EV Resources Unveils Impressive High-Grade Drill Results at Parag Project
EVR (EVR) Share Update July 2024 Monday 8th
EV Resources Reports Significant High-Grade Copper-Molybdenum-Silver Drill Results at Parag
EV Resources Limited (ASX: EVR) has released promising drill results from its Parag copper-molybdenum-silver project in Peru, showcasing significant mineralization and potential for future exploration.
Instant Summary:
- High-grade copper, molybdenum, and silver mineralization intersected in multiple drill holes.
- Hole APG-DDH-005: 148m at 0.54% Cu, 0.35% Mo, and 8.87g/t Ag.
- Hole APG-DDH-007: 180m at 0.31% Cu, 0.09% Mo, and 4.20g/t Ag.
- Hole APG-DDH-004: 62m at 0.36% Cu, 0.03% Mo, and 5.98g/t Ag.
- Copper trading at US$9,944/mt, Molybdenum at US$22.89/lb, and Silver at US$31.06/oz.
High-Grade Mineralization Uncovered
EV Resources Limited (ASX: EVR) has announced the final assay results from three diamond drill holes at its Parag copper-molybdenum-silver project in Peru. The results reveal significant high-grade mineralization, adding to the scale of the Trinchera Este area.
Hole APG-DDH-005 intersected 148 meters at 0.54% copper, 0.35% molybdenum, and 8.87 grams per tonne silver from 0.2 meters, including 120 meters grading 0.62% copper, 0.43% molybdenum, and 10.45 grams per tonne silver. Notably, 40 meters graded 1.15% copper, 0.35% molybdenum, and 19.62 grams per tonne silver.
Further Drill Results
Hole APG-DDH-007 showed 180 meters at 0.31% copper, 0.09% molybdenum, and 4.20 grams per tonne silver from the surface, with 58 meters grading 0.78% copper, 0.27% molybdenum, and 11.12 grams per tonne silver. Hole APG-DDH-004 returned 62 meters at 0.36% copper, 0.03% molybdenum, and 5.98 grams per tonne silver from 1.7 meters.
Market Context
The current market prices for copper, molybdenum, and silver are US$9,944 per metric ton, US$22.89 per pound, and US$31.06 per ounce, respectively. These prices underscore the economic potential of the Parag project, with silver providing a valuable by-product credit.
Next Steps
EV Resources plans to extend its drilling program to further define the volume and economic potential of the mineralized breccia system and explore for a larger porphyry-type system at depth. A magnetometry and Induced Polarisation study will commence this week to better understand the structure, geometry, and scale of the system.
The high-grade drill results from the Parag project are likely to positively impact EV Resources' stock, as they indicate the potential for significant mineral deposits. The rising prices of copper, molybdenum, and silver further enhance the project's economic viability, potentially attracting more investor interest.
Investor Reaction:
Analysts have responded positively to the announcement, highlighting the high grades and the potential for a larger mineralized system. Investors are optimistic about the future exploration plans and the economic benefits of the project.
Conclusion:
Investors should keep an eye on further updates from EV Resources as the company continues its exploration efforts at the Parag project. The promising drill results and favorable market conditions make this a project worth monitoring closely.