Buoyed by a successful exploration program in 2021, Valor has moved to expand the size of its Picha copper-silver project in Peru.

Valor Resources (ASX:VAL) is focused on exploring for copper-silver in Peru, and uranium in Canada.

It’s total landholding (both granted and applied) at Picha in Peru has now increased to about 200sqkm after applying for four concessions in 2022 totalling 35sqkm.

This latest set of concessions include the new Chullunquaini target area, which hosts historical mine workings.

Interpretation of data from an induced polarisation survey completed late last year is well underway and due to be completed in early February.

Previous exploration such as channel and rock chip sampling had returned intriguing results with 15.75m grading 0.7% copper, 233.2 grams per tonne (g/t) silver and 2.95% lead and 7.2m at 1.18% copper and 27.1g/t silver at Cumbre Coy, 4m at 1.48% copper and 12.3g/t silver at Maricate and 0.5m at 1.88% copper and 80.9g/t silver at Fundicion.

Upcoming work

Valor expects to start fieldwork on the nine new concessions in the second quarter.

This will initially include reconnaissance geological mapping and geochemical surface sampling.

The remaining seven mining concessions applied for in 2021 which cover the target areas of Huancune, where sulphides have been observed within a breccia, and the newly identified Ichucollo and Occsani targets, are expected to be granted this year.

Additionally, the permitting is well underway for a drill program later this year.

It’s yellowcake time

A drill rig is also making its way to Valor’s Hook Lake Uranium Project in the Athabasca Basin, the highest-grade uranium district in the world, where the company will kick off a 2,000m drill program targeting the main S Zone.

“We are also doing data compilation and interpretation on our five other properties on the basin so it’s going to be an exciting year,” Valor boss George Bauk told Stockhead earlier this month.

“So much is happening in the Athabasca basin, there is going to be a lot of news flow and a lot of activity on the ground.”




This article was developed in collaboration with Valor Resources, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.