Valor Resources Ltd (ASX:VAL) has delineated a large 1.2 by 2 kilometres induced polarisation (IP) geophysical anomaly thought to contain porphyry copper-silver mineralisation at the Picha Project in Peru through sampling and surveys.
IP and geochemical surveying along with surface sampling indicate a southward continuation of the chargeability anomaly at depth.
The IP anomaly is to open to the south, potentially representing a large porphyry copper system at depth.
Porphyry bodies tend to have large volumes, considered economical from copper concentrations as low as 0.15% and often containing economic amounts of by-products such as molybdenum, silver, and gold.
Notable channel and rock chip sample assays include:
Cumbre Coya:
- 15.75 metres at 0.70% copper, 233.2 g/t silver and 2.95% lead;
- 7.2 metres at 1.18% copper and 27.1 g/t silver; and
- 22 metres at 0.25% copper and 6.9 g/t silver.
Maricate:
- 4 metres at 1.48% copper and 12.3 g/t silver,
- 2 metres at 1.59% copper and 21.8 g/t silver; and
- 2 metres at 0.6% copper and 17.9 g/t silver.
Fundicion:
- 0.5 metres at 1.88% copper and 80.9 g/t silver; and
- 2 metres at 0.75% copper, 36.1 g/t silver, 1.58% lead and 1.55% zinc.
“Towards a net-zero carbon world”
Valor Resources executive chair George Bauk said: “These latest exploration results provide further support to our belief that we are dealing with a significant mineralising system at Picha.
“2022 promises to be a very significant year in the company’s development as we get to drill test this exciting project.”
“Copper is a key mineral as we strive towards a net-zero carbon world, and we have uncovered a significant area which requires a drill program to test the copper-silver potential.”
Follow up work
The following work is planned for the Picha Project over the next few months:
- Complete current ground geophysical survey (IP and Magnetics) – end of December 2021;
- Processing and interpretation of new ground geophysical data (Induced Polarisation (IP) and magnetics);
- Compile completed geological mapping, geophysics and surface geochemistry data and develop geological model including lithology, alteration, structure and mineral associations to aid in drill target identification;
- Select and refine drill targets based on the geological model, ground geophysics and surface geochemistry; and
- Continue drilling approvals process – environmental, archaeological, water permits and agreements with surface landowners and local stakeholders
About Valor Resources
Valor Resources is focused on precious and base metals along with uranium through acquisitions and exploration activities at projects in Peru and Canada.
The company’s 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.