TSX-V: ATX
Last: 0.11
Change: -0.01
Vol: 6,500

Valeriano Project

The Valeriano Project 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. Elevations vary from 3,800 to 4,400 metres above sea level.

The Valeriano Project hosts a large copper gold porphyry deposit overlain by a near surface oxidized epithermal gold deposit. ATEX recently reported initial mineral resources for both the oxide gold deposit and copper gold porphyry. While ATEX’s immediate focus is on expanding the current oxide gold resource, with the goal of commencing economic studies in the near future, the Company is committed to realizing the full value of the Valeriano copper gold porphyry.

Valeriano Property Location Map

During the 1990’s, Phelps Dodge and later Barrick explored the Valeriano property for near surface gold mineralization drilling 47 holes to an average and maximum depth of 267 and 550 m respectively. The drill programs outlined a zone of near-surface, high sulphidation, epithermal gold mineralization over an area of approximately 400 m by 400 m to depths of approximately 100 m below surface. Drill intercepts included 89 m grading 1.50 g/t Au (drill hole RDH-V27) and 0.62 g/t Au over 170 m (RDH-V31).

In 2010, Hochschild optioned the Valeriano property subsequently drilling 16 diamond drill holes in three campaigns for a total of 14,270 m expanding the foot print of the epithermal gold mineralization. During the second drill campaign, Hochschild recognized porphyry-style alteration at depth and in the third season they drilled three holes, collared approximately 225 to 375 m apart, to depths of up to 1,878 m intersecting well-defined mineralized advanced argillic and phyllic alteration zones before entering a chalcopyrite and bornite-bearing, potassic-altered granodioritic porphyry system. Drill hole results from the three drill holes are summarized in the table below.

Valeriano Project - assay results from historical Valeriano porphyry drilling (Hochschild 2012/13)

In 2019, ATEX optioned of the Valeriano property completing resource estimates for the epithermal gold oxide deposit and the copper gold porphyry deposit in 2020. In early 2021, ATEX commenced a drilling program focused on expanding the size of the epithermal gold oxide deposit as well as converting inferred category resources to the measured and indicated category.

The Valeriano copper gold project is part of the north-south trending Miocene-Pliocene Metallogenic Belt of northern Chile and Argentina comprising a graben-hosted sequence of felsic volcanics that bisects and overlies Paleozoic granites to the west (Sierra de las Palas) and Permo-Triassic granites and metamorphic units to the east (Nevado del Toro).

Valeriano is situated at the northern edge of the north-south trending El Indio Mineral Belt within the southern extension of the Miocene-Pliocene Metallogenic Belt. The El Indio Mineral Belt contains several high-sulphidation Au-Ag deposits including the Veladero Mine (Barrick/Shandong Gold), Pascua Lama and Alturas projects (Barrick) and the former El Indio Mine. To the north of Valeriano a number of copper ±gold porphyry deposits have been discovered including the Caserones deposit owned by Pan Pacific Copper & Mitsui, and NGEX’s Helados project.

The Valeriano property is underlain by a sequence of Permo-Triassic felsic volcanics which have been intruded by a multi-phase granodiorite copper gold mineralized porphyry at depth. This porphyry generated a large hydrothermal system that displays a classic porphyry-epithermal alteration zoning pattern from high-level advanced argillic alteration with local gold-silver mineralization down into a well-developed potassic alteration zone close to and within the porphyry with associated stockwork and disseminated copper and gold mineralization. A large surface alteration zone (lithocap), covering a surface area of approximately 13 by 4.5 km, extends from the Valeriano property northward. The epithermal gold oxide deposit, which is the current focus of ATEX’s exploration activities, is hosted within the lithocap overlying the large copper gold porphyry.

Schematic Cross Section Through The Valeriano Porphyry System

In 2020, ATEX completed two resource estimates, as shown in the tables below, outlining the gold oxide epithermal deposit and the copper gold porphyry deposit.

Gold Oxide Epithermal Deposit

The gold oxide epithermal deposit contains 584,684 oz gold and 2,653,895 oz silver, in the inferred category, for 621,539 gold equivalent ounces at a gold equivalent grade of 0.561 g/t (see table). The resource measures approximately 650 metres by 500 metres in plan extending to an average depth of 100 metres from surface.

