ATEX Resources Inc. (TSX-V: ATX) is pleased to announce full assay results for drill hole ATXD28, the sixth hole from its Phase V drill campaign at the Valeriano Copper-Gold Project, located in the Atacama Region, Chile. The Company is currently undertaking a staged shutdown of its Phase V drill program with remaining assay results expected to be released through July. The program’s strategic objectives are to delineate the high-grade B2B breccia zone and conduct infill and extensional drilling along the high-grade porphyry trend, with the aim of supporting an updated Mineral Resource estimate anticipated for release in H2 2025. The Company plans to commence its Phase VI drill program as early as September and release an updated Mineral Resource Estimate thereafter. To date, ATEX has completed approximately 16,600 metres of drilling in the Phase V program.

Highlights include:

• ATXD28 targeting the high-grade component of Valeriano Porphyry intersected 88 metres (‘m’) grading 1.03% copper equivalent (‘CuEq’) (0.78% Cu, 0.35 g/t Au, 2.4 g/t Ag, 18 g/t Mo) and 281m of 0.93% CuEq (0.55% Cu, 0.53 g/t Au, 3.3 g/t Ag, 4 g/t Mo) within a broader interval of 1,090m of 0.81% CuEq (0.56% Cu, 0.32 g/t Au, 1.8 g/t Ag, 57 g/t Mo) from 834m downhole.

• ATXD28 drilled 160m north of high-grade porphyry drill hole VALDD13-014 (272m of 0.93% CuEq (0.72% Cu, 0.28 g/t Au, 1.52 g/t Ag, 21 g/t Moⁱ)) and 170m north of drill hole ATXD24 (670m of 0.84% CuEq (0.60% Cu, 0.24 g/t Au, 101 ppm Moⁱⁱ)). Visual details are provided in Figure 2.

• The broader intercept of 1,090m at 0.81% CuEq (0.56% Cu, 0.32 g/t Au, 1.8 g/t Ag, 57 g/t Mo) highlights another significant and continuous well-mineralized interval consistent with our expectation of the Valeriano Porphyry system.

• ATXD28 demonstrates further continuity within the high-grade porphyry trend in an area untested in previous exploration programs.

• The high-grade porphyry trend remains open along strike to the southeast and northwest.

“The Phase V drill program continues to deliver impressive results, advancing the Project across multiple fronts,” stated Ben Pullinger, President and CEO of ATEX. “The continuity demonstrated by this hole along the high-grade porphyry trend enhances confidence in the geological model and is expected to support the reclassification from the Inferred to the Indicated category in the next Mineral Resource update expected later this year. With several assay results still pending and additional high-priority targets identified, we are confident in the Project’s continued positive momentum and look forward to initiating the next phase of drilling in September.”

Phase V Update – Nine Holes Completed and Five Drill Holes to Resume Drilling in Phase VI

To date, approximately 16,600 metres have been drilled as part of the Phase V program and a total of nine holes (ATXD16B, 22C, 23A, 23B, 25A, 25B, 27A, 28, and 29) have been completed. ATEX is demobilizing drill rigs into June and expects to commence its Phase VI campaign as early as September. An additional five holes (ATXD22D, 25C, 27B, 28A, and 29A) have reached partial completion and will resume as part of the Phase VI program (Tables 2 and 3). Pending assay results from seven drill holes (ATXD25C, 27B, 29A, 22C, 25B, 22D, 28A) will be reported as they become available. Summary information for these holes is provided in the following sections.

Using directional drilling techniques, ATEX has optimized efficiency, saving approximately 9,200 metres of drilling compared to conventional methods. This approach has significantly enhanced the overall effectiveness of the program.

Following the strong results from the Phase V drill program, the Phase VI campaign is anticipated to begin in September. The program will aim to further define the geometry and improve the understanding of the orientation of the high-grade breccia targets, while continuing to advance infill and expansion drilling objectives (Figures 1 and 2).

Table 1 – Summary Results for ATXD28

Figure 1. Long-Section with High-Grade Breccia and Cu/Au Porphyry Targets

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Figure 2. Plan Map, High-Grade Cu/Au Porphyry Trend

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ATDX28 and Phase V Drill Holes with Pending Assay Results and Phase VI Resumption

A discussion of hole ATXD28 is provided below along with an overview of completed drill holes, as well as those being drilled up until the Phase V demobilization. Drilling activities are expected to resume with the launch of the Phase VI campaign in September.

