Valor Resources Ltd Identifies Additional High Grade Copper and Silver at Picha, Peru
“The Picha project continues to exceed expectations. The latest results confirm the enormous potential of the region. We now plan to move quickly to the next phase with drilling preparations already underway, ”said the President.
Valor Resources Ltd (ASX: VAL) has received another round of results from a geological mapping and geochemical sampling program on its Picha project in Peru, defining more zones of high-grade copper and silver mineralization.
Systematic mapping and sampling of the entire project area have been underway by Valor’s geologists since August 2021. The entire granted 20 square kilometer mining title is now covered, with the five priority targets being tested and analytical results received from 266 samples.
The most recent results received were from 137 samples taken from the target areas of Cumbre Coya and Maricate.
Further surface sampling is underway on the Maricate and Cumbre Coya targets, and ground geophysical and drilling work is expected to follow in the coming months.
“The Picha project continues to exceed expectations. The latest results confirm the enormous potential of the region. We now plan to move quickly to the next phase with drilling preparations already underway, ”said Valor Resources Executive Chairman George Bauk.
“We have largely identified our drill target priorities and have now started the authorization process in collaboration with local authorities and the community.
“Copper is an important part of the future of clean energy and currently costs over US $ 9,800 per tonne with significant comments on a supply shortage.
“Peru has several world-class copper and silver deposits and is the second largest producer of copper and silver in the world.
The first series of analyzes of this mapping and sampling campaign was returned in October, mainly from the target areas of Cobremani and Maricate.
At least 34 of the 144 samples gave assays greater than 0.5% copper, with assays up to 13.39% Maricate copper and 3.80% Cobremani copper. The Cobremani results were evidenced by a 35.6 meter channel sample containing an average of 1.3% copper and 22.85 g / t silver.
Read: Valor Resources describes extensive copper mineralization at Picha in Peru
The geological mapping has been completed and is being compiled and interpreted in order to develop a geological model for targeting boreholes. A preliminary geological mapping is presented in the figure below.
Cumbre Coya target area
Results were received for 83 selective channel and rock chip samples that were collected from the Combre Coya area. Of 83 samples, 31 returned analyzes greater than 0.5% copper, including the following:
- 8 meters at 1.91% copper and 11.08 g / t silver;
- 8 meters at 1.41% copper and 16.38 g / t silver;
- 40.5 meters at 0.49% copper and 6.37 g / t silver including 4 meters at 2.1% copper and 13.55 g / t silver;
- 1.9 meters at 1.89% copper and 8.7 g / t silver;
- 3 meters at 1.30% copper and 9.35 g / t silver;
- 3.2 meters at 2.22% copper and 29.2 g / t silver;
- 4 meters at 1.7% copper and 17.85 g / t silver;
- 16 meters at 0.49% copper, 188.79 g / t silver and 8.45% lead including 4 meters of lead at more than 20% (upper detection limit of 200,000 ppm of lead); and
- 2.5 meters at 4.56% copper, 10.06 g / t silver and 5.68% lead.
A total of 18 selective rock chip samples were collected with grades up to 3.51% copper and 549 g / t silver. All selective rock chip samples have a high potential for bias and should not be considered representative of the overall mineralized structure or zone.
In addition to the abnormal copper analysis results, there are also several samples in the Cumbre Coya area with highly abnormal lead in addition to molybdenum and zinc, with analyzes up to over 20% lead, 287 ppm molybdenum and 0.36% zinc.
The samples (channel and rock chips) at Cumbre Coya lie in an area of approximately 800 meters lateral length, which has an approximately north-northeast orientation.
Maricate target area
Analytical results were received for an additional 54 channel and selective rock chip samples from the Maricate region. Seventeen of the 54 samples returned grades greater than 0.5% copper, with a maximum grade of 5.46% copper from a channel sample that also contained 116 g / t silver.
The results of the highlighted channel sample from the Maricate region are:
- 17.6 meters at 1.95% copper and 29.5 g / t silver, including 10 meters at 2.95% copper and 47.8 g / t silver;
- 4 meters at 1.38% copper and 241 g / t silver; and,
- 4 meters at 0.97% copper and 13.45 g / t silver.
Mineralization at Maricate has now been identified over a large area in a northeast and northwest orientation.
The results of geochemical sampling and field evidence indicate that the Picha mineralization is similar to other deposits linked to copper and silver strata in Peru and Chile, which are hosted primarily in andesitic volcanics. .
There is also the potential for replacement-type deposits in the sediments. The presence of anomalous molybdenum and a geothermal hot spring in the center of the project area supports the potential for porphyry-type deposits in the project area.
About the company
Valor Resources is focused on precious and base metals as well as uranium through acquisitions and exploration activities in projects in Peru and Canada.
The Picha project in Peru is a copper-silver exploration project with a 3,000 hectare exploration concession south of the San Gabriel de Buenaventura gold porphyry project.
He is also studying uranium opportunities in the prolific Athabasca Basin in Saskatchewan, Canada.