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

The company’s shares are trading about 14% higher intra-day, at 0.8 cents.
Drilling at the Berenguela Project in Peru
Drilling at the Berenguela Project in Peru

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.

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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