Valor Resources Ltd (ASX:VAL) has reiterated its focus on copper and uranium assets, citing rising market demand for both materials.
The company last year obtained two more uranium assets through the acquisition of Pitchblende Energy Pty Ltd which held rights to both the Hook Lake and Cluff Lake projects in Canada's prolific Athabasca Basin.
Valor then doubled down, purchasing a further five uranium projects in July 2021 (Surprise Creek, Smitty Uranium Mine, Lorado Uranium Mine, Hidden Bay and Pendleton Lake) to increase its total landholding in the basin to 98,600 hectares.
Uranium on the rise
The uranium price has risen over the past 12 months from US$30/pound to US$40/pound with an intra-year high of US$50/pound.
Valor believes nuclear energy – and thus uranium – is ‘an essential part of the conversation regarding the global aim to reduce carbon emissions through the reduced reliance on fossil fuels as a baseload energy source’.
In China alone, 150 new nuclear power plants are being built with an estimated investment of US$440 billion.
In the intervening months since purchase, Valor has progressed the Hook Lake Project through several exploration programs toward a maiden drilling program due to commence this week.
“A great achievement for the company and many thanks to the entire exploration team both in Canada and here in Perth,” Valor Resources executive chair George Bauk said in the company’s 2021 annual general meeting address.
Copper and silver in Peru
The copper market has had renewed interest in recent years due to the material’s importance in battery and energy storage technology, a key building block in the effort to reduce global carbon emissions.
A desktop and initial field review of Valor’s Picha Copper/Silver Project revealed ‘outstanding’ copper and silver results, prompting the company to assemble an in-country team to define and implement an exploration program in 2021.
The results from this exploration program will be finalised shortly and should aid in defining the size of the induced polarisation (IP) anomaly supported by widespread surface copper and silver mineralisation.
“Valor is focused on copper/silver in Peru as it is the world’s second-largest producer of copper and silver. The country has a proven track record of hosting large copper and silver deposits and has a strong mining history,” Bauk said.
About Valor Resources
Valor Resources is focused on precious and base metals along with uranium through acquisitions and exploration activities at projects in Peru and Canada.
The company’s Picha Project in Peru is a copper-silver exploration project with a 3,000-hectare exploration concession south of Buenaventura's San Gabriel Gold Porphyry Project.