Business
ATEX Receives Conditional Approval for Valeriano Acquisition
Historical Drill Results Include 1,194 Metres Grading 0.73% Cu eq. Vancouver, British Columbia--(Newsfile Corp. - December 3, 2019) - ATEX Resources Inc. (TSXV:
About this update from Atex Resources Inc.
[{"type":"text","content":"Historical Drill Results Include 1,194 Metres Grading 0.73% Cu eq. Vancouver, British Columbia--(Newsfile Corp. - December 3, 2019) - ATEX Resources Inc. (TSXV: ATX) (\"ATEX\") is pleased to announce that the TSX Venture Exchange (the \"TSXV\") has given conditional approval for ATEX's acquisition of the Valeriano porphyry copper gold project (\"Valeriano\"). With the conditional TSXV approval, ATEX shares will again commence trading on the TSXV on December 5, 2019. Valeriano, located in Chile's prolific El Indio Belt, 30 kilometres north of the Veladero mine (Barrick/Shandong) and immediately south and adjacent to the Antofagasta/Barrick El Encierro project, overlies a large copper gold molybdenum-bearing porphyry system which has only been partially tested by three diamond drill holes (see table 1 and figure 1) completed in 2013 by Hochschild Mining plc (\"Hochschild\"). Two of the drill holes intersected a potassic altered granodiorite porphyry including drill hole VAL13-14 which returned 1,194 metres (\"m\") grading 0.52% copper (\"Cu\"), 0.24 grams per tonne gold (\"g/t Au\") and 36 parts per million (\"ppm\") molybdenum (\"Mo\") or 0.73% Cu equivalent (\"Cu eq\") and included 416 m of granodiorite porphyry which graded 0.67% Cu, 0.32 g/t Au and 31 ppm Mo for 0.94% Cu eq. The drill hole ended in mineralization. \"With the conditional approval of Valeriano copper gold project acquisition in hand, we can start making the necessary preparations to commence exploration activities in the new year,\" stated Carl Hansen, CEO of ATEX. \"The previous Hochschild exploration activities, including geophysics and limited drilling, demonstrated the presence of a large porphyry system at Valeriano. It is our intent to commence a diamond drilling program in early 2020 to establish the potential of copper gold porphyry system.\" In order to complete the upcoming exploration program, ATEX intends to commence a financing in the near term. Details on a pending financing will be announced when available. Completion of a financing should provide for final TSXV approval of the Valeriano acquisition. Table 1 - Assay results from historical Valeriano porphyry drilling (Hochschild 2012/13) Hole # from to length Cu Au Mo Cu Eq Rock type metres metres metres % g/t ppm % VAL12-09 668 742 74 0.37 0.18 186 0.59 rhyolite & diorite porphy...