http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Tue, 25 Sep 2018 21:47:39 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Valor Resources outlines pathway for pre-feasibility study completion ]]> http://www.proactiveinvestors.com.au/companies/news/204011/valor-resources-outlines-pathway-for-pre-feasibility-study-completion-204011.html Valor Resources Ltd (ASX:VAL) recently elected to proceed with a pre-feasibility study (PFS) for its Berenguela Project in Peru.

The decision was a direct outcome of the  results received last week from a positive scoping study that highlighted a shallow, open-pit, high-grade resource with a low strip ratio.

READ: Valor Resources moving to the next stage in Peru after positive scoping study results

There are three principal work streams to be undertaken in the short term to progress the PFS to completion.

Firstly, process de-risking which will involve scaling up the treatment process to a mini-pilot plant, which will be done independently.

Secondly, process design and infrastructure which will be supported by metallurgical test work.

Thirdly, mine planning which will be supported by geotechnical and rock mechanics studies for pit design and production scheduling, eventually to generate an ore reserve estimate.

 

Drill programs also planned

While the Berenguela Central deposit is the focus of the PFS, Valor intends to progress its valuable exploration targets which include Corona, Corona West and Berenguela Deeps.

The 2018 drilling program has been redesigned so that the core focus is on the PFS but around 1,000 metres will still be drilled to provide core samples for test work.

New executive director appointed

Dr Nicholas Lindsay has been appointed to the company's board as an executive technical director.

Dr Lindsay has been instrumental in the finalisation of the recent scoping study and the structuring of the immediate technical plans.

Additionally, as part of the company's commitment to efficiencies, the board has taken 25-50% fee reductions for this financial year.

 

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Mon, 03 Sep 2018 10:53:00 +1000 http://www.proactiveinvestors.com.au/companies/news/204011/valor-resources-outlines-pathway-for-pre-feasibility-study-completion-204011.html
<![CDATA[News - Valor Resources moving to the next stage in Peru after positive scoping study results ]]> http://www.proactiveinvestors.com.au/companies/news/203742/valor-resources-moving-to-the-next-stage-in-peru-after-positive-scoping-study-results-203742.html Valor Resources Ltd’s (ASX:VAL) scoping study on the Berenguela Project in Peru has concluded that the project is positive, enabling the company to initiate a pre-feasibility study (PFS).

The scoping study utilised part of the project’s measured and indicated resource in a shallow open pit mine with a low strip ratio. Importantly, no inferred resources were utilised in the study.

Valor chairman Mark Sumner said: “We are very pleased to have completed this study with such excellent results.

“We believe that the results of this study underpin the project’s potential as a very encouraging polymetallic development project.

“We are excited about advancing Berenguela through the next phases of development, including taking the project through PFS over the coming months.”

Sumner added: “Additionally, Corona and Corona West present an opportunity to add further surficial resources within close proximity to Berenguela Central.

“Continued geological mapping and surface sampling presents an opportunity to generate additional copper-silver-manganese targets within the company’s extensive concession package.

Last sampling campaign indicate that Corona West is potentially a satellite deposit with similar high grade copper-silver-manganese mineralization at surface #valorresources #coronawest #copper #silver pic.twitter.com/o096ZzJoak

— Valor Resources (@valorresources) August 15, 2018

The successful completion of the scoping study provides Valor with the confidence to proceed to the next phase of development.

Valor has continued development of the metallurgical flowsheet in the second stage of testing to include detailed variability testing of the project’s ore and scaling up the current flowsheet to process design and PFS level.

The company has mobilised a diamond drill rig to the site to assist in the completion of the geotechnical study and sampling for the next phase of metallurgical testing, as well as continued resource work.

READ: Valor Resources secures funding to advance Berenguela project

Valor expects to complete the drill program and geotechnical study within calendar year 2018.

Metallurgical test work remains on-going and compliments the process design phase. The company has already secured further funding to complete the next stages of project development.

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Wed, 29 Aug 2018 11:42:00 +1000 http://www.proactiveinvestors.com.au/companies/news/203742/valor-resources-moving-to-the-next-stage-in-peru-after-positive-scoping-study-results-203742.html
<![CDATA[News - Valor Resources secures funding to advance Berenguela project ]]> http://www.proactiveinvestors.com.au/companies/news/203003/valor-resources-secures-funding-to-advance-berenguela-project-203003.html Valor Resources Ltd (ASX:VAL) has issued 311.5 million shares as part of its recently outlined share placement to sophisticated investors to raise $3 million.

It is intended that the funds from the placement will be used for advancing the pre-feasibility study (PFS) underway on the Berenguela Project in south Peru.

In accordance with the terms of the acquisition of Berenguela in May 2017, 31.5 million shares of the 311.5 million were issued to the project vendor so it can maintain a 9.9% equity interest in Valor.

Directors subscribed for $200,000 worth of placement shares

Notably, 20 million additional placement shares are planned to be issued to directors subject to receiving shareholder approval.

Earlier this month, Valor’s chairman Mark Sumner said: “At this stage the company is focused on driving the project into PFS and advancing the development of Berenguela.

“The completion of our first stage of metallurgical test work and defining the flow sheet is a major milestone, and allows us to continue into more detailed ore variability testing across the Berenguela sections.

“This will be a major step in the PFS process."

