ATEX Earns 49% Interest in Valeriano Project, Amends Option Agreement
- ATEX Valeriano paid Valleno $3.5 million and completed $10 million in exploration expenditures to secure 49% interest
- ATEX Valeriano can earn 100% interest by paying an additional $8 million and incurring $5 million in exploration expenditures by August 29, 2025
- None.
Toronto, Ontario--(Newsfile Corp. - August 28, 2023) - ATEX Resources Inc. (TSXV: ATX) ("ATEX" or the "Company") is pleased to announce that the Company, through its wholly owned subsidiary, ATEX Valeriano SpA ("ATEX Valeriano"), has earned a
"We are tremendously pleased to have reached a
ATEX's
Pursuant to the terms of the Option Agreement, ATEX Valeriano paid Valleno an aggregate of US
ATEX Valeriano can earn a
Amendments to Option Agreement
ATEX Valeriano and Valleno have also agreed to amend certain administrative and structural terms of the Option Agreement to reduce costs and overhead to the parties. Originally, upon ATEX Valeriano earning the
Issuance of Units to SBX
In connection with the US
All the securities issued by ATEX to Valleno and SBX are subject to a customary four month hold under applicable Canadian securities law, expiring on December 29, 2023.
About ATEX Resources Inc.
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 deposit overlain by a near surface oxidized epithermal gold deposit. In 2022, ATEX completed the Company's first limited drill test of the copper gold porphyry system that is now being followed up with campaign of directional drilling to extend the high-grade trend, test new targets and expand the mineralized envelope.
For further information, please contact:
Raymond Jannas
President & CEO
Email: rjannas@atexresources.com
Ben Pullinger
Senior Vice President of Exploration and Business Development
Email: bpullinger@atexresources.com
or visit ATEX's website at www.atexresources.com
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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: the Company earning a
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed above and elsewhere in this news release, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; changes in commodity prices; 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.
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