Valor Resources Ltd (ASX:VAL) shares have climbed 12.5% higher intra-day to 0.9 cents after identifying uranium and copper mineralisation from its reconnaissance field program at the Surprise Creek Project in northern Saskatchewan, Canada.
The work has confirmed several historical uranium and copper targets and identified some new, previously unrecorded uranium and copper occurrences.
A total of 36 samples were collected from the uranium and copper occurrences which have been submitted for assay.
Assay results are expected in around four weeks.
“There is significant potential in this area”
Valor executive chairman George Bauk said: “The historical data review highlighted some exciting uranium and copper targets with the high-grade uranium drill results of 2.1m @ 4.37% U3O8 at Surprise Creek Fault being most noteworthy.
“The historical results, and the fact there has been no modern exploration in this area for uranium for over 40 years and for copper over 20 years, suggests there is significant potential in this area, and our first field program has already turned up some exciting new occurrences.”
“Based on the recent field program, the company has further increased its land position at the Project by pegging another 7km2.
“The copper mineralisation identified on the project has resulted in us extending our landholding to the north.”
Uranium targets
The most significant uranium target based on historical exploration results is the Surprise Creek Fault target.
First-pass on-ground reconnaissance of this area has been completed with surface uranium mineralisation confirmed at several locations including in areas away from the previously recorded mineralisation.
A handheld RS-121 scintillometer was used to confirm uranium mineralisation with four sample locations recording maximum readings (>65,535cps) and another seven sample locations recording >5,000cps, with multiple other occurrences of anomalous scintillometer readings present in the area.
Uranium mineralisation was found within hematitic breccias and veins and was variably associated with copper +/- lead mineralisation.
Copper targets
Surface copper mineralisation was observed in several locations with the most significant being a previously unrecorded quartz vein with semi-massive chalcocite mineralisation, which has a current known strike length of 350m.
Covellite, native copper, malachite, azurite and copper-oxides were also observed, indicating the high-grade nature of the showings.
Copper mineralisation at Surprise Creek.
Next steps
Bauk added: “We propose to follow-up the initial field program at Surprise Creek in September just before the freeze-up.
“Before this, the exploration team will commence on-ground work at the Hook Lake and Hidden Bay Projects next month and results of the recently completed airborne gravity surveys at the Cluff Lake, Hook Lake and Hidden Bay Projects will be finalised during the current quarter.
“We are also continuing to work through the historical exploration data from other projects in the Athabasca Basin and will release further results of these reviews in the coming months.”