Valor Resources Limited (ASX:VAL) has obtained multiple significant channel and rock chip sample results from the Cobremani and Maricate targets in its on-going geological mapping and geochemical sampling programme at the company’s Picha project in Peru.
Sampling of the entire project area by a team of Valor geologists has been underway since August 2021.
Just over 50% of the project area has now been covered by this work with assay results now received for 144 samples from the Cobremani and Maricate target areas.
There are currently another 152 samples submitted for assay awaiting results, most of which are from the Cumbre Coya and Maricate target areas.
“These results have highlighted the copper mineralisation potential, at surface, of the Project. The work completed to date by our team in Peru has confirmed widespread copper mineralisation across the property,” Executive Chairman, George Bauk, said.
“We will follow up these outstanding copper results with ground-based geophysics then leading to drilling. Copper is a significant part of the clean energy future and is currently demanding over US$9,200 per tonne with significant commentary of 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.”
Following the fieldwork in May, which was part of the initial project review, multiple significant high-grade copper and silver surface sampling assays where reported. A geological mapping and surface sampling programme commenced at the Project in August with assay results from the first 144 samples now received. The assay results are predominantly from the Cobremani and Maricate target areas. Of the 144 samples, 34 returned assays greater than 0.5% Cu, with assays of up to 13.39% Cu from Maricate and 3.80% Cu from Cobremani. In addition, assays of up to 13.8% Pb and 1.07% Zn were returned.
The following work is planned for the Picha Project over the next few months:
- Complete the detailed geological mapping of the entire project area with a focus on identifying geological units with the potential to host economic mineralisation similar to known stratabound ore deposits in the region.
- Complete geochemical sampling of all targets to define the full extent of the mineralisation.
- Once the geological mapping and geochemical sampling program has been completed, model the results including lithology, alteration, structure, and mineral associations to aid in further target identification.
- Re-processing and re-interpretation of historical ground geophysics (Induced Polarisation (IP) and Magnetics).
- Implement new detailed ground geophysical survey (IP and Magnetics) as required in specific target areas.
- Select drill targets based on the above program and commence drilling approvals process.
For further information please visit: https://www.valorresources.com.au/