Valor Resources Ltd (ASX:VAL) has fielded promising results from exploration programs at the Picha and Charaque projects in Peru, returning up to 2.69% copper and 929 g/t silver in rock chip and channel samples.
Three new targets were confirmed at the Picha Project:
- Ichucollo target returned channel samples up to 2.69% copper and selective rock chips of 2.43% copper, 1.34% copper and 394 parts per million (ppm) molybdenum;
- Occsani target returned channel samples up to 2.14% copper, and rock chip samples up to 2.48% copper, 92 g/t silver and 200 ppm molybdenum; and
- Chullunquiani target similarly returned up to 5.57% lead and 5.33% zinc in channel samples.
The existing Huancune target also returned promising channel samples, up to 2.82%, 2.03% and 1.72% copper.
Encouraging Charaque results
Channel sampling at Charaque also produced encouraging results, including:
- Huallatani target returned 536 g/t silver and 19.5% lead from channel samples and up to 43.2 g/t silver and 7.74% lead in historical artisanal mining; and
- Arco target returned up to 929 g/t silver and 0.98% copper, with five channel samples returning assays greater than 60 g/t silver.
“2022 is promising to be an exciting time”
“The Picha Project is shaping up as an exciting copper-silver project in a world-class gold-copper-silver province, with Peru being the world’s second largest producer of both copper and silver,” Valor Resources executive chair George Bauk said.
“The results of the 2021 exploration program completed by our Peruvian team have been exceptional, which has led to the definition of a significant number of drill targets, with phase one comprising 8 holes to an average depth of around 600 metres.”
“Further targets have now been confirmed at Picha by the exploration team in 2022, with high-grade copper and silver rock chip and channel samples, highlighting just how prospective this project is.
“Added to this is the new Charaque Project, which is already delivering high-grade silver and lead assays from the initial sampling. The second half of 2022 is promising to be an exciting time for the company.”
The first phase of a 5000-metre maiden diamond drilling program is expected to begin in the September quarter this year, awaiting the permitting process and subject to government approvals.
In the meantime, Valor will conduct follow-up work on the new targets, including surface sampling, geological mapping and ground geophysics.