Developing into a Giant: Atex Resources’ Valeriano Copper-Gold Project in Chile

As the world pivots towards renewable energy sources, the demand for copper, a crucial component in green technologies, is set to rise. Chile, as the world’s largest producer of copper, is poised to play a pivotal role in this transition. The country is home to some of the largest copper mines globally, including the Escondida mine owned by BHP and Rio Tinto, producing over 1 million tonnes annually, and the Collahuasi mine, a joint venture between Glencore and Anglo American, with an output of 565,400 tonnes in 2022.

Canadian mining company, Atex Resources Inc, is positioned well to bolster Chile’s copper supply with its Valeriano Copper-Gold Project, nestled in Chile’s Atacama Region. This region is renowned for its abundant mineral resources and conducive mining environment. The project is located in the  Chilean Andes, an area with a reputation amongst the mining community for its wealth in copper and gold deposits. 

The Valeriano project history dates back to the 1980s when the first geological mapping and sampling were conducted. 

Over the years, prior to the acquisition by Atex in 2021, the project had  seen extensive exploration activities, including geophysical surveys and drilling programs by completed by three operators, Phelps Dodge (1989-1991), Barrick (1995-1997) and Hochschild (2011-2013).

The recent Phase III drilling program at the Valeriano has yielded promising results. In simple terms, they’ve found more copper and gold than they expected, and in places they didn’t anticipate. For instance, one of the drill holes, ATXD-24, found a significant amount of copper and gold further west than expected, suggesting that the area with valuable resources is larger than initially thought.

Another hole, ATXD-22B, showed signs of copper-rich zones that will be further explored in the next phase of drilling. The Phase III program, which ran from October 2022 to May 2023, involved over 12,500 metres of drilling across eight holes. 

One of the standout results was from drill hole ATXD-24, which intersected 670 metres of 0.84% Copper Equivalent (a measure that combines the quantities of copper, gold, and other valuable elements). This included a 312-metre section with an even higher Copper Equivalent of 1.00%.

The project’s current mineral resources include an inferred estimate of 1,766,743 tonnes copper (297.3 million tonnes at 0.59%) and 2.43 million ounces of gold (297.3 tonnes at .193 gpt & 34.4 million tonnes at 0.53 gpt).

Raymond Jannas, President, and CEO of ATEX, commented in a press release: “This is a great way to finish the Phase III program and has us excited to restart drilling in the fall and continue where we left off with Phase III. Hole ATXD-24 is a very significant hole as it intersected Early Porphyry further west than anticipated, demonstrating that the Central Trend is wider than anticipated in this area.”

In conclusion, the Valeriano Copper-Gold Project presents a promising opportunity for Atex Resources to contribute to Chile’s role in being the World’s largest supplier. The project’s strategic location, rich history, and promising geological characteristics, combined with the company’s experienced management team, position it well for the future exploration and development of the project.