Valor Resources Ltd (ASX:VAL) has signed a drilling contract with Major Drilling Group International for its maiden drilling program at the Hook Lake Uranium Project in Canada’s prolific Athabasca Basin
The company has proposed a 2,500-metre drill program, which is set to begin in the first week of January 2022.
Valor has also contracted camp construction to Discovery Mining Service with the camp to form the base for the company’s 2022 winter drilling activities.
Drill targets
The drill targets at Hook Lake are highlighted by the S Zone target where surface sampling by Valor returned assays of up to 59.2% U3O8.
Further work is underway to finalise the drill hole locations, however, a diamond drilling program comprising about 10-15 drill holes of 200-250 metres depth is being proposed.
The on-site exploration work is being managed by Dahrouge Geological Consulting Ltd, of Edmonton, Alberta, Canada with the geophysical compilation and interpretation being carried out by Terra Resources Pty Ltd. of Perth, Australia.
Recent placement
Valour recently raised A$5.4 million through a placement to support exploration across its Athabasca Basin uranium portfolio in Canada.
The company will use the cash injection to expand and accelerate exploration across its two main Athabasca Basin properties: the Hook Lake and Cluff Lake uranium assets.
Capital raised will also support work programs on five other uranium projects in the basin — the Surprise Creek, Lorado and Smitty mines, Hidden Bay and Pendleton Lake assets.