Mr. Raymond Jannas reports

ATEX EXPANDS HIGH-GRADE EARLY PORPHYRY AT VALERIANO INTERSECTS 112 METRES OF 1.42 per cent CUEQ WITHIN A LONGER INTERVAL OF 852 M GRADING 0.82 per cent CUEQ

Atex Resources Inc. has completed assay results for drill holes ATXD16A and ATXD17A, the second and third holes from its phase IV drill campaign at the Valeriano copper-gold project located in Atacama region, Chile

Highlights include:

• ATXD16A extends the high-grade porphyry approximately 100 metres to the southeast, with 852 metres (m) grading 0.82 per cent copper equivalent (CuEq) (0.60 per cent copper (Cu), 0.28 gram per tonne gold (Au), 0.98 gram per tonne silver (Ag) and 72 grams per tonne molybdenum (Mo)), including:
  • 594 m grading 0.92 per cent CuEq (0.67 per cent Cu, 0.32 gram per tonne Au, 1.13 grams per tonne Ag and 71 grams per tonne Mo) within early porphyry (EP) from 1,168 m downhole;
  • 112 m of 1.42 per cent CuEq (1.01 per cent Cu, 0.57 gram per tonne Au, 2.06 grams per tonne Ag and 46 grams per tonne Mo) from 1,616 m downhole.
• Merging the results from ATXD16A (daughter hole) with the upper part of VAL16 (historical hole) forms a longer continuous interval of 1,226 metres grading 0.72 per cent CuEq (0.52 per cent Cu, 0.25 gram per tonne Au, 0.91 gram per tonne Ag and 68 grams per tonne Mo) starting at 576 metres downhole in VAL16.
• ATXD17A intersected 924 metres grading 0.61 per cent CuEq (0.45 per cent Cu, 0.17 gram per tonne Au, 0.88 gram per tonne Ag and 99 grams per tonne Mo) from 1,052 metres downhole, including 98 metres of 0.79 per cent CuEq (0.56 per cent Cu, 0.28 gram per tonne Au, 0.90 gram per tonne Ag and 103 grams per tonne Mo) related to EP mineralization.
• Integrating the assay results and logging data from the first three holes of phase IV with geophysical datasets has led to the evolution of the EP model, indicating the potential for a larger EP target within a north-northwest-trending corridor.
• Additionally, ATXD25 (currently drilling from the west) has intersected EP at 1,550 metres downhole and approximately 200 metres west of the EP intersected in ATXD11B (1,342.5 m of 0.70 per cent CuEq (0.46 per cent Cu, 0.31 gram per tonne Au, 43 grams per tonne Mo), within the Western trend. This adds further support to the evolving concept of the NNW-trending EP corridor.
• ATEX currently has three rigs actively drilling on the project with holes ATXD26 and ATXD17B are currently under way with the aim of testing for continuity of mineralized porphyry between the currently modelled EP trends.

"These results are among the most exciting delivered to date by the Valeriano project," stated Raymond Jannas, president and chief executive officer of Atex. "We have delivered one of the highest-grade and longest intervals on the project in ATXD16A, which combined with the other holes from phase IV, specifically ATXD25, has highlighted the potential for a NNW-trending EP corridor that likely hosts a larger EP target than originally anticipated. This NNW conceptual trend remains open along strike and we are actively drilling to infill gaps and expand the high-grade EP system."

Results and interpretation

The results released today combined with existing and historical results indicate the potential for a larger EP target within a NNW-trending corridor. All EP and high-grade mineralization intersected by drilling to date, falls within a corridor with rough dimensions measuring 1.2 kilometres by 0.55 kilometre.

In addition, ATXD16A intersected EP in the gap between the Central and Eastern trends confirming that the two might be connected. The highest-grade interval intersected in hole ATXD17A was 0.79 per cent CuEq (0.56 per cent Cu, 0.28 gram per tonne Au, 0.90 gram per tonne Ag and 103 grams per tonne Mo) over 98 metres and occurred directly above the projected EP contact and within the gap between the Central and Western trends. Additionally, this intersection occurs within the southern contact of conceptual NNW EP corridor. This adds further support to potential for EP below this intersection. Lastly the intersection of EP within potassic alteration in ATXD25, 200 metres to the west of the EP intersected in ATXD11B (1,342.5 m of 0.70 per cent CuEq (0.46 per cent Cu, 0.31 grams per tonne Au, 43 grams per tonne Mo), and along the projection of the NNW-trending corridor is a significant development for the project, opening up a large EP target area to the west of previous drilling. This NNW corridor is currently open along strike in both directions.

The most continuous high-grade intervals intersected on the Valeriano project to date have all been within EP along what are believed to be discrete northeast-trending bodies. Drilling is currently under way to target the gaps between these porphyry trends. Confirming the continuity of the EP within the gaps would significantly increase the EP target size within the current mineralized footprint.

At the end of ATXD16A and ATXD17A, ATEX has completed approximately 6,500 metres of drilling in phase IV.

QA/QC (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 staff 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 staff 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 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 ICP (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, 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.

We seek Safe Harbor.