Valor Resources Ltd (ASX:VAL) has completed its first-year commitment under the farm-in agreement with Skyharbour Resources Ltd, spending more than the C$750,000 required.
The company has also paid C$75,000 in cash, as part of the agreement.
Expenditure has gone towards several exploration activities at its Hook Lake Uranium Project in Canada, where over the past 12 months, the company has launched two airborne geophysical surveys, fieldwork programs, and interpretation of both the data from the 2021 exploration program and historical data.
In December 2021, VAL began preparation of site works for its maiden drill program, which started in January.
Read: Valor Resources kick starts drilling at highly prospective Hook Lake Uranium Project in Canada
Currently, the diamond drill rig is in place and completing the 2,500 metres program targeting the S-Zone and V-Grid prospects as the first two of many targets on the property.
Over the next 12 months, during VAL’s second-year commitment, it will undertake further drilling on the property, with additional field-based work and an airborne gravity survey planned to commence in April 2022.
Advancing Hook Lake
“It has been a busy period on the Hook Lake Project in the past 12 months. Following the execution of the agreement with Skyharbour on February 11, 2021, we have pulled together an exploration team in both Canada and Perth to focus on the project.
"Robin Wilson, our exploration manager, has led a team including Dahrouge Consulting and Terra Resources with the assistance of our Canadian-based director Gary Billingsley, to advance the project through to our maiden drill program,” VAL executive chairman George Bauk said.
“Modern technology has allowed the team to work well over two continents during COVID-19 travel restrictions to develop our initial targets on the project which we are drilling now.
"Through the knowledge and experience of each of those involved and utilising the data on the project, we have developed a work program for the coming 12 months to target uranium mineralisation.
“The funds raised in December 2021 of A$5.4 million through the Canadian Flow Through Scheme, will enable us to advance the Hook Lake Uranium Project and our other six properties in the Athabasca Basin.
"Money raised through this scheme is for direct exploration expenditure in Canada.”