ATEX Pushes B2B Breccia 200m South, Ends Hole in 1.72% CuEq

ATEX Resources Inc. (TSX: ATX) (OTCQX: ATXRF) reported final Phase VI assays from its Valeriano copper-gold project in Chile's Atacama Region, extending the high-grade B2B breccia roughly 200 metres south in hole ATXD19A, with hole ATXD19B ending in 37 metres of 1.72% copper equivalent, ahead of a Phase VII program and an updated mineral resource in the second half of 2027.

ATEX Resources Inc. (TSX: ATX) (OTCQX: ATXRF) has closed out the sixth drill campaign at its Valeriano copper-gold project in Chile's Atacama Region with the two results that matter most to a company still building toward a resource update: a step-out that worked, and a hole that ran out of core before it ran out of grade.

Hole ATXD19A extended the strike length of the high-grade B2B breccia approximately 200 metres to the south, where the company says the zone remains open. Hole ATXD19B finished in 37 metres grading 1.72% copper equivalent — a hole that ended in mineralisation rather than in barren rock. Copper equivalent, or CuEq, folds the value of gold and any other payable metals into a single copper-grade number so intervals can be compared like for like.

Why an unfinished hole is the headline number

Drillers use a specific phrase for what happened in ATXD19B: the hole "ended in" mineralisation. It means the rig stopped — for depth, ground conditions, budget or program design — while the assays were still coming back with metal. For a deposit at Valeriano's stage, that is a more useful signal than a longer, lower-grade intercept, because it tells the geologists where the next collar goes rather than where the deposit stops.

The southern extension is the same argument in map view. Adding roughly 200 metres of strike to a high-grade breccia does two things at once: it enlarges the volume of rock that can eventually be counted, and it moves the open edge further from the drilled core, which is where the next campaign will aim. ATEX explicitly flags that the southern limit is unresolved and will be followed up in Phase VII.

Phase VI also did the less glamorous work of closing the box. The company says it has better defined the B2B breccia limits to the north and east — knowing where mineralisation ends is what allows a geological model to be tightened and a resource estimate to be defended. At the same time, ATEX identified expansion potential to the north beyond B2B in mineralised rhyolite, meaning the system does not simply terminate at the breccia contact.

The porphyry vectors change the target list

The part of the release with the longest tail is the new porphyry work. ATEX reported new porphyry vectors north and south of B2B, including porphyry-style alteration, copper mineralisation and quartz veining more than 400 metres north of the known system. In porphyry copper exploration, those three features together — alteration, sulphide copper and a quartz vein network — are the standard fingerprints geologists follow toward a mineralised centre.

Practically, that reframes Valeriano from a single high-grade breccia plus a known porphyry into a district with more than one thing worth drilling. It also raises the cost and duration of proving it out. Multiple high-priority targets is exactly how ATEX describes the Phase VII mandate, and the company says that program will start shortly, with details closer to commencement. The full assay tables and hole-by-hole detail were set out in the company's release carried by INN Precious Metals.

Everything now points at the second half of 2027

ATEX has put an updated mineral resource estimate on the calendar for the second half of 2027. That single date is the hinge for how investors should read every drill result between now and then. Holes that fill in and extend the high-grade breccia feed straight into tonnes and grade. Holes chasing 400-metre-distant porphyry vectors probably do not make the 2027 cut-off in any meaningful way; they are option value for the campaign after that.

The tension for a developer at this point is familiar. Extending an open, high-grade zone south is the cheapest tonnage a company can buy. Testing brand-new porphyry centres is where the next order-of-magnitude discovery sits, but it consumes rigs and metres without guaranteeing anything the resource model can use. Phase VII's design — how many holes go to each — will tell shareholders which trade-off management has chosen.

What to watch through Phase VII: whether the southern extension of B2B continues to return breccia-style grades or thins out; whether the mineralised rhyolite north of B2B is a genuine extension of the system or a separate, lower-grade halo; and whether any of the new porphyry vectors produces a first intercept rather than just surface and alteration evidence.