Valeriano Gold Oxide Epithermal Resource Estimate – Inferred Category

Cut-off
Au
(g/t)
Tonnes Grade Contained Ounces
Au
(g/t)
Ag
(g/t)
Au Eq.
(g/t)
Au Ag Au Eq.
0.200 62,819,175 0.395 2.16 0.425 797,662 4,361,385 858,244
0.225 51,842,530 0.434 2.22 0.464 722,647 3,691,909 773,917
0.250 41,119,097 0.485 2.32 0.517 641,089 3,065,582 683,664
0.275 34,435,360 0.528 2.40 0.561 584,684 2,653,895 621,539
0.300 28,900,615 0.574 2.44 0.608 533,581 2,269,764 565,106
0.350 20,891,789 0.670 2.56 0.706 450,033 1,719,813 473,922
0.400 15,750,241 0.767 2.61 0.804 388,574 1,321,227 406,924
  1. Mineral resources are not confined by economic or mining parameters.
  2. Cut-off grades are for reporting purposes only and no economic conditions are implied.
  3. Au equivalent grades are calculated based upon a Au price of $1,800 per oz and a Ag price of $25.00 per oz (all prices in US$). Minor discrepancies may exist due to rounding. Metal recoveries were not considered.
  4. Formula for Au Eq.% calculation: Au_eq (g/t)=Au_(g/t)+(Ag_(g/t)*〖Ag〗_price)/( 〖Au〗_price )
  5. Tonnage and grade estimates are in metric units. Contained gold ounces are reported as troy ounces.
  6. Estimated copper grades, at the 0.275 g/t cut-off grade, are 0.06%.

Copper Gold Porphyry Deposit

The Valeriano copper gold porphyry deposit is estimated to contain 1.77 million tonnes of copper, 1.84 million ounces of gold and 8.62 million ounces of silver, in the inferred category, for a combined 2.30 million tonnes of copper equivalent (see table). The porphyry mineralization is open in all directions horizontally and to depth.

Valeriano Copper-Gold Porphyry Resource Estimate – Inferred Category

Cut-off Cu
(%)
Tonnes
(millions)
Grade Contained Metal
Cu
(%)
Au
(g/t)
Ag
(g/t)
Cu Eq.
(%)
Cu
(tonnes)
Au
(oz)
Ag
(oz)
Cu Eq.
(tonnes)
0.2 684.58 0.49 0.163 0.91 0.64 3,321,772 3,590,244 20,039,444 4,374,922
0.3 645.33 0.50 0.167 0.91 0.66 3,225,909 3,473,140 18,882,439 4,242,805
0.4 515.43 0.53 0.180 0.97 0.70 2,746,126 2,986,710 16,030,960 3,619,818
0.5 297.30 0.59 0.193 0.90 0.77 1,766,743 1,844,884 8,621,904 2,301,579
0.6 142.93 0.65 0.198 0.81 0.83 926,661 908,024 3,730,162 1,187,958
0.7 15.74 0.73 0.235 0.91 0.95 115,180 118,723 458,731 149,235
  1. Mineral resources are not confined by economic or mining parameters.
  2. Cut-off grades are for reporting purposes only and no economic conditions are implied.
  3. Cu equivalent grades are calculated based upon a Cu price of $3.00 per pound, Au price of $1,800 per oz and Ag price of $25.00 per oz (all prices in US$). Minor discrepancies may exist due to rounding. Metal recoveries were not considered.
  4. Formula for Cu Eq.% calculation: Cu_eq (%)=(Cu_ppm)/10,000+(Au_(g/t)*〖Au〗_price)/( 22.0462*31.0135*〖Cu〗_price )+ (Ag_(g/t)*〖Ag〗_price)/( 22.0462*31.0135*〖Cu〗_price )
  5. Tonnage and grade estimates are in metric units. Contained gold ounces are reported as troy ounces.

Valeriano Project - assay results from historical Valeriano porphyry drilling (Hochschild 2012/13)

Subscribe for Company Updates