Valor Resources Ltd (ASX:VAL) has identified seven high-priority uranium targets based on historical data and geophysical interpretation after a data review and targeting exercise for Cluff Lake Uranium Project in the Western Athabasca Basin of Canada.
An extensive airborne gravity gradiometry (AGG) survey has recently been completed at the project, with additional targets expected to be identified when the final data is reviewed.
Moving forward, Valor’s permitting is well advanced to start ground exploration activities this month including mapping and sampling aimed at designing a drilling program.
“Excellent targets”
Valor executive chairman George Bauk said: “The data review has highlighted excellent targets including several key structures and this combined with outputs from the recently completed airborne gravity gradiometry survey will provide us with the priority targets that require on-ground follow-up leading to drilling.
" The gravity survey provides the third dimension (depth) to the other geological data sets to assist with identifying and prioritising drill targets.
“We are within 7 kilometres of a significant historical uranium mine, which was operated by Areva (now Orano), the leading French nuclear organisation.
“This group of deposits produced over 62 million pounds of U3O8 at 0.92% U3O8 (or 9,200ppm U3O8).
"These deposits were small in terms of physical size, but due to their high-grade nature, were economically significant."
Airborne gravity survey
An airborne gravity gradiometry (AGG) survey has been completed across approximately 80% of the Cluff Lake Project area covering 622 square kilometres.
A total of 2,755-line kilometres were flown in the survey, at a line spacing of 200 metres.
The first modern airborne gravity survey was completed over the project area with the preliminary data being compiled and reviewed and the results are expected later this month.
This AGG data will help delineate geology and structure that are potentially important in the formation of a uranium deposit.
Cluff Lake potential
The Cluff Lake Uranium Project, which covers 62,233 hectares, is just 7 kilometres to the east of the Cluff Lake Uranium Mine, which was operated by Orano (formerly Areva) between 1980 and 2002, producing 62.5 million pounds at an average grade of 0.92% U3O8.
The southwest corner of the project is also just 2.5 kilometres northeast of Orano-UEX’s Shea Creek deposit, which has a total mineral resource of 95.85 million pounds at a grade of 1.34% U3O8.
Forward plan
Moving forward, Valor will be targeting the two main styles of high-grade uranium deposits that occur in the Athabasca Basin - basement-hosted and unconformity-type deposits.
Next steps at Cluff Lake.
Bauk adds: “We are targeting our exploration activity to account for the physical size of known resources in the area.
“We are also working through compiling all the historical exploration data from our eight projects in the Athabasca Basin and we plan to release the reviews of all projects in the next three months.
“During this time, the exploration team will continue on-ground exploration and interpretation of the new airborne survey data from Cluff Lake, Hook Lake and Hidden Bay.”