ATEX Resources' Valeriano Project Rises Despite Slumping Share Price

ATEX Resources (TSX:ATX) has been steadily producing high-grade copper and gold intercepts from its Valeriano project in northern Chile, despite a disconnect between its performance and share price. Over the past year, the Toronto-listed explorer has seen copper climb to multi-year highs, yet its shares have declined from C$4.55 to around C$2.33 by the end of July.

The company's Valeriano project is a large system, with an indicated 475 million tonnes at 0.88% copper equivalent and an inferred 1,511 million tonnes at 0.75% copper equivalent. Drilling has continued to feed the story, with recent results showing hole ATXD23C returning 20 metres at 4.10% copper equivalent within a broader 78 metres at 3.03% copper equivalent.

Several catalysts are on the horizon for ATEX Resources, including outstanding Phase VI assays and an updated resource estimate that could lift inferred tonnes into the indicated category or grow the envelope.