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Valor Resources Limited (Valor or the Company) (ASX: VAL) is pleased to advise that it has taken another key step towards commencing its maiden drilling program at the Picha Copper Project in Peru following receipt of approval for its Declaración de Impacto Ambiental (DIA) (an Environmental Impact Statement for Exploration) from the Peruvian Ministry of Energy and Mines (MEM).
HIGHLIGHTS
- Ministry issues the DIA – “Declaracion de Impacto Ambiental” (an Environmental Impact Statement for Exploration) for the Picha Copper Project in Peru, allowing for up to 120 holes to be drilled within the approved Effective Area, as illustrated in Figure 1 below.
- Agreements with local landowners are already in place for 100% of the DIA Effective Area for a period of five years, allowing the Company to access and drill the Effective Area within the Project.
- Valor’s maiden proposed drilling program, comprising 5,000m of diamond drilling, has been planned to initially test four key targets – Cobremani, Cumbre Coya, Maricate and Fundicion.
- Final drill program planning, including logistics and drilling contractor selection, set to commence shortly.
Figure 1 – DIA approved area.
The DIA includes social stakeholder mapping as well as flora and fauna, anthropological and hydrological studies. All social agreements are already in place for a minimum of five years for 100% of the DIA approved Effective Area.
With DIA approval received, Valor will now apply for an “Autorización de Inicio de Actividades de Exploración” (Authorization to begin drilling), which is subject to a standard preliminary review by MEM on the possible presence of Indigenous communities within the exploration area.
A maiden diamond drilling program of around 5,000m is proposed to test four targets within the Effective Area – Cobremani, Cumbre Coya, Maricate and Fundicion. A short-list of drilling contractors has been determined and logistics planning is about to commence.
Valor Executive Chairman, George Bauk, said:“This is another exciting milestone for Valor in Peru with approval for the DIA marking another great achievement by our in-country team, reflecting the quality of the work that has been put in on the ground over the past 18 months. With social agreements already in place over the Effective Area, we can move ahead directly with an application for Authorization to Commence Drilling over 120 planned holes at the Central Picha Project.
“As mapped out in recent announcements, Valor has developed an incredible pipeline of large-scale, high- impact porphyry and epithermal targets across the Picha Project tenements. We can’t wait now to secure our final drilling permits, which will allow us to get on the ground and move ahead with our planned maiden 5,000mdrillprogram.Withupto120holesapproved,thestartofthisprogramwillsignalthebeginning of a transformational period for all of our key stakeholders.”
PICHA PROJECT
The Picha Project (100% owned by Valor) is a copper-silver exploration project, located in the Moquegua and Puno Departments of southern Peru. Picha is located approximately 17km ENE of Buenaventura’s (NYSE: BVN) San Gabriel Au-Cu-Ag Project, which hosts a reported Indicated and Inferred resource of 7.6 million ounces Au equivalent (132.7Mt @ 1.8 g/t AuEq).
Exploration work completed by the Company in 2021 comprising geochemical sampling, geological mapping and IP/Resistivity surveys has identified several exciting targets in the central part of the Project area. The Cobremani, Maricate, Cumbre Coya and Fundicion targets were identified as the highest priority targets.
The Company applied to the MEM for approval to drill within a portion of the Project area (the Effective Area) to test these priority targets.
The submission allows for up to 120 drillholes comprising 40 drilling platforms with up to three holes per platform. A maiden drilling program of around 5,000m is proposed, details of which are currently being finalised.
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VAL:AU
Boss Set to Ship First U308 from Honeymoon
Highlights
- Startup production exceeding ramp-up schedule per the feasibility study (FS) estimates
- NIMCIX columns 2 and 3 on target for commissioning in Q3 and Q4, respectively in 2024
- Commissioning continues to advance, with key metrics remaining ahead of FS estimates:
- oWellfields continue to average 80 - 100mg/L vs FS estimate of 47mg/L (~100% uplift)
- oIon Exchange loaded resin recoverability remains at 100%
- oResin loading normalising at FS estimate of 27 g/L
- oElution performance exceeding FS estimate at 7 – 9 g/L
- First uranium sale to occur with revenue being received this quarter
- Boss remains highly leveraged to rising uranium price
Boss will now make its first delivery to European nuclear utilities under its existing sales contracts, with revenue to be received in the current quarter.
