Valor Resources Ltd (ASX:VAL) has delivered high-grade silver and copper results from samples gathered at the Picha Project in Peru as part of an initial project review.
Solimana Gold SAC, geological consultants on the project, completed their technical site visit to each of the five main exploration target areas - Cobremani, Maricate, Timillo, Fundicion and Cumbre Coya - and obtained rock samples from each area, which Valor said delivered "outstanding" results.
High grades
These results, including 563 g/t silver, 1.11% copper and <20% lead; 444 g/t silver, 2.84% copper and 0.9% lead; 89.7 g/t silver and 6.04% copper; and 65.6 g/t silver and 4.97% copper, will be followed up immediately.
Of the 20 samples taken, 12 returned assays greater than 1% copper and up to 6% copper.
Field evidence indicates that the Picha mineralisation is similar to other copper‐silver stratabound deposits in Peru and Chile.
Results highlight mineralisation potential
Executive chairman George Bauk said: “These results have highlighted the mineralisation potential, at surface, of the project.
“The work undertaken has highlighted significant showings of copper with more than 50% of the results between 1% and 6% along with silver results of up to 563 g/t (more than 18 ounces of silver).
“The mapping completed is indicating that the mineralisation is analogous to other copper‐silver stratabound deposits in Peru and Chile.”
Seven rock samples were collected from Maricate with silver assays of up to 111ppm and three samples returning more than 2% copper.
The Picha project consists of four granted mining concessions covering 2,000 hectares.
It is 127 kilometres SW of the City of Juliaca, in southern Peru, and near the village of Jesus Maria in the San Antonio de Esquilache district, province of Sanchez Cerro and the Moquegua department.
Regionally, the Picha property is located within the Tertiary volcanic belt of southern Peru that hosts numerous important ore deposits
Plans underway to follow-up
Bauk added: “We will follow up these results with further ground‐based work as soon as possible and also undertake a review of our Berenguela South Project.
“Copper is a significant part of the clean energy future and is currently demanding more than US$10,000 per tonne with significant commentary of a supply shortage.
“Peru has several world-class copper and silver deposits and is the third-largest producer of copper and silver in the world.”
Looking ahead
In addition to the ongoing desktop review involving compilation of all available historical data, Solimana has recommended follow up work including:
- Carry out detailed geological mapping of both volcanic and sedimentary lithologies with a focus on identifying units with the potential to host economic mineralisation similar to known stratabound ore deposits in the area;
- Continue geochemical sampling of all targets in order to define the extent of the mineralisation;
- Once the geological mapping and geochemical sampling program has been carried out, model the results including lithology, alteration, structure, and mineral associations to aid in further target identification; and
- Select drill targets based on the above, plus the geophysical compilation generated in the desktop review and carry out an initial diamond drill program.