Toronto, Ontario--(Newsfile Corp. - January 24, 2022) - ATEX Resources Inc. (TSXV: ATX) ("ATEX") is pleased to announce that it has commenced a 6,000 metre diamond drilling campaign at its Valeriano Copper Gold Project with two drill rigs currently targeting the Valeriano copper gold porphyry deposit.
The Valeriano deposit is located within a portion of the Frontal Cordillera which links the Maricunga gold porphyry belt to the north and the El Indio high-sulphidation belt to the south. This 120 kilometre long zone, referred to as the Link Belt, hosts a number of significant copper gold porphyry deposits including Filo del Sol (Filo Mining), Josemaria (Josemaria Resources), Los Helados (NGEX Minerals/Nippon Caserones Resources), El Morro (Teck Resources/Newmont), and El Encierro (Antofagasta/Barrick Gold).
ATEX's current drilling program is following up on the results from historical 2013 drilling which returned significant intersections from the Valeriano copper gold porphyry (Table 1). Southern Rock Geophysics has completed the previously announced magnetotelluric ("MT") survey with preliminary 3D modeling of the MT results confirming the interpretation of the porphyry mineralization setting and supporting the drilling plan. The first two diamond drill holes (Figure 1, attached) are 200 metre step-outs north and south of the high-grade interval returned from drill hole VALDD13-14. A third drill hole has been tentatively planned; however, its collar location will be confirmed upon receipt of the final results of the MT and ground magnetics surveys.
Commenting on the exploration program, Raymond Jannas, CEO of ATEX said, "The entire team is excited to start the drilling campaign which is the culmination of a couple of years of foundation work, including detail geological mapping, geophysics, and the complete re-logging of all drill core and chips, leading to the development of a sound geological model for targeting the Valeriano copper gold porphyry. We currently have two diamond drill rigs turning and should have a third rig at site in early February. The drilling program is planned to be completed during mid-Q2/2022 with all assays, depending on laboratory timelines, available shortly thereafter."
https://www.newsfilecorp.com/release/111276