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ATEX Discovers New High-Grade Mineralization at Valeriano Intersecting 68 metres of 2.02% CuEq Within a Broader Intercept of 356 metres of 0.98% CuEq

15.05.2024  |  Newsfile

Identifies New, Late-Stage, High-Grade, Overlapping Hydrothermal System Above Porphyry Target and Along Northwest Trending High-Grade Corridor - The Valeriano System Remains Open in All Directions

Toronto, May 15, 2024 - ATEX Resources Inc. (TSXV: ATX) ("ATEX" or the "Company") is pleased to announce complete assay results for drill holes ATXD26 and ATXD17B, the fifth and sixth holes from its Phase IV drill campaign at the Valeriano Copper-Gold Project ("Valeriano" or the "Project") located in Atacama Region, Chile.

Highlights include:

  • ATXD26 intersected 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) from 1,100 metres downhole, within longer intervals of 356.0 m of 0.98% CuEq (0.7% Cu, 0.29 g/t Au, 1.49 g/t Ag and 180 g/t Mo) and 978.0 metres of 0.75% CuEq (0.54% Cu, 0.21 g/t Au, 1.26 g/t Ag and 145 g/t Mo) from 586.0 meters.

    • A high-grade, copper, gold and silver enriched low sulphidation epithermal system, overprinting existing mineralization has been intersected above the projected porphyry target in ATXD26 from 1,108m to 1,208m downhole.

    • ATXD26 was drilled between the Central and Western Trends, and along the northwest striking high-grade trend from ATXD16A in the southeast to ATXD26 in the northwest and remains open along strike.

    • The overprinting high-grade epithermal mineralization is hosted in silicified breccias made up of clasts composed of wall rock and porphyry fragments including Early Porphyry ("EP") fragments. This suggests the presence of mineralized EP below the current hole extents (hole concluded at 1,565.4m) and will be followed up in Phase V.

    • The hole ended in grades of 1.5% CuEq and was terminated 400m above the planned depth.

    • Mineralization intersected in ATXD26 is open at depth and along strike in both directions and is a priority for follow up in Phase V.

  • Additionally, ATXD17B ended at 1,254.0 metres and intersected 504.0m of 0.56% CuEq (0.42% Cu, 0.17 g/t Au, 0.96 g/t Ag and 51 g/t Mo).

    • Sporadic high grades associated with chalcopyrite bearing potassic alteration were intersected in the upper part of the hole from approximately 800m to 1,200m indicates the potential to intersect mineralized EP below and along the southeast continuation of the high-grade mineralization intersected in ATXD16A (594m grading 0.92% CuEq (0.67% Cu, 0.32 g/t Au, 1.13 g/t Ag and 71 g/t Mo) within EP from 1,168m and 112m of 1.42% CuEq (1.01% Cu, 0.57 g/t Au, 2.06 g/t Ag and 46 g/t Mo) from 1,616m). (See Company news dated Feb 22, 2024).

  • ATEX is also pleased to announce it has received an additional CAD$2,170,000 in total proceeds from the exercise of common share purchase warrants ("Warrants") between March 10, 2024, and May 14, 2024. During this period, an aggregate of 6,907,824 Warrants were exercised.

"Hole ATXD26 exceeded our expectations and highlights the potential for more high-grade mineralization and provides first evidence for the presence of multiple overlapping systems yielding higher grades along the growing high-grade trend from ATXD16A through to ATXD26 representing a strike length of approximately 700m and open along strike in both directions, and at depth," stated Ben Pullinger, President and CEO of ATEX. "Equally exciting is that our understanding of the shape and size of the Valeriano Porphyry system and higher-grade EP component has increased dramatically through the Phase IV program. All holes so far in Phase IV have continued to intersect significant mineralized intervals within the yet to be defined limits of the system. Additionally, this program continues to return the highest grades seen at the Project to date and provides an exciting springboard to launch from in Phase V."

