EVR Acquires High-Grade Parag Copper-Molybdenum Project in Peru
Highlights:
- Agreement reached with GeoAndina Minerals S.A.C to acquire 70% of the high-grade Parag Copper-Molybdenum Project.
- Three-month Exclusivity Agreement confirmed, while the Company conducts due diligence.
- 18,470 metres of diamond core were drilled in two previous campaigns, of which 10,300 metres from the most recent campaign is available in a core shed. The best intersections include:[1]
- Hole VIE-01 317m @ 2.01% CuEq from surface
- Hole VIE-03 89.4m @ 3.90% CuEq from 6.5m
- Hole VIE-04 95.6m @ 2.04% CuEq from surface
- Hole VIE-09 60m @ 0.78% CuEq from 3m
- Hole VIE-10 54m @ 0.73% CuEq from 328m
- Hole VIE-18 72m @ 2.26% CuEq from surface.
- Near term production potential through a valid Mining Licence allowing 1050 tonnes per day of ore extraction.
May 4, 2023, EV Resources Limited (ASX: EVR) (“EVR” or the “Company”) is pleased to announce it has reached agreement to acquire a 70% share of the Parag Copper-Molybdenum project in Peru. This transaction secures EVR an advanced copper project with substantial historical drilling, and a Mining Licence that will position EVR’s growing copper portfolio as the focal point of the Company’s activities.
The Parag Project totals 1399 hectares and is located 145km north of Lima in the province of Huaura (Figure 1). It is accessed by sealed roads as far as Sayán, unsealed roads to Churin, and the final 75km on dirt tracks. The overall distance by road from Lima is 350 km, with travel time of about eight and a half hours. The terrain consists of open hills, above the tree line, with an average elevation of 4,700m.
The project was explored in two phases, first in the 1980s culminating in 8,300m of drilling and again in 2011 with an additional 10,170m of drilling. An extensive area anomalous in Copper and Molybdenum has been defined by channel sampling. Historically, attention was focused on several mineralised breccias (Figure 2) although other lithologies on site are mineralised, notably Hornfels and Dacite Porphyry.
Historical drilling suggests the presence of an economic copper-molybdenum orebody, with significant value contributed by the molybdenum, currently more than five times the price of copper. Minor quantities of silver and gold have been recorded in most drill holes. EVR’s plan is to move rapidly towards defining a shallow resource on the breccias whilst developing a deeper, longer-term, porphyry copper target.
Figure 1: Parag Copper-Molybdenum Project Location
Figure 2: Panoramic view of the Parag Copper-Molybdenum Project area, with the key Breccia orebodies shown in red dots.
Link to English original news:
For further information, please contact:
Luke Martino
Non-Executive Chairman
Tel: +61 8 6489 0600
Adrian Paul
Executive Director
Tel: +61 8 6489 0600
This ASX announcement was authorised for release by the Board of EV Resources Limited (EVR).
Forward Looking Statement
Forward Looking Statements regarding EVR´s plans with respect to its mineral properties and programs are forward-looking statements. There can be no assurance that EVR’s plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that EVR will be able to confirm the presence of additional mineral resources, that any mineralisation will prove to be economic or that a mine will successfully be developed on any of EVR’s mineral properties. The performance of EVR may be influenced by a number of factors which are outside the control of the Company and its Directors, staff, and contractors. These statements include, but are not limited to statements regarding future production, resources or reserves and exploration results. All of such statements are subject to certain risks and uncertainties, many of which are difficult to predict and generally beyond the control of the company, that could cause actual results to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include, but are not limited to: (i) those relating to the interpretation of drill results, the geology, grade and continuity of mineral deposits and conclusions of economic evaluations, (ii) risks relating to possible variations in reserves, grade, planned mining dilution and ore loss, or recovery rates and changes in project parameters as plans continue to be refined, (iii) the potential for delays in exploration or development activities or the completion of feasibility studies, (iv) risks related to commodity price and foreign exchange rate fluctuations, (v) risks related to failure to obtain adequate financing on a timely basis and on acceptable terms or delays in obtaining governmental approvals or in the completion of development or construction activities, and (vi) other risks and uncertainties related to the company’s prospects, properties and business strategy. Our audience is cautioned not to place undue reliance on these forward-looking statements that speak only as of the date hereof, and we do not undertake any obligation to revise and disseminate forward-looking statements to reflect events or circumstances after the date hereof, or to reflect the occurrence of or non-occurrence of any events.
Competent Person’s Statement
The information in this release that relates to exploration results is based on, and fairly represents, information and supporting documentation prepared by Dr Steve Windle, a Fellow of the Australian Institute of Mining and Metallurgy based in Australia.
Dr Windle has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a CP as defined in the 2012 Edition of the JORC Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr Windle consents to the inclusion in the release of the matters based on their information in the form and context in which it appears. Dr Windle is a consultant to the Company and holds no shares in EV Resources Limited.
[1] For a complete list of the drilling holes see Table 1 at the foot of this announcement. CuEq values based on Cu = $3.88/lb Mo = $21.86/lb LME spot prices 30th April 2003. Mo/Cu = 5.63
