Copper hits define new Peruvian drill target for Valor

Mineral explorer Valor Resources continues to make headway at its Picha copper and silver project in southern Peru with recent channel sampling at the operation’s Ichucollo target delivering a raft of notable hits, including 12m at 1.1 per cent copper and anomalous silver at 5.3 grams per tonne.

Importantly, over 30 of the 132 channel samples delivered encouraging assays above 0.5 per cent copper, with some running up just shy of 8 per cent copper and 100 grams per tonne silver.

Some of the other notable results from its channel-testing program included 30m at 0.79 per cent copper with 7.56 g/t silver and 16m going 0.60 per cent copper with 9.1 g/t silver. Intriguingly, Valor says its program defined an 18m zone of stratabound mineralisation averaging a solid 1.45 per cent copper.

Its program also defined an area of more than 350m with a significant copper profile remaining open to both the north and south.

The management says the tenure’s mineralisation is primarily linked with altered volcanics, however the presence of anomalous molybdenum in many of the samples could point to a potentially lucrative porphyry copper system at depth.

Porphyry copper systems such as the Toquepala copper deposit, also in Peru, are renowned sources of the commodity, with that asset developed into an open pit mine that has had a mine life of more than 50 years.

Valor is gearing up to run ground-based geophysics at Ichucollo, along with additional surface sampling and mapping work. The programs will include induced polarisation and resistivity surveys across its target area, starting as early as next month.

Meanwhile, rock chip sampling at a nearby area has defined a potentially new target zone coined “Uturucuy”, about 4.5km west of the company’s previously discovered Cobremani target.

According to Valor one of the rock chips bagged in the tenure graded an impressive 6.78 per cent copper in addition to 25 g/t silver.

The company is putting together a series of targets at Picha and is closing on a maiden drilling probe at the operation’s Cumbre Coya, Maricate, Fundicion and Cobremani targets.

It could sink the drill bit at its sites as early as October.

Valor Resources’ Executive Chairman, George Bauk said: “The latest assay results again demonstrate the untested potential of the Picha Project with widespread copper mineralisation discovered across the new Ichucollo target area. The evidence continues to mount that we have an exceptional project with large scale porphyry copper potential.”

Despite the price of copper tumbling towards about US$7000 per tonne in recent times, demand for the commodity is arguably set to rise, with investment banking group Goldman Sachs recently suggesting the price could reach US$15000 by 2025 on the back of worldwide demand.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au