Atex is evaluating the economic potential of the near surface, oxide gold mineralization at its Valeriano copper gold project. These plans include a review of all historical data to determine what further work, if any, is required to complete a resource estimate and the initiation of a program of metallurgical testing to determine the heap leaching potential of the gold mineralization.
Epithermal gold mineralization, intersected in numerous historical drill holes, occurs overtop of the Valeriano copper gold porphyry located within Chile’s prolific El Indio Belt. Oxide gold mineralization occurs with mixed and sulphide mineralization to depths of up to 230 metres below surface and is generally associated with structurally controlled, sub-vertical zones of vuggy silica and breccias.
Atex entered an option agreement to acquire Valeriano in september 2019. The property had previously been under control of Hochshild, and that company partially tested the property by three diamond drill holes. Two of them intersected a potassic altered granodiorite porphyry including drill hole VAL13-14 which returned 1,194 metres grading 0.52% copper, 0.24 grams per tonne gold and 36 parts per million molybdenum or 0.73% copper equivalent and included 416 m of granodiorite porphyry which graded 0.67% Cu, 0.32 g/t Au and 31 ppm Mo for 0.94% Cu eq. Hochschild terminated its option agreement over the Valeriano concessions in 2014.
Valeriano is located approximately 125 km to the southeast of the City of Vallenar, Atacama Region, Chile and 27 km northeast of Barrick’s Pascua Lama Project.