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.”
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.
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.