Significant New Copper-Silver-Gold Targets Outlined At Picha And Charaque Projects

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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