My first Commonstock post on Atex Resources $ATX.V
was on May 31st, at which time the stock was trading at around $0.73 (see link below). The risk/reward potential in the junior mining sector is unparalleled, but so is the volatility and it can be difficult for many to tolerate.
Having strong conviction makes those dips easier to take, and lower prices are a gift to accumulate. Watching $ATX.V
reach a 52wH of $1.05 yesterday was another lesson for me about the value of patience:
On January 17, 2023, Atex released some long-awaited drill results.
"We are excited that the initial Phase III drilling has extended the mineralized corridor to over 1 kilometre long to over 800 metres wide with over a kilometre of vertical extent," said Raymond Jannas, President, and CEO of ATEX. "Hole ATXD-11A demonstrated continuity by extending the porphyry mineralization a further 200 metres to the northeast of VAL-14 and well below hole ATXD-19. The intersection of mineralized porphyry in this hole confirms that the porphyry trend remains open along strike to the northeast. Hole ATXD-21 also extended the mineralized corridor to the southwest, intersecting chalcopyrite bearing rock milled breccia, rhyolite, and fine-grained porphyry. These holes confirm that the porphyry trend is oriented northeast- southwest and open along strike."
Yet another example of the many times I have been grateful for this community, a few Twitter friends (@dhaney23
is a rock star) and I discussed the results. We felt they were strong but could be interpreted as questionable by some. We eagerly awaited the market's interpretation this week and it certainly seemed favourable. The project appears to be suitable for block caving, a cost-effective new technology to mine low-grade mineral deposits. Given the size of Atex's Valeriano, the potential of this company could be rather spectacular.
With the use of this technique expanding in the mining industry, Suorineni suggests that the growth in its popularity is being driven by the fact that more low-grade orebodies are being discovered while orebody grades continue to decline worldwide. Block caving has emerged as a cost-effective method of mining large, low-grade mineral deposits.
More results are anticipated over the coming months, which hopefully will prove what the legendary Pierre Lassonde stated in a 2022 interview - "this could be a copper discovery of the decade".