Valor Resources Ltd (ASX:VAL) has been granted a trading halt pending the release of results from exploration sampling at the company’s Picha Copper-Silver Project in Peru.
Unless ASX decides otherwise, the securities will remain halted until the start of normal trading on Wednesday, June 2, 2021, or when an announcement is released to the market.
Shares last traded at 1.4 cents having recently hit a new three-year high of 1.8 cents.
Fieldwork underway
Last week the company started a desktop review on the project that will incorporate fieldwork with key aspects to include:
- A review of historical information from the previous exploration carried out on the Picha Project;
- A technical site visit to each exploration target (Cobremani, Cumbre Coya, Miracate, Fundición and Timillo) carrying out evaluation work on the potential for economic mineralisation;
- Geochemical sampling to confirm results of historical sampling carried out in previous exploration work; and
- The processing of historical geochemical information.
Picha Project
The Picha Project, which comprises four granted mining concessions totalling 2,000 hectares, is around 17 kilometres from the Chucapaca gold deposit that hosts a resource of 7.5 million gold equivalent ounces.
Exploration work by the previous owner identified five high priority Induced Polarisation geophysical targets plus several areas with significant rock chip geochemistry.
Previous exploration reported encouraging rock chip results from surface sampling of exposed mineralisation at one of the targets.
Geochemical sampling of this area will be conducted by Solimana Gold to validate these results, which were not reported in accordance with JORC Code 2012.