Valeriano Porphyry Exploration

• ATXD28 (completed at 1,924 metres) is a parent hole from the same platform as ATXD19 (Phase II) drilled from surface. The hole was designed to increase confidence in the Inferred Mineral Resource, drilling at nominal 150 metre centres on previously defined high-grade zones within the existing porphyry footprint.

• The 88m (from 1,398m to 1,486m) interval grading 1.03% CuEq grade is associated with a breccia body intersecting the mineralized Early Porphyry.

• Directly below the strongly mineralized interval described above is 56m of NAVI drilling to correct the downhole deviation. No core was recovered in this interval.

• The last 281m (from 1,643m to 1924m) of this hole returned 0.93% CuEq, in potassic altered Early Porphyry.

• ATXD25B (completed at 1,837m) is the second daughter hole from ATXD25 located 250m along strike from and following up on ATXD25A. The hole was designed to test mineralized intersections approximately 200m up dip. ATXD25B intersected disseminated zones of potassic alteration from 1,340m downhole, chalcopyrite from 1,337m to 1,837m and bornite from 1,249m to 1,646m. Assay results are pending.

• ATXD22C (completed at 1,814 metres) is a daughter hole of ATXD22 (Phase III), designed to infill drill and increase the confidence level of the Inferred Mineral Resource, drilling at nominal 150 metre centres on previously defined high-grade zones within the existing porphyry footprint. This hole is currently still drilling through host rock sequences. The hole intersected mineralized porphyry at 1,375m downhole, Early Porphyry from 1,580m to 1,666m, and was completed in mineralized porphyry. Assay results are pending.

• ATXD22D (paused at 1,916 metres) is a daughter hole from ATXD22C and is designed to test Early Porphyry mineralization on nominal 150m centres as part of the infill program. Assay results are pending.

• ATXD28A (paused at 1,918 metres) is a daughter hole from ATXD28 and is designed to test Early Porphyry mineralization on nominal 150m centres as part of the infill program. Assay results are pending.

B2B Zone Exploration

• ATXD27B (paused at 1,632 metres) is the second daughter hole from ATXD27. The hole is currently drilling in mineralized host rock and will be targeting the B2B zone 150m to the northeast of the high-grade breccia intersected in ATXD26 and ATXD23A. Assays results are pending.
• ATXD29A (paused at 1,934 metres) is a daughter hole from ATXD29 and is targeting the B2B breccia approximately 100m up dip from the intersections drilled in ATXD26 and ATXD23A. It intercepted 382m (1,123m to 1,505m) of mineralized breccia and 343m (from 1,508m to 1,851m) of Early Porphyry. Assay results are pending.

• ATXD25C (paused at 1,566 metres) is a daughter hole from ATXD25A and is designed to test the potential link between the B2B breccia and the high-grade bornite zone intersected in ATXD25A. Assay results are pending.

Table 2 – Detailed Results with Metallurgical Recoveries for Phase V Drill Holes to Date

