The Parag copper-molybdenum-silver project, also in Peru, is believed by the company to be home to a substantial porphyry system following a recently completed geophysical survey which correlated closely with copper-moly uncovered in a diamond drilling program earlier this year.
Parag delivered a recent intersection of 18m at a peak grade of 1.7 per cent copper and 0.4 per cent moly from just 11m, contained within a wider 32m section going 1.2 per cent copper and 0.4 per cent moly from just 3m below the surface.
The prospective porphyry project features considerable moly grades comparative to many of the globally-significant high-grade operating mines.
The metal has now climbed to a dizzying US$30 (AU$45.50) per pound – fetching considerably more than copper which is trading at about US$4.25 per pound. When converting the moly into a copper equivalent resource the grade comes out at more than 4.0 per cent copper equivalent.
EV bought a 70 per cent stake in the Parag copper-moly project from Peruvian-based GeoAndina Minerals a little over a year ago, before launching a charm offensive with the local community to expedite the drilling permit process. The strategy proved highly successful, resulting in agreements with surrounding communities for a five-year period, along with a commitment to local investments.
Internally, management has turned its thoughts towards a strategic partnership to fund its ongoing exploration and resource definition activities at Parag, especially given the potentially increased size of the project as a now significant copper-moly porphyry play.
EV appears to have a foothold on a swag of premium Peruvian assets which are in demand by the market and third parties alike for their surging commodity prices. The big question is will EV explore the in vogue Yanamina gold-silver project or look to sell it to fund what the company says is a copper-moly-silver porphyry system of considerable size at Parag.
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