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ATEX Resources Inc. (OTC: ECRTF) is a dynamic mineral exploration company dedicated to uncovering and developing world-class copper and gold deposits in Chile, a globally renowned mining jurisdiction. The company’s flagship asset, the Valeriano Copper-Gold Project, is strategically located within the emerging copper-gold porphyry belt known as the 'Link Belt,' which connects the prolific El Indio High-Sulphidation Belt to the Maricunga Gold Porphyry Belt. This region hosts several high-profile deposits, including Filo del Sol, Josemaria, and Los Helados, positioning Valeriano among a cluster of globally significant projects.
Core Business and Exploration Focus
ATEX Resources specializes in advanced-stage exploration, leveraging cutting-edge geological techniques and strategic partnerships to define high-value mineral resources. The company’s primary focus is the Valeriano Project, which hosts a substantial copper-gold porphyry resource of 1.41 billion tonnes at 0.67% CuEq, including a higher-grade core of 200 million tonnes at 0.84% CuEq. This positions Valeriano as a potentially transformative asset in the global copper and gold markets.
Strategic Location and Geological Potential
The Valeriano Project is situated in the Atacama Region of Chile, a mining-friendly jurisdiction with established infrastructure and regulatory frameworks. The project’s geology is characterized by a large, multiphase intrusive system with significant vertical and horizontal continuity. Recent exploration campaigns have identified high-grade breccia systems and porphyry-hosted mineralization, including record-breaking intercepts such as 152 meters of 2.03% CuEq within 342 meters of 1.48% CuEq.
Operational Excellence and Technical Achievements
ATEX has demonstrated exceptional technical expertise through its phased exploration programs, which have consistently expanded the known mineralized footprint at Valeriano. The company employs advanced directional drilling techniques to maximize efficiency and minimize costs, achieving significant step-outs and resource upgrades. Metallurgical test work has confirmed robust recovery rates for copper (up to 95%) and gold (up to 97%) using conventional processing methods, underscoring the project’s economic potential.
Strategic Partnerships and Financial Strength
ATEX has attracted strategic investment from industry leaders such as Agnico Eagle Mines, highlighting the project’s credibility and potential. This partnership provides financial stability and access to technical expertise, enabling ATEX to accelerate its exploration and development activities. The company recently achieved 100% ownership of the Valeriano Project, further solidifying its position as a key player in the region.
Market Significance and Growth Potential
As global demand for copper and gold continues to rise, driven by infrastructure development, renewable energy initiatives, and investment needs, ATEX is well-positioned to capitalize on these trends. The Valeriano Project’s scale, high-grade zones, and favorable metallurgy make it a compelling investment opportunity within the mining sector.
Challenges and Mitigation
While ATEX operates in a high-risk, high-reward environment typical of mineral exploration, its strategic location, technical expertise, and strong financial backing mitigate many of these risks. The company’s commitment to rigorous geological analysis and stakeholder engagement further enhances its ability to navigate regulatory and operational challenges.
In summary, ATEX Resources Inc. represents a unique opportunity in the mining sector, combining geological potential, operational excellence, and strategic partnerships to advance one of the most promising copper-gold projects in South America.
ATEX Resources announced updated partial assay results from its Phase V exploration program at the Valeriano Copper Gold Project in Chile. Key highlights include:
ATXD16B intersected 220 metres of 1.00% copper equivalent within a broader interval of 590m of 0.78% CuEq. ATXD23A showed improved grades with 152m of 2.12% CuEq within a broader interval of 342m of 1.52% CuEq.
The company has completed three drill holes and has five actively drilling. The program has drilled 7,455m to date, with approximately 6,000m of drilling avoided through wedging from re-entered drill holes, resulting in significant cost and time savings. Two rigs are focused on defining the high-grade breccia B2B zone, while two others are conducting infill drilling within higher-grade Valeriano Porphyry units. The fifth rig continues testing the extents of known mineralization.
ATEX Resources (TSXV: ATX) has announced the grant of 295,110 restricted share units (RSUs) as part of its 2024 annual performance awards. Of these, 178,510 RSUs were allocated to management and directors. The RSUs will vest after one year and can be settled in either cash or common shares, at the holder's discretion.
The company also provided an update on its investor relations services, confirming Adelaide Capital Markets' continuous engagement since September 2022. Adelaide's services include investor relations strategy, corporate content creation, assistance with public reporting, and hosting virtual webinars. Their monthly fees were $10,000 from July 2023 to July 2024, later reduced to $8,000 from August through November 2024. Adelaide currently holds 343 warrants to purchase ATEX common shares.
ATEX Resources announced partial assay results from drill hole ATXD23A at its Valeriano Copper-Gold Project in Chile. The hole intersected 152.0 metres of 2.03% CuEq within a broader interval of 342.0 metres of 1.48% CuEq from 1,036 metres downhole.
