ATEX Announces Phase V Exploration Plans
ATEX Resources Inc. (TSXV: ATX) has announced its Phase V exploration plans for the Valeriano Copper-Gold Project in Chile, set to commence in October 2024. The program targets 20,000 meters of directional diamond drilling, focusing on:
1. Expanding the high-grade epithermal system above the porphyry horizon.
2. Defining and extending the high-grade trend within the porphyry body.
3. Large step-out drilling to expand the mineralized footprint.
The company aims to deliver an updated Mineral Resource Estimate in H2 2025, incorporating results from Phase IV and V drilling, improved metallurgical recoveries, and ongoing engineering studies. The program builds on the success of Phase IV, which yielded the highest grades at Valeriano to date, including 68.0 meters of 2.02% CuEq.
ATEX Resources Inc. (TSXV: ATX) ha annunciato i suoi piani di esplorazione della Fase V per il Progetto Rame-Oro Valeriano in Cile, che inizieranno a ottobre 2024. Il programma prevede 20.000 metri di perforazione diamantata direzionale, concentrandosi su:
1. Espandere il sistema epithermale ad alta legge sopra l'orizzonte del porfido.
2. Definire ed estendere il trend ad alta legge all'interno del corpo del porfido.
3. Perforazioni a grande distanza per espandere l'area mineralizzata.
La società mira a fornire un aggiornamento della Stima delle Risorse Minerarie nel secondo semestre del 2025, incorporando i risultati delle perforazioni della Fase IV e V, migliorando i recuperi metallurgici e studi ingegneristici in corso. Il programma si basa sul successo della Fase IV, che ha prodotto i valori più alti a Valeriano fino ad oggi, inclusi 68,0 metri di 2,02% CuEq.
ATEX Resources Inc. (TSXV: ATX) ha anunciado sus planes de exploración de la Fase V para el Proyecto de Cobre-Oro Valeriano en Chile, que comenzará en octubre de 2024. El programa tiene como objetivo 20,000 metros de perforación de diamante direccional, centrado en:
1. Expandir el sistema epithermal de alta ley por encima del horizonte de porfido.
2. Definir y extender la tendencia de alta ley dentro del cuerpo de porfido.
3. Perforaciones a gran distancia para expandir la huella mineralizada.
La compañía tiene como objetivo entregar una Estimación Actualizada de Recursos Minerales en el segundo semestre de 2025, incorporando los resultados de las perforaciones de las Fases IV y V, mejoras en los recuperos metalúrgicos y estudios de ingeniería en curso. El programa se basa en el éxito de la Fase IV, que produjo los grados más altos en Valeriano hasta la fecha, incluyendo 68.0 metros de 2.02% CuEq.
ATEX Resources Inc. (TSXV: ATX)는 2024년 10월 시작될 칠레의 발레리아노 구리-금 프로젝트에 대한 5단계 탐사 계획을 발표했습니다. 이 프로그램은 20,000미터의 방향성 다이아몬드 드릴링을 목표로 하며 다음에 중점을 둡니다:
1. 포르프리 지대 위의 고품위 열수 시스템 확장하기.
2. 포르프리체 내의 고품위 경향 정의 및 연장하기.
3. 광물화된 범위를 확장하기 위한 대규모 확장 드릴링.
회사는 2025년 하반기에 업데이트된 광물 자원 추정치를 제공하는 것을 목표로 하고 있으며, IV 및 V 단계 드릴링 결과, 개선된 금속 회수율 및 진행 중인 엔지니어링 연구를 포함합니다. 이 프로그램은 지금까지 발레리아노에서 가장 높은 등급을 달성한 IV 단계의 성공을 기반으로 하며, 68.0미터의 2.02% CuEq를 포함합니다.
ATEX Resources Inc. (TSXV: ATX) a annoncé ses plans d'exploration de phase V pour le projet cuivre-or Valeriano au Chili, qui débutera en octobre 2024. Le programme prévoit 20 000 mètres de forage à diamant directionnel, axé sur :
1. L'expansion du système épithermal de haute teneur au-dessus de l'horizon porphyrique.
2. La définition et l'extension de la tendance à haute teneur à l'intérieur du corps porphyrique.
3. Des forages éloignés pour étendre l'emprise minéralisée.
La société vise à fournir une estimation mise à jour des ressources minérales au second semestre 2025, intégrant les résultats des forages des phases IV et V, une amélioration des récupérations métallurgiques et des études d'ingénierie en cours. Le programme s'appuie sur le succès de la phase IV, qui a produit les grades les plus élevés à Valeriano à ce jour, y compris 68,0 mètres à 2,02 % CuEq.
