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.