Corona West discovery within Berenguela project

Sumner added: “We are also very excited to add Corona West, as our second discovery this year.

“Corona and Corona West both have the potential to be significant satellite deposits within close proximity to Berenguela Central, and present an opportunity to add resources to project as we move through PFS.

READ: Valor Resources identifies high-grade copper-silver-manganese at Corona West

“We believe there are two very clear paths to create value in our asset base.

“First, by advancing Berenguela through PFS, and second, by generating new high grade, surficial targets with inexpensive surface sampling and geological mapping.

“This is paving the way for a very exciting period for Valor.”

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Thu, 16 Aug 2018 08:39:00 +1000 http://www.proactiveinvestors.com.au/companies/news/203003/valor-resources-secures-funding-to-advance-berenguela-project-203003.html
<![CDATA[News - Valor Resources raises $3 million from high-quality investors ]]> http://www.proactiveinvestors.com.au/companies/news/202279/valor-resources-raises-3-million-from-high-quality-investors-202279.html Valor Resources Ltd (ASX:VAL) (OTCMKTS:VOYRF) has received $3 million in commitments from sophisticated investors in a capital raising led by CPS Capital Group Pty Ltd.

The firm commitments were made at 1 cent a share, with a 1.5 cent option that expires at the end of 2021 attaching to each share.

Valor chairman Mark Sumner said: “I would like to thank our existing shareholders for their support and would like to welcome our newest shareholders to the registry.

“We believe that we are at the beginning of what will prove to be a very exciting period for Valor.”

 

The capital raising at an 11.06% discount to the 15-day volume-weighted average price will add about 300 million new shares to the register of the Perth-based company.

About a third of the raising, or $2 million of the capital, will be from the company’s directors if shareholder approved is gained.

READ: Valor resources metallurgical work validates Berenguela project

To meet the terms of Valor’s Berenguela project acquisition, the company must allocate additional shares to seller SSR Mining Inc to maintain the vendor’s 9.9% voting power in Valor.

The additional shares SSR will be placed under the 15% placement capacity the company has in operation.

READ: Valor resources identifies high-grade copper-silver-manganese at Corona West

CPS will receive 100 million options for its part in the raising at the same 1.5-cent exercise price, also expiring on December 31, 2021.

Valor will soon call a meeting to ask investors to approve its $2 million raising from directors.

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Mon, 06 Aug 2018 17:36:00 +1000 http://www.proactiveinvestors.com.au/companies/news/202279/valor-resources-raises-3-million-from-high-quality-investors-202279.html
<![CDATA[News - Valor Resources granted trading halt pending capital raising update ]]> http://www.proactiveinvestors.com.au/companies/news/201967/valor-resources-granted-trading-halt-pending-capital-raising-update-201967.html Valor Resources Ltd (ASX:VAL) has been granted a trading halt by the ASX pending the release of an announcement regarding a capital raising.

The halt will remain in place until the earlier of the start of normal trading on Friday, August 3, or when the announcement is released to the market.

READ: Valor Resources identifies high-grade copper-silver-manganese at Corona West

Valor recently revealed high grades of copper, silver and manganese from surface sampling at its Berenguela project in southern Peru.

There were 198 samples taken from outcrops at the newly identified Corona West area, 3.5 kilometres southwest of Berenguela Central and 2 kilometres west of the original Corona discovery.

The samples have verified the presence of high-grade copper, silver and manganese at surface, appearing along a northwest-southeast trend like that of the Berenguela Central deposit.

READ: Valor Resources metallurgical work validates Berenguela project

Valor has also commenced its second stage of metallurgical test work at the Berenguela Project.

The processing flow sheet tested in the first stage recorded strong metallurgical recovery rates for copper 75-80%, silver 80-85% and manganese 85-90% from a 944-kilogram bulk sample.

The second stage of test work is expected to elevate the flow sheet to pre-feasibility study (PFS) level.

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Wed, 01 Aug 2018 12:15:00 +1000 http://www.proactiveinvestors.com.au/companies/news/201967/valor-resources-granted-trading-halt-pending-capital-raising-update-201967.html
<![CDATA[News - Valor Resources identifies high-grade copper-silver-manganese at Corona West ]]> http://www.proactiveinvestors.com.au/companies/news/201391/valor-resources-identifies-high-grade-copper-silver-manganese-at-corona-west-201391.html Valor Resources Ltd (ASX:VAL) has revealed high grades of copper, silver and manganese from surface sampling at its Berenguela project in southern Peru.

There were 198 samples taken from outcrops at the newly identified Corona West area, 3.5 kilometres southwest of Berenguela Central and 2 kilometres west of the original Corona discovery.

The samples have verified the presence of high-grade copper, silver and manganese at surface, appearing along a northwest-southeast trend like that of the Berenguela Central deposit.

 

Valor chairman Mark Sumner said the company was very excited about the discovery at Corona West, as it marked the second such discovery it had made since acquiring the project in May 2017.

He said: “The discovery of high grade mineralisation at Corona West has reinforced our thesis that Berenguela Central deposit may be a part of a much larger mineralised system.

“This further supports the company’s view that the three project areas comprise one of the most exciting metals project in the Australian market.”

 

READ: Valor Resources’ metallurgical work validates Berenguela Project

Of the 198 samples collected 38 returned assay results greater than 0.50% copper; 10 returned over 50ppm silver; and 14 returned over 5% manganese.