ATEX Resources Inc. (TSXV: ATX) hat seine Erforschungspläne der Phase V für das Valeriano Kupfer-Gold-Projekt in Chile bekannt gegeben, das im Oktober 2024 beginnen soll. Das Programm zielt auf 20.000 Meter gerichtete Diamantbohrungen ab und konzentriert sich auf:
1. Erweiterung des hochgradigen epithermalen Systems oberhalb des Porphyr-Horizonts.
2. Definition und Verlängerung des hochgradigen Trends innerhalb des Porphyrkörpers.
3. Großen Abstandbohrungen, um die mineralisierte Fläche zu erweitern.
Das Unternehmen beabsichtigt, eine aktualisierte Mineralressourcenschätzung im zweiten Halbjahr 2025 vorzulegen, die Ergebnisse aus den Bohrungen der Phasen IV und V, verbesserte metallurgische Rückgewinnungen und laufende Ingenieurstudien einbezieht. Das Programm basiert auf dem Erfolg der Phase IV, die die bisher höchsten Gehalte in Valeriano hervorgebracht hat, einschließlich 68,0 Meter mit 2,02% CuEq.
- Phase V program targets 20,000 meters of directional diamond drilling, expanding on successful Phase IV results
- Previous drilling yielded high-grade results, including 68.0 meters of 2.02% CuEq
- Program aims to expand high-grade epithermal system and define high-grade trend within porphyry body
- Updated Mineral Resource Estimate planned for H2 2025, incorporating new drilling results and improved metallurgical recoveries
- Potential for system expansion as mineralization remains open in all directions
- None.
Toronto, Ontario--(Newsfile Corp. - September 9, 2024) - ATEX Resources Inc. (TSXV: ATX) ("ATEX" or the "Company") is pleased to provide an update on its exploration strategy at the Valeriano Copper-Gold Project ("Valeriano" or the "Project") located in the Atacama Region, Chile. The Phase V drill program will follow on from the Company's most successful drill program to date and is anticipated to commence in October 2024.
Highlights:
Phase V program targeting an initial 20,000 metres of directional diamond drilling with most planned holes being daughters out of holes drilled in previous programs. This will allow for an accelerated, efficient, high impact program.
The following priorities will be included in the Phase V drill program:
Step out drilling to expand the late-stage epithermal overprinting system above the porphyry horizon in drill hole ATXD26 which intersected the highest grades at Valeriano to date including 68.0 metres of
2.02% CuEq (1.39% Cu, 0.60 g/t Au, 3.81 g/t Ag and 473 g/t Mo)1.Definition and extension of the high-grade trend hosted within the larger mineralized porphyry body to increase the size and confidence of the >
0.8% CuEq mineralization.Large step-out drilling to expand the known mineralized footprint, specifically along trend where the system remains open to the north, northwest and to the southeast.
Targeting updated Mineral Resource Estimate in H2 2025.
Ben Pullinger, President and CEO commented, "The Phase IV drill program was a transformative exploration season for the Company that yielded the highest grades and best results we have seen at Valeriano to date. Our 2024-2025 Phase V program will prioritize stepping out on the known high-grade upper epithermal zones of the system as well as further defining higher-grade trends within the porphyry. Our current understanding of the geology at Valeriano has demonstrated that the system remains open in all directions with significant opportunity for further expansion - as such, we have earmarked meters in this program to test for further significant extensions of the mineralized system. We will also continue to advance our metallurgical programs and many of our key engineering studies in 2024-2025." Mr. Pullinger continued, "We will look forward to pushing the limits of the system and to delivering an updated Mineral Resource Estimate ("MRE") in H2 2025. The updated 2025 MRE will include all drilling completed in Phase IV (9 holes totalling ~12,000m) and all drill holes completed in Phase V. The MRE will also include improved metallurgical recoveries announced in October 20232 as well as the results of a larger follow up program that is currently underway, with results expected later in 2024."
Phase V Drill Program Details
Preparation for the Phase V drill program is underway with drilling expected to commence in October 2024. The program contemplates having three drill rigs operating in October with the potential to add two additional rigs by December. ATEX is targeting an initial 20,000 meters of directional diamond drilling in Phase V.
Phase V Objectives and Priorities
- Define Shallower High-Grade Cu-Au Epithermal Mineralization (Step-out Drilling from ATXD26)
The high-grade, overprinting epithermal-style mineralization encountered in drillhole ATXD26 (Phase IV) including 68.0 metres of
- Definition and Extension of the High-Grade Trend Hosted within the Porphyry
The high-grade trend hosted within the larger porphyry body has a current strike length of ~800m from ATXD23 in the northwest to ATXD16A in the southeast. This trend will be the target of a definition and extension program during Phase V with the intention of intersecting more high-grade material and increasing the confidence of >
- Extension of Known Mineralization
Compilation of Phase IV results along with data from previous programs has led to a revised geological interpretation for Valeriano. This new interpretation, supported by drilling, core re-logging, lithogeochemistry and geophysical data has highlighted areas of potential extensions to mineralization previously defined in the 2023 MRE3. Part of the upcoming Phase V drill program will be designed to test these extensions.
- Upgrading Mineral Resource
The revised and updated geology model has also identified untested areas with potential to contain higher-grade mineralization. These areas will be targeted by closer-spaced drilling (nominal 150m spacing) aiming to improve the overall grade and confidence of mineralization within the resource envelope and upgrading the core of the current Inferred Mineral Resource to an Indicated Resource Category3.
