Investors have gone on a buying frenzy of diversified explorer Valor Resources today after extraordinarily high copper and silver hits at its Berenguela project in southern Peru.
The stock (ASX:VAL) is one of the best movers today on the ASX, soaring as much as 56 per cent in morning trade to an intraday high of 2.8c with close to 53 million shares traded by 11:30am AEST.
The reason for the soaring share price? The Perth-based company released high grade intercepts from one drill hole which included several intervals with silver grades exceeding the lab test limits of 4,000 grams per tonne.
Best results from the drill hole include 8 metres grading at 2.95 per cent copper and 2,161.23 grams per tonne silver including a 3 metre interval grading at 5.42 per cent copper and silver over 4,000 grams per tonne.
The drilling is part of a 66 drill hole program currently taking place at Berenguela for 9,570 meters drilled.
Valor chairman Mark Sumner said further testing was required to obtain the full silver values from the drill hole.
“The extraordinarily high copper and silver grades out of this drill hole further supports our view that Berenguela is shaping up to be a project of exceptional quality,” he said.
“The drill program has delivered outstanding results, but the data delivered from this drill hole has delineated a high-grade zone within the Berenguela deposit. We believe this zone is the focus of the next leg of exploration potential to add to the exciting prospects discovered to date.”
Berenguela is an advanced stage copper-silver project located in the Puno District of Peru.
The project has a JORC compliant mineral resource of 15.6 million tonnes at 132 grams per tonne silver and 0.92 per cent copper (Indicated) and 6 million tonnes at 111 grams per tonne silver and 0.74 per cent copper (inferred).
Mineral resources are categorised in order of increasing geological confidence as inferred, indicated or measured.
The current resource base covers an area of approximately 140 hectares, which accounts for only 2.1 per cent of the total 6,594 hectares of exploration concessions in Valor’s land package.
Valor has cash of just under $2 million and a market cap of $12 million.
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