Valor Resources Ltd (ASX:VAL) is set to complete the data interpretation of an airborne survey, including potential new targets, as well as the planned commencement of groundwork at Hook Lake Uranium Project in northern Saskatchewan, Canada, in the current quarter.
The company said desktop studies, including the review of historical data, would also be undertaken on its Peruvian copper projects and the Canadian uranium projects.
‘Significant’ March quarter
Valor Resources said the March quarter was a significant one for the company, with the completion of the acquisition of the Canadian uranium project, along with the completion of its airborne survey over the Hook Lake Project by its Canadian geological partner TerraLogic Exploration Inc.
The company also increased the cash position by $1.35 million through:
➢ Peruvian VAT refunds received – A$292,107;
➢ Placement completed – A$800,000;
➢ Unlisted options converted – A$270,000; and
➢ Valor supporters buy major shareholder stake through special crossing.
Completion of Canadian uranium asset buy
Valor has completed the acquisition of 100% of the issued capital of Pitchblende Energy Pty Ltd, the holder of interests in two uranium projects in Saskatchewan, Canada.
Highlights of the transaction included:
➢ Two substantial exploration assets within the prolific uranium district of the Athabasca Basin covering 861 square kilometres; and
➢ Athabasca Basin has an average resource grade of 2% uranium oxide and historically, the basin has produced around 20% of the world’s primary uranium supply.
Hook Lake Uranium Project:
- Rock chip sampling of Hook Lake Project has returned grades of up to 68% uranium oxide; and
- Multiple priority targets of surface vein hosted mineralisation identified.
Cluff Lake Uranium Project:
- Located within the Carswell a meteorite impact structure that is host to the Cluff Lake Open Pit Mine, which produced 64Mlb uranium oxide at an average grade of 0.92% and is directly adjacent to Pitchblende’s project.
Hook Lake airborne survey
TerraLogic will handle the final data processing, data interpretation, target selection and recommendations for follow-up ground-based exploration and drilling programs at Hook Lake.
This process is expected to take around six weeks, followed immediately by the recommended fieldwork in the summer and fall of 2021.
Application for the required regulatory permits for the ground-based work is in progress.
The Hook Lake Project consists of 16 contiguous mining claims covering 25,846 hectares, 60 kilometres east of the Key Lake Uranium Mine in northern Saskatchewan.
The property hosts over half a dozen significant uranium occurrences, including the main Hook Lake/Zone S showing where grab samples from trenching returned assays up to 63% uranium oxide (U3O8).