Rock-chip sampling at Valor Resources’ Picha project in Peru has confirmed the prospectivity of two new poly-metallic targets identified from recent spectral analysis and geological mapping.
The intriguing targets are positioned along a major regional structure that plays host to the nearby Cobremani, Maricate and Cumbre Coya targets.
Three of the four rock-chip samples at the Huancune target returned assays of more than 1 per cent copper, with one sample coming in at 3.95 per cent copper, 229 grams per tonne silver and 3.06 per cent lead.
Management says metal rich sulphides such as chalcopyrite, chalcocite and galena, along with malachite and azurite, were identified in the rocks with the mineralisation hosted by andesitic volcanics, agglomerates and breccias.
Additionally, Valor reported a channel sample at the Pacojahua target, 2km southwest of Huancune, returned an encouraging 0.82 per cent copper along with 47.7g/t silver.
Interestingly, at Pacojahua’s historical shallow mine workings scraped into the outcropping rock contain signs of visible copper-oxide mineralisation, including azurite and malachite.
A single sample was also reportedly taken at the Ajencorani target in the far northeast corner of the project, along the same structural corridor. The sample returned an anomalous result of 282 parts per million copper and 388 ppm zinc.
The company’s project lies a mere 10km from Buenaventura’s San Gabriel project that has had close to eight million ounces of gold equivalent defined. Buenaventura recently announced it has received the regulatory mining approvals to proceed with the development of the project where it anticipates production of up to 150,000 ounces of gold a year.
Valor Resources Executive Chairman, George Bauk said: “These results continue to demonstrate strong copper mineralisation extending to the north and south of the original Picha Project mineralisation previously disclosed. A strong mineralisation trend runs through the project area to the nearby San Gabriel Project owned by Buenaventura SAA.”
The Perth-based company says exploration continues at its Picha project with geological mapping, surface sampling and ground geophysical surveys planned over the Pacojahua, Huancune, Occsani, Ichucollo, Chullunquiani and Ajencorani taget areas.
Additionally, the permitting process is said to be well advanced ahead of the company’s maiden drilling program set for the September quarter.
According to Valor, the drilling program will explore both the surface copper and silver mineralisation thought to be hosted in shallow strata-bound polymetallic veins and breccias at the Cobremani, Maricate and Cumbre Coya targets.
Valor appears to be systematically ticking off boxes in its quest to discover copper and silver deposits at Picha, adding multiple new intriguing targets to its growing list in a neighbourhood known to host world-class deposits.
Its timing is proving pretty good too, with the price of copper trading close to historical highs at about US$10,200 per tonne.
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