ATEX Resources : Valeriano Project Update - April 2025
ATX.V
April 2025
TSXV: ATX
A Unique Investment Opportunity
Phase V drill program has already delivered the highest-grade intersections to date, which should support a meaningful Mineral Resource update in H2 2025
B2B zone holes ATXD23A (152m grading >2% CuEq)2 and ATXD26 (68m grading >2% CuEq)3 present optionality and a conceptual high-grade underground starter mine closer to surface
Metallurgical work supports up to 95% Cu / 97% Au recoveries at a coarser grind, and a clean marketable concentrate with negligible deleterious elements
100% in Chile, district still largely untested with additional porphyries likely in hiding
Significant and growing Mineral Resource with previously reported 2023 Inferred
Resource of 1.41 billion tonnes of Cu-Au grading 0.67% CuEq1
Scalability with mineralization +1.4 km along strike, +1 km wide, and open in all directions
Agnico Eagle Mines is the largest cornerstone investor investing C$55 million
1. Refer to supplementary slides at the end of the presentation for additional details.
2. ATXD26 intersected 68m grading 2.02% CuEq (1.39% Cu, 0.6 g/t Au, 3.81 g/t Ag and 473 g/t Mo). See news release dated May 15, 2024.
3. ATXD23A intersected 152.0 metres of 2.03% CuEq (1.52% Cu, 0.75 g/t Au, 0.83 g/t Ag and 40.93 g/t Mo). See news release dated January 23, 2025.
3
Chilean Explorer Advancing a Rare Copper Deposit
ATEX owns a 100% interest in the Valeriano Project, earn-in completed on December 19, 2024, ahead of schedule
Board and Management has a strong track record of contributing to significant South American discoveries
Achieving success in a short timeframe, from geological curiosity in 2022 to a globally ranked porphyry copper deposit today
Currently live on Phase V drill program (fourth program targeting the early porphyry) utilizing directional drilling
Phase IV-V delivering the highest-grade intersections to date demonstrating scalability and optionality for development
Valeriano system remains open in multiple directions with the limits of mineralization still unknown
Valeriano is on the Porphyry Superhighway
Valeriano Project is located in the Huasco
Province within the Atacama Region of northern Chile, ~151 km southeast of Vallenar
Situated in the "Link Belt", between the Maricunga and El Indio Belts
El Encierro project is north and contiguous to
Valeriano, both in a similar geological setting and likely part of a larger porphyry cluster
201 km by road SE of the Port of Huasco
346 km by road NE of the Port of La Serena
230 km by road from Copiapo
Porphyry Trend Indicates a World Class District is Forming
Valeriano and El Encierro projects are 6 km apart with both hosting significant mineral resources and potential for further growth
Over 2 billion tonnes already defined along the trend with significant exploration plans underway at both
A surface alteration zone of over 10 km long (only 30% explored) and 4 km wide envelopes the projects
The Valeriano porphyry trends are open for expansion to the north and south along strike with ~4.5 km untested In early 2024, Minera El Encierro announced investing in a
US$95 million five-year exploration program
Codelco drilling close to Valeriano's untested northern property, recognizing regional exploration potential
EL ENCIERRO
Inf. (0.65% Cu, 0.22 g/t Au, 74 ppm Mo @ 0.5% Cu cut-off)2. 47,970 m in 37 holes.
