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Valor chip into Peruvian metal

14 February 2023 13:49
ASX:THB

Valor Resources continues to gain momentum in Peru as new assays from a series of extensive rock chip, channel and soil sampling programs have outlined significant copper-silver-gold targets at its Picha and Charaque projects.

A combined total of 516 rock chip, channel and soil samples were taken from both Picha and the nearby Charaque project in a number of field programs held in the latter half of last year, with results considerably enhancing the prospectivity of Valor’s Peruvian Portfolio.

The big discovery is the uncovering of the Cuti target within Picha, where a well-defined gold in soil anomaly exceeding 10 parts per billion gold and extending approximately 800 metres was identified alongside copper and silver mineralisation uncovered within outcropping volcanic breccias through channel sample assays, including a 6m @ 0.66 %Cu and 4.66g/t Ag strike.

Channel sampling also confirmed a new target south of the previously identified Fundición target, with mineralisation identified over the historical workings from the colonial period.

As well as identifying new targets, assays also further advanced a number of existing targets at Picha, with results confirming Ichucollo as a priority drill target as it confirmed approximately 400 metres of surface mineralisation strike.

Exploration at the Charaque project focused on the Arco and Huallatani targets, both of which have seen extensive historical workings in the colonial period, with samples taken from the two targets confirming the area’s potential.

The company said that while exploration is ongoing at both projects, unearthing Charaque’s true potential is its immediate focus.

“The latest assay results provide further evidence of the enormous untested potential of the Picha Project, with a number of exciting new targets and now a significant gold-in-soil anomaly defined,” executive Chairman George Bauk said.

“Ongoing work at the Charaque Project has highlighted several targets which we will continue to systematically explore in 2023, moving towards a drilling program. The Project area is surrounded by a major international mining group including Barrick, Teck and Fresnillo, all of whom have significant land-holdings in the area.”

VAL’s Australian Stock Exchange-listed share price is currently selling at 0.5c (1.29 pm UTC+ 8 hours).

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