Mineral explorer Valor Resources has lit up an intriguing geophysical anomaly at its Picha project in Peru. The 2 kilometre by 2km induced polarisation, or “IP” anomaly is believed to reflect potential copper-bearing sulphide mineralisation at depth related to a large porphyry body. The company has kicked up a clutch of compelling copper-silver targets from its combined geophysical and geochemical surveys that are begging to feel the drill bit.
Valor’s two-piece geophysical assignment has wrapped up a 204 line kilometre ground magnetic survey and a 57 line kilometre induced IP survey covering most of the granted mining concession and following up on a surface geochemical program.
Recent surface geochemical sampling by the company exposed a 41.6 metre long channel grading 1.12 per cent copper and 22.8 grams per tonne silver its Cobremani prospect, a further 17.6m going 1.95 per cent copper and 29.55 g/t silver at the Maricate prospect and also unearthed a 32.85m vein grading at 0.61 per cent copper and a whopping 209.76 g/t silver at its Cumbre Coya prospect.
The company says it has developed a three-dimensional geological model integrating the results of the IP and magnetic surveys and surface geochemical sampling, along with comprehensive geological mapping in its attempt to understand what riches lie below.
Management appears to be chomping at the bit to test the compelling geochemical and geophysical anomalies with a maiden 5,000m drilling program designed to lift the veil on the potential metal-laden source of the targets at depth.
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, along with plumbing the depths of the deeper potentially copper-sulphide mineralised porphyry system highlighted by the IP survey.
Valor Resources' Executive Chairman, George Bauk said: “The Picha project is an exciting copper-silver project in a world class gold-copper-silver province, with Peru being the world’s second largest producer of both copper and silver.”
Valor believes the mineralisation identified so far at Picha shows similarities to other copper and silver stratabound style deposits in Peru. The country hosts numerous 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 hovering at historical highs of about US$9,900 per tonne and no sign fn demand weakening for the highly sort after mineral forming an increasingly important part of industry’s push towards a zero-carbon emissions society, Valor’s Peruvian copper hunt looks to be going in the right direction.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
