Business
ATEX Resources Completes Valeriano Phase II Drill Program
Toronto, Ontario--(Newsfile Corp. - May 11, 2022) - ATEX Resources Inc. (TSXV: ATX) ("ATEX") is pleased to announce the completion of the Valeriano Copper Gold
About this update from Atex Resources Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - May 11, 2022) - ATEX Resources Inc. (TSXV: ATX) (\"ATEX\") is pleased to announce the completion of the Valeriano Copper Gold Project Phase II drilling program with the final diamond drill hole, ATXD-17, ending at a depth of 2,057.0 metres. All drill holes have been logged, core sampled and the samples sent to ALS Limited's laboratory in Coquimbo, Chile. Final assay results are anticipated within 6 to 8 weeks. Since diamond drill hole ATXD-17 was last reported, at a depth of 1,471.3 metres (ATEX April 11, 2022 news release), the hole continued to cut potassic altered porphyry locally cut by A-veins and veinlets containing disseminated to occasionally massive chalcopyrite with lesser pyrite and magnetite and with disseminated chalcopyrite, pyrite and magnetite occurring throughout the porphyry matrix. Locally, the unit is cut by biotite-magnetite breccias with fragments of porphyry and A-veins and with disseminated chalcopyrite and pyrite. From 1,614.2 through 1,862.0 metres, the potassic altered porphyry is dominated by coarse plagioclase with lesser amphibole and biotite with chalcopyrite, bornite and magnetite both disseminated throughout and hosted within veinlets. Below 1,862.0 metres to the end of the hole, the porphyry remains similar to that immediately above, however, sulphide mineralization, dominantly chalcopyrite and bornite, is reduced. \"While we had a few issues with diamond drilling, overall, we are pleased with the geological environment we are observing in the recent Valeriano drill holes\", said Raymond Jannas, President and CEO of ATEX. \"Both ATXD-17 and ATXD-19, drilled 200 metres northeast and southwest of VALDD13-14, respectively, displayed similarities to that drill hole which returned 1,194 metres grading 0.73% copper equivalent. With the encouragement from the Phase II program, that expands the size of the copper gold porphyry mineralization, we are looking forward to a Phase III drill program next season to define the limits of this large porphyry system. Note: Until core sample assays from Phase II drill holes are completed and received, any inference of potential copper and gold grades from the geological descriptions provided in this release is speculative in nature. Grades can only be determined upon receipt of assays. While the Phase II drilling program h...