ATEX Announces Phase V Exploration Plans
Toronto, Ontario--(Newsfile Corp. - September 9, 2024) - ATEX Resources Inc. (TSXV: ATX) ("ATEX" or the "Company") is pleased to provide an update on its exploration strategy at the Valeriano Copper-Gold Project ("Valeriano" or the "Project") located in the Atacama Region, Chile. The Phase V drill program will follow on from the Company's most successful drill program to date and is anticipated to commence in October 2024.
Highlights:
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Phase V program targeting an initial 20,000 metres of directional diamond drilling with most planned holes being daughters out of holes drilled in previous programs. This will allow for an accelerated, efficient, high impact program.
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The following priorities will be included in the Phase V drill program:
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Step out drilling to expand the late-stage epithermal overprinting system above the porphyry horizon in drill hole ATXD26 which intersected the highest grades at Valeriano to date including 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)1.
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Definition and extension of the high-grade trend hosted within the larger mineralized porphyry body to increase the size and confidence of the >0.8% CuEq mineralization.
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Large step-out drilling to expand the known mineralized footprint, specifically along trend where the system remains open to the north, northwest and to the southeast.
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Targeting updated Mineral Resource Estimate in H2 2025.
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Ben Pullinger, President and CEO commented, "The Phase IV drill program was a transformative exploration season for the Company that yielded the highest grades and best results we have seen at Valeriano to date. Our 2024-2025 Phase V program will prioritize stepping out on the known high-grade upper epithermal zones of the system as well as further defining higher-grade trends within the porphyry. Our current understanding of the geology at Valeriano has demonstrated that the system remains open in all directions with significant opportunity for further expansion - as such, we have earmarked meters in this program to test for further significant extensions of the mineralized system. We will also continue to advance our metallurgical programs and many of our key engineering studies in 2024-2025." Mr. Pullinger continued, "We will look forward to pushing the limits of the system and to delivering an updated Mineral Resource Estimate ("MRE") in H2 2025. The updated 2025 MRE will include all drilling completed in Phase IV (9 holes totalling ~12,000m) and all drill holes completed in Phase V. The MRE will also include improved metallurgical recoveries announced in October 20232 as well as the results of a larger follow up program that is currently underway, with results expected later in 2024."