• Minerals explorer ATEX Resources (ATX) has successfully outlined its maiden estimate for the Valeriano copper-gold project in Chile
  • The site’s copper oxide epithermal deposit is estimated to contain 584,684 ounces of gold and around 2.65 million ounces of silver in inferred resource
  • The second larger estimate looked at the site’s copper gold porphyry deposit, outlining 1.77 million tonnes of copper, 1.84 million ounces of gold and 8.62 million ounces of silver
  • With the estimate now complete, the company is continuing its search for economically viable near surface gold mineralisation, which could be incorporated into a future heap leach operation
  • ATEX Resources (ATX) is up 57.14 per cent and is trading at C$0.22 per share

Minerals explorer ATEX Resources (ATX) has successfully outlined its maiden estimate for the Valeriano copper-gold project in Chile.

Completed by Chile-based SRK Consulting, the estimate outlines two distinct deposits at the site. The first copper oxide epithermal deposit is estimated to contain 584,684 ounces of gold and around 2.65 million ounces of silver in inferred resource, at a grade of 0.528 grams per tonne and 2.4 grams per tonne, respectively.

The second larger estimate looked at the site’s copper gold porphyry deposit, outlining up 297.3 million tonnes of inferred resources at 0.59 per cent copper, 0.193 grams per tonne gold and 0.9 grams per tonne silver. This works out to 1.77 million tonnes of copper, 1.84 million ounces of gold and 8.62 million ounces of silver.  

With the estimate now complete, the company is continuing its search for economically viable near surface gold mineralisation, which could be incorporated into a heap leach operation.

ATEX’s CEO Raymond Jannas said the company was pleased with the two initial resource estimates prepared by SRK.

“This season, we are planning on additional drilling to confirm and expand on the current resource and preliminary metallurgical testing of the oxide mineralization has commenced. The drilling and metallurgical test work are the first steps towards evaluating the possibility of initiating a preliminary economic assessment,” he added.

Raymond went on to say that, while the company’s current focus is moving the gold oxide resource forward, the initial porphyry resource estimate suggests the property has the potential to host a significant underground copper gold porphyry deposit.

With that in mind, the company was quick to point out that the site’s current porphyry copper gold mineralization remains open horizontally in all directions and at depth.

ATEX Resources (ATX) is up 57.14 per cent and is trading at C$0.22 per share at 1:24pm EDT.

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