Valor Resources Ltd (ASX:VAL) has encountered elevated radioactivity and associated alteration from its maiden drill program at the S-Zone and V-Grid targets within its Hook Lake Uranium Project in Canada.
The company’s eight-hole diamond drilling program totalling 1,757 metres has recorded uraninite mineralisation in drill hole DDHL22-002 at S-Zone within a 3.5 square metre subvertical zone of elevated radioactivity and alteration.
Looking ahead, an airborne gravity survey is set to begin at Cluff Lake and Hook Lake in May to identify new drill targets, with a follow-up on-ground exploration program being planned for Hook Lake.
High-grade uranium potential
Valor executive chairman George Bauk said: “We are encouraged by the alteration and elevated radioactivity seen in several of the holes drilled at S-Zone.
“This is the Company’s maiden drilling program at Hook Lake and the data gathered from this program, in conjunction with upcoming gravity survey data, will assist us in defining the next round of drill targets.
“The area clearly has the potential to host high-grade uranium mineralisation as evidenced by the S-Zone surface sampling from 2021."
Drilling results
Valor has encountered elevated radioactivity and associated alteration of varying widths at three of the drill holes at S-Zone.
Within S-Zone, drill hole DDHL22-002 intersected a zone from 104.3 metres to 108 metres downhole depth of elevated radioactivity up to 900 cps measured with a handheld RS-125 scintillometer and a peak of 1,131 counts per second (cps) in the downhole gamma survey and alteration, with traces of uraninite mineralisation noted in some of the fractures.
This zone can be correlated between three holes on the drill section and potentially represents a sub-vertical structure.
The two holes (DDHL22-001 and 005) drilled closest to the Hook Lake trench, where surface sampling conducted by Valor returned assays of up to 59.2% uranium oxide, intersected a zone of albitite alteration and elevated radioactivity in hole DD5 up to 878 cps in the downhole gamma survey.
Consequently. a total of 305 samples have been collected from the program which will be submitted for assay with results expected in early May.
Forward plan
Following the airborne gravity survey, an on-ground field program comprising geological mapping, prospecting, surface geochemical sampling, drill target definition and the next phase of diamond drilling.
Targets that require further on-ground follow-up include the West Way prospect where surface sampling in 2021 returned assays up to 0.64% uranium oxide and Nob Hill with assays up to 1.01% total rare earth oxide (TREO).
“We have an exciting year ahead in Canada as we work through all the historical data across our seven projects," Bauk adds.
“We plan to commence work at the Cluff Lake project shortly and look to undertake fieldwork on our five other properties in 2022.
“The team has done a great job at Hook Lake and following assay results, final interpretation and the upcoming gravity survey, we plan to be back drilling again at Hook Lake soon.
“Our team is planning to be on the ground in the next quarter and hope to be following up some of the other uranium targets along with some interesting REE results uncovered in 2021”.
“Uranium is now over US$60/lb and continuing to be part of the energy mix required to head to a zero-carbon emission society.
“Valor has a great portfolio of uranium projects in the highest-grade uranium province in the world and are working towards being part of the solution.”