Individual samples recorded copper levels as high as 10.93%, 9.08%, 7.17% and 5.36%.

Silver identified from individual samples recorded levels of 185ppm, 167ppm and 131ppm.

The findings indicate that significant mineralisation is not limited to Berenguela Central and Corona, and that Corona West is potentially a satellite deposit with similar high-grade mineralisation at surface.

READ: Valor Resources secures contractor for 7,000-metre drill program

Valor has undertaken an extensive exploration program since acquiring the project, including 9.1 kilometres of drilling, surface sampling and metallurgical test work.

With an upgrade to the mineral resource in January and the finalisation of the process flow-sheet in July, the project is positioned to advance to the next stage of development and eventually a pre-feasibility study.

Valor intends to continue with detailed geological mapping and target generation within the Corona West area.

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Mon, 23 Jul 2018 23:05:00 +1000 http://www.proactiveinvestors.com.au/companies/news/201391/valor-resources-identifies-high-grade-copper-silver-manganese-at-corona-west-201391.html
<![CDATA[News - Valor Resources metallurgical work validates Berenguela project ]]> http://www.proactiveinvestors.com.au/companies/news/201271/valor-resources-metallurgical-work-validates-berenguela-project-201271.html Valor Resources Ltd (ASX:VAL) has now commenced its second stage of metallurgical test work at its Berenguela Copper-Silver Project in Peru.

The processing flow sheet tested in the first stage recorded strong metallurgical recovery rates for copper 75-80%, silver 80-85% and manganese 85-90% from a 944-kilogram bulk sample.

The second stage of test work is expected to elevate the flow sheet to pre-feasibility study (PFS) level.

Valor’s chairman Mark Sumner said: “As previously announced, on 3 July 2018, the company has defined the process flow sheet, which is a significant development for the Berenguela project.

“The flow sheet utilises standardised process methods, providing a clear path to production of copper, manganese, silver and zinc.

“With this announcement, Valor is pleased to be able to add technical background to the flow sheet development, and to announce that the second stage has commenced, whereby variation in grade and mineralogy is being tested against optimal standard conditions.”

READ: Valor Resources drill rig mobilising to site

Valor is preparing for its 2018 diamond drill campaign at Berenguela which will include 19 holes for a total of 4,000 metres conducted at the borders of the Berenguela central deposit area.

Drilling will test extensions and high grade mineralised intercepts which were left open in the 2017 drill program and better define the vertical extent of the deposit.

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Mon, 23 Jul 2018 08:45:00 +1000 http://www.proactiveinvestors.com.au/companies/news/201271/valor-resources-metallurgical-work-validates-berenguela-project-201271.html
<![CDATA[Media files - Valor Resources to mobilize diamond drill rig to Berenguela Project in Peru ]]> http://www.proactiveinvestors.com.au/companies/stocktube/9622/valor-resources-to-mobilize-diamond-drill-rig-to-berenguela-project-in-peru-9622.html Tue, 19 Jun 2018 10:30:00 +1000 http://www.proactiveinvestors.com.au/companies/stocktube/9622/valor-resources-to-mobilize-diamond-drill-rig-to-berenguela-project-in-peru-9622.html <![CDATA[News - Valor Resources drill rig mobilising to site ]]> http://www.proactiveinvestors.com.au/companies/news/198990/valor-resources-drill-rig-mobilising-to-site-198990.html Valor Resources Ltd (ASX:VAL) expects the first diamond drill rig to arrive on site at its Berenguela Copper-Silver Project in Peru by 30 June 2018.

The 2018 drill campaign will include 19 holes for a total of 4,000 metres conducted at the borders of the Berenguela central deposit area.

Drilling will test extensions and high grade mineralised intercepts which were left open in the 2017 drill program and better define the vertical extent of the deposit.

READ: Valor Resources secures contractor for 7,000-metre drill program

Valor’s chairman Mark Sumner said: “We are very pleased to commence our highly anticipated 2018 drill program at Berenguela.

“Last year’s results were nothing short of spectacular and we believe that the 2018 targets will further improve the quality of the Berenguela deposit.

“We have an opportunity to test numerous, high-grade extensions of the central deposit, as well as deeper targets which have been left untested in previous campaigns.

“The Central deposit will be further reinforced by the results of the scoping study due out later this month. We are also very excited to mobilise a diamond rig to Corona in the near future, which has the potential to be transformative to the project.”

Second drill rig to also be mobilised

A second rig will be mobilised to drill a further 20 holes, for a total of 3,000 metres across the new Corona discovery area.

The 3,000 metres to be drilled at Corona will target high-grade, Berenguela-style mineralisation, as well as cobalt anomalies.

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Mon, 18 Jun 2018 12:48:00 +1000 http://www.proactiveinvestors.com.au/companies/news/198990/valor-resources-drill-rig-mobilising-to-site-198990.html
<![CDATA[News - Valor Resources secures contractor for 7,000-metre drill program ]]> http://www.proactiveinvestors.com.au/companies/news/197585/valor-resources-secures-contractor-for-7000-metre-drill-program-197585.html Valor Resources Ltd (ASX:VAL) has signed a contract with AKD Drilling to conduct the 2018 drilling campaign at its flagship Berenguela Copper-Silver Project in Peru.

