Valor Resources Limited advised that it has taken another key step towards commencing its maiden drilling program at the Picha Copper Project in Peru following receipt of approval for its Declaración de Impacto Ambiental (DIA) (an Environmental Impact Statement for Exploration) from the Peruvian Ministry of Energy and Mines (MEM). The DIA includes social stakeholder mapping as well as flora and fauna, anthropological and hydrological
studies. All social agreements are already in place for a minimum of five years for 100% of the DIA approved Effective Area. With DIA approval received, Valor will now apply for an "Autorización de Inicio de Actividades de Exploración" (Authorization to begin drilling), which is subject to a standard preliminary review by MEM on the possible presence of Indigenous communities within the exploration area. A maiden diamond drilling program of around 5,000m is proposed to test four targets within the Effective Area ­ Cobremani, Cumbre Coya, Maricate and Fundicion. A short-list of drilling contractors has been determined and logistics planning is about to commence. The Picha Project (100% owned by Valor) is a copper-silver exploration project, located in the Moquegua and Puno Departments of southern Peru. Picha is located approximately 17km ENE of Buenaventura's (NYSE: BVN) San Gabriel Au-Cu-Ag Project, which hosts a reported Indicated and Inferred resource of 7.6 million ounces Au equivalent (132.7Mt @ 1.8 g/t AuEq). Exploration work completed by the Company in 2021 comprising geochemical sampling, geological mapping and IP/Resistivity surveys has identified several targets in the central part of the Project area. The Cobremani, Maricate, Cumbre Coya and Fundicion targets were identified as the priority targets. The Company applied to the MEM for approval to drill within a portion of the Project area (the Effective Area) to test these priority targets. The submission allows for up to 120 drillholes comprising 40 drilling platforms with up to three holes per platform. A maiden drilling program of around 5,000m is proposed, details of which are currently being finalised. During 2022 further geochemical sampling, geological mapping and IP/Resistivity surveys were completed
within the expanded Project area, which has led to further drill targets being defined to the north-east, south-west and north-west of the Effective area.