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In early 2022, ATEX completed a deep penetrating magnetotelluric (“MT”) geophysical survey and a ground magnetic survey (“Mag”) over the entire Valeriano property. Both surveys were successful in establishing a clear association with previous surveys completed by third parties.

Modelling of the MT survey data down to 2,000 metres depth identified a zone of low resistivity, coincident with a subcircular chargeability and low-resistivity anomaly, three kilometres in diameter, outlined by a historical induced polarization (“IP”) survey that penetrated to a depth of 800 metres. The mineralization within the Valeriano Copper-Gold Deposit correlates well with the broad MT resistivity anomaly that extends significantly to depth and laterally, suggesting continuation of the porphyry mineralization in all directions.

High-grade corridors have been interpreted over the Magnetization Vector Inversion (MVI) image from the recent Mag survey. A western high-grade corridor concurs with the +1.0% CuEq zones of drill holes ATXD-17 and VALDD-14. An untested eastern corridor is suggested by the magnetic survey, below the collar of drill hole VALDD-16, not cut by this hole. The corridors have a N-S to NNE strike coincident with general attitude of outcropping intermineral porphyries and mineralization at El Encierro.

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