Valor Resources Ltd (ASX:VAL) has received strong validation of its exploration strategy focused on the Americas through the early exercise of 50 million unlisted options expiring February 11, 2024.
The early exercise of the options at A$0.008 each has also boosted the company’s cash balance by A$400,000.
These funds will be utilised to further advance Valor’s Peru and Canadian projects and for working capital purposes.
Director participates
Non-executive director Brian McMaster has demonstrated his confidence in the company by participating in the exercise of options.
On August 6, 2021, McMaster exercised 10 million of the options for a total value of A$80,000 for an indirect interest.
He now holds 38,666,667 ordinary fully paid shares in that interest with a further 155,363,476 ordinary shares held in another indirect interest.
Valor projects
Valor’s 100%-owned Peruvian subsidiary, Kiwanda SAC, holds the rights to the Picha and Corona projects in the Moquegua Department of Peru, 17 kilometres ENE of the Chucapaca (San Gabriel–Buenaventura) gold deposit.
They are two copper-silver exploration projects comprising 10 granted mining concessions for a total of 6,031 hectares.
The company also owns 100% of Pitchblende, which holds the following interests in Canada:
- Right to earn an 80% working interest in the Hook Lake Uranium Project 60 kilometres east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralisation;
- 100% equity interest in 19 contiguous mineral claims covering 62,233 hectares in northern Saskatchewan. The property is 7 kilometres east of the former-producing Cluff Lake Uranium Mine and much of the project area is within the Carswell geological complex that hosts the Cluff Lake Mine; and
- Five additional projects within the Athabasca Basin with 100% equity interest in 12 mineral claims covering 10,512 hectares at the Surprise Creek Project, Pendleton Lake Project, Smitty Uranium Mine, Lorado Uranium Mine and the Hidden Bay Project.