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.
Table 1 – Summary of Valeriano Drill Assay Results (at a 0.20 g/t Au cut-off grade)
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:
Figure 1 presents the location of the chip-channel samples in the GBV zone.
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)|
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.
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