ATEX Resources Inc. announced complete assay results for drill hole ATXD25, the fourth hole from its Phase IV drill campaign at the Valeriano Copper-Gold Project located in Atacama Region, Chile. Due to the early onset of seasonal storms in the region, the Phase IV program has been concluded totalling approximately 12,000m of diamond drilling. Through utilizing directional drilling allowing for the completion of daughter holes out of existing parent holes drilled from surface, ATEX has been able to realize an effective total of 20,100m drilled in the event all holes had been drilled from surface.

ATEX has announced assay results for four complete holes, ATXD16A, ATXD17A, ATXD12A and ATXD25 totalling approximately 6,100m and has 5 more complete and partial holes, totalling approximately 5,400 to be announced. Results ATXD25 (the longest hole to date at Valeriano reaching a final depth of 2,208.2 metres) was drilled to the south-east with a dip of 90 degrees and an azimuth of 40 degrees with the dip shallowing to 48 degrees by the end of hole. Hole ATXD25 targeted the Western Trend where it intersected EP expanding the width of the western porphyry that remains open to the west.

Three diamond drill holes were underway when the program was suspended ATXD25A ((End of hole "EOH") at 1,454.2m), ATXD26A a daughter hole starting at 792m from ATXD26, (EOH 925.5m) and ATXD27 (EOH 944.3m). These holes were testing for continuity of mineralized porphyry between the currently modelled EP trends and extending mineralization further along strike to the northwest. ATXD25A is a daughter hole from ATXD25 and is testing the continuity of mineralization north-west of ATXD23 (964.0m of 0.68% CuEq (0.48% Cu, 0.24 g/t Au, 78 g/t Mo).

The hole was shut down at 1,454.2m in potassic altered and mineralized wall rock. ATXD26 and ATXD26A are a parent and daughter hole testing the continuity of EP between the northern extents of the Central and Western Trends. ATXD26 intersected mineralized porphyritic units and mineralized hydrothermal breccias from approximately 1,100m downhole confirming the presence of mineralized porphyry in this gap.

It was ultimately abandoned due to in hole conditions at a depth of 1,565m. ATXD26A is a daughter hole being drilled out of ATXD26, to the south. Starting at a depth of 792m it is targeting the extension of the high-grade mineralization intersected in ATXD24 (670.0m of 0.84% CuEq (0.60% Cu, 0.24 g/t Au, 101 g/t Mo including 312m of 1.00% CuEq (0.73% Cu, 0.3 g/t Au and 77 g/t Mo)).

ATXD27 is testing the northern extent of mineralization along the Western Trend Porphyry to the north-east of ATXD23. The three uncompleted drill holes (ATXD25A, ATXD26A and ATXD27) will be extended in the next drilling season. Results from ATXD17B which was completed in mid-March are expected in early to mid-May.

Outlook With the early onset of seasonal storms in the region affecting many operators in the region, ATEX is currently executing a staged shut down of the Phase IV program to safely demobilize personnel and equipment, marking the end of the Phase IV program. The Phase V program which will follow on from the success of Phase IV is anticipated to commence in second half 2024. Final drill results from the remaining Phase IV drill holes are expected to be released through May and June of 2024.

These results and the associated geological information will be integrated into planning for Phase V which is expected commence in third quarter/fourth quarter 2024. The success of this drill program has positively impacted understanding of the Valeriano Porphyry system. Specifically, results from the Phase IV program have led to an increase in the target size for the EP component through demonstrating continuity along a 1.2 km strike length and proving that the three previously modelled trends might be connected.

The Phase V program will focus on drilling within the EP trend to confirm continuity of the higher-grade corridor within the larger EP target and on significant step-outs to the northwest and southeast where the EP trend remains open.