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ATEX Resources is Defining a Copper Gold District in Chile

CEO.CA Jun 8, 2026 9:22

Summary

The guest frames ATEX's Chilean ground as 67 years behind the Vicuña district, where Filo and NGX spent decades proving a system.

The Valeriano resource is roughly 2 billion tons at 0.75% copper equivalent — a blended grade carrying copper, gold and silver together.

Metallurgical testing shows 33% copper recovery — the share of metal actually extracted — against a 24% global average, with no arsenic penalties.

A $150 million cash balance covers about two drill programs, with Pierre Lassonde above 10% and Agnico Eagle at 15%.

Next 90 days means starting the Phase 7 program, running geophysics, and putting the first drill holes into the newly acquired Nuevo Horizonte ground.

Key points on Agnico Eagle Mines

  • The guest names Agnico Eagle as a 15% shareholder in ATEX Resources, alongside Pierre Lassonde at north of 10%.

Key points on ATEX Resources Inc

  • The guest says the Valeriano deposit holds roughly 2 billion tons at about 0.75% copper equivalent, close to twice the global average grade for copper-gold porphyries, with 66% of the mineralization coming from copper and the balance gold and silver.
  • The land package now stands at 25,000 hectares, or about 250 square kilometers and four times the size of Manhattan, after acquiring 14,000 hectares at auction in January that the guest says add two prospective porphyry systems right at surface to be evaluated over the next 12 to 18 months.
  • Recent drilling extended the B2B breccia zone strike from 400 meters to over 700 meters, and a new zone was found to the east of it, with the first hole returning almost a kilometer at 0.72% copper equivalent and hole 35 returning 400 meters at 0.54% copper equivalent.
  • Two rounds of metallurgical work show 33% copper recoveries against a global average of 24%, gold of roughly 16 grams per tonne versus a global average of a couple of grams, and no arsenic or other penalized deleterious elements.
  • The guest says the company holds about $150 million in cash, enough for roughly two drill programs, and that its shareholder base includes Pierre Lassonde at more than 10% and Agnico Eagle at 15%.

Chris Beer's takeaways

  • Top takeaway He argues that ATEX should be treated as the start of a new district rather than a single asset, comparing the ground with the Vicuña district about 80 kilometers to the north and placing ATEX roughly 67 years behind that development.
  • He says the roughly 2 billion tons at about 0.75% copper equivalent at Valeriano is close to twice the global average grade for copper-gold porphyries, and he frames that grade as the core of his investment case.
  • He plans to carry the exploration learnings from Valeriano over to the 14,000 hectares acquired in January at Nuevo Horizonte, where he expects two near-surface porphyry systems to be tested over the next 12 to 18 months.
  • He highlights metallurgy as the point investors and other operators raise with him, citing 33% copper recoveries against a 24% global average, roughly 16 grams per tonne of gold, and no arsenic or smelter-penalized elements.
  • As of the June 8, 2026 interview he sets near-term execution goals: starting the Phase 7 program in about three months using camp capacity of roughly 200 people and six to seven rigs, running geophysics, and drilling a couple of holes at Nuevo Horizonte.