Valor Resources has confirmed copper-silver-lead targets with samples averaging over 1 per cent Cu at the Huancune target – part of the company’s Picha Project in southern Peru.
Rock chip assay results showed 3.95 per cent Cu, 229g/t Ag and 3.06% Pb from channel samples at the target with .82% Cu, 47.7 Ag g/t in channel sample at the new Pacojahua target just 2km southwest of Huancune.
The company said the samples have the potential for bias and are not necessarily representative of the overall mineralised structure or zone.
“These results demonstrate strong copper mineralisation extending to the north and south of the original Picha Project mineralisation previously disclosed,” executive chairman Mr George Bauk said.
“In the past few weeks, we have seen the San Gabriel Project (7.6 Moz AuEq Indicated and Inferred Mineral Resource) receive mining approval from the relevant authorities, which provides Buenaventura with a green light to proceed with the development of this project, which is located within 10 kilometres of the Picha project.
“Work continues with fieldwork on the Picha Project and working on the permitting process for our maiden drill program commencement this year”.
The company is anticipating drilling at Picha in the September quarter of this year.
Exploration will also continue with geological mapping, surface sampling and ground geophysical surveys over the Pacojahua, Huancune, Occsani, Ichucollo, Chullunquiani and Ajencorani target areas.
VAL’s Australian Stock Exchange-listed share price is trading at 1.1c today (11:37 am UTC+ 8 hours).