Valor Resources Limited (ASX:VAL) has commenced a ground geophysical survey at the company’s Picha Project in Peru.
A ground magnetic and Induced Polarisation (IP) survey has commenced with the first three lines of the IP survey completed and 70% of the ground magnetic survey completed.
Preliminary results have been received for the first three lines of the IP survey which have revealed chargeabilty anomalies at depth which correlate with surface mineralisation at the Cumbre Coya, Maricate and Cobremani target areas.
Much of the surface mineralisation at Cumbre Coya and other targets is associated with chalcedonyopaline silica and quartz veins and this is supported by the IP survey which reveals several resistivity anomalies at surface which are coincident with surface mineralisation
Executive Chairman, George Bauk, said the preliminary results are significant as it indicates the potential at depth.
“The results that have been reported over the past five months have shown widespread copper-silver mineralisation over the 20km2 Picha project,” he said.
“The new geophysical survey data presented in this announcement shows geophysical anomalies at depth that correlate to surface mineralisation and geology.
“The ground-based IP survey is only 18% complete and is expected to be completed by January 2022. The team will continue to undertake ground-based work to firm up drill targets for the project. Results to date are outstanding and we will continue to advance the project in 2022.
“The team has done a solid job engaging with the local community on many fronts. We are employing 18 people from the local community to support the current ground-based geophysics program. The in-country team has also commenced the process to gain all the necessary approvals for drilling in 2022.
“Copper is an essential commodity for the push to a zero carbon emission society and what better place to explore for copper than Peru which today is the second largest producer of copper in the world.”
The planned IP survey comprises a total of 57 line km with 10.5 line km completed to date. The survey is initially being completed on 400m spaced lines in an east-west orientation and then infilled at 200m.
The survey methodology is a pole-multidipole configuration, with dipole spacings of 100, 200, 300 and 400m. The survey is designed to reach a greater depth and is applicable to deep, low sulphide type targets.
A ground magnetic survey is being carried out at the same time as the IP survey with a total of 204 line km planned. To date, 142.8 line km of the ground magnetic survey have been completed. The surveys are being conducted by Deep Sounding High Resolution Geophysics of Lima, Peru.
For further information please visit: https://www.valorresources.com.au/