This represents a 130-metre extension to the high-grade breccia mineralization discovered in previous drilling. The target breccia zone now has an estimated strike length of 400 metres and remains open in all directions. The company is currently operating five diamond drill rigs at the site, with two holes completed totaling 3,922 metres.
Follow-up drilling in holes ATXD27A and ATXD23B is testing extensions to the high-grade breccia zone. The company plans to update its mineral resource estimate later this year based on ongoing Phase V results.
ATEX Resources has provided key achievements for 2024 and updates on its Phase V exploration program at the Valeriano Copper Gold Project in Chile. The company reported significant developments including:
- Updated geological interpretation showing potential for a larger, simpler intrusive system than previously estimated
- Robust metallurgical results with copper recoveries of 92-95% and gold recoveries of 90-97%
- Strategic C$55 million investment from Agnico Eagle Mines
- Achievement of 100% ownership of Valeriano Project
- Strengthened management and board
For 2025, ATEX has five drilling rigs currently operational at Valeriano, with initial results expected in January from holes ATXD23A and ATXD16B. The company plans step-out drilling to expand the known mineralized footprint and expects to release an updated geology model and Mineral Resource Estimate in H2 2025.
ATEX Resources has achieved 100% ownership of the Valeriano Copper Gold Project ahead of schedule through an option exercise agreement with Sociedad Contractual Minera Valleno (SCMV). The final payment of US$8 million was satisfied through the issuance of approximately 7.5 million shares at C$1.52 per share.
Prior to this transaction, ATEX held a 49% interest in Valeriano, earned through US$4.25 million in cash payments and US$10 million in exploration expenditures. SCMV retains a 2.0% net smelter royalty (NSR) on the Project. Additionally, ATEX will grant two 0.25% NSRs to other holders, with ATEX maintaining right of first refusal on all NSRs.
ATEX Resources announced positive results from its second metallurgical program at the Valeriano Project in Chile. Key highlights include copper recoveries of 92-95% and gold recoveries of 90-97%. The program demonstrated that coarser grinding (from 120μm to 200μm) doesn't impact recoveries, which could reduce processing costs. Concentrate grades reached up to 33% Cu and 15 g/t Au, with negligible deleterious elements, making it highly marketable to global smelters.
The company tested three representative samples: High Grade Early Porphyry, Early Porphyry, and ATXD26 HG Composite from the epithermal zone. The Phase V drill program is currently underway with three rigs operational and a fourth being mobilized, with plans to add a fifth rig in January.
ATEX Resources has completed multiple significant transactions: a US$40 million strategic investment from Agnico Eagle Mines through a private placement of units at C$1.63, consisting of shares and warrants exercisable at C$2.50. The company also settled its US$15 million credit facility through unit and share issuances, and received a C$500,000 equity investment from board member Rick McCreary. Following these transactions, Agnico Eagle owns approximately 13% of ATEX's outstanding shares. The proceeds will fund exploration activities at the Valeriano Copper-Gold Project in Chile and general corporate purposes.
ATEX Resources has announced the grant of 2,290,870 incentive stock options to employees, including 1,474,650 to officers. The options allow holders to purchase ATEX common shares at $1.63 per share over a five-year period. Additionally, the company granted 422,098 restricted share units (RSUs) to directors, which will vest upon their departure from the Board. Both grants were made in accordance with the company's respective Stock Option and RSU Plans.
ATEX Resources announces a US$40 million strategic investment from Agnico Eagle Mines through a non-brokered private placement. Agnico will subscribe for approximately 33.9 million units at C$1.63 per unit, representing a 15% premium to the closing price. Each unit includes one common share and half a warrant. Additionally, ATEX will settle its US$15 million credit facility through equity issuance to lenders. Upon closing, Agnico will own approximately 13% of ATEX's shares. The proceeds will fund exploration activities at the Valeriano Copper-Gold Project in Chile and general corporate purposes.
ATEX Resources Inc. (TSXV: ATX) has announced the appointment of Rick McCreary to its Board of Directors, effective immediately. Concurrently, Dr. Raymond Jannas is retiring from the Board but will continue as a Strategic Advisor. Mr. McCreary brings over 35 years of experience in the mining industry, including capital markets, strategy, corporate development, and engineering.
Rick McCreary will be retiring from his role as Deputy Chair at TD Securities on November 29, 2024. His career includes positions at Gulf Canada, Noranda-Falconbridge Group, and Barrick Gold, where he led over US$1.5 billion in non-core asset divestitures. Mr. McCreary holds an MBA from McGill University and degrees in Geological Engineering from Queen's University.
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