pit mining method for the oxides
mineralization and a bulk underground mining method for the porphyry-related sulphides
mineralization.
Preparation of a Mineral Resource Statement.
Reconciliation with the previous Mineral Resource estimate.
The mineralization, lithology and alteration domains were built conjointly by ATEX and SRK using implicit
and explicit modelling techniques in LeapFrog™ software. Mineralized and discrete features were
modelled with explicit inputs based on the informing datasets and geological cross sections interpreted
by ATEX geologists. The geostatistical Mineral Resource estimates were completed by SRK using