ATEX Resources (TSXV: ATX) has encountered further copper mineralization within their currently ongoing stage five drill program at the Valeriano copper-gold project in Chile.
Assay results released this morning consist of the results from the sixth hole conducted under the drill program. Highlights from the results include:
- ATXD28: 1,090 metres of 0.81% copper equivalent (0.56% copper, 0.32 g/t gold, 1.8 g/t silver, 57 g/t molybdenum) from a depth of 834 metres
- Including 90 metres of 0.95% copper equivalent (0.71% copper, 0.30 g/t gold, 1.4 g/t silver, 80 g/t molybdenum) from a depth of 1,098 metres
- Including 88 metres of 1.03% copper equivalent (0.78% copper, 0.35 g/t gold, 2.4 g/t silver, 18 g/t molybdenum) from a depth of 1,398 metres
- Including 281 metres of 0.93% copper equivalent (0.55% copper, 0.53 g/t gold, 3.3 g/t silver, 18 g/t molybdenum) from a depth of 1,643 metres
The results are said to demonstrate continuity within the porphyry trend in an area that previously untested. Hole ATXD28 was drilled 160 metres to the north of hole VALDD13-014, which hit 272 metres of 0.93% copper equivalent, and 170 metres to the north of hole ATXD24, which encountered 670 metres of 0.84% copper equivalent.
The program, which is focused on delineating the B2B breccia zone alongside infill and extension drilling along the porphyry trend, is said to now be in the process of shutting down, with assay results expected to be released through July from the remaining holes. A phase six program is expected to start up in September, which is to be followed by the released of an updated mineral resource estimate.
“The continuity demonstrated by this hole along the high-grade porphyry trend enhances confidence in the geological model and is expected to support the reclassification from the Inferred to the Indicated category in the next Mineral Resource update expected later this year. With several assay results still pending and additional high-priority targets identified, we are confident in the Project’s continued positive momentum and look forward to initiating the next phase of drilling in September,” commented ATEX CEO Ben Pullinger.
The phase five program saw a total of 16,600 metres drilled across nine holes. Five holes remain partially completed, with drilling on those holes expected to resume under the phase six program.
Atex Resources last traded at $2.30 on the TSX Venture.
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