Table 1 - Summary Results for ATXD26 and ATXD17B

Hole ID From To Interval Cu Au Ag Mo CuEq %
MRS(1)
% g/t g/t g/t
ATXD17B(2) 750.0 1,254.0 504.0 0.42 0.17 0.96 51 0.56
ATXD26**(2) 586.0 1,564.0 978.0 0.54 0.21 1.26 145 0.75
Incl. 1,010.0 1,366.0 356.0 0.70 0.29 1.49 180 0.98
And Incl. 1,086.0 1,208.0 122.0 1.11 0.49 2.71 348 1.60
And Incl. 1,100.0 1,168.0 68.0 1.39 0.60 3.81 473 2.02
(1) CuEq calculated using recoveries assumed in 2023 MRE (90% Cu, 70% Au, 80% Ag and 60% Mo) (See Company news dated September 12, 2023) using the formula stated below:
Copper Equivalent (CuEq) is calculated using the formula CuEq % = Cu % + (6,481.488523 * Au g/t /10,000) + (94.6503085864* Ag g/t /10,000) + (4.2328042328 * Mo g/t /10,000).
*CuEq values reported in historical releases use metals reported in-situ (100% basis). Recoveries for these metals as assumed in the NI 43-101 technical report titled:
"Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile" with an effective date of September 1, 2023, available at www.sedarplus.ca and www.atexresources.com are 90% Cu, 70% Au, 80% Ag and 60% Mo.
(2) ATXD17B and ATXD26 were composited at a cut-off of 0.3% CuEq.
**Includes intervals of 22.2m from 804.3m to 826.5m and 8.0m from 854.7m to 862.7m where no core was recovered due to use of a directional drilling tool and 50m of intervals with a below cut-off grade of 0.25% CuEq(1).

Due to the early onset of seasonal storms in the region, the Phase IV program has been concluded totalling approximately 12,000m of diamond drilling. Through utilizing directional drilling allowing for the completion of daughter holes out of existing parent holes drilled from surface, ATEX has been able to realize an effective total of 20,100m drilled in the event all holes had been drilled from surface. ATEX has announced assay results for six complete holes, ATXD16A, ATXD17A, ATXD12A ATXD25, AXTD17B and ATXD26 totalling approximately 9,400m and has three more partial holes, totalling approximately 2,600m to be announced.

Results

Three diamond drill holes were underway when the program was suspended including ATXD25A ((end of hole "EOH") at 1,454.2m), ATXD26A a daughter hole starting at 792m from ATXD26, (EOH 925.5m) and ATXD27 (EOH 944.3m). These holes were testing for continuity of mineralized porphyry between the currently modelled EP trends and extending mineralization further along strike to the northwest (Figure 2). ATXD25A is a daughter hole from ATXD25 and is testing the continuity of mineralization north-west of ATXD23 (964.0m of 0.68% CuEq (0.48% Cu, 0.24 g/t Au, 78 g/t Mo), see Company news dated June 5, 2023 "ATEX Intersects 0.70% CuEq over 964 metres in a 200m Step-Out Along the Recently Discovered High-Grade Western Porphyry Trend"). The hole was shut down at 1,454.2m in potassic altered and mineralized wall rock (Figure 1 & 2).

  • ATXD26 and ATXD26A are a parent and daughter hole testing the continuity of EP between the northern extents of the Central and Western Trends.

    • ATXD26 intersected mineralized porphyritic units and mineralized hydrothermal breccias from approximately 1,100m downhole confirming the potential for mineralized EP below the current hole bottom and in the gap.

    • A newly discovered zone of overprinting hydrothermal mineralization has been intersected in ATXD26, above the porphyry target. This breccia hosted mineralization includes clasts of EP and is associated with enriched, gold, silver and bismuth grades. This zone remains open in all directions and will be a priority for exploration and definition in Phase V.

    • ATXD26 was abandoned, due to in hole conditions, at a depth of 1,565m. (Figure 1 & 2) ATXD26A is a daughter hole being drilled out of ATXD26, to the south. Starting at a depth of 792m it is targeting the extension of the high-grade mineralization intersected in ATXD24 (670.0m of 0.84% CuEq (0.60% Cu, 0.24 g/t Au, 101 g/t Mo including 312m of 1.00% CuEq (0.73% Cu, 0.3 g/t Au and 77 g/t Mo)), see Company news dated July 13, 2023 "ATEX Intersects 0.84% CuEq over 670 metres Widening the Central High-Grade Trend in the Last Drill Hole of Phase III Program.") (Figure 1 & 2).

  • ATXD27 tested the northern extent of mineralization along the Western Trend Porphyry to the north-east of ATXD23 (Figure 2).

  • The three uncompleted drill holes (ATXD25A, ATXD26A and ATXD27) will be extended in the next drilling season.



