Valor Resources (ASX:VAL), which purchased the Peruvian Berenguela project from SSR Mining (SSRM, SSRM.TO), has now released a JORC-compliant resource estimate (keep in mind the project was subject to the NI43-rules when SSR Mining owned it). This updated resource estimate shows an 80% increase in the total resources whilst the total amount of contained copper increased by 37% to 772 million pounds.
The majority of the resource estimate (almost 80%) is already measured and indicated, with a measured resource of 7.7Mt at 1.60% CuEq and an indicated resource containing 28.2Mt at a lower 1.24% CuEq grade. The average grade of the resource is approximately 1.27% CuEq based on the weighted average of all three resource categories.
That being said, there also is a substantial amount of manganese at Berenguela, as the average manganese grade over all resource categories is in excess of 5%,. This means it will be interesting to see the outcome of more advanced metallurgical test work.