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.
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.”