Valor Resources Limited (ASX:VAL) has confirmed multiple new targets with rock chip assay results from recently identified copper targets at the company’s Picha Project in southern Peru.
Samples were taken from two new targets which were first highlighted in March 2022. Samples were also taken from the Huancune target where Valor intends to commence systematic on-ground exploration in 2022.
All the selective rock chip samples have a high potential for bias and should not be considered as being representative of the overall mineralised structure or zone.
“These results continue to demonstrate strong copper mineralisation extending to the north and south of the original Picha Project mineralisation previously disclosed,” Chairman, George Bauk, said.
“A strong mineralisation trend runs through the project area to the nearby San Gabriel Project owned by Buenaventura SAA
“In the past few weeks we have seen the San Gabriel Project (7.6 Moz AuEq Indicated and Inferred Mineral Resource) receive mining approval from the relevant authorities which provides Buenaventura with a green light to proceed with the development of this project, which is located within 10km of the Picha Project.
“Work continues with field work on the Picha Project along with working on the permitting process for the commencement of our maiden drill program this year”.
Rock chip sampling results
A total of nine rock chip samples were taken at Picha, four channel samples from Huancune, four samples (three channel and one chip) from the new Pacojahua target located two km southwest of Huancune and one rock chip sample from the Ajencorani target located in the northeast corner of the project area.
At Huancune, three of the four samples returned assays >1% Cu and up to 229g/t Ag and 3.06% Pb. Three of the channel samples were taken within 10m of each other while the other channel sample was taken 350m south, which returned an assay of 1.17% Cu.
Sulphides such as chalcopyrite, chalcocite and galena, along with malachite and azurite were identified in these samples with the mineralisation hosted by andesitic volcanics, agglomerates and breccias.
At the Pacojahua target, located southwest of Huancune, the three channel samples were all taken from the historical workings. These samples returned assays up to 0.82% Cu and 47.7g/t Ag with mineralisation hosted by andesitic volcanics.
A single rock chip sample was also taken approximately 650m east of the historical workings which did not return any significant assay results. A single rock chip was taken from the Ajencorani target located in the northeast corner of the Project. This sample returned anomalous results with 282ppm Cu and 388ppm Zn. Further sampling is required in this target area.
Next steps
The permitting process is well underway with the Company still expecting to commence drilling at Picha in the September quarter.
Exploration will continue at Picha with geological mapping, surface sampling and ground geophysical surveys over the Pacojahua, Huancune, Occsani, Ichucollo, Chullunquiani and Ajencorani target areas.
For further information please visit: https://www.valorresources.com.au/
