Picha

Overview

The Picha Project (100% Valor) is a Copper-Silver exploration project, located in the Moquegua and Puno Departments of southern Peru. The Picha Project comprises thirteen granted mining concessions for a total of 9,800 hectares (98 km²), as well as an additional 10,200 hectares (102km²) staked and currently awaiting title as mining concessions. Picha is located approximately 17km ENE of Buenaventura’s San Gabriel Au-Cu-Ag Project, which reports an Indicated and Inferred resource of 7.6 million ounces Au equivalent (132.7Mt @ 1.8 g/t AuEq)*.

The Picha Project is considered highly prospective for at least four different styles of mineralisation:

Epithermal polymetallic vein
Stratabound mineralisation
Carbonate Replacement deposits (CRD)/Skarns
Porphyry copper mineralisation

Valor Exploration program 2021

Detailed geological mapping program – 2000 hectares, focused on five key target areas – Cumbre Coya, Cobremani, Maricate, Fundicion and Timillo
Geochemical sampling program:
- 259 channel and 145 rock chip samples collected
- Multiple significant channel and rock chip sample assay results including:
- 6m @ 1.3% Cu and 22.85g/t Ag – channel sample (Cobremani)
- 6m @ 1.95% Cu and 29.5g/t Ag – channel sample (Maricate)
- 5m @ 0.49% Cu and 6.37g/t Ag – channel sample (Cumbre Coya)
- 75m @ 0.70% Cu, 233g/t Ag and 2.95% Pb – channel sample (Cumbre Coya)
- 5m @ 1.88% Cu and 80.9g/t Ag – channel sample (Fundicion).
IP/Resistivity survey covering 57 line kms and ground magnetic survey covering 204 line kms:
- Large IP anomaly identified – anomaly reflects potential sulphide mineralisation at depth relating to a large porphyry body.
- The IP anomaly is approximately 2km long in a north-south direction and 2km across at its widest point (NE-SW orientation).
- Widespread surface copper mineralisation coincident with the chargeability (IP) anomaly provides an extensive and exciting drill target.
Spectral study of 74 rock samples indicates alteration zones proximal to porphyry-type deposits – five spectral anomalies identified.

Current program

Several new targets identified including Chullunquiani (with historical workings), Occsani, Ichocollo, and Pacojuhua. New targets confirmed with assay results:
- Ichucollo Target – channel samples (2m x 0.20m) up to 2.69% Cu and selective rock chips of 2.43% Cu, 1.34% Cu and 394ppm Mo
- Occsani Target – channel samples (0.5m x 0.2m) up to 2.14% Cu and rock chip samples up to 2.48% Cu, 92g/t Ag and 200ppm Mo
- Chullunquiani Target – channel samples (0.5m x 0.2m) up to 5.57% Pb and 5.33% Zn
Previously identified Huancune target confirmed with multiple channel samples >1% Cu and up to 3.95% Cu
All targets occur within a northeast-southwest trending corridor which includes Buenaventura’s San Gabriel Project (7.6 Moz AuEq)
Ongoing geological mapping and sampling focused on the Ichucollo Target.
Follow-up ground induced polarisation/resistivity survey planned at Ichucollo and Huancune targets
Maiden drilling program planned for 2022, with 5,000m of drilling proposed at the Cobremani, Cumbre Coya, Maricate and Fundicion targets to test surface mineralisation and IP anomaly. Permitting process well advanced, awaiting government approvals.

* Sourced from “The discovery and resource development of the Canahuire gold-copper-silver deposit, Chucapuca Project, southern Peru” – NewGenGold 2011 Conference proceedings, case histories of discovery

Picha Project – surface copper mineralisation and IP anomaly

View looking northwest towards the Ichucollo target