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Valor Resources Close to Picha Greenlight

1 March 2023 10:36
ASX:THB

Valor Resources take another key step towards drilling its Picha Copper Project in Peru, having just had its Declaracion de Impacto Ambiental (DIA) for an up to 120-hole drill campaign across the Project approved by the Peruvian Ministry of Energy and Mines.

DIA Approval comes on the back of the Company uncovering significant new copper-silver-gold targets at the Project in the middle of last month, with a gold in soil anomaly exceeding 10 parts per billion gold extending approximately 800 metres uncovered.

The DIA is the equivalent of an environmental impact for exploration statement and included flora, fauna, anthropological and hydrological studies alongside social stakeholder mapping.

Valor has already reached an agreement with local landowners for access to the area covered by the DIA for a minimum of five years.

Drilling will focus on four priority targets: Cobremani, Cumbre Coya, Maricate and Fundacion, all of which showed significant channel and rock chip sample assays including 6m @ 1.3% Cu and 22.85g/t Ag from Cobremani and 6m @ 1.95% Cu and 29.5g/t Ag from Maricate.

With the DIA in hand, the Company said that its next step will be to apply for authorisation to begin drilling.

“This is another exciting milestone for Valor in Peru with approval for the DIA marking another great achievement by our in-country team, reflecting the quality of the work that has been put in on the ground over the past 18 months,” Executive Chairman George Bauk said.

“We can’t wait now to secure our final drilling permits, which will allow us to get on the ground and move ahead with our planned maiden 5,000m drill program.”

Valor is now preparing to commence drilling logistics planning as it waits for final approval.

VAL’s Australian Stock Exchange-listed share price has risen 25.00 per cent today, currently selling at 0.06c (9:30 am UTC+ 8 hours).

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