Valor Resources’ recent decision to add the 60 square kilometre Charaque project to the company’s portfolio in Peru is paying off with high-grade silver hits more than 900 grams per tonne from rock and soil samples.
Other strong results from its existing Picha project 30km away has spurred Valor to kick off a 5000m first-pass diamond drilling program across its prospective acreage.
Valor has been beavering away in the rich Peruvian regions, or departments as they are referred to, of Moquegua and Puno, where it has been proving up several targets making up the Picha project.
Samples from its Ichucollo target showed up to 2.69 per cent from 2m by 0.20m channels copper and selective rock chips yielded 2.43 per cent copper, 1.34 per cent copper and 394ppm molybdenum.
Similar strong numbers came from its Occsani target with 0.5m by 0.2m channel samples reporting up to 2.14 per cent copper and rock chip samples grading up to 2.48 per cent copper, 92g/t silver and 200ppm molybdenum.
Valor’s Chullunquiani target yielded up to 5.57 per cent lead and 5.33 per cent zinc from channel samples. Other samples from its Huancune target returned copper yields of 2.82 per cent, 2.03 per cent and 1.72 per cent.
Silver and lead results from Valor’s Charaque project acquired in March are telling the company it is on the right track, with samples at its Huallatani target showing 538 g/t silver and very strong lead readings going 19.5 per cent. Specimens from historical amateur mining dumps also reported silver and lead traces.
Valor’s Arco target got the pulses racing with 2m by 0.2m channel samples showing rich silver hits up to 929 g/t silver and some copper, with five returning silver assays greater than 60 g/t.
The positive news has given Valor the impetus to start its maiden 5000m diamond drilling program in September, pending regulatory approval. It is also planning additional surface sampling, geological mapping and ground geophysics.
The company sees the Picha project shaping up as an exciting copper-silver venture in a world class gold-copper-silver province, with Peru being the world’s second largest producer of both copper and silver.
Valor Resources Executive Chairman, George Bauk says further targets have now been confirmed at Picha this year, with high-grade copper and silver rock chip and channel samples highlighting just how prospective the project is.
With the new Charaque project already delivering high-grade silver and lead assays from the initial sampling, Bauk is tipping the rest of 2022 to be an exciting time for Valor.
Valor is also developing several uranium plays in northern Saskatchewan, Canada, in the Athabasca Basin, containing the world's highest-grade uranium deposits and home to Cameco's Cigar Lake and McArthur River mines.
The company is earning an 80 per cent working interest in the 25,000 hectare Hook Lake uranium project 60km east of the Key Lake Uranium Mine in northern Saskatchewan and another 62,000 hectare, wholly-owned spread 7km east of the former-producing Cluff Lake uranium mine. Much of its land is within the Carswell geological complex that hosts the Cluff Lake mine.
There is also another prospective 10,512 hectares at the Surprise Creek project, Pendleton Lake project, Smitty uranium mine, Lorado uranium mine and the Hidden Bay project.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
