Valor Resources Ltd (ASX:VAL) has received another set of results from a geological mapping and geochemical sampling program at its Picha Project in Peru, defining more zones of high-grade copper and silver mineralisation.
Systematic mapping and sampling of the entire project area has been underway by Valor geologists since August 2021. The entire granted mining title of 20 square kilometres has now been covered, with all five priority targets tested and assay results received from 266 samples.
The most recent results received were for 137 samples taken from the Cumbre Coya and Maricate target areas.
Further surface sampling is underway at the Maricate and Cumbre Coya targets, with ground geophysics and drilling planned to follow up in the coming months.
“Enormous potential”
“The Picha project continues to exceed expectations. The latest results confirm the enormous potential of the area. We now plan to move rapidly towards the next phase with drilling preparations already underway,” Valor Resources executive chairman George Bauk said.
“We have broadly identified our drilling target priorities and have now commenced the permitting process working with local authorities and the community.
"Copper is a significant part of the clean energy future and is currently demanding over US$9,800 per tonne with significant commentary of a supply shortage.
"Peru has several world-class copper and silver deposits and is the second-largest producer of copper and silver in the world.”
Picha Project
The first set of assays from this mapping and sampling campaign were returned in October, predominantly from the Cobremani and Maricate target areas.
At least 34 of the 144 samples returned assays greater than 0.5% copper, with assays of up to 13.39% copper from Maricate and 3.80% copper from Cobremani. Results from Cobremani were highlighted by a 35.6-metre channel sample averaging 1.3% copper and 22.85 g/t silver.
Read: Valor Resources outlines widespread copper mineralisation at Picha in Peru
Geological mapping has been completed and is being compiled and interpreted to develop a geological model for drill hole targeting. Preliminary geological mapping is presented in the figure below.
Cumbre Coya target area
Results have been received for 83 channel and selective rock chip samples which were taken from the Combre Coya area. Of 83 samples, 31 returned assays over 0.5% copper, including the following:
- 8 metres at 1.91% copper and 11.08 g/t silver;
- 8 metres at 1.41% copper and 16.38 g/t silver;
- 40.5 metres at 0.49% copper and 6.37 g/t silver including 4 metres at 2.1% copper and 13.55 g/t silver;
- 1.9 metres at 1.89% copper and 8.7 g/t silver;
- 3 metres at 1.30% copper and 9.35 g/t silver;
- 3.2 metres at 2.22% copper and 29.2 g/t silver;
- 4 metres at 1.7% copper and 17.85 g/t silver;
- 16 metres at 0.49% copper, 188.79 g/t silver and 8.45% lead including 4 metres of over 20% lead (upper detection limit of 200,000 ppm lead); and
- 2.5 metres at 4.56% copper, 10.06 g/t silver and 5.68% lead.
A total of 18 selective rock chip samples were collected with assays of up 3.51% copper and 549 g/t silver. All the selective rock chip samples have a high potential for bias and should not be considered representative of the overall mineralised structure or zone.
In addition to the anomalous copper assay results, there are also several samples in the Cumbre Coya area with highly anomalous lead in addition to molybdenum and zinc, with assays of up to over 20% lead, 287 ppm molybdenum and 0.36% zinc.
The samples (channel and rock chip) at Cumbre Coya occur within an area of about 800 metres strike length, which trends in approximately a north-northeast orientation.
Maricate target area
Assay results have been received for a further 54 channel and selective rock chip samples from the Maricate area. Seventeen of the 54 samples returned assays greater than 0.5% copper with a highest assay of 5.46% copper from a channel sample which also assayed 116 g/t silver.
Highlight channel sample results from the Maricate area are:
- 17.6 metres at 1.95% copper and 29.5 g/t silver including 10 metres at 2.95% copper and 47.8 g/t silver;
- 4 metres at 1.38% copper and 241 g/t silver; and,
- 4 metres at 0.97% copper and 13.45 g/t silver.
Mineralisation at Maricate has now been identified over a wide area in a northeast and northwest orientation.
Exploration model
Geochemical sampling results and field evidence point to Picha mineralisation being similar to other copper-silver strata bound deposits in Peru and Chile, which are mainly hosted in andesitic volcanics.
There is also potential for replacement-type deposits in the sediments. The presence of anomalous molybdenum and a geothermal hot spring in the centre of the project area gives support to the potential for porphyry-type deposits within the project area.
About the company
Valor Resources is focused on precious and base metals along with uranium through acquisitions and exploration activities at projects in Peru and Canada.
The Picha Project in Peru is a copper-silver exploration project with a 3,000-hectare exploration concession south of Buenaventura's San Gabriel Gold Porphyry Project.
It is also investigating uranium opportunities in the prolific Athabasca Basin in Saskatchewan, Canada.