Valor Resources Ltd (ASX:VAL) has delineated three high priority targets from a spectral data study that supports the porphyry copper potential of the company's Picha Project in Peru.
The spectral study of 74 rock samples has observed alteration related to low sulphidation epithermal environments and spectral vectors with characteristics of porphyry-type deposits. Five spectral anomalies have been identified.
Looking ahead, Valor’s ground-based exploration continues, with work underway on recently granted concessions adjacent to Picha Project.
Furthermore, drill program approvals are well advanced with drilling planned for the September quarter.
“Significant potential”
Valor executive chairman George Bauk said: “Geological studies continue to confirm the significant potential of the Picha Copper-Silver Project.
“The results from the spectral study highlight five targets with the alteration signatures indicative of epithermal and porphyry-style mineralisation at the Picha Project.
“The three highest priority spectral targets are coincident with the Cobremani, Maricate and Fundicion targets.”
Spectral study
Valor completed its spectral studies in March 2022 on 74 rock chip samples across the project, which were analysed by a hand-held TerraSpec Halo mineral identifier.
Notably, the predominant alteration minerals are kaolinite, smectite (montmorillonite), illite, quartz/silica and chlorite.
Consequently, five spectral targets were identified with three high priority targets with spectral characteristics indicating proximity to porphyry and low sulphidation epithermal deposits.
Most of the sampling for the spectral study has been from the Cobremani, Maricate, Cumbre Coya and Fundicion targets.
Further sampling has been planned across the project area including in the area underlain by the geophysical IP anomaly which is overlain by shales and siltstones of the Maure Group.
New targets
On-ground fieldwork has commenced in 2022 with the identification of two new targets along a major NE-SW trending regional structure.
These targets are in addition to the Huancune, Occsani, Ichocollo and Chullunquiani (includes historical mine workings) targets which were first highlighted
Interestingly, copper and lead mineralisation within andesites as veins or in breccias, with argillic alteration, have been identified at all four of these targets
In addition, detailed geological mapping and surface sampling are planned for these targets prior to a ground geophysical survey.
Rock chip samples have been taken from new targets including from historical artisanal workings - with results due in April
Forward plan
Valor’s exploration program continues across the Picha Project, with several operations and workflows underway.
Bauk adds: “Multiple workflows are currently underway focusing on the approval process for the drilling program planned for the September quarter.
“In parallel to this, work has commenced on our recently granted concessions which are adjacent to the Picha Project
“The team is finalising the drill targets, with a significant number identified across the project area through the work program completed in 2021.
“The challenge now is to prioritise the targets and choose which holes are to be drilled first.
“What is particularly exciting about this project is the new targets that continue to be identified by the team in Peru, with two new targets already identified in the first field program of 2022.
“We look forward to the results from these targets and for more news on additional targets.”