EV Resources unveils initial assays at Parag project confirming high-grade copper potential

EV Resources (ASX: EVR) has obtained significant assay results from its first hole at the high-grade Parag copper-molybdenum project, confirming the prospectivity of the new Peruvian asset.

The initial assays have identified an intersection of 332 metres grading at 1.36% copper equivalent from 3.2m, highlighting the potential for shallow, high-grade mineralisation in the project area.

Alongside the high-grade shallow hits, the hole intersected 86m grading at 2.14% copper equivalent from 56.2m to 141.2m.

The company is now awaiting additional assays for the remaining 144m of the hole.

Copper-molybdenum system

The Parag drilling program commenced in late January with an initial aim of defining breccia geometry and its relationship with the copper-molybdenum porphyry-type system interpreted to lie at depth.

Managing director Hugh Callaghan said the high-grade intersections received to date substantiate Parag’s status as the company’s flagship project.

“[D]elivering these high-grades over the length of the intersections reported from near surface is very exciting as it supports our geological model and warrants further exploration and drilling.”

He said the higher copper grades and higher copper-molybdenum ratios recorded at intersections at depth were consistent with the company’s view of the potential for a deeper-lying porphyry orebody below the zone of high-grade breccia structures.

Testing historic holes

The Parag drilling program’s initial focus is on validating historic holes and exploring new areas of an extensive breccia system.

The campaign will also define the geometry of the mineralised breccia bodies.

Assays obtained to date from the maiden hole have confirmed historical sampling and show the presence of copper and molybdenum mineralisation in the breccia body of the Trinchera Este sector, while demonstrating consistent copper and molybdenum grades.

EV Resources’ geologists are currently logging and modelling the core from hole 1, with drilling set to resume after the conclusion of the wet season in May.

Mr Callaghan said the company expects to be able to release additional assay results over the coming weeks.

August 2023 acquisition

EV Resources signed a set of agreements in August 2023 that finalised the purchase of a 70% shareholding in Parag following an extensive due diligence program that included multiple site visits and inspection of the 10,170 metres of diamond drill core.

The current campaign is being supported by a successful capital raising in February that added $2.17m to the company’s coffers.