Parag Project, Peru
EV Resources Limited (ASX: EVR) has addressed shareholder inquiries regarding the impact of China’s newly imposed export controls on molybdenum, a critical mineral for steel and industrial applications. China accounted for 45% of global molybdenum production in 2023, with the USA producing only 12%. The Parag Project is positioned to benefit from increasing Western demand, with EVR already receiving interest from molybdenum roasters...."
Project Summary
The Parag Project totals 1399 hectares and is located some 350kims from Lima, with travel time of about eight and a half hours. The terrain consists of open hills, above the tree line, with an average elevation of 4,700m. Recent programmes and historical drilling suggest the presence of an economic copper-molybdenum orebody, with significant value contributed by the molybdenum, currently more than five times the price of copper. Minor quantities of silver and gold have been recorded in most drill holes.
EVR’s plan is to move rapidly towards defining a shallow resource on the breccias whilst developing a deeper, longer-term, porphyry copper target.