ATEX Resources Inc. (TSX-V: ATX) is pleased to announce partial assay results for drill hole ATXD29A and full assay results for ATXD22C, the seventh and eighth holes from the Phase V drill campaign at the Valeriano Copper-Gold Project, located in the Atacama Region, Chile. To date, ATEX has completed approximately 16,600 metres of drilling in the Phase V program.

Highlights include:

• ATXD29A, targeting the high-grade B2B Zone, intersected 36 metres (“m“) grading 3.05% copper equivalent (2.10% Cu, 1.02 g/t Au, 6.2 g/t Ag, 542 g/t Mo) within an interval of 126m of 2.04% CuEq (1.47% Cu, 0.67 g/t Au, 3.7 g/t Ag, 252 g/t Mo) within a broader interval of 536m of 1.04% CuEq (0.75% Cu, 0.28 g/t Au, 1.7 g/t Ag, 225 g/t Mo) from 732m downhole.
  • The high-grade intervals in ATXD29A confirm consistency and continuity of mineralization with a grade over 2.0% CuEq within an area currently measuring approximately 300m along strike, 100-200m wide and over 300m high in the core of the B2B Zone.
  • ATXD29A continued in well mineralized wall rock through to where it intersected bornite and chalcopyrite mineralization in Early Porphyry from approximately 1,500m downhole to where it was paused at a length of 1,934m. Assays are pending from 1,386m to 1,934m.
• ATXD22C, an infill hole testing a gap within the existing porphyry footprint intersected 62m of 0.88% CuEq (0.69% Cu, 0.19 g/t Au, 1.0 g/t Ag, 157 g/t Mo) from 950m downhole, and 110m of 0.71% CuEq (0.49% Cu, 0.31 g/t Au, 2.2 g/t Ag and 2 g/t Mo) from 1,694m downhole. Both intervals are included within a broader interval of 1,044m of 0.61% CuEq (0.46% Cu, 0.18 g/t Au, 1.2 g/t Ag and 48 g/t Mo) starting at 770m downhole.
  • ATXD22C provides data in a part of the model not tested in previous programs, 100m east of the high-grade trend and 200m south-east of ATXD28ⁱ (88m of 1.03% 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.

“The B2B Zone continues to deliver impressive high-grade results over meaningful intervals,” said Ben Pullinger, President and CEO of ATEX. “Since its discovery less than a year ago in hole ATXD26, the B2B breccia has consistently demonstrated strong growth potential and continues to reinforce the opportunity for similar new discoveries as exploration advances. At the same time, infill drilling within the known porphyry footprint continues to yield robust, well-mineralized intervals that are expected to positively contribute to the updated Mineral Resource Estimate anticipated in the second half of the year. Looking ahead as we plan for Phase VI, we intend to step out into new, untested areas, targeting additional breccia and porphyry targets across the Project.”

Phase V Update – Pending Assay Results from Five Drill Holes

The Company is currently completing the staged shutdown of equipment and personnel with remaining assay results expected to be released through the summer. 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 in H2 2025.

Approximately 16,600 metres of directional diamond drilling has been completed during the Phase V program, including nine completed holes (ATXD16B, 22C, 23A, 23B, 25A, 25B, 27A, 28, and 29A) and five partial holes (ATXD22D, 25C, 27B, 28A, and 29A) that will be completed as part of the Phase VI program. Results from the five remaining unreported drill holes (ATXD25C, 27B, 25B, 22D, 28A) will be announced over the coming months (Table 3).

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

Following the record setting results achieved in the Phase V program, Phase VI is anticipated to begin in September. This program will aim to further define the geometry and scale of the B2B Zone and other high-grade breccia targets to the north of the current exploration area while also testing new regional targets and continuing to define and expand the Valeriano system (Figures 1, 2 and 3).

Table 1 – Partial Results for ATXD29A and Summary Results ATXD22C

Figure 1. Long-Section of B2B Zone and Valeriano Porphyry

Figure 2. Plan View of Valeriano System Showing High-Grade B2B Breccia & Currently Defined Valeriano Porphyry Extents

 
Figure 3. Plan Map of High-Grade Porphyry Trend

Phase V Drill Results and Five Holes with Pending Assay Results

A discussion of holes ATXD29A and ATXD22C is provided below along with an overview of completed drill holes, as well as those being drilled up until the Phase V demobilization.

B2B Zone Exploration

• ATXD29A (paused at 1,934m) is a daughter hole from ATXD29 and was targeting the B2B breccia approximately 100m up-dip from the intersections drilled in ATXD26 and ATXD23A. The drilling results confirm continued lateral continuity and grade consistency within the targeted mineralized zone.
  • The 36m interval (from 1,124m to 1,160m) of 3.05% CuEq, (2.10% Cu, 1.02 g/t Au, 6.2 g/t Ag, 542 g/t Mo) is associated with breccia affected by argillic alteration and includes chalcopyrite and bornite mineralization.
  • The high-grade interval described above falls within a broader breccia interval of 126m (from 1,106m to 1,232m) of 2.04% CuEq (1.47% Cu, 0.67 g/t Au, 3.7 g/t Ag, 252 g/t Mo), with alteration transitioning from argillic to potassic.
  • From a depth of 1,500m ATXD29A intersected bornite-chalcopyrite-mineralized Early Porphyry with potassic alteration. Assays pending from 1,386m to end of hole.
• ATXD27B (paused at 1,632m) is the second daughter hole from ATXD27. The hole was suspended in mineralized wall rock and was targeting the B2B Zone 150m to the northeast of the high-grade breccia intersected in ATXD26 and ATXD23A. The hole will be completed as part of Phase VI. Assays pending.
• ATXD25C (paused at 1,566m) is a daughter hole from ATXD25A designed to test the potential link between the B2B breccia and the high-grade bornite zone intersected in ATXD25A. Assays pending.

Valeriano Porphyry Exploration

• ATXD22C (completed at 1,814m) is a daughter hole of ATXD22 (Phase III) targeting an undrilled part of the porphyry system with increased drilling density in this area to approximately 150m centres within the existing porphyry footprint.
  • ATXD22C intersected 62m of 0.88% CuEq (0.69% Cu, 0.19 g/t Au, 1.0 g/t Ag, and 157 g/t Mo) within potassic altered brecciated host rock.
  • ATXD22C ended in a mineralized Intermineral Porphyry with an interval of 110m of 0.71% CuEq (0.49% Cu, 0.31 g/t Au, 2.2 g/t Ag and 2 g/t Mo) from 1,694m to 1,804m associated with bornite and chalcopyrite mineralization within a broader interval measuring 1,044m of 0.61% CuEq (0.46% Cu, 0.18 g/t Au, 1.2 g/t Ag, 48 g/t Mo) from 770m to the end of hole at 1,814m.
• ATXD25B (completed at 1,837m) is the second daughter hole from ATXD25A located 250m along strike from and following up on ATXD25A. The hole was designed to test mineralized intersections approximately 200m up-dip. ATXD25B intersected potassic alteration with chalcopyrite and bornite from 1,340m downhole. Assays pending.
• ATXD22D (paused at 1,916m) is a daughter hole from ATXD22C and is designed to test Early Porphyry mineralization on nominal 150m centres as part of the infill program. Assays pending.
• ATXD28A (paused at 1,918m) is a daughter hole from ATXD28 and is designed to test Early Porphyry mineralization on nominal 150m centres as part of the infill program. Assays pending.

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

Table 3 – Phase V Drill Hole Summary

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 inferred 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, 2023ⁱⁱ.