Atex Resources drills 0.84% CuEq over 670 metres at Valeriano, Chile
Atex Resources Inc. [ATX-TSXV] reported partial assay results for drill holes ATXD-24 and ATXD-22B, the last two holes, from its phase III drill campaign at the Valeriano copper-gold project located in Atacama region, Chile.
Highlights include ATXD-24 that intersected 670 metres of 0.84% copper equivalent (CuEq) (0.60% Cu, 0.24 g/t gold and 101 parts per million molybdenum) including 312 metres of 1.00% CuEq (0.50% Cu, 0.37 g/t Au and 11 ppm Mo), in early porphyry within the Central trend, from 1,530 metres to where the hole was paused at a depth of 1,842.4 metres at the end of the drill season.
The high-grade, early porphyry was intersected earlier in the hole than anticipated, widening the Central trend by approximately 70 metres to the west. ATXD-24 was planned to reach 2,200 metres in depth and will be completed as part of the phase IV drill program.
ATXD-22B intersected 947 metres of 0.64% CuEq (0.49% Cu, 0.15 g/t Au and 74 ppm Mo) in mineralized rock milled breccia (RMB) from 668 metres to the bottom of the hole at 1,615 metres.
ATXD-22B ended in mineralization and with the grade improving toward the bottom of the hole. The hole was planned to reach a depth of 2,100 metres and will be completed as part of the phase IV program.
“This is a great way to finish the phase III program and has us excited to restart drilling in the fall and continue where we left off with phase III,” stated Raymond Jannas, president and CEO. “Hole ATXD-24 is a very significant hole as it intersected early porphyry further west than anticipated demonstrating that the Central trend is wider than anticipated in this area. We look forward to completing this hole in the fall and are especially excited to follow up and test the continuity of this wider part of the Central trend.”
Phase III achieved a series of execution records for the project including completing the deepest hole to date at a depth of 2,190.5 metres (ATXD-11B) as well as achieving a 100% completion rate on drill holes. Additionally, the utilization of directional drilling in phase III resulted in a saving of about 3,000 metres of drilling from surface. Phase IV, which will follow up on the success achieved in phase III, is expected to commence in October 2023.
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. 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, B.C. This work is expected to be completed in Q3.
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.