Valor Resources Ltd (ASX:VAL) is trading higher on identifying large, induced polarisation (IP) chargeability anomalies at the Ichucollo and Huancune targets, confirming additional large-scale porphyry copper potential at the Picha Project in Peru.
The latest results were received from the company’s induced polarisation (IP)/resistivity survey at the targets, adding further to the cluster of coincident geophysical/geochemical targets already delineated.
With a combined strike length of more than six kilometres, the IP anomalies at Ichucollo and Huancune are coincident with significant surface copper mineralisation.
Channel sampling results at Ichocollo include:
- 24 metres at 1.08% copper
- 12 metres at 1.10%; and
- 30 metres at 0.79%.
At Huancune, the anomaly is coincident with surface rock chip and channel samples of 0.5% and up to 3.95% copper.
What’s more, approvals for Valor’s maiden drilling program are progressing, with the drilling of these targets on track to kick off in early 2023.
The markets have welcomed the news, with shares trading as high as $0.007, up 16.6% from the previous close.
World’s premier exploration jurisdictions
Valor executive chairman George Bauk said: “Picha is a standout exploration opportunity for large-scale porphyry discoveries in one of the world’s premier exploration jurisdictions for this style of deposit.
“The extensive amount of high-quality work completed by our team in Peru over the past 18 months has now brought this project to drill-ready status.
“The results of the September IP survey represent the cherry on top of what is potentially a fantastic large-scale system."
He said: “The delineation of two strong IP anomalies at Ichucollo and Huancune, coincident with extensive surface copper anomalism in the form of channel samples and rock chips, has increased the total strike length of IP targets to 6 kilometres.
"As a result, we now have an incredible pipeline of targets to test with the drill rig!”
Geophysical survey program
At Ichucollo target, an IP/Resistivity survey was completed on 12 lines for a total of 39-line kilometres.
The line spacing was mostly 400 metres but infilled to 200 metres in areas of interest. 2D and 3D inversion modelling was completed for the chargeability and resistivity data.
The inversions highlighted a strong chargeability anomaly from the near-surface down to a depth of about 250 metres (depth limit of the survey
At Huancune, Valor has completed an IP/Resistivity survey on eight lines 400 metres apart for a total of 22-line kilometres.
Again, 2D and 3D inversion modelling was completed for the chargeability and resistivity data resulting in the definition of an IP chargeability anomaly extending over 1.5 kilometres in a northeast-southwest orientation and occurring at a depth of around 150 metres down to 300 metres (and potentially deeper).
At both targets, the strength of the chargeability anomaly at depth indicates the likelihood of sulphide mineralisation being present.
Forward plan
Valor is planning geological mapping and further sampling at Ichucollo and Huancune targets and other new targets in November.
The company is awaiting government approval to kick off its maiden drilling program at Picha, targeting Cumbre Coya, Cobremani, Maricate and Fundicion prospects.
Furthermore, reconnaissance sampling and mapping at Arco and Huallatani targets are on the cards in December.