Ground Geophysics Identifies Copper Drill Targets Supporting Surface Mineralisation At Picha Project, Peru

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 2^nd June 2021 titled “Peru Project Initial Assays Deliver High Grade Results, 11^th October 2021 titled “Widespread significant copper mineralisation at Picha” and 4^th November 2021 titled “Further High-Grade copper and silver mineralisation at Picha).

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