EV Resources Limited (ASX: EVR) has reached agreement to acquire a 70% share of the Parag Copper-Molybdenum project in Peru.
This transaction secures EVR an advanced copper project with substantial historical drilling, and a Mining Licence that will position EVR’s growing copper portfolio as the focal point of the company’s activities.
The Parag Project totals 1399 hectares and is located 145km north of Lima in the province of Huaura. It is accessed by sealed roads as far as Sayán, unsealed roads to Churin, and the final 75km on dirt tracks. The overall distance by road from Lima is 350 km, with travel time of about eight and a half hours. The terrain consists of open hills, above the tree line, with an average elevation of 4,700m.
The project was explored in two phases, first in the 1980s culminating in 8,300m of drilling and again in 2011 with an additional 10,170m of drilling. An extensive area anomalous in Copper and Molybdenum has been defined by channel sampling. Historically, attention was focused on several mineralized breccias although other lithologies on site are mineralized, notably Hornfels and Dacite Porphyry.
Historical drilling suggests the presence of an economic copper-molybdenum orebody, with significant value contributed by the molybdenum, currently more than five times the price of copper. Minor quantities of silver and gold have been recorded in most drill holes. EVR’s plan is to move rapidly towards defining a shallow resource on the breccias whilst developing a deeper, longer-term, porphyry copper target.
The project was initially explored by the Gubbins family in the 1980s. They undertook mapping and took 196 grab samples for geochemistry. Gubbins drilled 55 diamond holes for a total of 8,293m. The holes were relatively shallow, the deepest being 333.90m. There are references in their files to IP work done at this time, but this data is not available.
For further information please visit: https://evresources.com.au/
