ATEX Resources (ATX) has commenced drilling and related support equipment to the Valeriano Project.
The goal of the planned 3 thousand metre reverse circulation drilling program is to expand the existing near-surface oxide gold resource and convert a portion of inferred gold resources to the measured and indicated categories.
ATEX has entered into an agreement extending the timing of all future option payments for a period of one year from each payment's previous due date.
The Valeriano epithermal oxide gold deposit contains 0.585 million ounces of gold and 2.65 million ounces of silver for 0.623 million gold equivalent ounces hosted in an inferred resource estimate of 34.4 million tonnes at a grade of 0.528 grams per tonne ('g/t") gold and 2.4 g/t silver, for a gold equivalent grade of 0.561 g/t at a 0.275 g/t gold cut-off grade.
"We are pleased to start the process of advancing the Valeriano oxide gold resource towards a measured and indicated resource," said Raymond Jannas, CEO of ATEX.
"... Further, the payment moratorium provides ATEX with flexibility in moving the oxide gold deposit forward as well as progressing the copper-gold porphyry resource lying at depth below the near-surface gold deposit," he added.
Underlying the Valeriano oxide gold deposit is a large copper-gold porphyry hosting an estimated inferred resource of 297.3 million tonnes grading 0.59 per cent copper, 0.193 g/t gold and 0.9 g/t silver (copper equivalent grade of 0.77 per cent).
All for an estimated 1.77 million tonnes of copper, 1.845 million ounces of gold and 8.62 million ounces of silver or 2.30 million tonnes of contained copper equivalent at a 0.50 per cent copper cut-off grade.
The porphyry copper resource remains open horizontally in all directions and to depth.
ATEX has granted 100 thousand stock options to a director of ATEX.
Each option entitles the holder to acquire one ATEX common share at an exercise price of C$0.35 until January 28, 2026.
ATEX is a mineral exploration company focused on acquiring, developing, and monetizing projects throughout the Americas. ATEX's flagship Valeriano Project is located in Chile's prolific El Indio Mineral Belt.
ATEX (ATX) Resources is in the gray and is trading at C$0.33.