Valor Resources Ltd.'s board decided to proceed with a pre-feasibility study on the Berenguela silver project in Peru after reviewing the results of a scoping study, which concluded that the project is economically and technically viable.
As proceeding with the study is a preferred strategy for the company, it will defer drilling on the project. Limited drilling of around 1,000 meters will be conducted instead to provide samples for ongoing metallurgical and rock mechanical tests.
The company said Sept. 3 that it is undertaking necessary work on the project to support the study, which is targeted for completion in the third quarter of 2019.
Valor's core strategy will be the development of Berenguela Central, but it will continue to progress other exploration targets on the property.
Meanwhile, the company appointed Nicholas Lindsay as an executive director.
The company also completed a comprehensive budget review. As part of this process, each director has agreed to a pay cut of between 25% and 50% for the remainder of this financial year.