en.Wedoany.com Reported - The results of the sixth phase of drilling at the Valeriano copper-gold project in Chile were recently announced, with total meterage reaching 28,400 meters, exceeding the original target of 25,000 meters. ATEX Resources Inc. (ATX:TSXV) disclosed this data in a press release on July 8, also reporting comprehensive results for drill holes ATXD23C and ATXD31A, as well as preliminary results for drill hole ATXD31B. As of the release, approximately 65% of the assays from the sixth phase have been reported, with the remainder expected to be received in July.

Chris Beer, Interim President and CEO of ATEX, stated that these results enhance the company's confidence in the continuity of the high-grade B2B breccia and its relationship with the underlying high-grade porphyry system. Drill hole ATXD23C encountered significant high-grade mineralization south of the currently defined B2B mineral resource boundary. Drill holes ATXD31A and ATXD31B indicate the system remains open to the north. Previously reported results from drill hole ATXD19A showed the B2B breccia extends approximately 180 meters to the south, with subsequent drilling set to resume in September as part of the seventh phase program.

Beer noted that these results improve the understanding of the geometry, continuity, and scale of the B2B breccia, reinforcing the interpretation that the high-grade mineralization forms part of a larger porphyry system. Based on completed drilling, the B2B breccia has now been traced to approximately 600 meters, a 50% increase from the previously interpreted 400-meter strike length. Multiple holes ended in mineralization, and with approximately 35% of the sixth-phase assays still pending, the company believes there remain significant opportunities to further expand the high-grade B2B breccia and the broader Valeriano mineralized system.

Drill hole ATXD23C intersected 20 meters grading 4.10% copper equivalent (CuEq) within intervals of 78 meters grading 3.03% CuEq and 124 meters grading 2.65% CuEq, containing 2.53% copper, 1.39 g/t gold, 9.3 g/t silver, and 84 g/t molybdenum, representing some of the highest-grade intervals encountered in Valeriano drilling. This drilling aimed to test the shallower portion of the high-grade B2B breccia and successfully connected it with the underlying high-grade porphyry, strengthening the interpretation of a single connected mineralized system. Drill hole ATXD31A revealed a 64-meter interval grading 1.02% CuEq, including a broader 84-meter interval grading 0.96% CuEq, confirming the presence of high-grade mineralization in the lower B2B zone. Drill hole ATXD31B intersected 146 meters grading 1.14% CuEq within a broader 408-meter interval grading 0.88% CuEq, confirming the thickness, continuity, and northern extent of mineralization within the B2B system.

The sixth phase drilling campaign included approximately 15,500 meters targeting the high-grade B2B zone, 11,750 meters targeting nearby high-grade breccia zones, and 1,025 meters for exploring porphyry extensions. Analysis indicates these results confirm the continuity between the high-grade B2B breccia and the underlying high-grade porphyry, reinforcing the interpretation of a larger connected mineralized porphyry system. One drill hole ended in mineralized porphyry, highlighting the potential for further expansion.

Ventum Capital Markets analyst Robin Kozak issued a Buy rating and a target price of C$5.50 in a research report published on July 9. The report noted that the intervals generated by drill hole ATXD23C are among the highest-grade intervals at Valeriano to date, highlighting the project's significant upside potential. The B2B breccia has been traced to approximately 600 meters, a 50% increase from the previously interpreted length, with multiple holes ending in mineralization indicating potential for further expansion. The report stated that the combination of exploration success, scale, optionality, and financial support makes ATEX a compelling investment. The company's share price has declined year-to-date, and as of the report's writing, was trading at an 80% discount to the analyst's 10% NAV (C$10.86), providing an entry point for long-term investors. Paradigm Capital analyst David Davidson, in a flash update on the same day, called the results "impressive," noting that ATX23C returned some of the highest grades seen on the property, and three drill holes expanded the B2B zone, primarily in the up-dip and down-dip directions. He pointed out that the company is awaiting results from meaningful extrapolations testing known mineralization extensions of the B2B zone and the underlying high-grade porphyry, having only received 65% of the results. Trading at C$2.19, or less than US$0.015 per pound of copper equivalent (compared to approximately US$0.035 per pound for broad copper development peers), ATEX offers good value at these levels.

In the copper market, copper prices have recently risen significantly, trading at US$6.27 per pound in New York on July 9, equivalent to slightly over US$13,800 per tonne, up 2.6%. This surge was influenced by falling oil prices, following U.S. President Donald Trump's announcement that Iran had returned to the negotiating table, while the U.S. faces new tariff threats. The Commerce Department announced plans to potentially expand tariffs of up to 50% to a broader range of downstream copper products by the end of fiscal year 2026. Macquarie Strategy analysts believe investor sentiment towards copper remains bullish, but physical fundamentals are weakening, with the global market not facing a copper shortage and surpluses expected in the coming years. Visible copper inventories have increased significantly since the start of 2025, rising by over 870,000 tonnes. London Metal Exchange inventories are at eight-year highs, and Comex inventories have reached unprecedented levels. Macquarie estimates an additional 550,000 tonnes of copper are held off-exchange in the U.S. Copper prices rebounded from below US$12,000 per tonne at the end of March to well above US$14,000 per tonne by the end of May, before declining slightly. Grand View Research notes that the global copper market was valued at US$248.2 billion in 2025 and is expected to reach US$388.8 billion by 2033, with a compound annual growth rate of 5.9%. The Asia-Pacific region dominates the market, accounting for 74% of the global market share. Copper plays a central role in solar photovoltaic systems, wind turbines, power grids, and energy storage systems.

Regarding the shareholding structure, approximately 13% of the company is held by insiders and management, approximately 16% by strategic investors, approximately 18% by institutions, and the remainder by retail investors. The company has a market capitalization of C$861.65 million, with 374.63 million shares outstanding, and a 52-week trading range of C$1.96 to C$4.55.