Valor Resources Ltd (ASX:VAL) has identified six high-priority drill targets from its recent airborne gravity survey and historical data review of the Hidden Bay Uranium Project, situated 20 kilometres south-southwest of the historical Rabbit Lake Mine in the Athabasca Basin, Canada.
The company’s airborne gravity survey was designed to identify gravity lows that can be caused by clay alteration of the host rock, potentially due to hydrothermal fluids associated with unconformity uranium deposits.
In addition, the review of historical exploration data also confirmed the prospective targets from geological mapping, surface sampling, diamond drilling and reprocessed geophysical data.
With reconnaissance field work completed, Valor will conduct follow-up field programs and radon surveys over the targets in August.
“Best opportunities”
Valor executive chairman George Bauk said: “The Hidden Bay Project presents as one of Valor’s best opportunities in the Athabasca uranium province.
“The recent review of the historical data has highlighted several excellent untested structural targets that have now been confirmed by the recently flown gravity survey.
“These targets will be prioritised for first pass drilling following the completion of radon surveys.
“The targets at Hidden Bay have been identified as high priority based on Valor’s geophysical consultants' significant work experience in the Athabasca Basin with major companies.
Reconnaissance field work and airborne gravity survey
Valor has completed a reconnaissance field visit and an airborne gravity gradiometry (AGG) survey covering the entire Hidden Bay Uranium Project area.
A total of 416 line kilometres were flown at a line spacing of 150 metres.
Final data has been received and processing of the data has revealed several high-order anomalies.
The airborne gravity survey was designed to identify gravity lows.
Hydrothermally clay-altered host rocks associated with unconformity uranium deposits will have a lower density than the surrounding rocks and will present as gravity lows.
Historical data review
The data review considered all data within the mineral claim as well as uranium deposits within a 50-kilometre radius that have a similar geological setting to the project area.
The identified deposits have been reviewed in detail to assist in target generation.
The historic exploration activity at Hidden Bay has been sporadic, reflecting higher uranium pricing periods in the uranium cycle.
Bauk adds: “We are just 20 kilometres south of the historic Rabbit Lake Uranium mine and Hidden Bay looks to be in a similar geological setting.
“The Cameco owned Rabbit Lake Uranium Mine was the longest running uranium mine in North America with over 41 years of mining, producing over 203 million pounds of uranium concentrate. While Rabbit Lake is currently closed, current indicated resources sit at 1.836 million tonnes grading 0.95% U3O8 for 38.6 million pound of contained metal (Cameco Corp. Website: Resources as of December 31, 2021).
“The Rabbit Lake deposit represents our primary exploration target type given our similar geological and geophysical setting, with an opportunity to discover both basement and unconformity-style uranium deposits.
“There has been one hole drilled in 35 years, highlighting the lack of exploration at this project and the broader region and the advancement of modern exploration techniques that provide significant data that simply was not available in previous exploration programs.”