ATEX Resources Inc. report that a contract has been signed with Atacama Drilling for two diamond drill rigs to be mobilized to the Valeriano Copper Gold Project by mid-January 2022. A third rig is being considered in order to expedite the exploration campaign. The planned 6,000 metre drill program will follow up on the results from the 2013 historical drilling which returned three diamond drill intersections from the Valeriano copper gold porphyry with a 1,194 metre interval from drill hole VAL13-14 grading 0.73% copper equivalent (0.52% copper, 0.24 grams per tonne gold and 36 ppm molybdenum) including 493 metres grading 0.94% copper equivalent (0.67% copper, 0.32 grams per tonne gold and 31 ppm molybdenum).

The Valeriano copper gold porphyry lies within a large surface alteration zone covering an area of approximately 13.0 by 4.5 kilometres extending from the Valeriano property northward over Antofagasta/Barrick Gold's El Encierro discovery. The Valeriano copper gold deposit hosts an inferred resource of 297.3 million tonnes grading 0.59% copper, 0.193 grams per tonne gold and 0.90 grams per tonne silver (0.77% copper equivalent) at a cut-off grade of 0.50% copper. Contained metal totals 1.77 million tonnes copper, 1.84 million ounces gold and 8.62 million ounces silver for 2.30 million tonnes copper equivalent.