07/07/2021 - 16:17

Valor expands footprint in Canada’s uranium-rich Athabasca Basin

07/07/2021 - 16:17

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Valor Resources has bumped up its uranium exploration acreage in the mighty Athabasca Basin region in central Canada to 986 square kilometres by acquiring five new projects, including one along strike from Rio Tinto’s Janice Lake property. The Athabasca Basin has historically produced about 20 per cent of global primary uranium supply and hosts the world’s highest-grade uranium mine at Cigar Lake.

Map showing Valor Resources’ newly acquired uranium projects and historical uranium deposits in the north-west Athabasca Basin area in Canada. Credit: File

Valor Resources has bumped up its uranium exploration acreage in the mighty Athabasca Basin region in central Canada to 986 square kilometres by acquiring five new projects, including one along strike from Rio Tinto’s Janice Lake property. The Athabasca Basin has historically produced about 20 per cent of global primary uranium supply and hosts the world’s highest-grade uranium mine at Cigar Lake.

The acquisitions add to Valor’s 861sq.km of exploration land in the Canadian state of Saskatchewan where it owns 100 per cent of the Cluff Lake uranium project and holds an option to acquire 80 per cent of the Hook Lake uranium prospect.

Valor’s Executive Chairman George Bauk said: “Through the acquisition of these exciting uranium properties, Valor is ideally positioned to rapidly test multiple prospective exploration opportunities. Valor has already completed its first round of airborne geophysical surveys and looks forward to the imminent maiden field reconnaissance program to be conducted at Hook Lake.”

Mr Bauk said a review of previous exploration and mining at each of the five newly acquired projects was underway.

Valor has staked three claims covering about 24sq.km to form the Surprise Creek project, about 25km from Uranium City in the north-western part of the Athabasca Basin. The company is targeting basement-hosted unconformity-related or vein-type uranium mineralisation at Surprise Creek, similar to deposits found at the nearby historical mining hub of Beaverlodge.

Valor is reviewing historical data from the project to pinpoint targets for on-ground follow-up. Radioactive occurrences along a 600m-by-60m zone are reported from past exploration with trenching and drilling also believed to have been conducted.

About 20km from Surprise Creek the company has staked the Smitty and Lorado projects said to have produced uranium in the 1950s.

In the south-eastern area of the Athabasca Basin, Valor will acquire 100 per cent of the Pendelton Lake tenure for C$5,000 cash and by issuing 5 million Valor shares to the present owners, subject to due diligence.

Pendleton Lake lies just 10km south of Hook Lake and takes in 37.5sq.km across six claims. Four of the claims are sandwiched between Rio Tinto’s Janice Lake landholdings with the other two claims along strike to the south of Janice Lake.

Rio has entered a $30 million option agreement to explore Janice Lake for copper.

Valor management reports multiple historical uranium showings along the Needle Falls shear zone at Pendleton Lake, however, no exploration has been undertaken at the project since the 1970s.

To the north-east of Pendelton Lake, Valor has staked a further 32sq.km to form the Hidden Bay project located near Canadian uranium major Cameco’s Rabbit Lake mine that is said to have produced more than 200 million pounds of uranium concentrate over 40 years.

The Cigar Lake mine, 50 per cent owned by Cameco, lies about 50km to the west and in 2020 reportedly produced uranium oxide going at a head-turning 15.92 per cent U3O8.

Valor is targeting basement hosted unconformity-related uranium deposits at Hidden Bay where historical drilling is believed to have intersected uranium mineralisation.

 

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au

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