The 7,000-metre program will include 3,000 metres of diamond drilling at the Corona target.

The Corona discovery indicates a possible extension to the existing Berenguela central deposit located 1,500 metres away.

Pre-drilling exploration at Corona has identified at-surface copper and silver mineralisation as well as significant cobalt anomalies.

READ: Valor Resources continues to identify copper and silver at surface at project in Peru

The first drill rig is expected to be mobilised in the month of June 2018.

The average depths of drilling at Corona and Berenguela will be 150 to 250 metres with drilling at the Berenguela central deposit going as deep as 500 metres.

Valor’s chairman Mark Sumner said: “The discovery of high grades at our Corona target has resulted in the reshaping of our exploration and drilling strategy, as the area is larger and more prospective than originally indicated.

"The current program design will allow us to drill test Corona copper-silver-manganese-cobalt targets, as well as test deeper targets within Berenguela Central.

"The high-grade nature of the Corona mineralisation at surface, coincident with the geophysical (IP) anomaly is exciting and drilling will allow us to quantify the potential of this deposit.

"Deeper targets at Berenguela Central also need to be tested to better define the vertical extent of the copper-silver deposit, especially where historical drillholes finished in mineralisation.

“…just a small piece of a much larger mineralised copper system.”

"The potential at Corona is extraordinary and we believe the targets delineated will support the Company’s thesis, that Berenguela Central is just a small piece of a much larger mineralised copper system.”

Final draft of scoping study received

Valor has received a final draft of a revised scoping study, which is expected to be released next month in June.

The release has been delayed because some of the input parameters had been changing positively due to the aggressive nature and speed of exploration developments at Berenguela and Corona.

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Thu, 24 May 2018 08:17:00 +1000 http://www.proactiveinvestors.com.au/companies/news/197585/valor-resources-secures-contractor-for-7000-metre-drill-program-197585.html
<![CDATA[Media files - Valor Resources promotes Peru projects during Australasian roadshow ]]> http://www.proactiveinvestors.com.au/companies/stocktube/9116/valor-resources-promotes-peru-projects-during-australasian-roadshow-9116.html Fri, 20 Apr 2018 18:53:00 +1000 http://www.proactiveinvestors.com.au/companies/stocktube/9116/valor-resources-promotes-peru-projects-during-australasian-roadshow-9116.html <![CDATA[News - Valor Resources continues to identify copper and silver at surface at project in Peru ]]> http://www.proactiveinvestors.com.au/companies/news/194994/valor-resources-continues-to-identify-copper-and-silver-at-surface-at-project-in-peru-194994.html Valor Resources Ltd (ASX:VAL) continues to identify high-grade copper and silver mineralisation at surface within the Corona target of its Berenguela project in Peru.

The Corona target sits 1,500 metres southwest of the main Berenguela Central deposit.

High concentrations of copper and silver with a similar style of mineralisation to Berenguela have been identified at Corona, expanding the size of the project area to the west.

Valor likely to extend surface sampling to border

Grades of up to 1.7% copper and 500 g/t silver have been recorded.

Valor chairman Mark Sumner said: “As we continue our efforts at Corona, it is becoming clear that the copper and silver mineralised system at surface extends much further west than we originally anticipated.

“We will continue the detailed geological mapping exercise, as well as sampling at Corona.

“It’s likely we will continue to test the Corona target all the way to our property boundary.”

The company is also taking important steps towards commercialisation of the project as it approaches commencement of a pre-feasibility study (PFS) in June/July of this year.

Interest from potential off-take partners

Valor has received interest from globally recognised copper and silver offtake partners.

READ: Valor Resources attracts investors as exploration news flows from Peru

The company is in discussions with some of these parties, the results of which could assist in supporting the upcoming scoping study process and PFS.

The scoping study is being completed in conjunction with these discussions and Valor expect to release the results in the coming weeks.

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Mon, 16 Apr 2018 10:23:00 +1000 http://www.proactiveinvestors.com.au/companies/news/194994/valor-resources-continues-to-identify-copper-and-silver-at-surface-at-project-in-peru-194994.html
<![CDATA[News - Valor Resources attracts investors as exploration news flows from Peru ]]> http://www.proactiveinvestors.com.au/companies/news/194208/valor-resources-attracts-investors-as-exploration-news-flows-from-peru-194208.html Valor Resources (ASX:VAL) is continuing its positive momentum in Peru with a scoping study due soon, a drilling program funded and set to commence in May and a pre-feasibility study planned for mid-year.

Valor executive chairman Mark Sumner speaks to Proactive Investors’ Danielle Doport

The Berenguela Copper Silver Project

The Berenguela Copper Silver Project is an advanced stage exploration project in the Puno Department of southern Peru.

A main rail line runs within the southern boundary of the project land package, which runs about 380 kilometres to the Port of Matarani, a major commercial port on Peru’s southern coast.

Valor has completed over 9,100 meters of infill and expansion drilling, building on Berenguela's extensive exploration history, which includes over 30,000 meters of historical drilling.

Significant potential for resource expansion

The Berenguela Copper-Silver Project hosts a 45.9 million tonne JORC resource grading 1.27% copper equivalent.

The resources include over 772 million pounds of contained copper and over 127 million ounces of contained silver.

It is worth noting that the project has a significant potential for resource expansion, as the current deposit only occupies about 2.1% of the total 6,594-hectare land package.

