Valor Resources offers 400 million options to share placement participants
The company has copper, silver, manganese and zinc resources at the Berenguela Project in Peru.
Company
ASX:VAL
Valiant Gold is an emerging Western Australian gold company focused on unlocking value from proven Murchison assets. Spun out of Westgold Resources, the company holds 100% of the Reedy and Comet gold projects - brownfields operations with historical production of over 1Moz and a combined 1.2Moz* Mineral Resource.
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The company has copper, silver, manganese and zinc resources at the Berenguela Project in Peru.
The pre-feasibility study is expected to be complete in the September quarter 2019.
The company’s shares are trading about 14% higher intra-day, at 0.8 cents.
Berenguela's JORC-compliant resource features copper, silver, manganese and zinc.
A $2 million amount is from directors and must be approved by shareholders at a yet-to-be-called meeting.
Valor recently revealed high grades of copper, silver and manganese from surface sampling.
Geochemical results from Corona West outcrop sampling have delineated an additional 1,000 metres of high grade mineralisation.
Test work supports a clear path to production for copper, manganese, silver and zinc.
Drilling is testing a number of high-grade extensions to the Berenguela central deposit.
Prior surface sampling at Corona returned 431 g/t silver and 2.79% copper in rock chips.
A scoping study for the project in Peru is expected to be released in coming weeks.
The company's shares are trading about 8% higher intra-day, at 1.4 cents.
Historical samples show this area has yielded cobalt in the past with grades as high as 600 parts per million cobalt.
The sampling was conducted to confirm drill targets for the upcoming program.
Further sampling results are imminent and drilling is expected to start in April/May.
Recent drilling success at Berenguela increased the resource by 80%.
Valor recently increased the resource at its Berenguela Copper-Silver Project in Peru.
The company will focus on a feasibility study at the copper-silver project in 2018.
The updated mineral resource will feed into the company’s pending scoping study.
The company is approaching scoping study stage following the latest resource update.