The Conversation (0)
Valor Resources Limited (Valor or the Company) (ASX: VAL) is pleased to advise that its field exploration activities are continuing to gain momentum and deliver exciting results, further enhancing the prospectivity of its Picha and Charaque Projects in Southern Peru for large-scale copper-silver-gold discoveries.
HIGHLIGHTS
- New targets discovered at the Cuti and Fundición South prospects, within the Picha Project in Peru, following the latest phase of surface sampling.
- Exciting new target at Cuti highlighted by outcropping volcanic breccia with channel sample results of 6m @ 0.66% Cu and 4.66 g/t Ag.
- Soil sampling at Picha highlights a significant new gold anomaly at the Cuti Target.
- New target confirmed south of Fundición with channel samples of up to 2m @ 3.31% Pb, 38.9g/t Ag and 0.32 % Cu and 0.2m @ 7.09% Pb,18.36% Zn and 13.9g/t Ag.
- Further rock chip and channel sampling has confirmed Ichucollo as a priority drill target, with channel sample results of 24m @ 1.08 % Cu and 3.9g/t Ag and 13.1m @ 1.38 % Cu and 10.22g/t Ag including 6m @ 2.40% Cu and 20.21g/t Ag.
- Sampling at the Maricate, Cumbre Coya and Fundición prospects has further enhanced the prospectivity of these targets with channel samples of:
- Maricate: 2.0m @ 1.18% Cu and 13.9g/t Ag; 6m @ 1.55% Cu and 13.8g/t Ag; 4.0m @ 2.15% Cu and 84.5g/t Ag; 2.0m @ 3.39% Cu and 56g/t Ag; 2.0m @ 1.27% Cu and 57g/t Ag;
- Cumbre Coya: 2m @ 1.15% Cu and 11.6g/t Ag; 2m @ 1.51% Cu and 20.4g/t Ag; and
- Fundición: 2m @ 0.91% Cu and 9.67g/t Ag.
- Reconnaissance exploration at the Charaque Project has confirmed the potential of this area, with anomalous assay results returned from two target areas – Arco and Huallatani.
- On-ground exploration continues at both projects with the immediate focus at Charaque as the Company looks to improve its geological understanding of the area and define new targets.
Rock chip sampling of volcanic breccia at the Cuti Target
The Company has received highly encouraging assay results from rock chip, channel and soil samples taken from both projects during ongoing on-ground exploration activities.
A total of 168 channel and selective rock chip samples and 322 soil samples have been collected at the Picha Project in the second half of 2022, following on from the Company’s ASX announcement regarding surface sampling at Picha dated 18 July 2022 titled “Extensive copper assays highlight Ichucollo as new significant drill target”. Details of all sampling at the Picha Project are provided in Appendix 1 and 2 below.
Further sampling has also been undertaken at the Charaque Project with an additional 32 channel and selective rock chip samples taken in the second half of 2022. The sampling has been carried out in conjunction with reconnaissance geological mapping. Details of all sampling are provided in Appendix 3 below.
Valor Executive Chairman, George Bauk, said:“The latest assay results provide further evidence of the enormous untested potential of the Picha Project, with a number of exciting new targets and now a significant gold-in-soil anomaly defined. Approvals for our maiden drilling program at Picha continue to advance with the current expectation that approvals will be received in Q1 2023.
“Ongoing work at the Charaque Project has highlighted several targets which we will continue to systematically explore in 2023, moving towards a drilling program. The Charaque Project area is surrounded by a number of major international mining groups including Barrick (NYSE:GOLD), Teck (NYSE:TECK) and Fresnillo (LSE: FRES), all of whom have significant land-holdings in the area”.
PICHA PROJECT
Further exploration work has been completed at the Picha Project in the second half of 2022. A total of
136 rock chip and channel samples have been collected at the Ichucollo, Maricate, Fundición, Huancune and Cumbre Coya targets as well as the new targets of Cuti and Fundición South.
In addition, a total of 322 soil samples were collected at the Ichucollo, Maricate and Cuti targets. Details of the results from each prospect/target are provided below. All samples not described as Channel in the tables below have a high potential for bias and should not be considered as being representative of the overall mineralised structure or zone.
The latest results have further advanced the existing targets of Ichucollo, Maricate, Cumbre Coya and Fundición and have also indicated new targets at Cuti, which is located north-east of other targets and Fundición South in the south of the project area.
Soil sampling was completed at the Ichucollo, Maricate and Cuti targets on 200m x 200m centres. The ‘B’ horizon was sampled by digging a 0.5m deep pit. The excavated material was sieved through a - 600µm mesh to obtain a sample fraction.
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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
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.
