Valor Resources Ltd (ASX:VAL) (FRA:LFY) (OTCMKTS:VOYRF) has received a boost in funds following the early exercise of 60 million unlisted options at A$0.0045 to raise A$270,000 coinciding with the completion of an airborne survey at the Hook Lake Uranium Project in northern Saskatchewan, Canada.
The company will utilise the funds from the exercise of 60 million unlisted options expiring February 11, 2024, to further its Peru and Canadian projects and for working capital purposes.
Final data processing to take six weeks
Valor has entered a contract with Precision GeoSurveys Inc through TerraLogic Exploration Inc, the company’s geological consultants to undertake a detailed airborne survey over the Hook Lake Project in the Athabasca Basin.
TerraLogic designed the low-level airborne magnetic and VLF-EM survey to cover the entire Hook Lake claim area, using a fixed-wing aircraft at 75-metre line-spacing totalling 5,100 line-kilometres.
Final data processing, data interpretation, target selection and recommendations for follow-up ground-based exploration and drilling programs will also be handled by TerraLogic.
This process is expected to take approximately six weeks, followed immediately by the recommended fieldwork in the summer and fall of 2021.
16 contiguous claims
The Hook Lake Project consists of 16 contiguous mining claims covering 25,846 hectares, located 60 kilometres east of the Key Lake Uranium Mine in northern Saskatchewan.
This property hosts over half a dozen uranium occurrences including the main Hook Lake/Zone S where grab samples from trenching returned assays up to 63% uranium.