With NIMCIX Column 1 performing to expectations and construction of Columns 2 and 3 on track for completion in the September and December quarters, 2024 respectively, Boss expects production to total at least ~850,000lbs of U308 by June 30, 2025, in line with its Feasibility Study schedule1.
Boss Managing Director Duncan Craib said:“The start-up phase at Honeymoon is proceeding comfortably to plan, with all the key metrics running in line with, or exceeding, the forecasts contained in the Feasibility Study schedule.
“Construction of the second and third columns is also advancing well, ensuring we are on track to continue increasing our production rates. Total production in FY26 is set to meet or exceed our feasibility study forecasts at 1.63Mlb. The addition of columns 4, 5 and 6 are forecast to further increase the production rate to nameplate capacity of 2.45Mlb/annum by year three.”
Figure 1: Drummed uranium ready for first shipment
Figure 2: Construction of columns 2 and 3 nearing completion to increase Honeymoon's production profile
Production update
Operational focus over the coming months remains on optimisation of the ion exchange, elution, precipitation and drying and packing processes.
Wellfield performance continues to impress, with tenors from individual wellfields into the PLS averaging 80 - 100 mg/L. Honeymoon’s feasibility study assumed PLS grade of 47 mg/L based on results from the project’s previous operation. Boss is managing the grade of uranium being leached to maximise wellfield recoveries.
Consumption of reagents in the wellfields of sulphuric acid and ferric (pH and Eh) are normalising as per FS expectations. The lixiviant chemistry, as proved during the field leach trial, continues to demonstrate superior performance at commercial throughput rates. The increased leach efficiency leads to a more efficient loading on the ion exchange resin, effectively lowering operating costs as less reagents and power are required per drum of uranium.
Stripping of uranium from the loaded resin continues to be virtually 100%, also demonstrating that the ion exchange process is working as designed, resulting in a high-grade concentrated eluate greater than 7-9 g/L.
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Lo Herma ISR Uranium Project, Resource Drilling Funded
HIGHLIGHTS
- Upcoming Q3 resource drilling is fully funded
- Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U3O8 at average 630ppm
- Drilling to commence in the coming weeks - starting late July or early August
- Planned rights entitlement offer to all shareholders on the same terms as the recent placement - details to be provided in due course
As previously advised on 2nd of May 2024, the planned 2024 drilling permit at Lo Herma allows for up to 76 drill hole locations including construction of up to 5 groundwater monitoring wells. This next phase of drilling will focus on expanding the resource areas and where possible, upgrading the current mineral resource classification (Table 1). Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised. GTI intends to mobilise drilling rigs to Lo Herma as soon as the activity is fully permitted which is anticipated to be during late July or early August 2024.
Following completion of the 2024 drill program at Lo Herma, GTI intends to publish an updated mineral resource estimate and exploration target range for the project. The Company expects that the updated mineral resource estimate will support near-term development of a Scoping Study to demonstrate the economic potential of the project.
GTI Executive Director Bruce Lane commented, “We are pleased and excited to have received investor support and funding to continue moving forward with our planned resource expansion drilling at Lo Herma. Matt and the team in Wyoming have put us in a great position to complete the drilling program this quarter, with a revised mineral resource estimate to be rapidly advanced post-drilling. This work prepares GTI for a potential Lo Herma scoping study which we hope to commence later this year on the basis that we can significantly grow the uranium resource estimate to a similar scale to ISR uranium mines currently being constructed or planned in Wyoming at Ur-Energy’s Shirley Basin project & Encore’s Energy’s Gas Hills project.”
FIGURE 1. GTI WYOMING PROJECT LOCATIONS
LO HERMA GEOLOGIC SUMMARY
The Lo Herma project is located on the southern end of the west flank of the Powder River Basin (PRB), a regional asymmetric synclinal basin hosting a sedimentary rock sequence of about 15,000 feet in the deeper portions of the basin. The basin is bounded by the Bighorn Mountains on the west, the Black Hills to the east, and the Casper Arch, Laramie Mountains, and Hartville Uplift along the southern margin. Along the edges of the basin, progressively older sedimentary units outcrop at the surface as you move away from the synclinal axis of the basin.
The target host geology for Lo Herma project is located in and around the contact of the Eocene Wasatch Formation (Wasatch) and the Paleocene Fort Union Formation (Fort Union).
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This article includes content from GTI Energy, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
