
ATEX Resources
TSXV: $ATX
ATEX Resources Unveils Valeriano: A Copper-Gold Giant Emerges in Chile
In the Chilean landscape of mining exploration, ATEX Resources Inc. has set the stage for a compelling narrative with the unveiling of Valeriano, a copper-gold porphyry project located in Chile. The company’s relentless pursuit of new discoveries has resulted in a significant copper-gold resource that is gaining attention globally. This article explores the key features, achievements, and potential of ATEX’s Valeriano project.
Discovery and Geological Significance:
Valeriano stands out as a copper-gold giant with a mineralized corridor measuring over 1,000 meters wide and striking more than 1,000 meters. The project’s geological significance is underscored by multiple world-class intersections exhibiting continuous copper-gold mineralization above a grade of 0.40% CuEq. The dimensions of the system, tested through drilling, extend over 1,000 meters along strike and width, with open potential in all directions.
Key Highlights of Valeriano:
High-Grade Porphyry Trends: Valeriano boasts a central high-grade porphyry trend, currently containing approximately 200 million tonnes at 0.84% CuEq within the Early Porphyry. Additionally, a second high-grade porphyry trend, known as the Western Trend, was discovered in Phase III, showing multiple intersections along a 700-meter strike length.
Resource Estimate: The latest mineral resource estimate (MRE) for Valeriano, as of September 2023, reveals an impressive inferred resource of 1.41 billion tonnes of Cu-Au porphyry mineralization, grading at 0.67% CuEq (0.50% Cu, 0.20 g/t Au, 0.96 g/t Ag, and 63.8 ppm Mo) at a cut-off grade of 0.4% Cu. A substantial high-grade core of approximately 200 million tonnes, grading at 0.84% CuEq (0.62% Cu, 0.29 g/t Au, 1.25 g/t Ag, and 55.7 g/t Mo) at a 0.50% Cu cut-off, has also been delineated.
Metallurgical Program Success: The metallurgical program at Valeriano has yielded robust copper and gold recoveries, ranging from 91% to 95% and 83% to 94%, respectively. Concentrate grades are highly attractive, with 26% to 31% Cu and 7g/t to 12g/t Au, accompanied by negligible deleterious elements.
Geographical Advantage: The topography surrounding Valeriano is favorable for establishing underground access for potential mining operations, with mineralization starting approximately 200 meters below the valley floor and open at depth.
Notable highlights include:
ATXD23: 964 meters at 0.68% CuEq (including 602 meters at 0.76% CuEq).
ATXD11A: 1,270.1 meters at 0.59% CuEq (including 170 meters at 0.76% CuEq).
ATXD11B: 1,342.5 meters at 0.70% CuEq (including 1,010 meters at 0.76% CuEq).
ATXD241: 669.4 meters at 0.81% CuEq (including 357 meters at 0.68% CuEq and 312.4 meters at 0.94% CuEq).
VAL09: 852 meters at 0.62% CuEq.
VAL14: 1,194 meters at 0.70% CuEq (including 272 meters at 0.92% CuEq).
VAL16: 1,045 meters at 0.53% CuEq.
Phase IV Extravaganza and Future Horizons:
As the success story of Valeriano continues, ATEX Resources proudly embarks on Phase IV exploration, poised to unravel even more treasures. With a target of 15,000 to 20,000 meters of drilling, the company aims to redefine the boundaries of this mineralized wonderland, promising untold discoveries yet to be unearthed.
Financial Strength and Strategic Support:
ATEX Resources is well-funded, with a US$15 million facility in place, featuring strategic shareholders like Firelight (Pierre Lassonde) and Beedie. The deal involves an initial US$10 million draw, with a two-year maturity and a favorable 6% interest rate. An additional US$5 million tranche is available under identical terms, showcasing ATEX’s financial flexibility.
Warrants, linked to the first tranche, allow the purchase of 15 million ATX common shares at a $1.30 exercise price until maturity. Major shareholders, including Firelight, commit to exercising warrants worth C$2.5 million, underscoring confidence in ATEX’s prospects. Management and other stakeholders have contributed an extra C$2.9 million through warrant exercises, further strengthening the company’s financial position. The financial backing reflects confidence in the project’s potential and underscores the commitment to maximizing its value.
On the Porphyry Super Highway:
Valeriano, positioned prominently on the porphyry superhighway in Chile, stands as a testament to ATEX Resources Inc.’s pursuit of copper-gold excellence. Through a comprehensive exploration effort comprising 22,000 meters of drilling across nine holes in Phases II and III, coupled with insights from five historical holes, ATEX has defined an impressive Inferred Resource for Valeriano. The mineralized corridor spans an expansive 1,000m x 1,000m and boasts 1.41 billion tonnes at 0.67% CuEq, with a notable composition of 0.50% Cu, 0.20 g/t Au, and 64 ppm Mo at a 0.4% Cu cut-off. This places Valeriano firmly on the map as a copper-gold giant in Chile’s mining landscape, contributing to ATEX’s remarkable journey in uncovering and delineating substantial resources. The achievement aligns with the company’s commitment to advancing the Valeriano project and solidifying its position as a key player in the global mining arena.
Conclusion:
Valeriano has emerged as a significant copper-gold discovery, redefining ATEX Resources’ position in the mining sector. With impressive resource estimates, successful metallurgical programs, and ongoing exploration activities, Valeriano is poised to become a cornerstone project in the global copper-gold landscape. As Phase IV unfolds and the story of Valeriano continues to evolve, the mining industry watches with anticipation, recognizing the potential for ATEX Resources to unlock substantial value in Chile’s mineral-rich terrain.