Perth-based Valor Resources has identified seven high-priority uranium targets at its Cluff Lake project in the western Athabasca Basin in Canada after an extensive data review.
The company says it is well advanced and can start a ground exploration program this month, including mapping and sampling, in addition to planning a drilling campaign at the project in the Saskatchewan region.
The seven targets were identified through detailed geological interpretation of publicly available data by Terra Resources — Valor’s geophysics consultant.
The historical data is from explorations between the 1960s and the 1980s.
Valor says little uranium exploration has been done in the region since the 1990s.
An airborne gravity survey has also been completed across 80 per cent of the 622 square kilometre project area.
A total of 2755 line kilometres were flown at a spacing of 200m — the first modern airborne survey of the area, according to Valor.
Preliminary data from the survey is being reviewed, with results expected later this month. Valor says the information will provide the depth to other data to identify and prioritise drill targets.
The Cluff Lake project is 7km east of Orano Canada’s Cluff Lake mine that produced 62.5 million pounds of triuranium octoxide at 0.92 per cent between 1980 and 2002.
Valor says whilst Orano’s deposits were small in size, they were also economically significant because of their high-grade nature.
The south-west boundary of Valor’s Cluff Lake project area is within 5km of the recently discovered Shea Creek deposit operated by Orano that boasts an indicated resource of 68 million pounds.
The company is also expecting results from its airborne gravity survey at its Hook Lake project in May.
Valor Resources Executive Chairman, George Bauk said: “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.”
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.
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By Matt Birney
