Valor homes in on high-priority Canadian uranium

An exploration blitz by Valor Resources across its uranium prospects in the Athabasca Basin area of Canada has unearthed a swathe of new high-priority targets with more expected once all results are finalised.

A total of 11 targets were identified at the company’s Hook Lake uranium project from a recently completed airborne gravity survey, whilst final assay results from a diamond drilling program at the site have also been received.

A follow-up site visit has also been completed to assess the local geology and review the targets identified by the gravity survey.

The company says the airborne work  was designed to pick out gravity lows caused by clay alteration of the host rock, potentially due to hydrothermal fluids associated with unconformity uranium deposits.

A total of 2082 line kilometres were flown in the survey at a spacing of 150m with airborne magnetic data also acquired. The exercise resulted in a group of three targets being identified at the West Way prospect, whilst an additional two targets were discovered along the Thompson Lake trend.

Valor says the diamond drill results from its maiden campaign at Hook Lake confirm handheld scintillometer readings and downhole gamma survey results that were reported in April.

Assay highlights included a 2.5m hit at 1600 parts per million uranium oxide from 105.5m, whilst a second hole recorded a 2.5m section that showed elevated rare earths averaging 673ppm total rare earth oxides from 107m.

A total of five rock samples were collected from various locations throughout Hook Lake including some of the gravity targets during recent fieldwork with results expected in four to six weeks.

Valor Resources Executive Chairman, George Bauk said: “What we have uncovered is a significant number of uranium targets on our properties that ultimately require drilling. With the abundance of new targets we have generated, we now need to prioritise them, which is difficult when they are of such high quality.”

Valor says it has an exciting portfolio of assets located around key existing and historical mining centres of the Athabasca Basin. Hook Lake and Hidden Bay are close to the McArthur River, Cigar Lake and the Rabbit Lake mines.

The Cluff Lake project is next to the historic Cluff Lake deposit whilst Surprise Creek is near the Beaverlodge uranium district.

Historically, the Athabasca Basin region has produced more than 20 per cent of the world’s primary uranium supply. Since 1968, 18 major uranium deposits have been discovered in the region incorporating 10 of the world’s top 15 highest-grade uranium mines.

The Saskatchewan Government has granted approval for mineral exploration activities at the Cluff Lake project including diamond drilling planned for next year to follow-up historical and new gravity targets.

Fieldwork at the company’s Surprise Creek project is set to re-commence in October to test uranium and copper mineralisation identified at the project during the July program.

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