Valor Resources Ltd (ASX:VAL) has expanded its landholding at the Picha Copper-Silver Project in Peru hot on the heels of strong results from the 2021 exploration program.
The landholding has been increased to 200 square kilometres with the application for four new mining concessions to the northeast that include a new target area of Chullunquaini, where historical mine workings are located.
In addition to the new application areas, the company has now been granted nine mining concessions with on-ground exploration now permitted to commence in these areas.
These nine concessions granted cover an area of 78 square kilometres.
Fieldwork planned
Valor expects to begin fieldwork in these areas during the next quarter and this will initially include reconnaissance geological mapping and geochemical surface sampling.
New concessions map.
Data from Induced Polarisation (IP) and ground magnetic surveys completed in December last year is being reviewed and interpreted. This includes the development of a 3D geological model to assist with drill hole targeting.
The permitting process for the drilling program later in the year is well underway.
An archaeology study has been completed and the report submitted to government. The Environmental study is set to begin later this month.
Further concessions
The remaining seven Picha Project mining concessions applied for in 2021, which cover the target areas of Huancune, where sulphides have been observed within a breccia, and the newly identified targets, Ichucollo and Occsani, are expected to be granted this year.
Valor’s 100%-owned Peruvian subsidiary, Kiwanda SAC holds the rights to the Picha and Corona projects in the Moquegua Department of Peru, 17 kilometres ENE of the Chucapaca (San Gabriel – Buenaventura) gold deposit.
They are two copper-silver exploration projects comprising 19 granted mining concessions for a total of 138 square kilometres.
The company also has interests in the rich uranium region of the Athabasca Basin in Saskatchewan, Canada.