Mr. Raymond Jannas reports

ATEX INTERSECTS 0.84% CUEQ OVER 670 METRES WIDENING THE CENTRAL HIGH-GRADE TREND IN THE LAST DRILL HOLE OF PHASE III PROGRAM

Atex Resources Inc. has provided partial assay results for drill holes ATXD-24 and ATXD-22B, the last two holes, from its phase III drill campaign at the Valeriano copper-gold project located in Atacama region, Chile.

Highlights include:

• ATXD-24 intersected 670 metres of 0.84 per cent copper equivalent (CuEq) (0.60 per cent Cu, 0.24 gram per tonne gold and 101 parts per million molybdenum) including:
  • 312 metres of 1.00 per cent CuEq (0.50 per cent Cu, 0.37 g/t Au and 11 ppm Mo), in early porphyry within the Central trend, from 1,530 metres to where the hole was paused at a depth of 1,842.4 metres at the end of the drill season;
  • The high-grade, early porphyry was intersected earlier in the hole than anticipated, widening the Central trend by approximately 70 metres to the west;
  • ATXD-24 was planned to reach 2,200 metres in depth and will be completed as part of the phase IV drill program.
• ATXD-22B intersected 947 metres of 0.64 per cent CuEq (0.49 per cent Cu, 0.15 g/t Au and 74 ppm Mo) in mineralized rock milled breccia (RMB) from 668 metres to the bottom of the hole at 1,615 metres.
• ATXD-22B ended in mineralization and with the grade improving toward the bottom of the hole. The hole was planned to reach a depth of 2,100 metres and will be completed as part of the phase IV program.

"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," stated Raymond Jannas, president and chief executive officer of Atex. "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. We look forward to completing this hole in the fall and are especially excited to follow up and test the continuity of this wider part of the Central trend."

Results

ATXD-24 was drilled to the southeast across the eastern contact of the Western trend and toward the Central trend. The dip of the hole was flattened using directional drilling tools to intersect the Central trend at a better angle. Three runs with the directional tool were completed between a depth of 1,050 and 1,173 metres with partial core recovery within this interval. Mineralization grading over 0.40 per cent CuEq commenced above this interval in mineralized RMB from 964 metres to the top of the directional cut at 1,050 metres. This interval returned 86.0 metres of 0.45 per cent CuEq (0.34 per cent Cu, 0.1 g/t Au and 70 ppm Mo).

ATXD-22B was paused, at the end of the program, in potassic altered, chalcopyrite bearing RMB which included zones of veining with visible chalcopyrite and bornite mineralization and will be continued in phase IV.

These results represent the last drill holes from the phase III campaign which commenced in October, 2022, and was completed in late May, 2023. In total 12,513 metres of drilling were completed in eight drill holes including four holes from surface, and four daughter holes drilled from existing holes. A summary of results for the phase III program is presented in the "Phase III results summary" table.

Phase III achieved a series of execution records for the project including completing the deepest hole to date at a depth of 2,190.5 metres (ATXD-11B) as well as achieving a 100-per-cent completion rate on drill holes. Additionally, the utilization of directional drilling in phase III resulted in a saving of about 3,000 metres of drilling from surface. Phase IV, which will follow up on the success achieved in phase III, is expected to commence in October, 2023.

Outlook

The company intends to use these the phase III results and data to update the copper-gold mineral resource statement for the Valeriano project and file an updated National Instrument 43-101-compliant technical report. Additionally, metallurgical test work using core from the phase III program is being undertaken by Atex in conjunction with Libertas Metallurgy and Base Met Labs of Kamloops, B.C. This work is expected to be completed in Q3.

Quality assurance/quality control

Drill holes are collared with a PQ drill bit, reduced to HQ and, sequentially, to NQ as the drill holes progressed deeper. Drill core produced by the drill rigs was extracted from the core tubes by the drill contractor under the supervision of Atex employees, marked for consistent orientation and placed in core boxes with appropriate depth markers added. Full core boxes were then sealed before being transported by Atex personnel to the Valeriano field camp. Core at the field camp is processed, quick logged, checked for recovery, photographed and marked for specific gravity, geotechnical studies and for assays. From camp, the core is transferred to a secure core-cutting facility in Vallenar, operated by IMG, a third party consultant. Here, the core trays are weighed before being cut using a diamond saw under Atex personnel oversight. Atex geologists working at this facility double-check the selected two-metre sample intervals, placing the samples in seal bags and ensuring that the same side of the core is consistently sampled. Reference numbers are assigned to each sample and each sample is weighed. The core trays with the remaining half-core are weighed and photographed. Additionally, core logs are updated, and the specific gravity and geotechnical samples are collected. The remaining core is stored in racks at the company's secure facility in Vallenar.

From Vallenar samples are sent to an ALS preparation facility in La Serena. ALS is an accredited laboratory which is independent of the company. The prepared samples were sent to the ALS assay laboratories in either Santiago, Chile, and Lima, Peru, for gold (Au-AA24), copper (Cu-AA62), molybdenum (Mo-AA62) and silver (Ag-AA62) assays as well as and multielement inductively coupled plasma (ME-MS61) analysis. No data quality problems were indicated by the QA/QC program.

Qualified person

Ben Pullinger, PGeo, registered with the Professional Geoscientists Ontario, is the qualified person, as defined by National Instrument 43-101 -- Standards for Disclosure for Mineral Projects, for the Valeriano copper-gold porphyry project. Mr. Pullinger is not considered independent under NI 43-101 as he is senior vice-president of exploration and business development of Atex. He has reviewed and approved the disclosure of the scientific and technical information contained in this press release.

About Atex Resources Inc.

Atex is exploring the Valeriano copper gold project which is located within the emerging copper gold porphyry mineral belt linking the prolific El Indio high-sulphidation belt to the south with the Maricunga gold porphyry belt to the north. This emerging belt, informally referred to as the Link belt, hosts several copper gold porphyry deposits at various stages of development including, Filo del Sol (Filo Mining), Josemaria (Lundin Mining), Los Helados (NGEX Minerals/JX Nippon), La Fortuna (Teck Resources/Newmont) and El Encierro (Antofagasta/Barrick Gold).

Valeriano hosts a large copper gold porphyry deposit overlain by a near-surface oxidized epithermal gold deposit. In 2022, Atex completed the company's first limited drill test of the copper gold porphyry system that is now being followed up with campaign of directional drilling to extend the high-grade trend, test new targets and expand the mineralized envelope.

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