CHILE – ATEX Resources received conditional approval from the TSX Venture Exchange for its acquisition of the Valeriano porphyry copper-gold project, located in Chile.
The decision means that ATEX shares will again commence trading on the TSXV on December 5, 2019.
“With the conditional approval of the Valeriano copper-gold project acquisition in hand, we can start making the necessary preparations to commence exploration activities in the new year,” said Carl Hansen, CEO of the Vancouver-based miner, in a media statement. “The previous Hochschild exploration activities, including geophysics and limited drilling, demonstrated the presence of a large porphyry system at Valeriano. It is our intent to commence a diamond drilling program in early 2020 to establish the potential of a copper-gold porphyry system.”
Valeriano is located in Chile’s prolific El Indio Belt, 30 kilometres north of Barrick/Shadong’s Veladero mine and immediately south and adjacent to Antofagasta/Barrick’s El Encierro project.
According to ATEX, the project overlies a large copper-gold molybdenum-bearing porphyry system which has only been partially tested by three diamond drill holes completed in 2013 by Hochschild Mining.
“Two of the drill holes intersected a potassic altered granodiorite porphyry including drill hole VAL13-14 which returned 1,194 metres grading 0.52% copper, 0.24 g/t gold and 36 parts per million molybdenum or 0.73% copper equivalent and included 416 metres of granodiorite porphyry which graded 0.67% copper, 0.32 g/t gold and 31 ppm molybdenum for 0.94% copper equivalent. The drill hole ended in mineralization,” Hansen said in the press brief.
This story originally appeared on www.Mining.com.