Valor Resources Ltd (ASX:VAL) has started its maiden diamond drilling program at Hook Lake Uranium Project within a world-class uranium province, the Athabasca Basin in Saskatchewan, Canada.
The 2,500-metre program is aimed at testing the extent of uranium mineralisation at the S-Zone which included 59.2% uranium rock chips at surface.
This program will include testing of the V-Grid, a geochemical and structural target.
An airborne gravity survey over Hook Lake is scheduled to commence in April 2022.
“Excited” to start drilling
Valor Resources executive chairman George Bauk said: “Following the 2021 exploration program which included on-ground fieldwork, various airborne surveys and a review of historical data, the company is excited to commence drilling at the Hook Lake Project.
“The Hook Lake project has many prospective uranium targets with the team prioritising the S-Zone and the V-Grid as the initial two areas of focus.
“The S-Zone has known surface mineralisation with results from our 2021 field program highlighting 59.2% U3O8.
“The focus is to target various geological features in and around the S-Zone to locate mineralisation at depth.
Low carbon solution
Bauk continued: “Major economies are looking to nuclear energy as a low carbon solution as part of the overall global target to reduce global emissions.
“China has announced a US$440 billion program to build 150 new reactors, France and Britain intend to build more reactors and Japan is in the process of reopening its nuclear power plants.
“These activities will drive demand up and will have a positive impact on the future price of uranium.”
Highest grade
“We are focused on uranium exploration in the Athabasca Basin of Canada as it has the highest grade of produced uranium in the world, averaging over 2%.
“We have raised over A$5 million recently through the Canadian flow-through share scheme and funds are to be used for exploration activities in Canada," Bauk added.
Hook Lake project
Valor is the 100% owner of the following interests:
➢ 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.