The Conversation (0)
December 02, 2021
Valor Resources Limited (“Valor” or the “Company”) is pleased to announce the commencement of a ground geophysical survey at the Company’s Picha Project in Peru. A ground magnetic and Induced Polarisation (IP) survey has commenced with the first three lines of the IP survey completed and 70% of the ground magnetic survey completed. Preliminary results have been received for the first three lines of the IP survey which have revealed chargeabilty anomalies at depth which correlate with surface mineralisation at the Cumbre Coya, Maricate and Cobremani target areas (see Figures 1, 2 & 3 – IP lines L_7776, L_8176 & L_8576).
HIGHLIGHTS
- First three lines of Induced Polarisation (IP) survey completed with preliminary results indicating several potential drill targets:
- 18% of the 57 line km IP survey completed
- 70% of the 204 line km ground magnetic survey completed
- Geophysical anomalies show good correlation with surface copper mineralisation providing more support for depth potential
- Results from a further 93 surface samples pending following the completion of the surface sampling program
- Drill planning in progress with geophysical targets now being incorporated into program
- Drill permitting process underway with environmental studies and community engagement in progress
Much of the surface mineralisation at Cumbre Coya and other targets is associated with chalcedony- opaline silica and quartz veins and this is supported by the IP survey which reveals several resistivity anomalies at surface which are coincident with surface mineralisation. Previous Valor ASX announcements have reported the details of the surface geochemistry results at the Picha Project (see VAL:ASX reports dated 2nd June 2021 titled “Peru Project Initial Assays Deliver High Grade Results, 11th October 2021 titled “Widespread significant copper mineralisation at Picha” and 4th November 2021 titled “Further High-Grade copper and silver mineralisation at Picha).
Click here for the full ASX Release
This article includes content from Valor Resources, 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.
VAL:AU
30 August 2023
Shareholders Approve Firetail Resources’ Acquisition of Peruvian Assets
Firetail received strong shareholder approval with 88 percent of votes in favor of the transaction
Firetail Resources (ASX:FTL) shareholders have approved the acquisition of up to 80 percent interest in Valor Resources’ (ASX:VAL) Picha and Charaque projects in Peru, according to an article published by The West Australian.
About 88 percent of Firetail’s shareholders voted in favour of the transaction, which is set to be completed in the first week of September 2023. The deal involves Firetail issuing an upfront payment of $550,000, 15 million shares and 20 million performance rights. In return, Valor will transfer 80 percent of the issued share capital of Kiwanda S.A.C, Valor’s wholly owned subsidiary which holds the mining concessions for the Peruvian assets.
The article also noted that Valor shall maintain a 20.58 percent stake in Firetail and a 20 percent interest in the acquired assets.
Firetail is advancing its drill planning for the Picha copper project in Peru with regulatory approvals already in place allowing up to 120 drill holes comprising up to 40 drill platforms with three holes per platform.
To read the full article, click here.
Click here to connect with Firetail Resources (ASX:FTL) for an Investor Presentation.
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Cobre Secures $25M BHP Investment for Botswana Copper Exploration
Australian mining company Cobre (ASX:CBE) has secured a major investment from BHP, which has agreed to spend $25 million on exploration at Cobre’s Kitlanya projects in Botswana, in exchange for the right to acquire a 75 percent stake, according to a news report from Reuters.
This agreement follows Cobre's participation in BHP's Xplor program in January of the previous year, where Cobre received $500,000 to advance its Kalahari copper projects in Botswana.
Under the terms of the agreement, BHP will provide at least $5 million in funding to Cobre within two years from the commencement date, with an initial exploration budget of $7 million set to begin next month. Cobre's CEO, Adam Woolridge, expressed optimism about the partnership, stating that the collaboration with BHP will enable a technology-driven exploration program aimed at discovering significant deposits in the Kitlanya East and West projects, the Reuters report said.
This strategic move underscores BHP's commitment to expanding its presence in the African copper sector and leveraging advanced exploration techniques to identify potential high-grade copper deposits in Botswana's Kalahari region.
Click here to connect with Cobre for an Investor Presentation
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11 March
BHP to Invest Up to AU$40 Million in Cobre’s Kitlanya East and West Copper Projects
Mining giant BHP (ASX:BHP,NYSE:BHP,LSE:BHP) is providing up to AU$40 million for exploration work atCobre’s (ASX:CBE) Kitlanya East and West copper projects in Botswana, Cobre said on Monday (March 10).
The funding is under an earn-in agreement between Cobre, other Cobre-owned subsidiaries and a wholly owned subsidiary of BHP. It gives BHP the right to acquire a 75 percent interest in the Kitlanya assets.
The agreement comes after Cobre’s participation in BHP’s Xplor program in 2024. Through Xplor, Cobre received US$500,000 to accelerate its exploration plans for its Kalahari copper projects in Africa.
It also follows the signing of a letter of intent with a BHP subsidiary in September 2024. The companies agreed at the time to negotiate a material earn-in joint venture agreement for Kitlanya East and West.
“This significant transaction with BHP ... is a major moment in time for Cobre as a company as well as a testament to the success of BHP's Xplor program,” said Cobre CEO Adam Woolridge in a press release.
“The partnership with BHP will provide us with the funding and support necessary to implement a technology-driven work program designed to discover the Tier 1 deposits we believe may be hosted in our Kitlanya East and West Projects.”
Cobre acquired Kitlanya East and West through its November 2022 purchase of Kalahari Metals. BHP conducted fixed-wing AEM surveys over much of Kitlanya West’s project area in the late 1990s, but there was little on-site work.
The copper market is reportedly growing in Africa, with the Democratic Republic of Congo and Zambia as its largest producers. Botswana is also recognized as one of the continent's primary producers.
Mobilisation for drilling at Kitlanya West is set to start next month, and will test targets identified in a 2024 seismic program. The plan is to assess the mineral system for components required for tier-one copper deposit formation.
Cobre and BHP's Xplor program
"We are thrilled to continue our partnership with one of the BHP Xplor alumni, Cobre Limited, through this agreement,” said BHP Group Exploration Officer Tim O’Connor in Cobre's release.
“This collaboration reflects our excitement for the exploration potential in Botswana and underscores the high standard of partnerships we see coming out of the BHP Xplor program.”
The Xplor program was introduced by BHP in 2022 as a means of assisting companies in accelerating exploration opportunities and developing new critical minerals sources.
Selected companies receive benefits such as an equity-free grant of up to US$500,000 and access to a network of BHP and external industry experts to build out and accelerate their exploration concepts.
The 2025 BHP Xplor cohort holds the highest number of successful applicants in the program's history at eight companies. Cobre formed part of the 2024 cohort, joining five other companies.
This week's transaction between Cobre and BHP does not involve Cobre's flagship Ngami and Okavango copper projects, which are also located in Botswana. Cobre will continue advancing both assets independently.
Don’t forget to follow us @INN_Australia for real-time news updates!
Securities Disclosure: I, Gabrielle de la Cruz, hold no direct investment interest in any company mentioned in this article.
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