EV set to spin rigs at Parag

EV Resources (ASX:EVR) expects to begin a diamond drilling program in a few days at its Parag Copper-Molybdenum Project in Peru after road and drill pad works started. 

A diamond drill rig is scheduled to be on site tomorrow (18 January 2024), where 56 holes for 8,300m of drilling will be carried out. 

The initial program will drill multiple holes from 20 permitted platforms, while a ‘larger’ program is permitted for 2025 onwards. 

EV, which has a market capitalisation of $13.19 million, has appointed AK Drilling International as drilling contractors to the program. AK will be focusing on the outcropping hydrothermal breccia system and ‘largely’ repeating old holes drilled several years ago which are not compliant with the JORC 2012 code. 

The company is planning to move rapidly towards defining a shallow resource on the breccias while developing a deeper, longer-term, porphyry copper target at Parag. 

The substantial body of work to date at Parag provides a clear direction for drilling this year and in due course EV will test the case for a deeper lying porphyry orebody below this zone of ‘high-grade’ breccia structures. 

Meanwhile, a geophysical program is planned for Q2 2024, which will help to uncover shallow breccia targets as the correlation of the geophysics to old drillholes will provide a ‘good working’ baseline. 

EV says certain areas within Parag have not yet been evaluated or explored — and are considered future targets for which an induced polarisation (IP) survey will be a useful evaluation tool. 

Substantial areas of the licence are yet to be mapped and an IP survey is expected to kick off this year. 

The Parag project lies in Peru, 145km north of Lima in the Huaura province. 

EV Resources is focused on advancing copper exploration within the Americas. The company’s assets are considered prospective for copper, molybdenum, gold, and silver. 

As of 30 September 2023, the company had $640,000 cash and cash equivalents at hand, according to its latest quarterly report. Yet, post-quarter-end, EV conducted a placement to raise $2 million.

Write to Aaliyah Rogan at Mining.com.au      

Images: EV Resources
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Written By Aaliyah Rogan
Relocated from the East Coast in New Zealand to Queensland Australia, Aaliyah is a fervent journalist who has a passion for storytelling. When Aaliyah isn’t writing stories, she is either spending time with friends and family or down at the beach.