11/10/2021 - 17:16

Valor unearths widespread copper in Peru

11/10/2021 - 17:16

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Mineral exploration company Valor Resources is onto a grab bag of significant grade copper samples, with some going as high as 13.4 per cent, arising from a geochemical sampling program at its Picha copper and silver project in southern Peru. At the Cobremani prospect, sampling of historical works delivered a continuous 35.6m long channel with an average 1.3 per cent copper and 22.85 g/t silver.

Mineralised copper sample from Valor Resources’ Picha copper and silver project in Peru. Credit: File

Mineral exploration company, Valor Resources is onto a grab bag of significant grade copper samples, with some going as high as 13.4 per cent, geochemical sampling program at its Picha copper and silver project in southern Peru. At the Cobremani prospect, sampling of historical works delivered a continuous 35.6-metre-long channel sample with an average 1.3 per cent copper and 22.85 grams per tonne silver.

The latest results come on the back of assays from the first 144 samples from the on-going campaign, primarily from Cobremani in the north-western part of the Picha tenure and the Maricate prospect about one kilometre south.

The 35.6m long mineralised channel at Cobremani also takes in a 2m zone where previous sampling by Valor returned 4.97 per cent copper and 65.6 g/t silver.

Some 50m south of Cobremani, sampling has now defined another 10m long mineralised channel grading an average of 1.09 per cent copper and 6.36 g/t silver. Valor has also identified another 4m channel 45m to the north-east, averaging 1.63 per cent copper and 49.5 g/t silver.

Individual rock chip sampling in the vicinity of Cobremani has also returned 1.33 per cent copper and 1.52 per cent copper around 250m to the west, together with 0.98 per cent copper 650m to the east. Elevated levels of molybdenum, lead and zinc were also reported in samples within 200m of Cobremani.

At the Maricate prospect, 14 of 37 samples delivered copper grades going more than 0.5 per cent, including the cracking 13.39 per cent copper sample that also assayed up at 99 g/t silver.

Multiple other samples also returned elevated molybdenum, lead and silver, with the latter reaching a serious 164 g/t silver.

The company says mineralisation at Maricate has now been defined over a strike stretching for about 1km.

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.”

The geological mapping and sampling campaign has now been completed on about 50 per cent of the Picha tenure, covering Cobremani, Maricate and the Cumbre Coya prospect to the east.

Assays from more than 150 samples taken from Maricate and Cumbre Coya remain pending.

Curiously, management says significant copper mineralisation akin to Cobremani and Maricate has also been observed in the Cumbre Coya area.

Valor believes the mineralisation identified so far at Picha shows similarities to other copper and silver stratabound style deposits in Peru. However, the project reportedly also hosts potential for carbonate replacement type and porphyry style deposits.

The company is eyeing a ground geophysics program once the current exploration activities conclude and is now in order to pin-point drill targets. Subsequent follow-up drilling is planned for the coming months.

Peru is the world’s second largest copper and silver producer having churned out more than two million tonnes of copper last year alone. 

The nation hosts an abundance of significant ore bodies including the Chucapaca copper, silver and gold deposit, only 17km from Picha, where some 7.5 million ounces of gold equivalent have been defined.

With copper prices trading at close to historical highs, it won’t take much for Valor to quicken a few pulses if it continues to unearth copper at Picha at these grades.

 

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

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