Valor Resources (ASX:VAL) has encountered widespread ‘significant’ copper mineralisation from a geological mapping and geochemical sampling program at its Picha Project in Peru.
The project-wide program, which began in August 2021, has now covered over 50% of the project area with assay results received for 144 channel and rock chip samples from the Cobremani and Maricate target areas.
Key results include:
- 35.6m channel sample averaging 1.3% Cu and 22.85 g/t Ag at Cobremani
- 10m channel sample averaging 1.09% Cu and 6.36g/t Ag at Cobremani
- Several samples >1% Cu and up to 13.4% Cu at Maricate
- ‘High-grade’ copper mineralisation at Maricate over 1km
- Anomalous Mo, Pb and Zn assays
Commenting on the results, Valor Resources Executive Chairman George Bauk said: “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. 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.”
“The work completed to date by our team in Peru has confirmed widespread copper mineralisation across the property”
The company reports that a further 152 samples, mostly from the Cumbre Coya and Maricate target areas have been submitted for assay, with results pending.
Work at the Cobremani target area involved the recovery of 58 channel samples plus selective rock chip samples, with many taken from historical workings. Importantly, three rock chip samples were taken from outcropping mineralisation 250m west of the historical workings, with two of these returning assays of 1.33% and 1.52% Cu, while another sample taken from 650m east returned 0.98% Cu. Samples also returned anomalous lead, molybdenum and zinc.
1km south at Maricate, 37 channel and selective rock chip samples were collected with 14 returning assays of greater than 0.5% Cu, peaking at 13.39% Cu and 99g/t Ag. Mineralisation at the target is described as ‘widespread’ over an area of approximately 1km.
The company notes that samples from both Cobremani and Maricate have a high potential for bias and are not representative of overall mineralisation at the project.
Follow-up ground geophysics and drilling activity is planned upon completion of the current field work.
Images: Valor Resources Limited