READ: Valor Resources Corona prospect adds cobalt prospectivity to Berenguela

Last week, Valor identified a significant cobalt anomaly at the recently discovered Corona prospect.

Corona is 1500 metres from the company’s main Berenguela project and it is part of that concession.

High-grade copper and silver mineralisation has been encountered at Corona, suggesting it could provide an extension to the central Berenguela deposit.

Recent samples exceeded 231 ppm cobalt

First cobalt assays have been received which have identified increasing cobalt grades at surface associated with a significant geophysical anomaly at about 100 metres.

Historical samples show this area has yielded cobalt in the past with grades as high as 600 parts per million (ppm) cobalt, and recent samples have exceeded 231 (ppm) cobalt.

Moreover, further high-grade copper and silver mineralisation within the Corona project area continues to materialise at surface.

Well-funded for its next drill program

Management sees the discovery of cobalt grades at surface, associated with a significant geophysical anomaly, as a compelling development.

Valor chairman Mark Sumner said last week: “We expect this trend to continue as we move southwest across the Corona area and we expect cobalt grades to increase with depth.

“Assay results are pending from both Corona and Berenguela, and we will continue to report results through to the re-commencement of drilling which starts in about six weeks.”

Valor is well funded for its next drill program which will add further value and scale to its projects within the Berenguela concession.

The company’s scoping study is due soon and a pre-feasibility study is planned for mid-year.

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Wed, 04 Apr 2018 15:24:00 +1000 http://www.proactiveinvestors.com.au/companies/news/194208/valor-resources-attracts-investors-as-exploration-news-flows-from-peru-194208.html
<![CDATA[News - Valor Resources Corona prospect adds cobalt prospectivity to Berenguela ]]> http://www.proactiveinvestors.com.au/companies/news/193742/valor-resources-corona-prospect-adds-cobalt-prospectivity-to-berenguela-193742.html Valor Resources Ltd (ASX:VAL) has identified a significant cobalt anomaly at the recently discovered Corona prospect in Peru.

Corona is 1500 metres from the company’s main Berenguela project and it is part of that concession.

High-grade copper and silver mineralisation had already been encountered at Corona, suggesting it could provide an extension to the central Berenguela deposit.

Historical samples show this area has yielded cobalt in the past with grades as high as 600 parts per million (ppm) cobalt, and recent samples have exceeded 231 (ppm) cobalt.

Copper and silver also prominent

First cobalt assays have been received which have identified increasing cobalt grades at surface associated with a significant geophysical anomaly at approximately 100 metres.

Further high-grade copper and silver mineralisation within the Corona project area continues to materialise at surface.

This is important in terms of the potential scalability of the Berenguela project.

Copper values as high as 1.2% copper and silver values up to 136 g/t silver were delineated.

With regard to cobalt values, management notes that they increase from the Corona area and display a positive correlation to iron concentrations.

Material growth in at surface mineralisation

The Corona strike length is growing and surface mineralisation remains open.

The surface sampling campaign has been expanded to better define resource footprint, extending the drilling potential at Corona.

Valor chairman Mark Sumner said: “The copper grades from this round of sampling continue to be very solid and the increasing cobalt values indicate a potential transition in mineralisation.

“This new area of Corona displays an increase in iron content and with the increase in iron we are witnessing an incremental increase in cobalt values.”

Cobalt grades to increase at depth

Management sees the discovery of cobalt grades at surface, associated with a significant geophysical anomaly, as a compelling development.

Sumner said: “We expect this trend to continue as we move southwest across the Corona area and we expect cobalt grades to increase with depth.

“Assay results are pending from both Corona and Berenguela, and we will continue to report results through to the re-commencement of drilling which starts in about six weeks.”

Valor is funded for the next round of drilling.

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Mon, 26 Mar 2018 10:16:00 +1100 http://www.proactiveinvestors.com.au/companies/news/193742/valor-resources-corona-prospect-adds-cobalt-prospectivity-to-berenguela-193742.html
<![CDATA[Media files - Valor Resources continues momentum with promising Peru projects ]]> http://www.proactiveinvestors.com.au/companies/stocktube/8931/valor-resources-continues-momentum-with-promising-peru-projects-8931.html Thu, 22 Mar 2018 16:10:00 +1100 http://www.proactiveinvestors.com.au/companies/stocktube/8931/valor-resources-continues-momentum-with-promising-peru-projects-8931.html <![CDATA[News - Valor Resources samples copper and silver suggesting resource expansion, drilling to follow ]]> http://www.proactiveinvestors.com.au/companies/news/192799/valor-resources-samples-copper-and-silver-suggesting-resource-expansion-drilling-to-follow-192799.html Valor Resources Ltd (ASX:VAL) has sampled high-grade copper and silver mineralisation at surface extending resource boundaries of the Berenguela Central deposit in Peru.

Sampling results clearly demonstrate the potential for expanding the Berenguela Central strike length significantly.

The high-grade copper and silver samples at surface were taken from outside the deposit boarders to the north, south, east and west.

Copper grades from the collected samples assayed as high as 1.34% and silver grades ranged up to 166 g/t silver.

The Berenguela Copper-Silver Project in Peru hosts a 45.9 million tonne JORC resource grading 1.27% copper equivalent.

