Substantial New IP Anomalies Confirm Additional Large-Scale Porphyry Copper Potential At Picha Project, Peru

Valor Resources Limited (Valor) or (the Company) (ASX:VAL) is pleased to advise that it has taken further important steps towards unlocking the exploration potential of its 100%-owned Picha Copper Project in Peru after receiving highly encouraging results from an Induced Polarisation (IP)/Resistivity survey and ground magnetic survey completed in September 2022.

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HIGHLIGHTS

• Highly encouraging results received from the Induced Polarisation (IP)/Resistivity survey completed in September at the 100%-owned Picha Project in Peru.
• Large IP chargeability anomalies identified at both the Ichucollo Target and Huancune Target, adding further to the cluster of coincident geophysical/geochemical targets already delineated.
• Combined strike length of the Ichucollo and Huancune IP anomalies and the existing IP anomaly identified in the 2021 IP survey, is over 6km in strike length.
• The IP anomalies at both Ichucollo and Huancune are coincident with significant surface copper mineralisation:
  • Ichucollo Target – semi-continuous 2.5km long IP anomaly, coincident with channel samples:
    
    • 24m @ 1.08% Cu, 12m @ 1.10% Cu
    • 30m @ 0.79% Cu, 16m @ 0.60% Cu
    • 18m long zone of “manto-type” mineralisation averaging 1.45% Cu
    • Shallow targets (<250m deep) easily tested with drilling
  • Huancune Target – 1.5km long IP anomaly, coincident with surface rock chip and channel samples:
    • >0.5% Cu and up to 3.95% Cu
• Results from the systematic geochemical and geophysical work undertaken at Picha to date, combined with extensive surface mapping and sampling, show that the Picha Project represents an outstanding opportunity for the discovery of a large-scale porphyry copper/epithermal mineral system.
• Approvals for the Company’s maiden drilling program progressing, with drilling of these targets on track to commence in early 2023.

Valor Executive Chairman George Bauk said: “Picha is a standout exploration opportunity for large-scale porphyry discoveries in one of the world’s premier exploration jurisdictions for this style of deposit. The extensive amount of high-quality work completed by our team in Peru over the past eighteen months has now brought this project to the drill-ready status. The results of the September IP survey represent the cherry on the top of what is potentially a fantastic large-scale system.

“The delineation of two strong IP anomalies at Ichucollo and Huancune, coincident with extensive surface copper anomalism in the form of channel samples and rock chips, has increased the total strike length of IP targets to 6km. As a result, we now have an incredible pipeline of targets to test with the drill rig!”

The Picha Project is located in the Moquegua and Puno Departments of southern Peru within a highly prospective porphyry-epithermal copper-gold-silver district which also includes the Berenguela, San Gabriel and San Antonio De Esquilache polymetallic deposits (Figure 2).

The 7.6Moz AuEq Buenaventura SAA (NYSE:BVN) owned San Gabriel Gold-copper project lies just 14km south-east of the Huancune Target within the same northeast-southwest trending mineralised corridor. To the northwest of Picha, along the same regional geological trend, lies the Trapiche, Antilla and Pinaya Porphyry Cu-Mo-Au projects.

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