The market took the assays quietly

The share response was muted. On the OTCQX venue, ATXRF last traded at 2.00, down 2.49% from the previous close of 2.05, having ranged between 2.00 and 2.07 on the session — a decline of 0.05 on the day, and a close at the bottom of the range. Those are the most recent prices as of 20:00 GMT on 26 August 2026, with the market closed.

Context helps: the broad U.S. tape barely moved on the same session. The S&P 500 tracker (SPY) closed at $766.08, up 0.02%, and the Nasdaq 100 tracker (QQQ) at $711.37, up 0.09%, while the Dow 30 tracker (DIA) slipped 0.19% to $534.23. So ATEX underperformed a flat market on the day its final Phase VI assays landed.

That is not unusual for the last tranche of a drill campaign. Final assays typically arrive after the market has already digested the interesting holes, and the incremental news — a 200-metre southern extension, better-defined limits, new targets for next time — is more valuable to the geological model than to a trading screen. The OTCQX line is also the secondary listing; the primary market for the stock is the Toronto Stock Exchange, where liquidity and price discovery for a Canadian-listed developer normally sit.

What a Chilean copper address is worth right now

Valeriano's location is part of the investment case whether or not a single new metre is drilled. The Atacama Region hosts some of the world's most productive copper geology, with established power, water, road and skilled-labour infrastructure built around decades of large-scale mining, and a permitting framework that major operators already navigate.

For ATEX, the near-term test is narrower than country risk or copper price. It is whether Phase VII converts an open southern edge and a set of fresh porphyry vectors into drilled metres that a 2027 resource statement can actually count. Until then, holes that end in 37 metres of 1.72% CuEq are a promise of tonnage, not a measurement of it.

Key facts

• Stock (OTCQX): ATXRF last traded at 2.00, -2.49%, as of 26 Aug 2026 20:00 GMT (market closed)
• Best final intercept: Hole ATXD19B ended in 37m of 1.72% CuEq
• Extension: B2B breccia strike extended approx. 200m south in hole ATXD19A; still open
• Next catalysts: Phase VII drilling to start shortly; updated mineral resource in 2H 2027

Frequently asked questions

What did ATEX's final Phase VI assays show at Valeriano?

ATEX reported that hole ATXD19A extended the high-grade B2B breccia approximately 200 metres to the south, where the zone remains open, and that hole ATXD19B ended in 37 metres grading 1.72% copper equivalent. The results also better defined the breccia's northern and eastern limits and flagged expansion potential north of B2B in mineralised rhyolite.

What does "CuEq" mean in a drill result?

CuEq stands for copper equivalent. It converts the value of other payable metals in an intercept, such as gold, into an equivalent copper grade so that mixed intervals can be compared with copper-only ones using a single number. A grade of 1.72% CuEq therefore bundles copper and associated credits into one figure.

Why does it matter that a hole "ended in" mineralisation?

When a drill hole ends in mineralisation, the assays were still returning metal when drilling stopped, which means the boundary of the mineralised zone has not been found in that direction. Geologists treat it as a direct instruction on where to place the next hole, and it is generally read as evidence a zone can grow.

Where is the Valeriano project and why does the location matter?

Valeriano is a copper-gold project in the Atacama Region of Chile, one of the world's leading copper districts. The region has decades of large-scale mining behind it, so power, water, roads and experienced labour are established, and the permitting framework is one that major international operators already work within.

When will ATEX publish an updated mineral resource?

ATEX has scheduled an updated mineral resource estimate for the second half of 2027. Drill results that extend and infill the high-grade B2B breccia are the ones most likely to feed into that estimate, while newly identified porphyry targets further from the known system are more likely to be tested for a later update.

How did ATEX shares react to the announcement?

The response was subdued. On the OTCQX market, ATXRF last traded at 2.00, down 2.49% from a previous close of 2.05, in a session range of 2.00 to 2.07, as of 20:00 GMT on 26 August 2026. That underperformed a broadly flat U.S. market on the same day. The company's primary listing is on the Toronto Stock Exchange.

Sources

• ATEX Reports Final Phase VI Assays Extending B2B Breccia Approximately 200m South in Hole ATXD19A; ATXD19B Ended in 37m of 1.72% CuEq — INN Precious Metals

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