The project consists of two mineralised areas, Central and Corona, currently only Central has a JORC resource.

READ: Valor Resources identifies Berenguela style copper-silver mineralisation at Corona

Mark Sumner, chairman, said: “Our ongoing exploration activities are delivering excellent outcomes, and the discovery of further high grade mineralisation at surface outside the current borders of Berenguela Central is evidence of this.

“Excellent copper and silver values indicate that the strike length of Berenguela Central will continue to increase.

“Sampling is continuing at Berenguela and at our recently discovered Corona prospect and this is helping us plan for the next drill program, which will begin in May.”

Further assays expected, scoping study this month

More assay results from sampling will be reported over the short term and the 2018 drill program is expected to commence in May of 2018.

Furthermore, Valor plans to release its scoping study this month.

Valor is well funded for its next drill program which will add further value and scale to its projects within the Berenguela concession.

Sampling is to confirm drill targets for upcoming campaign

The sample program, which consisted of 43 rock chip samples, was designed to confirm the extension of the deposit.

Sample locations were selected to both confirm drill targets for the planned 2018 drill program, as well as confirm surface mineralisation outside the current resource area.

Results of the program have now confirmed mineralised extensions of Berenguela Central outside the current resource borders.

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Thu, 08 Mar 2018 09:48:00 +1100 http://www.proactiveinvestors.com.au/companies/news/192799/valor-resources-samples-copper-and-silver-suggesting-resource-expansion-drilling-to-follow-192799.html
<![CDATA[News - Valor Resources identifies Berenguela style copper-silver mineralisation at Corona ]]> http://www.proactiveinvestors.com.au/companies/news/192222/valor-resources-identifies-berenguela-style-copper-silver-mineralisation-at-corona-192222.html Valor Resources Ltd (ASX:VAL) has released the first results from a surface sampling campaign within the Corona area of its Berenguela copper-silver project located in Peru.

Mineralisation has been identified at surface,1,500 metres south-west of Berenguela Central, within the Berenguela concession package.

This discovery indicates a possible significant extension to the existing Berenguela Central deposit.

Similarities in mineralisation

Sampling from Corona confirmed extensive Berenguela-style mineralisation at surface across a substantial area, similar in size to Berenguela Central.

Further sampling results are expected in coming days, and in the interim management has applied for drilling permits.

Opportunity to add new deposit to project

Management sees the prospect of adding a completely new deposit to the Berenguela project.

Mark Sumner, chairman, said: “The high-grade copper and silver mineralisation encountered within the Corona area is indicative of further Berenguela-style, near-surface, mineralisation, less than 1,500 metres from the Central deposit area.

“The outcropping mineralisation at Corona is very similar to the surface outcrops previously identified at Berenguela Central.

“Hence we believe that this is an opportunity to add a completely new deposit to the project within close proximity to Berenguela.

"We believe Corona has the potential to add significant resources to the Berenguela project.”

Near term catalysts

With further sampling results pending, confidence around the potential development of the project could increase.

Having increased the resource at Berenguela by 80% since May 2017, the company has established a positive exploration track record.

READ: Valor Resources' measured resource adds confidence

Management expects to complete the additional sampling and design of the drill program in the coming weeks, and the company will aim to commence drilling in April/May.

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Tue, 27 Feb 2018 11:46:00 +1100 http://www.proactiveinvestors.com.au/companies/news/192222/valor-resources-identifies-berenguela-style-copper-silver-mineralisation-at-corona-192222.html
<![CDATA[News - Valor Resources strengthens board to support Berenguela development ]]> http://www.proactiveinvestors.com.au/companies/news/191807/valor-resources-strengthens-board-to-support-berenguela-development-191807.html Valor Resources Ltd (ASX:VAL) has appointed Dr Nicholas Lindsay as a non-executive director to its board.

Notably, Lindsay’s 30+ years of mining industry experience includes strong exposure to South America.

This will be well utilised as Valor advances its flagship Berenguela Copper-Silver Project in Peru.

READ: Valor Resources secures vote of confidence from largest shareholder

Mark Sumner, chairman, said: “We are delighted to have secured the services of Dr Lindsay, particularly at this stage in project development at Berenguela.

“Nick’s expertise in metallurgy and commercial development of copper and silver projects in South America will bring a massive value add to the Valor team.”
Further to senior roles in Peru, Chile and Argentina, Dr Lindsay has also held positions in the former Soviet Union, South Africa and Australia.

Follow-up drilling to commence

Valor will get an early opportunity to utilise Lindsay’s expertise as the company is expected to begin to commence the follow-up drilling campaign at Berenguela.

Furthermore, Valor expected to update its scoping study and push towards a project feasibility study before the end of financial year.

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Mon, 19 Feb 2018 12:14:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191807/valor-resources-strengthens-board-to-support-berenguela-development-191807.html
<![CDATA[News - Valor Resources secures vote of confidence from largest shareholder ]]> http://www.proactiveinvestors.com.au/companies/news/191037/valor-resources-secures-vote-of-confidence-from-largest-shareholder-191037.html Valor Resources Ltd’s (ASX:VAL) largest shareholder SSR Mining Ltd has agreed to extend the end date of a minimum capital raising by Valor.

Valor had settled the acquisition of the Berenguela Copper-Silver Project in Peru from SSR Mining in May 2017.

