Valor Resources Limited (“Valor” or the “Company”) is pleased to announce the results of rock chip samples from the Ichucollo target at the Company’s Picha Project in southern Peru. A total of 113 channel and selective rock chip samples have been collected at Ichucollo between April and May this year, and assay results have now been received. Further sampling was undertaken at Ichucollo following assay results reported in the Company’s ASX announcement dated 3rd June titled “Significant Cu-Ag results over 2% copper and up to 929g/t silver”. The significant assay results (>0.5% Cu) from the Ichucollo area are shown in Table 1 and details of all sampling are provided in Appendix 1 below.
Highlights:
- Channel sample results from Ichucollo targetat the Picha Project include:
- 12m @ 1.1% Cu and 5.3g/t Ag;
- 30m @ 0.79% Cu and 7.56g/t Ag;
- 16m @ 0.60% Cu and 9.1g/t Ag; and
- 18m long zone of stratabound or “manto-type” mineralisation averaging 1.45% Cu
- Channel sampling results highlight an area over 350m in extent with significant copper mineralisation and open to the north and south
- Evidence of intrusive activity in the Ichucollo area in the form of magmatic breccias with intrusive clasts – suggests proximity to porphyry body
- Ground geophysics comprising IP/Resistivity survey planned for Ichucollo in August and further surface sampling and mapping
- High grade rock chip sample of 6.78% Cu and 25g/t Ag indicates a potential new target area 4.5km west of Cobremani
- Phase one maiden diamond drilling program at Cumbre Coya, Maricate, Fundicion and Cobremani targets planned to commence in October
Figure 1: Sampling “manto-type” mineralisation at Ichucollo
Of the 113 samples taken at Ichucollo, 32 assayed >0.5% Cu, all of which were channel samples, with individual channel samples up to 7.75% Cu and 99g/t Ag. Mineralisation is mostly associated with argillic altered andesitic volcanics (stratabound style) however there is potential for a porphyry at depth within this target area (see Figure 3 below). Many of the samples had elevated molybdenum (above 20ppm and up to 412ppm) providing further evidence for a potential porphyry copper mineralising system within the project area.
Figure 2: View looking northwest towards the Ichucollo target.
Figure 3: Picha Project Conceptual Exploration model
Executive Chairman George Bauk said “The latest assay results again demonstrate the untested potential of the Picha Project with widespread copper mineralisation discovered across the new Ichucollo target area. The evidence continues to mount that we have an exceptional project with large scale porphyry copper potential. Approvals for the maiden drilling program at Picha continue to advance with the current expectation that drilling will commence in October. Due to the timing of the approvals process, the maiden drilling program will not include Ichucollo, but following the ground geophysics survey there in August, we expect to be drill testing this exciting new target early next year.”
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Figure 1. Location Oasis project
Figure 2. Simplified Regional Geology