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ATEX Resources Reports Maiden Resource Estimates for Valeriano Gold Oxide Deposit and Copper Gold Porphyry Deposit
Vancouver, British Columbia--(Newsfile Corp. - September 29, 2020) - ATEX Resources Inc. (TSXV: ATX) ("ATEX") is pleased to report initial resource estimates fo
About this update from Atex Resources Inc.
[{"type":"text","content":" Vancouver, British Columbia--(Newsfile Corp. - September 29, 2020) - ATEX Resources Inc. (TSXV: ATX) (\"ATEX\") is pleased to report initial resource estimates for two deposits on its Valeriano Copper Gold Project located in Chile's El Indio Belt. Both resource estimates were completed by SRK Consulting (Chile) SpA. (\"SRK\") on behalf of ATEX and have been prepared in accordance with the Canadian Institute of Mining and Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (2014). A National Instrument 43-101 technical report will be appropriately filed within 45 days of this release. Highlights Gold Oxide Epithermal Deposit Maiden Gold Oxide Resource Estimate totals 34.4 Mt at 0.528 g/t Au and 2.4 g/t Ag (0.561 g/t Au eq.) in the Inferred Category at a 0.275 g/t Au cut-off grade. Contained metal totals 584,684 oz Au and 2,653,895 oz Ag for 621,539 Au eq. oz. Resource measures approximately 650 metres by 500 metres in plan extending to an average depth of 100 metres from surface (see Figures 1 & 2). Potential exists for additional near surface gold mineralization. Copper Gold Porphyry Deposit Maiden Copper Gold Porphyry Resource Estimate of 297.3 Mt at 0.59% Cu, 0.193 g/t Au and 0.90 g/t Ag (0.77% Cu eq.) in the Inferred Category at a cut-off grade of 0.50% Cu. Contained metal totals 1.77 Mt Cu, 1.84 M oz Au and 8.62 M oz Ag for 2.30 Mt Cu eq. Porphyry mineralization is open in all directions horizontally and to depth (see Figure 3). Highest Cu & Au grades are associated with a granodiorite porphyry and breccia bodies (see Figure 4); drill testing extensions of these bodies is a priority. Commenting on the maiden resource estimates, Raymond Jannas, ATEX's CEO stated: \"We are very pleased with the two initial resource estimates prepared by SRK. As we have previously disclosed, our near-term focus is on outlining an economically viable, heap leachable gold resource close to surface and our maiden gold oxide resource is a strong step in this direction. This season, we are planning on additional drilling to confirm and expand on the current resource and preliminary metallurgical testing of the oxide mineralization has commenced. The drilling and metallurgical test work are the first steps towards evaluating the possibility of initiating a preliminary economic assessment. While our curren...