Valor Resources says it is encouraged by results from ongoing geochemical and geophysical surveys in its hunt for Peruvian copper and silver at its Picha project after the company nailed a 1.2 kilometre by 2km open geophysical anomaly. It said the anomaly identified by the Induced Polarisation survey potentially represents a large porphyry copper system, which remains open to the south.
The survey is less than 70 per cent complete and more results are expected in the coming months.
Valor has also been running a geochemical surface sampling program that it completed last month. The company said the latest assay results have further extended the area of surface mineralisation at its Cumbre Coya, Maricate and Fundicion target areas.
Valor said geological mapping and interpretation has been completed across the entire Picha project area and showed several significant NNW trending structures that are partly coincident with surface mineralisation.
Notably, a large NE-SW trending structure transects the entire project area and partly marks the contact between the Tacaza Group volcanics and the younger overlying Maure Group sediments according to the company.
The significant channel and rock chip samples revealed some interesting copper and silver hits along with a sprinkling of lead and zinc. Better results of 15.75 m at 233.2 g/t silver and 2m at 1.59 per cent copper were amongst other encouraging lead and zinc shows at Cumbre Coya, Fundicion and Maricate.
The Cumbre Coya target received the greatest sampling focus with a southeast channel sample returning 16m at 0.49 per cent copper, 188.8 g/t silver and 8.45 per cent lead.
One rock chip sample from the northern sector at Cumbre Coya came in at 3.5 per cent copper, 593 g/t silver and 6.53 per cent lead.
Valor Resources Executive Chairman, George Bauk said: "These latest exploration results provide further support to our belief that we are dealing with a significant mineralising system at Picha. 2022 promises to be a very significant year in the Company’s development as we get to drill test this exciting Project.”
“Copper is a key mineral as we strive towards a net zero carbon world and we have uncovered a significant area which requires a drill program to test the Copper-Silver potential”.
In the slightly cooler Canadian climes of northern Saskatchewan, Valor is concurrently running a 2500m drill program across 10 to 15 drill targets at its Hook Lake uranium prospect.
All targets are within the “S Zone”, where previous surface sampling returned assays of up to 59.2 per cent uranium oxide.
The Hook Lake Uranium project is located 60 kilometres east of the
Key Lake Uranium Mine in northern Saskatchewan and sits about 700km north-east of Edmonton in Canada.
Valor is earning an 80 per cent interest in the 300 square kilometre swag of uranium-rich terrain on the south-eastern margin of the renowned Athabasca Basin.
Its ground boasts 16 contiguous mineral claims hosting several prospective areas of uranium mineralisation with minor silver and lead.
Notably the project has also been showing early signs of heavy rare earth elements such as neodymium, praseodymium and dysprosium, adding some unexpected value to the project.
The Chinese currently have something of a monopoly on the heavy rare earth market as they are not mined anywhere else in the world today.
Curiously, one of the few heavy rare earths brain trusts outside of China is Valor Executive Chairman George Bauk who previously ran Northern Minerals for a decade and developed a heavy rare earths project there through to pilot plant stage.
Valor also holds 100 per cent equity in 19 contiguous mineral claims covering 62,233 hectares 7km east of the former-producing Cluff Lake Uranium Mine in northern Saskatchewan.
The price of uranium is just coming off five-year highs and with copper just retreating from 10-year highs, both commodities are still in favour with the markets. Given drilling activities are ongoing in Canada and there is more survey work to be completed and interpreted in Peru, Valor will have plenty of news flow to feed the market in the new year.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
