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  • Valor Resources (VAL) receives sampling results from the Picha and Charaque projects in Peru
  • The company confirmed three new targets at the Picha project, all of which returned high grades including 2.69 per cent copper, 200 ppm molybdenum, and 5.57 per cent lead
  • At the recently acquired Charaque project, the Huallatani target returned 538 g/t silver and 19.5 per cent lead while the Arco target returned up to 929 g/t silver
  • Valor is planning a 5000-metre diamond drilling program and follow-up work such as sampling and mapping
  • VAL shares are up 28.6 per cent to trade at 0.9 cents at 11:20 am AEST

Valor Resources (VAL) has received results from sampling conducted at the Picha and Charaque projects in Peru.

Picha project

The company collected 15 samples from the Picha project with three taken from the Huancune target where previous channel sampling returned assays up to 3.95 per cent copper.

The rest of the samples were collected from new target areas including Chullunquiani, Ichucollo and Occsani.

Samples from the Ichucollo target returned assays up to 2.69 per cent copper and a molybdenum assay of 392 parts per million (ppm).

The Occsani target returned values of 2.14 per copper in a channel sample and rock samples returned 92 grams per tonne (g/t) silver, 2.48 per cent copper and 200 ppm molybdenum.

At the Chullunquiani target, two channel samples returned high grade lead and zinc of 5.57 and 5.33 per cent, respectively.

Executive Chairman George Bauk said Picha is becoming an “exciting” project in a world-class gold-copper-silver province.

“The results of the 2021 exploration program completed by our Peruvian team have been
exceptional, which has led to the definition of a significant number of drill targets, with phase one comprising eight holes to an average depth of around 600 metres,” he said.

Charaque project

The recently acquired Charaque project lies 30 kilometres northeast of the Picha project and comprises eight claims which cover a 60-square-kilometre area.

Valor collected 16 samples from Charaque which mainly focused on the Huallatani and Arco targets.

Six samples of mine dump material from Huallatani returned assays up to 43.2 g/t silver and 0.58 per cent zinc. One channel sample assayed 538 g/t silver and 19.5 per cent lead.

Eight samples were taken from the Arco target, five of which returned assays up to 60 g/t silver and peaked 929 g/t silver. Non-silver results included 0.98 per cent copper, 1.62 per cent lead and 0.98 per cent zinc.

A 5000-metre diamond drilling program is planned to commence in the September quarter and follow-up work, including further surface sampling, geological mapping and ground geophysics, will be undertaken.

VAL shares were up 28.6 per cent to trade at 0.9 cents at 11:20 am AEST.

VAL by the numbers
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