Table 3 – Phase V Drill Hole Summary

WGS8419S
UTMY

WGS8419S
Elevation

(m)
Kick-off

(m)Start of HoleEnd of
HoleStatus
Length

(m)
Drilled

(m)¹ Azi./DipAzi./DipB2B BrecciaATXD23A414,6236,779,9214,346515134 / 81161 / 50Complete2,0421,527ATXD23B414,6236,779,9214,346962139 / 59143 / 49Complete1,9991,037ATXD27A414,5586,780,3994,424794153 / 72175 / 31Complete2,1481,354ATXD27B414,5586,780,3994,424704149 / 73155 / 33Paused1,632928ATXD29414,9626,779,6824,257
170 / 89163 / 89Complete711711ATXD29A414,9626,779,6824,257355313 / 88289 / 74Paused1,9341,580PorphyryATXD16B415,3816,779,1284,134827287 / 77270 / 44Complete1,8801,053ATXD22C415,1876,779,4124,134667261 / 89286 / 66Complete1,8141,148ATXD22D415,1876,779,4124,134732250 / 86222 / 64Paused1,9161,185ATXD25A**413,8966,779,9194,1601,454125 / 76102 / 47Complete2,232778ATXD25B413,8966,779,9194,160765100 / 6089 / 32Complete1,8371,072ATXD25C413,8966,779,9194,160408129 / 80108 / 18Paused1,5661,158ATXD28415,1326,779,3544,170
276 / 78344 / 75Complete1,9241,924ATXD28A415,1326,779,3544,170970291 / 78353 / 74Paused1,918947
Total25,55216,5521 – Includes re-drilled meters (152.7m).* Table contains preliminary data.** ATXD25 was paused at 1,454.2m at the end of the Phase IV campaign and drilling resumed from this depth. Initial kick-off from ATXD25 was at 629.5m.

ATEX Announces Grant of Stock Options 

ATEX announces that it granted an aggregate of 400,000 stock options to an officer of the Company. Each option entitles the holder to acquire one common share at an exercise price of C$2.20 for a period of five years in accordance with the Company’s Stock Option Plan.

Quality Control & Quality Assurance

Drill holes are collared with a PQ drill bit, reduced to HQ and, sequentially, to NQ as the drill holes progressed deeper. Drill core produced by the drill rigs was extracted from the core tubes by the drill contractor under the supervision of ATEX employees, marked for consistent orientation and placed in core boxes with appropriate depth markers added. Full core boxes were then sealed before being transported by ATEX personnel to the Valeriano field camp. Core at the field camp is processed, quick logged, checked for recovery, photographed, and marked for specific gravity, geotechnical studies and for assays. From camp, the core is transferred to a secure core-cutting facility in Vallenar, operated by IMG, a third-party consultant. Here, the core trays are weighed before being cut using a diamond saw under ATEX personnel oversight. ATEX geologists working at this facility double-check the selected two-metre sample intervals, placing the samples in seal bags and ensuring that the same side of the core is consistently sampled. Reference numbers are assigned to each sample and each sample is weighed. The core trays with the remaining half-core are weighed and photographed. Additionally, core logs are updated, and specific gravity and geotechnical samples are collected. The remaining core is stored in racks at the Company’s secure facility in Vallenar.

From Vallenar samples are sent to an ALS preparation facility in La Serena. ALS is an accredited laboratory which is independent of the Company. The prepared samples were sent to the ALS assay laboratories in either Santiago, Chile and Lima, Peru for gold (Au-AA24), copper (Cu-AA62), molybdenum (Mo-AA62) and silver (Ag-AA62) assays as well as and multi-element ICP (ME-MS61) analysis. No data quality problems were indicated by the QA/QC program.

Qualified Person

Mr. Ben Pullinger, P.Geo., registered with the Professional Geoscientists Ontario, is the Qualified Person, as defined by National Instrument 43-101 – Standards for Disclosure for Mineral Projects, for the Valeriano Copper Gold Porphyry Project. Mr. Pullinger is not considered independent under NI 43-101 as he is President and CEO of ATEX. He has reviewed and approved the disclosure of the scientific and technical information contained in this press release.

About ATEX

ATEX is exploring the Valeriano Copper-Gold Project which is located within the emerging copper gold porphyry mineral belt linking the prolific El Indio High-Sulphidation Belt to the south with the Maricunga Gold Porphyry Belt to the north, located in the Atacama Region, Chile. This emerging belt, informally referred to as the Link Belt, hosts several copper gold porphyry deposits at various stages of development including, Filo del Sol (Lundin Mining/BHP), Josemaria (Lundin Mining/BHP), Lunahausi (NGEx Minerals), La Fortuna (Teck Resources/Newmont) and El Encierro (Antofagasta/Barrick). The Valeriano Project hosts a large copper gold porphyry mineral resource: 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), as reported by ATEX on September 12, 2023ⁱⁱⁱ.

For further information, please contact:

Ben Pullinger,
President and CEO
Email: bpullinger@atexresources.com

Aman Atwal,
Vice President, Business Development and Investor Relations
Email: aatwal@atexresources.com

1-647-398-9405

or visit ATEX’s website at www.atexresources.com.