Atex Resources Inc. [ATX-TSXV] reported complete assay results for drill holes ATXD-22A and ATXD-23 from its phase III drill campaign at the 100%-optioned Valeriano copper-gold project located in Atacama region, Chile.
Highlights: ATXD-23 successfully extended the high-grade trend discovered in ATXD-11B, intersecting 964 metres of 0.70% Copper Equivalent (CuEq) (0.48% Cu, 0.24 g/t Au and 78 ppm Mo) starting at 782 metres and including 602 metres of 0.80% CuEq (0.50% Cu, 0.37 g/t Au and 11 ppm Mo) from 1,130 metres; 120 metres of 0.90% CuEq (0.45% Cu, 0.54 g/t Au and 3 ppm Mo) starting at 1,612 metres.
Additionally, ATXD-23 intersected 192 metres of 0.56% CuEq (0.24% Cu, 0.40 Au and 4 ppm Mo) from 1,858 metres to the bottom of the hole, ending in mineralization.
The newly discovered Western Porphyry Trend now has a strike length of approximately 700 metres and remains open. The Phase IV program will include holes testing further extensions of this high-grade discovery.
ATXD-22A (daughter hole), targeting the Eastern Porphyry Trend, intersected 546 metres of 0.45% CuEq (0.32% Cu, 0.08 g/t Au and 173 ppm Mo) from 921.4 metres downhole.
This mineralization continues from hole ATXD-22 (mother hole) grading 0.44% CuEq over 292 metres from 630 to 922 metres (0.31% Cu, 0.01 g/t Au and 108 ppm Mo) above the kickoff point for ATXD-22A.
The final two holes of the program, ATXD-24 and ATXD-22B reached depths of 1,842.4 metres and 1,615.05 metres respectively, with ATXD-24 paused in early porphyry within the Central Trend and ATXD-22B in potassic altered, mineralized rock milled breccia “RMB” approaching the Central Trend extension.
Both holes were paused due to earlier-than-expected adverse weather conditions. Samples for the partial holes ATXD-24 and ATXD-22B have been sent to the lab with results expected by late June or early July.
“We are incredibly happy and proud of how well our team and partners were able to execute throughout this campaign,” stated Raymond Jannas, President, and CEO of Atex. “The Phase III program has delivered on, and exceeded, its stated objectives, expanding the mineralized footprint, confirming continuity along the Central High-Grade Trend, and testing new targets. This has led to the discovery of a new high-grade porphyry trend, the Western Trend where ATXD-11B, the highest-grade hole of the Phase III was drilled. The overall size of the system has grown to 1,000 metres long by 1,000 metres wide with a vertical extent of 1,000 metres. Within this footprint we have confirmed two high-grade porphyry trends and have demonstrated their continuity with multiple drill intersections in both. We are looking forward to completing a full review of these results and integrating them into our plans for Phase IV, where we intend to continue demonstrating the enormous potential of the Valeriano Porphyry system. We are also working towards an updated mineral resource estimate incorporating drilling up to and including Phase III. We expect to update investors on this in the coming months.”
The Phase III campaign began in October 2022 and was completed in late May 2023. In total 12,513 metres of drilling were completed in eight drill holes including four holes from surface, and four daughter holes drilled from existing holes.
Phase IV, which will follow up on the success achieved in Phase III, is expected to commence in October 2023.
Final assay results for the remaining holes of the Phase III drill program are expected by the end of June or early July. The company intends to use these the Phase III results and data to update the copper-gold mineral resource statement for the Valeriano Project and file an updated NI-43 101 compliant technical report. Additionally, metallurgical test work using core from the Phase III program is being undertaken by Atex in conjunction with Libertas Metallurgy and Base Met Labs of Kamloops BC. This work is expected to be completed in Q3.