Valor Resources Limited (ASX:VAL) has obtained promising rock chip samples from the Ichucollo target at the company’s Picha Project in southern Peru.
A total of 113 channel and selective rock chip samples have been collected at Ichucollo between April and May this year, and assay results have now been received.
Further sampling was undertaken at Ichucollo following assay results reported in the Company’s ASX announcement dated 3rd June titled “Significant Cu-Ag results over 2% copper and up to 929g/t silver”.
Of the 113 samples taken at Ichucollo, 32 assayed >0.5% Cu, all of which were channel samples, with individual channel samples up to 7.75% Cu and 99g/t Ag.
Mineralisation is mostly associated with argillic altered andesitic volcanics (stratabound style) however there is potential for a porphyry at depth within this target area.
Many of the samples had elevated molybdenum (above 20ppm and up to 412ppm) providing further evidence for a potential porphyry copper mineralising system within the project area.
“The latest assay results again demonstrate the untested potential of the Picha Project with widespread copper mineralisation discovered across the new Ichucollo target area,” Executive Chairman, George Bauk, said.
“The evidence continues to mount that we have an exceptional project with large scale porphyry copper potential. Approvals for the maiden drilling programme at Picha continue to advance with the current expectation that drilling will commence in October.
“Due to the timing of the approvals process, the maiden drilling programme will not include Ichucollo, but following the ground geophysics survey there in August, we expect to be drill testing this exciting new target early next year.
“The Picha Project has to date identified seven targets, each with their own merits that all warrant drilling. The new Ichucollo target is developing into the best target we have and we will now invest in the IP / Resistivity survey and will continue with ground work to develop the target further.
“Several analogues have been drawn with the San Gabriel deposit located within 7km of the southwest corner of our tenement holding and along a regional fault structure.”
For further information please visit: https://www.valorresources.com.au/
