Valor Resources Ltd (ASX:VAL) has emphasised the prospectivity of the Ichucollo target within the Picha Project in Peru, defining a 350-metre zone of copper mineralisation, open to the north and south, with channel sampling.
Assays from these channel samples include:
- 12 metres at 1.1% copper and 5.3 g/t silver;
- 30 metres at 0.79% copper and 7.56 g/t silver;
- 16 metres at 0.60% copper and 9.1 g/t silver; and
- 18-metre-long zone of strata bound or 'manto-type' mineralisation averaging 1.45% copper.
The company says there is also evidence of intrusive activity in the target area, in the form of breccias with intrusive clasts – suggesting proximity to a potential porphyry ore body.
Ichucollo taking shape as priority target
“The latest assay results again demonstrate the untested potential of the Picha Project with widespread copper mineralisation discovered across the new Ichucollo target area,” Valor Resources executive chair George Bauk said.
“The evidence continues to mount that we have an exceptional project with large-scale porphyry copper potential.
“Approvals for the maiden drilling program at Picha continue to advance with the current expectation that drilling will commence in October.
“Due to the timing of the approvals process, the maiden drilling program will not include Ichucollo, but following the ground geophysics survey there in August, we expect to be drill testing this exciting new target early next year.
“The Picha Project has to date identified seven targets, each with their own merits that all warrant drilling.
“The new Ichucollo target is developing into the best target we have and we will now invest in the induced polarisation (IP)/resistivity survey and will continue with groundwork to develop the target further.
“Several analogues have been drawn with the San Gabriel deposit located within 7 kilometres of the southwest corner of our tenement holding and along a regional fault structure.”
In addition to Ichucollo, a high-grade rock chip sample of 6.78% copper and 25 g/t silver has indicated a new potential target area, 4.5 kilometres west of Cobremani.
Phase one of the maiden diamond drilling program will begin in October, targeting the Cumbre Coya, Maricate, Fundicion and Cobremani prospects.