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Valor Resources Ltd.
Summary
| Project: | Berenguela | |
|---|---|---|
| Deposit: | Berenguela | |
| Location: | Peru | |
| Commodities: | Silver-Copper-Manganese-Zinc | |
| Date: | 8/29/2018 | |
| Report Code: | JORC | |
| Report Type: | Scoping Study | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 29-8-2018: Valor Resources Ltd. announces a Scoping Study report for its Berenguela deposit at the Berenguela project. Positive scoping study for Berenguela project. In May 2017, Valor completed the transaction for the acquisition of the Berenguela Projec | |
| Resources: | (Resource, Total): 45.9Mt @ 86g/t Ag, 0.76% Cu, 5.10% Mn, 0.28% Zn at project | |
| CP/QP: | [Resources]: Marcelo Batelochi (MB Soluções em Geologia e Mineração Ltda) | |
| ABSTRACT: | In May 2017, Valor completed the transaction for the acquisition of the Berenguela Project from Silver Standard Resources Inc. under the terms previously announced to the ASX on 13 February 2017. Following the acquisition, Valor commissioned an independent Scoping Study in June 2017. The outcomes of that Scoping Study provided the Company with a foundation to proceed with the next phases of drilling, metallurgical testing, as well as other elements of technical work. Subsequent drilling results increased the total Mineral Resource by 80% and established a newly delineated area to the southwest entitled “Corona”, which is a significant extension of the existing Berenguela deposit with a similar style of mineralisation. The objective of the July 2018 Scoping Study was to assess the technical and economic feasibility of the Project on the basis of mining and processing copper-silver-manganese ore utilising the Measured and Indicated Resource announced on the ASX dated 30 January 2018. The Company advises that while it is satisfied with the outcomes of the Scoping Study, some of the requirements under Australian Securities and Investment Commission (ASIC) Information Note 214 necessary to publish the report as a Scoping Study could not be satisfied. Information Note 214 refers to “Mining and resources forward looking statements” and in particular refers to Regulatory Guide 170 (RG 170), which requires a reasonable basis for the Company to publish forward looking statements. In order to satisfy the requirements of RG170, the Company is required to have a specific plan outlining the funding of mine development and commissioning. Unfortunately, at this stage, the Company is not in a position to provide a specific funding plan for any future potential mine development. | |
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