ATEX Resources Inc. announce complete assay results for drill holes ATXD-22A and ATXD-23 from its Phase III drill campaign at the Valeriano Copper-Gold Project (‘Valeriano' or the ‘Project') located in Atacama Region, Chile. The intervals reported in ATXD-23 are interrupted by a 112-metre interval of intermineral porphyry (‘IMP') from 1,746 to 1,858 metres downhole. This interval of IMP grades 0.24% CuEq (0.11% Cu, 0.16 g/t Au and 2 ppm Mo).

ATXD-23 was drilled at a sub vertical angle (-83 degrees) and drilled along the intermineral porphyry before exiting back into the early porphyry. Phase IV drill plans for the Western Trend will include drill holes with intersection angles planned to drill across the target geology and better test the width of the trend. ATXD-22A (Daughter hole) commenced at a depth of 921.4 metres and was drilled southeast to test the northern extension of the Eastern Trend.

It was targeted to intersect this trend approximately 400 metres north of VAL-16 (1,045 metres of 0.54% CuEq (0.39% Cu, 0.17 g/t Au & 54 ppm Mo)). The hole commenced in mineralized RMB from its start point at 921 metres downhole in ATXD-22. Mineralization and alteration in the hole decreased as the hole intersected a series of faults that ultimately cut-off mineralization.

ATXD-24 was drilled to the southeast across the eastern contact of the Western trend and towards the Central Trend. The hole intersected chalcopyrite bearing, mineralized RMB and a series of intermineral porphyries starting from a depth of 580 metres to a depth of 1,350 metres. Several chalcopyrite bearing hydrothermal breccia units were observed from 1,350 metres to 1,525 metres downhole.

Strong potassic alteration with intense stockwork and veining was intersected within the early porphyry from 1,525 metres to where the hole was paused at 1,842.4 metres. Assay results from ATXD-24 are expected in late June or early July. ATXD-22B (daughter hole), targeting the Central High-Grade Trend extension, commenced at a depth of 444 metres downhole from ATXD-22(mother hole).

The hole intersected chalcopyrite bearing argillic altered RMB from 595 metres to a depth of 1,100 metres. From 1,100 metres, to where the hole was paused due to weather conditions, potassic altered chalcopyrite bearing RMB was intersected, including zones of veining with visible chalcopyrite and bornite mineralization. The hole has been left in a condition to be re-entered and completed, as an option in Phase IV, and results are expected by late June or early July.

The Phase III campaign commenced in October 2022 and has been completed in late May 2023. In total 12,513 metres of drilling were completed in eight drill holes including four holes from surface, and four daughter holes drilled from existing holes. A summary of results for phase III.

There are two holes still to be reported from Phase III, ATXD-24 and ATXD-22B which are expected to be announced in late June or early July. Phase III achieved a series of execution records for the project including completing the deepest hole to date at a depth of 2,190.5 metres (ATXD-11B) as well as achieving a 100% completion rate on drill holes. Additionally, the utilization of directional drilling in Phase III resulted in a saving of ~3,000 metres of drilling from surface.

Phase IV, which will follow up on the success achieved in Phase III, is expected to commence in October 2023.