Valor Resources Ltd (ASX:VAL) has applied for an additional 60 square kilometres of concessions around the Charaque Silver Project in Peru, increasing the company’s exposure to a highly prospective gold-copper-silver region that holds more than a dozen mineral extraction projects and mines.
There are historical workings within the tenure stretching over an area 1-kilometre-long and believed to have been mined more than 500 years ago.
The tenure is 30 kilometres to the northeast of the Picha Project, Valor Resources' copper project.
Tenure adds to “outstanding portfolio”
“Given the strength of the results coming from our exploration program to date at Picha, we have expanded our landholding within 30 kilometres of our existing project,” Valor Resources executive chair George Bauk said.
“It lies within a regional geological trend hosting a number of existing deposits and an area that has exploration underway.
“Secondly, the concessions we have applied for have historical mining on them which dates back over 500 years.
“This project complements our Picha Project and provides the company with an outstanding portfolio of projects in this highly prospective area.
“In the past few weeks, we have seen mining approvals for the San Gabriel Project (owned by Buenaventura) which is located within 10 kilometres, southwest of our Picha project.”
Valor’s next steps will be to begin systematic ground exploration at the Charaque Project while awaiting permits for the maiden drilling program at Picha, which the company expects to begin in the September quarter.
Exploration will also continue at Picha with geological mapping, surface sampling and ground geophysical surveys over new target areas Pacojahua, Huancune, Occsani, Ichucollo, Chullunquiani and Ajencorani.