Corporate Member

ATEX Resources’ (TSXV: ATX) flagship asset is the Valeriano copper-gold project in Chile, knocking on the door of joining the list of the top 10 undeveloped copper projects worldwide. Valeriano is adjacent to the El-Encierro deposit, a joint venture between Antofagasta and Barrick Gold and in close proximity to other active projects in the area (Teck Resources, Newmont Mining, Filo Mining and Lundin Mining).

Last week, ATEX announced a US$40 million strategic investment by Agnico Eagle. Proceeds are intended for exploration at Valeriano, with Phase V drilling expected to start shortly. An initial 20,000 metres of directional diamond drilling is targeted for the Phase V program, with most planned holes being daughters from holes drilled previously. Phase V priorities include step-out drilling to expand the epithermal system discovered in Phase IV, definition and extension of the high-grade trend within the porphyry body and step-out drilling to expand the mineralized footprint.

ATEX is targeting an updated mineral resource estimate for the project in H2 2025. As of September 2023, Valeriano hosts a copper gold porphyry resource of 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). This resource was completed before Phase IV and does not include any of the Phase IV drilling.

Earlier this year, ATEX concluded its best drill program at Valeriano to date. Results from the ~12,000m directional drilling Phase IV program include significant mineralized intervals with the highest grades seen at Valeriano thus far; the system remains open in all directions. Phase IV has also confirmed a new conceptual geology model. This new model has outlined increased continuity and size potential of the Early Porphyry (EP) units along 1.2 km of strike and over a width of approximately 0.5km. Overall dimensions of the system tested by drilling through Phase IV measure >1,200m along strike and >1,000m wide and open in all directions.