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Valor Resources completes acquisition of Pendleton Lake within Athabasca Basin

Published: 04:35 26 Jul 2021 BST

Valor Resources Ltd - Valor Resources completes acquisition of Pendleton Lake within Athabasca Basin
Due diligence has been completed and settlement has occurred.

Valor Resources Ltd (ASX:VAL) continues to enhance its presence in the Athabasca Basin of Canada, one of the world’s premier uranium producing regions, after completing its acquisition of the Pendleton Lake Project.

This follows the successful completion of due diligence on the acquisition, which has now been settled.

Valor has paid total consideration to the vendors of C$5,000 cash and issued 5 million ordinary Valor shares for 100% ownership of the six tenements that comprise the Pendleton Lake Project.

Consolidated position

Completion takes the company’s consolidated position in the Athabasca Basin to 98,600 hectares or 986 square kilometres in five projects with the other four acquired through direct staking.

READ: Valor Resources further consolidates land position in Canada's uranium-rich Athabasca Basin

By developing a region-wide targeting model across the Athabasca Basin, Valor is expected to be able to take advantage of under-explored assets.

Executive chairman George Bauk said: “Through the acquisition of these exciting uranium properties, Valor is ideally positioned to rapidly test multiple prospective exploration opportunities.

“Valor has already completed its first round of airborne geophysical surveys and looks forward to the imminent maiden field reconnaissance program to be conducted at Hook Lake.

“A review of all previous exploration and mining activities across each of the recently acquired projects is presently underway.

“Further updates will be provided to market upon completion of this analysis.

“We are cognisant of operating a dual focus strategy between our Athabascan uranium and Peruvian copper portfolios and are currently evaluating the best structure in which to maximise shareholder value.”

Pendleton Lake project

Pendleton Lake comprises six claims and an area of 3,758 hectares or 37.5 square kilometres.

Four of the claims are positioned between the Janice Lake Sedimentary Copper Project, being explored by Rio Tinto Exploration Canada, and the other two claims are along strike to the south of the Janice Lake Project.

Pendleton is 10 kilometres south of the company’s Hook Lake Project at which an airborne magnetic and very low frequency electromagnetic (VLF-EM) geophysical survey has confirmed the potential for uranium.

READ: Valor Resources’ airborne survey confirms Hook Lake uranium targets in Athabasca Basin

The purpose of the survey was to gather data that would help identify areas of shallow structural complexity, known to be favourable for the deposition of uranium in basement lithologies, and determine the geophysical signature of known occurrences.

Promisingly, the survey reinforces the size potential of historical uranium occurrences and highlights additional targets across the Hook Lake Project.

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