READ: Valor Resources builds value at flagship Peru copper project

As part of the terms of the acquisition, it was agreed that Valor would raise a minimum of US$8 million by 13 February 2018 to adequately fund the initial phases of the project.

Due to the success of Valor’s recent exploration program at Berenguela, as well as Valor successfully raising circa US$4.8 million in the past 12 months, SSR and Valor have agreed to extend the end raising date until 13 November 2018.

Valor will proceed with the vendor payment, as scheduled, on 13 February 2018.

Increasing confidence in the copper-silver project

Valor recently achieved a number of important milestones, including the completion of a successful drill program delivering the highest grade results ever seen at the project.

The total resource increased 80% to 45.9 million tonnes grading 1.27% copper equivalent.

READ: Valor Resources' measured resource adds confidence to copper silver project

Mark Sumner, chairman, said: “We are obviously very pleased with this vote of confidence from our largest shareholder, SSR Mining.

“SSR originally set the capital raising minimum to ensure that VAL would properly fund the exploration and development of the Berenguela project.

“VAL has delivered extraordinary results over the 2017 field season, which has resulted in a massive overall increase in the JORC Resource estimate.

“SSR has recognised this effort by agreeing to the extension of the minimum raising date.

“VAL has delivered excellent results at Berenguela since May of 2017 and we believe there is still a lot of value to unlock from here.”

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Fri, 02 Feb 2018 11:27:00 +1100 http://www.proactiveinvestors.com.au/companies/news/191037/valor-resources-secures-vote-of-confidence-from-largest-shareholder-191037.html
<![CDATA[News - Valor Resources builds value at flagship Peru copper project ]]> http://www.proactiveinvestors.com.au/companies/news/190863/valor-resources-builds-value-at-flagship-peru-copper-project-190863.html Valor Resources Ltd (ASX:VAL) continues to build value by advancing its Berenguela Copper-Silver Project in Peru.

The company recently achieved a number of important milestones, including the completion of a successful drill program delivering the highest grade results ever seen at the project.

The 66-hole, 9,570-metre drill program resulted in a substantial increase in the JORC resource.

READ: Valor Resources' measured resource adds confidence to copper silver project

The total resource increased 80% to 45.9 million tonnes grading 1.27% copper equivalent.

The resource upgrade was supported by drill results including 11 metres at 1.96% copper, 23 metres at 1.39% copper and 39 metres at 1.01% copper.

Working towards feasibility study by end of year

Mark Sumner, chairman, said: “We look to continue this momentum into 2018 by providing an update to the project scoping study, commencing a follow on drill campaign at Berenguela and push towards a project feasibility study by the end of financial year.

“We also look forward to updating the market on the results of the recently completed surface sampling program as they become available.

“Initial results are most encouraging and give us further confidence that Berenguela is shaping up to be a very large Peruvian copper play.” 

Surface sampling testing large outcrops

A surface sampling program has been completed to test large outcrop formations at the project.

Results expected in the near term.

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Wed, 31 Jan 2018 09:59:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190863/valor-resources-builds-value-at-flagship-peru-copper-project-190863.html
<![CDATA[News - Valor Resources' measured resource adds confidence to copper silver project ]]> http://www.proactiveinvestors.com.au/companies/news/189626/valor-resources-measured-resource-adds-confidence-to-copper-silver-project-189626.html Valor Resources Ltd's (ASX:VAL) shares have climbed 13.6% to $0.025 in morning trade on heavy volume after delivering a maiden measured resource for the Berenguela Copper-Silver Project in Peru.

The grades compare well with other large volume producers in the Andean copper belt, and the total resource increased 80% to 45.9 million tonnes at 1.27% copper equivalent.

Breaking down the resource, copper increased 37% to 772 million pounds.

Silver also gained 37% to 127 million ounces, and zinc climbed 45% to 286 million pounds.

Maiden measured resource adds confidence

Berenguela has the potential to be developed into a low-cost project due to the shallow mineralisation which is even visible and accessible at surface.

READ: Valor Resources strives to bring low-cost Peruvian copper project into production

Mark Sumner, Valor Chairman, stated: “Berenguela is a much larger deposit since we commenced our initial work program in July of 2017, but we are also very pleased with the addition of the Maiden Measured Resource.

“This now represents more than 16% of total resources and brings much greater geological certainty to the deposit, providing the company with a strong foundation to proceed with further drilling and more advanced project studies.”

Grades compare well with Glencore’s Antapaccay

The Berenguela project is one of a number of deposits and producing assets situated along an extensive copper belt in the Andean region.

Valor is pleased with the way that the company’s grades are stacking up against producers that have mines in production in the broader region.

Of particular note is Glencore’s Antapaccay-Tintaya asset which is within the same mineralised trend as Berenguela.

Sumner said: “Antapaccay mines copper from measured and indicated resources of 0.47% copper, only benefiting from a nominal gold credit and very small silver credit.”

Valor’s updated resource features a measured copper grade of circa 1%, and 0.76% in relation to the total resource.

Taking into account silver and other base metal credits the total copper equivalent grade is 1.27%.

Updated mineral resource to positively impact upcoming scoping study

The updated mineral resource will feed into the company’s upcoming scoping study which is due to be published shortly, with the expectation that it will improve production metrics.

The company also believes that the scoping study will reflect an extended mine life.

