Valor Resources has identified two substantial new anomalies at its Ichucollo and Huancune targets from an induced polarisation survey across the company’s Picha copper and silver project in Peru.
The explorer says the latest discoveries are coincident with significant surface copper mineralisation identified from channel sampling and combine with a previously identified anomaly for a strike length of more than 6km.
At Ichucollo, Valor has highlighted a semi-continuous anomaly of around 2.5km in length whilst a semi-continuous chargeability anomaly over 1.5km in length was defined Huancune.
Channel sampling at the operation’s Ichucollo target in July delivered a raft of notable hits, including 12m at 1.1 per cent copper and anomalous silver at 5.3 grams per tonne. Additional results included of 24m at 1.08 per cent, 30m going 0.79 per cent and 16m reading 0.60 per cent copper that occur in close proximity to the new anomaly. The explorer believes the strength of the chargeability anomaly at Ithucollo suggests it is likely to represent sulphide mineralisation.
Previous results from three of 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. Valor says the strength of the chargeability anomaly at depth at Huancune also indicates the likelihood of sulphide mineralisation.
In March Valor lit up a 2km by 2km induced polarisation anomaly believed to reflect potential copper-bearing sulphide mineralisation at depth related to a large porphyry body.
Valor Resources Executive Chairman, George Bauk said: “Picha is a standout exploration opportunity for large-scale porphyry discoveries in one of the world’s premier exploration jurisdictions for this style of deposit. The results of the September IP survey represent the cherry on the top of what is potentially a fantastic large-scale system.”
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.
The Picha project comprises 20 granted mining concessions for a total of 165 square kilometres in addition to 65 square kilometres staked and currently awaiting mining concession titles.
Valor says the recent survey and sampling results have identified a significant corridor with at least seven high-priority targets along a 7.5km strike.
Peruvian government approval for a maiden drill campaign at Picha is progressing with the exploration program expected early next year.
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By Matt Birney
