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ATEX Announces Valeriano Drilling Results and the Discovery of the GBV Gold Zone

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ATEX Announces Valeriano Drilling Results and the Discovery of the GBV Gold Zone

 

 

 

 

 

Drill Results Include 40 Metres Grading 1.25 g/t Gold and 4.06 g/t Silver

 

ATEX Resources Inc. (TSX-V: ATX) is pleased to report results from the recently completed exploration program at the Valeriano Copper Gold Project located 125 kilometres southeast of Vallenar, Chile. The reverse circulation drilling program focused on the near surface Gold Oxide deposit which hosts 584,684 ounces of gold and 2,653,895 ounces of silver in 34.4 million tonnes grading 0.528 grams per tonne gold and 2.4 g/t silver in the Inferred Category at a 0.275 g/t gold cut-off grade.

 

All ATEX drill holes returned significant intervals of +0.2 g/t gold mineralization hosted within the volcaniclastic upper unit including 40 metres grading 1.25 g/t gold and 4.06 g/t silver (drill hole ATXR08) and 50 metres grading 0.68 g/t gold and 2.18 g/t silver (drill hole ATXR03). Table 1 summarizes the drill hole assay results. Figure 1 (attached) presents the location of the ATEX drill holes and chip-channel sampling assay results and Figure 2 (attached) shows a cross section through the Gold Oxide deposit.

 

In conjunction with the drilling program, a detailed surface mapping program was undertaken resulting in the discovery a new zone of gold mineralization, the GBV zone, comprising mineralized grey banded quartz veins cutting brecciated rhyolite. Sampling along surface trenches cut through the GBV zone returned significant intervals of gold mineralization including 0.80 g/t gold over 60 metres and 0.45 g/t gold over 60 metres. Drill hole ATXR12, lost at a depth of 72 metres, returned 36 metres grading 0.49 g/t gold and 0.41 g/t silver. The GBV zone is open to the northeast where the mineralization extends under talus cover.

 

“We are pleased with the drill results from our Valeriano exploration program which both confirmed the continuity, and locally extended the limits, of the Gold Oxide deposit”, said Raymond Jannas, President and CEO of ATEX. “Further, the discovery of the GBV zone shows that there is potential for further significant gold oxide discoveries on the Valeriano property. The GBV zone will be the focus of additional exploration activities during the upcoming exploration season.”

 

The diamond drill program comprised 1,708 metres in twelve diamond drill holes. Ten drill holes were drilled into the Gold Oxide deposit and two drill holes focused on exploration targets including the newly discovered GBV zone.

  • Six infill holes were drilled within the 0.275 g/t gold oxide resource outline (ATXR01, 02, 03, 04, 05, & 06) demonstrating the continuity of the gold mineralization within the resource model.
  • Three drill holes targeted expansion of the 0.275 g/t gold oxide resource (ATXR07, 08 and 10) with drill hole ATXR08 extending the 0.275 g/t Au resource outline to the southwest increasing the average grade.
  • One twin hole (ATXR09) showed similar grade distribution with historical drill hole RDH-V31.
  • Two exploration holes (ATXR11 and 12). Drill hole ATXR12 was drilled into the GBV zone demonstrating continuous gold mineralization below the outcropping mineralized quartz veinlets. Unfortunately, this hole only reached 72 metres (170-metre target depth) when the rig broke down and poor weather halted the program. Drill hole ATXR11 tested the northeast extension of high-grade gold mineralization in hole RDH-V27 without positive result.

 

Table 1 – Summary of Valeriano Drill Assay Results (at a 0.20 g/t Au cut-off grade)

 

