ATEX Resources Inc (OTCMKTS:ECRTF) (CVE:ATX) Stock Sees Bullish Action: Here is Why

Shares of ATEX Resources Inc (OTCMKTS:ECRTF) (CVE:ATX) moved up strongly on unusual volume Tuesday.

Market Stats

On Monday, ECRTF stock soared 28.96% to $0.4128 with more than 2.5k shares, compared to its average volume of 2.8k shares. The stock has moved within a range of $0.4128 – 0.4128 after opening trading at $0.4128.

ATEX Commences Valeriano Copper Gold Porphyry Drilling Program

Mineral exploration company focusing on the acquisition, development, and monetization of projects throughout the Americas, ATEX Resources Inc (OTCMKTS:ECRTF) (CVE:ATX), on January 24, 2022, announced the commencement of a 6,000-meter diamond drilling campaign at Valeriano Copper-Gold Project with two drill rigs, which would target Valeriano copper-gold porphyry deposit.

Located within a part of Frontal Cordillera, the Valeriano deposit will link Maricunga gold porphyry belt to the north as well as El Indio high-sulphidation belt to the south.

Link-Belt, the 120-kilometer long zone, host several copper gold porphyry deposits including, Josemaria (Josemaria Resources), Filo del Sol (Filo Mining), El Morro (Teck Resources/Newmont), Los Helados (NGEX Minerals/Nippon Caserones Resources), and El Encierro (Antofagasta/Barrick Gold).

The company’s current drilling initiative will follow up on results from historical 2013 drilling, that gave intersections from the Valeriano copper-gold porphyry.

Southern Rock Geophysics has finished the magnetotelluric survey, which was announced earlier, with preliminary 3D modeling of MT results confirming the interpretation of porphyry mineralization as well as confirming the drilling plan.

Raymond Jannas, CEO of ATEX said that the complete team is excited about commencing the drilling campaign resulting due to the culmination of years of diligence, including geophysics, detailed geological mapping as well as complete re-logging of all drill chips and core, leading to developing the robust geological model.

Jannas added that the firm has about two diamond drill rigs turning and must have a third rig at the site in early February. He added that the drilling program will be finished by mid of second quarter, of 2022 with all assays, depending on laboratory timelines.

Traders Corner

ECRTF stock is above the 20-Day and 50-Day Moving averages of $0.3055 and $0.5842 respectively. The stock is trading in the neutral zone with the RSI at 88.