This could potentially be enhanced should known mineralised extensions bear fruit.

It would appear that this is one of a number of possible catalysts.

Sumner said: “A steady flow of news is expected in the coming weeks and months covering both exploration and project development initiatives.”

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Tue, 09 Jan 2018 11:11:00 +1100 http://www.proactiveinvestors.com.au/companies/news/189626/valor-resources-measured-resource-adds-confidence-to-copper-silver-project-189626.html
<![CDATA[News - Valor Resources strives to bring low-cost Peruvian copper project into production ]]> http://www.proactiveinvestors.com.au/companies/news/188481/valor-resources-strives-to-bring-low-cost-peruvian-copper-project-into-production-188481.html Valor Resources Ltd (ASX:VAL) emerged in February 2017, having undergone a name change from Carajas Copper (ASX:CJC), and acquired the Berenguela Copper-Silver-Manganese Project located in Peru.

The new look group also made significant board changes including the appointment of Ernesto Osorio as chief operating officer.

His experience in transitioning South American companies from explorers to producers is expected to be valuable.

The Berenguela project is situated in a district that hosts some of the country’s largest metals mines and world-class deposits.

Should the project progress to the development stage, access to power, water and transport infrastructure will work in its favour.

Surrounding geological trends provide promise

In terms of nearby geological trends, the project is positioned where a copper-gold porphyry skarn belt merges with an epithermal gold belt, host to some substantial copper and copper-gold deposits.

Six projects hosting a total contained copper resource of more than 13 million tonnes are operated by multinational mining groups such as Glencore plc (LON:GLEN) and MMG Ltd (HKG:1208).

They virtually form a straight line from Las Bambas (7.7 million tonnes of contained copper) in the north to Buenaventura (7 million ounces of contained gold), south-west of Puno.

In terms of proximity, the Berenguela project lies to the north-west of Puno, trending towards the southern end of the copper-gold belt. 

Valor to benefit from extensive exploration data

The advanced stage Berenguela Project had a JORC 2012 compliant Indicated and Inferred Resource when the project was acquired.

An extensive drilling program resulted in a substantial upgrade in the resource in October, including a 44% increase in the total Indicated Resource.The total Indicated and Inferred Resource increased 18%, representing an uptick of 4 million tonnes.

The resource now boasts 257,000 tonnes of contained copper and 93 million ounces of contained silver. Another important aspect of the resource upgrade in the current environment was the inclusion of circa 90,000 tonnes of contained zinc.

Valor has taken a measured approach to exploration spending, and to achieve a significant resource upgrade for a modest outlay of $2.3 million provides confidence going forward.

This is particularly important given that only 2% of its 6600-hectare land package has been explored.

At surface and shallow mineralisation remains focus

In discussing the project recently with Mark Sumner, chairman of Valor, he said the company had no intention to target ore at greater depths.

He said that the ready presence of surface and near-surface ore should provide the opportunity to develop a low-cost open cut project in a relatively short time frame with minimal exploration expenditure.

The at surface drilling results are impressive with multiple intersections of more than 50 metres grading between 1.4% and 1.9% copper at zero metres.

By quickly moving to low-cost production the company can benefit from near-term cash flow, allowing it to weigh up its options regarding further step out exploration, or longer-term plans to assess the economic viability of an underground project.

Further exploration is expected to result in near-term value drivers such as another resource upgrade and an updated scoping study with the latter expected to be completed by early February.

A 7000-metre resource extension drill program is planned to commence in March/April which will provide data to assist the company in commencing its pre-feasibility study in June.

Copper price plays havoc with October resource update

Positive drilling results featuring high-grade copper and silver intercepts were announced in the lead up to the October resource update.

These results were the catalyst for an 80% spike in the company’s shares as they increased from $0.025 cents at the start of October to hit an intra-day high of $0.045 on the day prior to the resource update being announced.

In what appeared to be a mix of bad timing, profit-taking and perhaps overly upbeat expectations from drill results, the company’s shares fell after the update.

However, this has been under relatively low volumes compared with the heavy buying that occurred between August and September when the share price increased five-fold from $0.007 to $0.035.

It is worth tracking the movement in the copper price since the resource update.

The start of the retracement in the copper price coincided to the day with the release of Valor’s resource update.

Copper’s six-month hot streak from circa US$2.50 per pound to US$3.20 per pound came to a halt in mid-October.

The price appeared to stabilise in mid-November, and this was reflected in the company’s share price.

However, as the copper price plunged again from US$3.16 per pound to $2.96 per pound over the last two weeks Valor has come under further pressure.

Copper grades and volumes key factors in resource expansion

This tends to indicate that the company is no longer viewed as a polymetallic play but one that is largely leveraged to copper.

Management has indicated that this is the direction the company will be heading in as it looks to improve grades and volumes of copper while still reaping the benefits of silver credits.

This time there hasn’t been the hype leading up to the resource update, and in fact it could be argued that the sell-off, which has seen the company’s shares recently slip below $0.02 has been overdone.

Consequently, should Valor be able to win back the confidence of investors with a promising update there is the potential for a positive rerating.

 

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Fri, 08 Dec 2017 08:36:00 +1100 http://www.proactiveinvestors.com.au/companies/news/188481/valor-resources-strives-to-bring-low-cost-peruvian-copper-project-into-production-188481.html