EV Resources Fields More High-Grade Copper–Molybdenum-Silver Hits In Peru

EV Resources Ltd (ASX:EVR) has intersected further high-grade copper, molybdenum and silver from surface at its Parag Project in Peru.

Notably, the company’s diamond drill program across seven holes at the Trinchera Este area demonstrated the potential for a  large porphyry system.

In the next phase, drilling aims to understand and evaluate economic mineralisation outside the breccia and explore at depth the presence of a larger porphyry-type system.

This news comes hot on heels of the company identifying germanium, gallium and rare earth elements at its Khartoum Project in northern Queensland.

In the spotlight

The high-grade hits comes at a time when copper, molybdenum and silver are in the spotlight.

Copper is trading at US$9,944/mt and Molybdenum at US$50,634.50/mt – more than five times the value of copper.

Currently, EVR is reviewing the silver content of previously reported drill holes as silver prices rise to US$31.06/oz and provide a valuable by-product credit.

“Potentially large”

EVR managing director Hugh Callaghan said: “The successful drill campaign at Trinchera Este highlighted high-grade copper-molybdenum-silver mineralisation in both the polymictic breccia and in the surrounding intrusive porphyry and hornfels – similar to the analysis of old drill core at the Paylacocha 1 breccia system nearly 1200 metres to the West.

“This supports our view that the Parag porphyry system is potentially large.”

High-grade assays observed at Parag

Forward plan

At Parag, a program of magnetometry and induced polarisation studies kicks off this week.

The study should provide EVR with a better understanding of the structure, geometry and scale of the system.

Callaghan added: “The geophysics program commencing this week will help us understand the system better and guide further drilling programs.”

 

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