522Mt @ 0.79% CuEq
(0.46% Cu, 0.16 g/t Au, 73 ppm Mo @ 0.35% Cu cut-off)
(Antofagasta - Operator)
2,459 Mt @ 0.56% CuEq
"Global Inventory"
EP Trend projected to surface
Exploitation Concession
0
2,500m
Two-Phase Metallurgical Results Show High Cu-Au Recoveries
• Robust Copper and Gold Recoveries - Total copper and gold recoveries ranging from 92% to 95% and 90% to 97%
• Marketable Concentrate Grades - Up to 33% Cu and 15 g/t Au, attractive to global smelters, with negligible deleterious elements
• Coarser Grinding Does Not Impact Recoveries - Primary grind from 120 µm to 200 µm and to 165 µm on ATXD26 material; improves water recycling and tails thickening
• Simple Comminution - Test work has demonstrated that mineralized material is amenable to SAG and ball milling
• Copper-Molybdenum Separation Upside - Separation of copper-molybdenum could produce a saleable moly concentrate
A simple orebody, uncomplicated circuit that can produce a high quality, clean concentrate utilizing conventional recovery methods
Phase I
Concentrate
Grade
Recovery Flotation %
Flotation + Leach
Comp ID
Cu % Au g/t Ag g/t Mo ppm
Cu Ag Mo
Au %
Flotation
High Grade (HGEP) Medium Grade (MEP)
31 31 26
12 10 7
52 90 37
2,021 1,240 3,605
95 94 91
89 83 94
89 71 94 Early Porphyry
Wall Rock
78 80 83
Mineral Resource Assumptions (2023)
Phase II
Concentrate
Grade
Recovery Flotation %
Flotation + Leach
Comp ID
Cu % Au g/t Ag g/t Mo ppm
Cu Au Ag Mo
Au %
High Grade (HGEP)
(EP)
B2B Breccia
33 15 102 1,366
33 13 108 1,295
31 8
95 64 93 67 90
94 58 86 64 97
51 10,395 92 56 77 87 94
90
80
60
70
Mineral Resource Assumptions (2023) Mineralized Porphyries
Sampled Drill hole
90
70 80 60
70
Variability Composite ATXD26 Breccia Composite
High Grade Early Porphyry (HGEP) Composite Early Porphyry (EPMC) Composite
Favorable Topography for a Potential U/G Mining Operation
2023 RPEEE 0.3 % Cu grade shell (~2.4 Bt) Conceptual Mineralized Porphyry at end of Phase IV
Drill hole targetingEarly Porphyry
4,300 masl
500m
3,600 masl 200 m
Incl. 342m @ 1.52 % CuEq Incl. 286m @ 1.69 % CuEq Incl. 216m @ 1.93 % CuEq Incl. 152m @ 2.12 % CuEq Incl. 22m @ 3.30 % CuEq
Incl. 122m @ 1.60 % CuEq Incl. 68m @ 2.02 % CuEq
ATXD26IV 978m @ 0.75% CuEq Incl. 356m @ 0.98 % CuEq
ATXD23AV 1,220m @ 0.91% CuEq
A Tale of Two Deposits - Porphyry and HG Breccia System
• Phase IV vastly improved the understanding of the geometry of the Valeriano system and demonstrated more continuity of the higher-grade core and potential for high-grade mineralization closer to surface
• Discovered overprinted high-grade breccia system above the porphyry in ATXD26 (Phase IV)
• Target breccia zone ("B2B") hosts the highest-grade mineralization with a current estimated strike length of 400m and is open in all dimensions
Phase V Drill Program - "B2B Zone" High Grade Breccias
• ATXD23A is a 130m extension to the high-grade breccia mineralization intersected in ATXD26;
• ATXD23B is a 100m step-out above ATXD23A that tested up-dip towards surface with assays pending
• ATXD27A is a daughter hole, from ATXD27, paused in Phase IV, that targeted 140m extension to the north of ATXD23A, in an area never tested with assays pending
• ATXD27B is the 2nd daughter hole, from ATXD27 and is targeting high-grade breccia 150m NE of ATXD26 / ATXD23A
• ATXD29 is a parent hole above the B2B zone and is targeting up-dip potential of the high-grade breccia, ~100m above ATXD26 and ATXD23A
Step-out drilling is extending strike length of the high-grade overprinting breccia system closer to surface
Record high-grade intercept of 152m of 2.12% CuEq
(1.52% Cu, 0.75 g/t Au, 4.9 g/t Ag, 161 g/t Mo)
Increased total mineralized intersection to 1,220m of
0.91% CuEq (0.66% Cu, 0.28 g/t Au, 1.9 g/t Ag, 130 g/t Mo)
10
Disclaimer
ATEX Resources Inc. published this content on April 01, 2025, and is solely responsible for the information contained herein. Distributed via , unedited and unaltered, on April 01, 2025 at 17:27 UTC.