Valor Resources Limited ("VAL" or the "Company") is very pleased to report the first results of the previously announced surface sampling campaign. VAL has identified significant high grade mineralisation at surface, approximately 1,500 metres southwest of Berenguela Central, within the Berenguela concession package, in an area called ‘Corona'.
Highlights:
• This discovery indicates a possible significant extension to the existing Berenguela central deposit. • VAL's Corona sampling campaign confirms extensive "Berenguela-style" mineralisation at surface across a substantial area, similar in size to Berenguela Central. • Drill permitting for Corona target is underway. • Further sampling results for Berenguela Central pending release in the coming days.Corona Sampling Highlights:
Cu (%) | Ag (g/t) |
2.79 | 431 |
1.69 | 78.48 |
1.37 | 55.60 |
1.19 | 72.40 |
0.81 | 61.50 |
0.63 | 124 |
Management Commentary:
Valor Chairman, Mark Sumner said: "The high-grade copper and silver mineralisation encountered within the Corona area is indicative of further Berenguela-style, near-surface, mineralisation, less than 1,500 metres from the Central deposit area. The outcropping mineralisation at Corona is very similar to the surface outcrops previously identified at Berenguela Central, so we believe that this is an opportunity to add a completely new deposit to the project within close proximity to Berenguela. We believe Corona has the potential to add significant resources to the Berenguela project and it is a very valuable discovery."
"We have always maintained that we have only scratched the surface at Berenguela and the mineralisation tested at Corona is clear evidence of this. Corona was discovered by utilising both historical exploration results, as well as a simple and inexpensive surface sampling and field mapping exercise. We will continue with more detailed field mapping of the Corona area, so we are fully prepared to test Corona in the next drilling program.
We have sample results pending from the Berenguela central area also, which will give us an idea of the potential for further at surface, high grade mineralisation. We expect to announce the central results a week from now.
Corona is a very exciting development for Valor. Since May 2017, we have increased resources at Berenguela by 80%, more than doubling contained copper and increasing contained silver resources to over 127 million ounces. We expect Corona to contribute significantly to the value of the Berenguela project in the coming months."
Sampling Program Overview:
The recent sampling campaign was designed to confirm the extension of the Berenguela Central deposit along the northern, southern and western borders. Sample locations were selected to both confirm and expand drill targets for the planned 2018 drill program. A total of 85 rock chip samples were taken across Berenguela Central and Corona to confirm mineralisation associated with manganese oxide mantles and veins. All samples were shipped to SGS labs in Lima for assay. The results of the program confirmed mineralised significant surface mineralisation at Corona.
Geologic Setting
The Berenguela property now consists of two mineralszed zones, Berenguela Central and Corona. The central deposit is bounded on the west by a northwest-southeast trending fault, this orientation is very typical for structural features in Peru. The Ocurviri Fault is the major fault that separates older Mesozoic and Paleozoic rocks from the younger Tertiary Tacaza Group. The Tacaza Group hosts most of the mineralisation at Berenguela Central and the Corona area is located within limestones of the Tacaza Group. The presence of the fault separating the central deposit from the Corona deposit allows for a larger diversity of mineralisation.
Corona Overview & Dimensions
Corona is a target approximately 1,500 metres from Berenguela central, separated by the Ocuviri Fault. Corona shows significant outcropping rock formations with geological characteristics similar to Berenguela central, indicating the presence of a surficial, "Berenguela-style" deposit. A total of 42 rock chips were taken from the Corona area, with 13 returning values of ³0.50% Cu, with multiple values above 1% and maximum copper values of 2.79% Cu. A total of 13 samples returned ³50 g/t Ag with values as high as 431 g/t Ag. The Corona exploration area is approximately 1,500 metres from the boarders of the Berenguela Central Deposit area. The current strike length is approximately 1,350 metres NW-SE and approximately 1,000 metres across North to South.
Next Steps
VAL is currently conducting a detailed field mapping exercise at Corona, as well as additional surface sampling to further define drill targets at Corona for the 2018 drill program. VAL expects to complete the additional sampling and design of the drill program in the coming 4-6 weeks. The Company will aim to commence drilling in April or May of 2018.