Figure 1: Schematic Valeriano Long Section Showing Phase V Targets and Priorities
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/222589_6f74235c244be8ee_001full.jpg
Figure 2: Plan View Highlighting Phase V Priorities Above and Within Porphyry Body
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/222589_6f74235c244be8ee_002full.jpg
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Drill holes are collared with a PQ drill bit, reduced to HQ and, sequentially, to NQ as the drill holes progress at depth. Drill core produced by the drill rigs was extracted from the core tubes by the drill contractor under the supervision of ATEX employees, marked for consistent orientation and placed in core boxes with appropriate depth markers added. Full core boxes were then sealed before being transported by ATEX personnel to the Valeriano field camp. Core at the field camp is processed, quick logged, checked for recovery, photographed, and marked for specific gravity, geotechnical studies and for assays. From camp, the core is transferred to a secure core-cutting facility in Vallenar, operated by IMG, a third-party consultant. Here, the core trays are weighed before being cut using a diamond saw under ATEX personnel oversight. ATEX geologists working at this facility double-check the selected two-metre sample intervals, placing the samples in seal bags and ensuring that the same side of the core is consistently sampled. Reference numbers are assigned to each sample and each sample is weighed. The core trays with the remaining half-core are weighed and photographed. Additionally, core logs are updated, and specific gravity and geotechnical samples are collected. The remaining core is stored in racks at the Company's secure facility in Vallenar.
From Vallenar samples are sent to an ALS preparation facility in La Serena. ALS is an accredited laboratory which is independent of the Company. The prepared samples were sent to the ALS assay laboratories in either Santiago, Chile and Lima, Peru for gold (Au-AA24), copper (Cu-AA62), molybdenum (Mo-AA62) and silver (Ag-AA62) assays as well as and multi-element ICP (ME-MS61) analysis. No data quality problems were indicated by the QA/QC program.
Qualified Person
Dr. Owen Hatton, PhD, MAusIMM., registered with the Australian Institute of Mining and Metallurgy, is the Qualified Person, as defined by National Instrument 43-101 - Standards for Disclosure for Mineral Projects, for the Valeriano Copper Gold Porphyry Project. Dr. Hatton is not considered independent under NI 43-101 as he is a full time employee of ATEX. He has reviewed and approved the disclosure of the scientific and technical information contained in this press release.
About ATEX
ATEX is exploring the Valeriano Copper Gold Project which is located within the emerging copper gold porphyry mineral belt linking the prolific El Indio High-Sulphidation Belt to the south with the Maricunga Gold Porphyry Belt to the north. This emerging belt, informally referred to as the Link Belt, hosts several copper gold porphyry deposits at various stages of development including, Filo del Sol (Filo Mining), Josemaria (Lundin Mining), Los Helados (NGEX Minerals/JX Nippon), La Fortuna (Teck Resources/Newmont) and El Encierro (Antofagasta/Barrick Gold). Valeriano hosts a large copper gold porphyry resource: 1.41 billion tonnes at
For further information, please contact:
Ben Pullinger,
President and CEO
Email: bpullinger@atexresources.com
Aman Atwal,
Vice President, Business Development and Investor Relations
Email: aatwal@atexresources.com
1-647-398-9405
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. 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 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 involve known and unknown risks, future events, conditions, uncertainties and other factors which may cause the actual results, performance or 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: plans for the evaluation of exploration properties including the Project; the success of evaluation plans; the success of exploration activities especially to the significant expansion of the high-grade corridor; mine development prospects; potential for future metals production; changes in economic parameters and assumptions; all aspects related to the timing and extent of exploration activities including the Phase IV and Phase V drill programs contemplated in this press release; the timing or nature of a preliminary economic study; timing of receipt of exploration results; the interpretation and actual results of current exploration activities and mineralization; 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 industry; the results of economic and technical studies; delays in obtaining governmental and local approvals or financing or in the completion of exploration; timing of assay results; as well as those factors disclosed in ATEX's publicly filed documents.
Although ATEX has attempted to identify important 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.
Neither the TSX Venture Exchange nor its regulation services provider has reviewed or accepts
responsibility for the adequacy or accuracy of the content of this news release.
________________________
1 See Company news dated May 15, 2024, "ATEX Discovers New High-Grade Mineralization at Valeriano Intersecting 68 metres of
2 See Company news dated October 18, 2023, "ATEX Announces Excellent Metallurgical Recoveries for Cu-Au Porphyry Mineralization at Valeriano".
3 See Company news dated October 25, 2023, "ATEX Files NI 43-101 Technical Report on Updated Mineral Resource Estimate for Valeriano Project".
4 Please see NI 43-101 technical report titled "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile" by Joled Nur, CCCRRM-Chile, and David Hopper, CGeol, with an effective date of September 1, 2023, filed at www.sedarplus.ca on October 25, 2023, for additional details on the 2023 Mineral Resource Estimate for the Valeriano project.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/222589
FAQ
What are the main objectives of ATEX Resources' Phase V exploration program at Valeriano?
When is ATEX Resources (TSXV: ATX) expected to start the Phase V drilling program at Valeriano?
What was the highest grade intersection reported from ATEX Resources' Phase IV drilling at Valeriano?
When does ATEX Resources plan to release an updated Mineral Resource Estimate for the Valeriano project?
