Valor Resources has continued to build its portfolio in the Americas, pegging 14 new mining concessions around its Picha copper-silver project in southern Peru. The staking spree comes in the wake of recent channel sampling that produced grades up to 6.04 per cent copper and 18 ounces to the tonne silver, pointing to the potential of the underlying mineral system.
The company’s new project now extends across more than 10 kilometres of strike and covers more than 150sq.km, with Valor also purchasing two mining concessions to add to the mix.
The company has already identified five key targets within the central project area with sampling consistently returning high-grade copper assays grading at more than 5 per cent copper.
Valor Resources Executive Chairman, George Bauk said:“Expanding our landholding by over 700% was an obvious step with the outstanding results announced on June 2nd, 2021. The new project area provides the company with a significant land position to continue our exploration for further copper and silver exploration success.”
Picha in southern Peru, 125km south-west of the regional centre of Juliaca, lies within belt of Tertiary age volcanic rocks that host a number of economically important mineral deposits, including the nearby Chucapaca copper-gold-silver deposit.
Minas Buenaventura-owned Chucapaca, only 17km south-west of Picha, boasts a resource of 132.8 million tonnes grading 1.42 grams per tonne gold, 10.8 g/t silver and 0.09 per cent copper. Importantly, the deposit contains more than 6 million ounces of gold and 46 million ounces of silver, presenting an enticing model for ongoing exploration at Picha.
Valor’s project also sits at the juncture of various mineral trends, including the north-west extensions to the Tucari and Santa Rosa sulphide systems and the south-eastern extensions of porphyry-skarn terrane that hosts the massive Tintaya mining complex.
Whilst exploration is at an early stage for Valor in Peru, the company looks to have its foot on some prime hunting ground and is now planning detailed mapping and sampling across the Picha project area to support its ongoing geological and geophysical modelling. This program is likely to highlight key targets for drill testing later in the year.
Elsewhere, Valor continues to evaluate its Berenguela copper-gold tenure, about 50km north of Picha in Peru. It is also set to channel resources into the Hook Lake and Cluff Lake uranium projects in Saskatchewan, Canada.
Valor acquired its uranium assets in the renowned Athabasca Basin back in February 2020. It has begun a detailed evaluation of the assets as it looks to kick off exploration in the coming northern hemisphere summer season.
The Athabasca Basin has produced about 20 per cent of the world’s primary uranium supply, with deposits grading an average of 20,000ppm or 2 per cent uranium oxide.
Previous work at Valor’s Hook Lake project has turned up samples grading at a phenomenal 68 per cent uranium oxide whilst its Cluff Lake tenure surrounds the Cluff Lake open pit mine that has produced more than 29,000 tonnes of uranium at an average grade of close to 1 per cent uranium oxide.
Mr Bauk said:“The company now has two exciting projects both being in the right place, right commodities and right time, with the Picha copper-silver project in Peru and our Hook Lake/Cluff Lake uranium projects in the Athabasca Basin in Canada.”
Valor has positioned itself to take advantage of surging base and precious metal prices with a suite of highly prospective projects in North and South America. The diversified explorer will no doubt quietly begin working up its uranium assets in a bid to participate down the track in a market facing increasing supply challenges.
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By Matt Birney
