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.
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.