The Valeriano Project, located in the Huasco Province of the Atacama Region of northern Chile is situated approximately 151 kilometres southeast of the City of Vallenar. The Property consists of 15 exploitation concessions and two exploration concessions covering a total area of 3,795 hectares.
The Project’s eastern and southern boundaries are formed by the Chilean border with Argentina and the concessions fall entirely within Chile. The Valeriano Project hosts a large copper gold porphyry deposit, below a near surface oxidized epithermal gold deposit that extends from surface to a depth of 100 metres1.
In 2023, ATEX reported updated mineral resources for both the oxide gold deposit and copper gold porphyry1.
In 2022, Phase II drilling was the company’s first test of the porphyry system with two drill holes (ATXD-17 and ATXD-192) targeting the high-grade central trend, initially intersected by Hochschild drill hole VALDD-14. Both drill holes intersected significant mineralization confirming proof of concept for the potential of a higher grade core of ≥0.8% CuEq within the Central High Grade Trend at Valeriano.
Phase III drilling utilized directional drilling to expand on the successes of Phase II and reduce costs by re-entering historical drill holes and drilling daughter holes from depth. The Program has successfully expanded the mineralized corridor within the Valeriano project, extended the high-grade (≥0.8% CuEq) core and discovered a third porphyry trend to the west of the Central Trend.
Phase III drilling further bolstered ATEX’s proof of concept and intersected the project’s longest intersections to date in eight drill holes (ATXD-11A3, ATXD-214, ATXD-11B5, ATXD-225, ATXD-22A6, ATXD-236, ATXD-22B7 and ATXD-247).
Phase IV drilling, expected to start in early Q4, 2023, is planned to further define and expand the existing resource.
Based on the option agreement originally signed in August 2019, and amended in January 2020 and August 2023, ATEX can earn a 100% interest in Valeriano by September 1, 2025. For details of the payments and work commitments, please see the company's corporate presentation.
1 For further information, please see press release from September 12, 2023 and also available under the ATEX Resources SEDAR+ profile. Copper Equivalent (CuEq) is calculated assuming US$ 3.15/lb Cu, US$ 1,800/oz Au, US$ 23/oz Ag, and US$ 20/lb Mo and metallurgical recoveries of 90% for Cu, 70% for Au, 80% for Ag, and 60% for Mo using the formula CuEq % = Cu % + (6481.488523 * Au g/t) + (94.6503085864 * Ag g/t) + (4.2328042328 * Mo g/t).
2 For ATXD-17 and ATXD-19 results, procedures and QA/QC information, see press release from June 13, 2022.
3 For ATXD-11A results, procedures and QA/QC information, see press release from February 7, 2023.
4 For ATXD-21 results, procedures and QA/QC information, see press release from February 27, 2023.
5 For ATXD-11B and ATXD-22 results, procedures and QA/QC information, see press release from March 30, 2023.
6 For ATXD-22A and ATXD-23 results, procedures and QA/QC information, see press release from June 5, 2023.
7 For ATXD-22B and ATXD-24 results, procedures and QA/QC information, see press release from July 13, 2023.