Valor Resources (ASX:VAL) has started to drill the Berenguela copper-silver project in Peru, which it acquired from SSR Mining (SSRM, SSRM.TO). The company has been drilling within the inferred resource shell (to upgrade the inferred resources to a higher category) as well as in the known extensions to this inferred resource.
Valor was successful in tracing the mineralization to zones outside the inferred resource but what could be even more important are the positive assay results for manganese and silver. Whilst it will be interesting to see how Valor expects to recover all minerals, the addition of these two commodities to the production mix could be really intriguing, especially as the Manganese price has been gaining a lot of traction lately.
Valor is wrapping up its 9,570 meter drill program which was aimed at confirming the mineralization in approximately 66 (relatively shallow) holes and it now looks like the resource at Berenguala could increase substantially. Keep in mind Valor is an ASX-listed and the updated resource estimate will follow the JORC rules rather than the NI43-101 requirements.