Hole # From
(metres)
To
(metres)
Interval
(metres)
Gold
(g/t)
Silver
(g/t)
ATXR01 12 18 6 0.60 2.45
94 102 8 0.25 1.10
134 138 4 0.58 1.54
ATXR02 8 58 50 0.32 1.51
includes 10 14 4 0.53 2.78
and 50 58 8 0.47 1.29
ATXR03 0 8 8 0.46 2.19
26 76 50 0.68 2.18
includes 26 32 6 1.07 3.24
and 50 74 24 0.81 2.42
ATXR04 6 14 8 0.26 0.69
20 40 20 0.36 1.04
includes 20 28 8 0.48 1.25
58 64 6 0.27 1.10
118 122 4 1.27 0.48
ATXR05* 4 20 16 0.32 n/a
56 62 6 0.25 n/a
72 78 6 0.29 n/a
82 100 18 0.46 n/a
includes 82 94 12 0.55 n/a
ATXR06 14 28 14 0.21 0.76
includes 14 20 6 0.30 1.10
40 54 14 0.32 0.97
includes 44 52 8 0.43 1.23
70 116 46 0.54 1.39
includes 100 108 8 1.48 4.00
ATXR07 6 14 8 0.58 2.40
20 44 24 0.23 0.87
ATXR08 58 76 18 0.42 3.02
includes 66 72 6 0.66 4.94
88 92 4 0.81 6.89
100 120 20 1.45 4.90
includes 106 118 12 2.25 7.24
132 172 40 1.25 4.06
includes 132 140 8 2.98 14.17
and 162 166 4 4.24 2.60
ATXR09 0 10 10 0.25 2.03
16 20 4 0.70 5.51
26 38 12 0.30 1.34
46 56 10 0.82 4.70
includes 46 52 6 1.19 6.85
74 92 18 0.37 2.17
includes 82 92 10 0.43 2.85
ATXR10 2 20 18 0.24 1.00
includes 2 8 6 0.29 1.55
ATXR11 12 18 6 0.40 0.72
ATXR12 10 46 36 0.49 0.41
includes 10 16 6 0.99 1.13
and 28 38 10 0.67 0.24
58 72 14 0.39 0.13

 

NOTES: Grades are composited at a 0.20 g/t gold cut-off and may include up to 4 metres of internal waste material. All “Interval” distances represent down-hole lengths and not true widths. True widths are estimated to be approximately 75 to 90% of the down-hole length.
* Silver assay from drill hole ATXR05 are pending.

 

GBV ZONE TRENCHING RESULTS

 

Sixty-nine 5-metre chip-channel samples were obtained along two roadcuts where gray-banded veining outcropped. The chip-channel samples results are as follows:

 

  • 60 metres grading 0.45 g/t gold continued by,
  • 120 metres grading 0.12 g/t gold; and
  • 115 metres grading 0.17 g/t gold followed by,
  • 60 metres grading 0.80 g/t gold.

 

Figure 1 presents the location of the chip-channel samples in the GBV zone.

 

METALLURICAL SAMPLES

 

Four samples were collected from surface for column test metallurgical work. Three samples were collected within the limits of the Gold Oxide deposit and one sample was collected from the newly discovered GBV zone.

 

Sample ID Location Easting North Weight (kg) Au Grade (g/t)
METVAL01 Resource Outline 414947 6779840 6.77 1.625
METVAL02 Resource Outline 415007 6779606 8.33 1.535
METVAL03 GBV 415450 6779018 7.81 0.777
METVAL04 Resource Outline 414910 6780045 9.94 0.306

 

 

Quality Control / Quality Assurance Program

 

Samples of chips from ATEX’s RC drilling campaign were collected, under the direct supervision of ATEX staff, every 2 metres with each RC sample split to obtain a 15-kilogram sample for assay purposes. Duplicate samples were split to 7.5 kilograms. Representative chips were collected continuously from drill hole for logging purposes. The RC samples and duplicates were appropriately tagged, secured, and transported to the ATEX exploration camp where QA-QC pulps were included. Samples were then sent to the ALS Chemex laboratory in Copiapo for sample preparation (PREP-31B: crush to 70% <2mm, riffle split 1Kg, pulverize 1 kg to 85% <75 um).

 

Samples were analyzed for gold using fire assay techniques using two assay/ton samples (approx. 50 grams) with an atomic absorption spectrographic finish for a sensitivity of 5 ppb (Au-AA24). The samples were also assayed for multi-elements (ME-MS61 method combining a four-acid digestion with ICP-MS instrumentation). A four-acid digest was performed on 0.25 grams of sample material to quantitatively dissolve most geological materials. Approximately 10% of the samples submitted to ALS Chemex comprised field rejects for RC chip samples, pulp duplicates, standard and blank samples to ensure laboratory quality control procedures.

 

Chip-channel samples were collected by ATEX staff using hammers along 5 metre continuous intervals. Samples were bagged, appropriately labeled and transported to ALS Chemex, Copiapo for sample preparation and assayed using similar procedures as noted above.

 

National Instrument 43-101 Compliance

 

The Qualified Person, as defined by National Instrument 43-101 of the Canadian Securities Administrators, for ATEX’s exploration activities in Chile is Sergio Diaz, a resident of La Senera, Chile. Mr. Diaz is a Public Registered Person for Reserves and Resources N° 51, in Chile and is also registered in the Colegio de Geólogos de Chile under N° 315.

 

About ATEX Resources Inc.

 

ATEX is a mineral exploration company focused on the acquisition, development and monetization of projects throughout the Americas. ATEX’s flagship Valeriano Copper Gold Project is located in Chile’s prolific El Indio Mineral Belt.

 

Figure 1


Figure 2

 

Posted July 7, 2021

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