Figure 1. Cross-section through trends with 2023 MRE interpretation

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/209176_d6d1581464248910_001full.jpg



Figure 2. May 2024: Evolving interpretation of NNW trending Early Porphyry corridor

To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6303/209176_d6d1581464248910_002full.jpg

Table 2 - Detailed Results for ATXD17B and ATXD26

Hole ID From To Interval Cu Au Ag Mo CuEq %
MRS(1)
CuEq %
In Situ(2)
CuEq %
Met(3)
% g/t g/t g/t
ATXD17B(4) 750.0 1,254.0 504.0 0.42 0.17 0.96 51 0.56 0.61 0.60
ATXD26**(4) 586.0 1,564.0 978.0 0.54 0.21 1.26 145 0.75 0.82 0.81
Incl. 1,010.0 1,366.0 356.0 0.70 0.29 1.49 180 0.98 1.07 1.05
And Incl. 1,086.0 1,208.0 122.0 1.11 0.49 2.71 348 1.60 1.77 1.73
And Incl. 1,100.0 1,168.0 68.0 1.39 0.60 3.81 473 2.02 2.23 2.19
(1) CuEq calculated using recoveries assumed in 2023 MRE (90% Cu, 70% Au, 80% Ag and 60% Mo) (See Company news dated September 12, 2023) using the formula stated below:
Copper Equivalent (CuEq) is calculated using the formula CuEq % = Cu % + (6,481.488523 * Au g/t /10,000) + (94.6503085864* Ag g/t /10,000) + (4.2328042328 * Mo g/t /10,000).
(2) CuEq reported in-situ assuming 100% recovery for component metals assuming metal prices of US$1,800 /oz Au, US$3.15 /lb Cu, US$23 /oz Ag, and US$20.00 /lb Mo and using the formula stated below:
Copper Equivalent (CuEq) is calculated using the formula CuEq % = (((Cu % * 3.15 * 22.0462)) + (Au g/t * (1,800/31.1034768))+(Ag g/t * (23/31.1034768)) + ((Mo g/t / 10,000) * (20*22.0462))) / (3.15*22.0462).
(3) CuEq calculated using recoveries reported from metallurgical test work results reported in Company news dated October 18, 2023 (95% Cu, 94% Au, 89% Ag and 83% Mo) using the formula stated below:
Copper Equivalent (CuEq) is calculated using the formula CuEq % = (((Cu % * 3.15 * 22.0462)) + ((0.94/0.95 * Au g/t) * (1,800/31.1034768)) + ((0.89/0.95 * Ag g/t) * (23/31.1034768)) + ((0.83/0.95 * Mo g/t / 10000) * (20*22.0462))) / (3.15*22.0462).
(4) ATXD17B and ATXD26 were composited at a cut-off of 0.3% CuEq.
*CuEq values reported in historical releases use metals reported in-situ (100% basis). Recoveries for these metals as assumed in the NI 43-101 technical report titled "Independent Technical Report for the Valeriano Copper-Gold Project, Atacama Region, Chile" with an effective date of September 1, 2023, available at www.sedarplus.ca and www.atexresources.com are 90% Cu, 70% Au, 80% Ag and 60% Mo.
**Includes intervals of 22.2m from 804.3m to 826.5m and 8.0m from 854.7m to 862.7m where no core was recovered due to use of a directional drilling tool.

Outlook

With the early onset of seasonal storms affecting many operators in the region, ATEX is currently executing a staged shut down of the Phase IV program to safely demobilize personnel and equipment, marking the end of the Phase IV program. The Phase V program, which will follow on from the success of Phase IV, is anticipated to commence in H2 2024.

Final drill results from the remaining Phase IV drill holes are expected to be released through June of 2024. These results and the associated geological information will be integrated into planning for Phase V. The success of this drill program has positively impacted the Company's understanding of the Valeriano Porphyry system. Specifically, results from the Phase IV program have led to an increase in the target size for the EP component through demonstrating continuity along a 1.2 km strike length and proving that the three previously modelled trends are likely to be connected. The Phase V program is expected to focus on drilling within the EP trend to confirm continuity of the higher-grade corridor within the larger EP target and on significant step-outs to the northwest and southeast where the EP trend remains open. ATEX believes this program could continue to grow the deposit significantly and provide the foundation for an eventual preliminary economic study.

QAQC

Drill holes are collared with a PQ drill bit, reduced to HQ and, sequentially, to NQ as the drill holes progressed deeper. 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

Mr. Ben Pullinger, P.Geo., registered with the Professional Geoscientists Ontario, is the Qualified Person, as defined by National Instrument 43-101 - Standards for Disclosure for Mineral Projects, for the Valeriano Copper Gold Porphyry Project. Mr. Pullinger is not considered independent under NI 43-101 as he is President and CEO 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 0.67% CuEq (0.50% Cu, 0.20 g/t Au, 0.96 g/t Ag and 63.80 g/t Mo), which includes a higher-grade core totaling 200 million tonnes at 0.84% CuEq (0.62% Cu, 0.29 g/t Au 1.25 g/t Ag and 55.7 g/t Mo), reported in September 20231.

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

1-647-287-3778
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 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, available at www.sedarplus.ca and www.atexresources.com 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/209176


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