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- Valor Resources (VAL) secures environmental approval for drilling at its Picha copper project in Peru
- The declaracion de impacto ambiental (DIA) allows the company to drill up to 120 holes within an approved area
- Valor has already secured agreements with local landowners that will last for five years
- Now, the company will apply for authorisation to begin a proposed 5000-metre maiden drilling program under which it plans to test four targets
- Shares in VAL are up 25 per cent, trading at 0.5 cents at midday AEDT
Valor Resources (VAL) has taken another step towards commencing maiden drilling at the Picha copper project in Peru after gaining environmental approval.
The declaración de impacto ambiental (DIA), or environmental impact statement for exploration, was granted by the Peruvian Ministry of Energy and Mines (MEM).
It means the company is now one step closer to commencing a planned diamond drilling program of around 5000 metres to test four targets within the effective area: Cobremani, Cumbre Coya, Maricate and Fundicion.
Valor Executive Chairman George Bauk said the approval and the start of the company’s drilling program could kickstart a “transformational period for all of our key stakeholders”.
“This is another exciting milestone for Valor in Peru, with approval for the DIA marking another great achievement by our in-country team, reflecting the quality of the work that has been put in on the ground over the past 18 months,” Mr Bauk said.
The company has been allowed to drill up to 120 holes as part of the program, within the approved area.
The Pinchu project lies 17 kilometres east-north-east of NYSE-listed Buenaventura’s San Gabriel gold-copper-silver project, which hosts an indicated and inferred resource of 7.6 million ounces of gold equivalent.
Valor will soon begin final drill program planning, which includes logistics and drilling contractor selection ahead of the program commencing in due course.
Shares in VAL were up 25 per cent and trading at 0.5 cents at midday AEDT.
