Valor Resources Ltd (ASX:VAL) has kicked off a ground geophysical survey at the Picha Project in Peru with encouraging preliminary results
The company set out to explore the property’s copper potential after encountering some promising surface mineralisation.
So far, the first three lines of the induced polarisation (IP) survey have been completed, with preliminary results firming up several potential drill targets.
What’s more, a ground magnetic survey is nearing completion, with 70% of the 204-line-kilometre surveillance ticked off the list.
While it’s still early days, the initial geophysical anomalies show good correlation with surface copper mineralisation, providing more support for Picha’s depth potential.
Ultimately, Valor will use the new data to firm up the next round of exploration prospects at Picha, where it plans to begin drilling in the new year.
“Widespread copper-silver mineralisation”
Speaking to the progress, Valor executive chairman George Bauk said the preliminary results are significant as they indicate Picha’s potential at depth.
“The results that have been reported over the past five months have shown widespread copper-silver mineralisation over the 20-square-kilometre Picha project.
“New geophysical survey data presented in this announcement shows geophysical anomalies at depth that correlate to surface mineralisation and geology.
“The ground-based IP survey is only 18% complete and is expected to be completed by January 2022. The team will continue to undertake ground-based work to firm up drill targets for the project.
“Results to date are outstanding and we will continue to advance the project in 2022.
“The team has done a solid job engaging with the local community on many fronts. We are employing 18 people from the local community to support the current ground-based geophysics program.
“The in-country team has also commenced the process to gain all the necessary approvals for drilling in 2022.
“Copper is an essential commodity for the push to a zero-carbon emission society and what better place to explore for copper than Peru, which today is the second-largest producer of copper in the world.”
Surveying underway
Valor’s planned IP survey comprises 57 line kilometres, with 10.5 line kilometres completed to date.
The survey is initially being completed on 400-metre spaced lines in an east-west orientation, after which they’ll be infilled at 200 metres.
Overall, it’s designed to reach a greater depth and is applicable to deep, low sulphide type targets.
Simultaneously, Valor is undertaking a 204-line-kilometre ground magnetic survey.
To date, 142.8 line kilometres have been completed, meaning the company has crossed the 70% completion milestone.
Deep Sounding High Resolution Geophysics of Lima, Peru is conducting the surveys.
Next steps
It’s a waiting game as VAL finalises both surveys and defines exploration targets.
The company is looking forward to results from a further 93 surface samples collected from Picha.
Meanwhile, as it anticipates the survey’s completion, drill planning is underway, with new targets incorporated into the explorer’s 2022 strategy.
Valor is in the middle of drill permitting, with environmental studies and community engagement currently underway.