Business
ATEX Resources Mobilizes Drill Contractor for Phase III Program and Makes Third Option Payment on Valeriano
Toronto, Ontario--(Newsfile Corp. - September 12, 2022) - ATEX Resources Inc. (TSXV: ATX) ("ATEX") is pleased to provide an update on preparation for its upcomi
About this update from Atex Resources Inc.
[{"type":"text","content":" Toronto, Ontario--(Newsfile Corp. - September 12, 2022) - ATEX Resources Inc. (TSXV: ATX) (\"ATEX\") is pleased to provide an update on preparation for its upcoming Phase III drill campaign at the Valeriano Copper Gold Project (\"Valeriano\" or the \"Project\") located in Atacama Region, Chile. Highlights include: Mobilization of Recon Drilling (subsidiary of Geodrill Ltd.) to commence drilling in early October. Completion of third option payment, under the terms of the amended option agreement, leaving two more payments to earn 100% of the Project. Commence mobilization and installation of ATEX field camp with initial occupancy scheduled for late September. Clearing and rehabilitation of approximately 40 kilometres of the Project access road commenced in mid-August. Selected and shipped two composite samples of porphyry copper gold mineralization for initial metallurgical test work. \"This has been a transformative year for ATEX as we successfully intersected and expanded porphyry mineralization at Valeriano and now have the financing in place to follow up on the outstanding Phase II results with a much larger program,\" stated Raymond Jannas, President and CEO of ATEX. \"We are in the process of ramping up our preparation to commence the Phase III program. Additionally, we are excited to be partnering with Recon Drilling for this campaign. Recon's extensive international experience with directional drilling will allow us to maximize the efficiency of our program resulting in less metres required to be drilled, quicker completion of more target intersections and using fewer drill pads. This will de-risk our program significantly and allows for increased flexibility as we drill and, seek to grow the deposit.\" Phase III Drill Program The upcoming Phase III drill program consists of an initial 10,000 metres of directional diamond drilling. The holes considered in this program includes new holes and plans to leverage existing holes that can be reentered, extended and finished in a different orientation. This is achieved using directional drilling equipment and establishing multiple daughter holes drilled in various orientations to test multiple targets. Dependent on the success of this initial 10,000 metre program, the program may be expanded by another 10,000 metres. The Phase III objectives are: Follow up on the VALDD-14 to ATX...