- Valor Resources (VAL) confirms widespread copper mineralisation across the Ichucollo target at the Picha project in southern Peru, ahead of an upcoming drilling program
- Through rock-chip sampling results have highlighted an area over 350m in extent with significant copper mineralisation and open to the north and south
- However, Executive Chairman George Bauk confirms the company’s maiden drilling program will not include Ichucollo due to the timing of the approvals process, but plans to drill this target early next year
- Phase one of the maiden drilling program will commence in October
- Shares in Valor hold steady at 0.7 cents as of 11:34 am AEST
Valor Resources (VAL) has confirmed widespread copper mineralisation across the Ichucollo target at the Picha project in southern Peru.
The Ichucollo target is about a kilometre east of the Cumbre Coya drill target and has been the focus of surface sampling and mapping in the last three months.
A total of 113 channel and selective rock chip samples were collected between April and May with further sampling taken following the results reported.
Channel sample results from the target include 12 metres at 1.1 per cent copper and 5.3 grams per tonne (g/t) silver (Ag) and 30 metres at 0.79 per cent copper and 7.56 g/t Ag.
These results confirmed potential for epithermal polymetallic vein mineralisation, stratabound mineralisation and at depth, carbonate replacement deposits and porphyry copper mineralisation.
“The evidence continues to mount that we have an exceptional project with large scale porphyry copper potential,” said Executive Chairman George Bauk.
“Approvals for the maiden drilling program at Picha continue to advance with the current
expectation that drilling will commence in October.
“The new Ichucollo target is developing into the best target we have and we will now invest in the IP / Resistivity survey and will continue with ground work to develop the target further.
“Several analogues have been drawn with the San Gabriel deposit located within seven kilometres of the southwest corner of our tenement holding and along a regional fault structure.”
Mr Bauk also confirmed that the maiden drilling program will not include Ichucollo due to the timing of the approvals process but will drill test next year following the planned ground geophysics survey in August.
The maiden drilling program at the project will target the Cumbre Coya, Combremani, Maricate and Fundicion targets.
Shares in Valor held steady at 0.7 cents as of 11:34 am AEST.