logo-loader

Valor Resources further consolidates land position in Canada's uranium-rich Athabasca Basin

Last updated: 10:57 07 Jul 2021 AEST, First published: 10:43 07 Jul 2021 AEST

Valor Resources Ltd -
Four additional uranium projects have been staked – Surprise Creek, Smitty Uranium Mine, Lorado Uranium Mine and the Hidden Bay Project.

Valor Resources Ltd (ASX:VAL) (FRA:LFY) has consolidated its position within the world-class Athabasca Basin of Canada by securing five highly prospective uranium projects.

Four of the projects were acquired through direct staking by the company while a binding agreement has been entered into to purchase the fifth project, Pendleton Lake.

Through developing a region-wide targeting model across the Athabasca Basin, Valor has been able to take advantage of under explored assets.

"Ideally positioned to test opportunities"

Speaking to the recent acquisition, 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.

“A review of all previous exploration and mining activities across each of the recently acquired projects is presently underway.

“Further updates will be provided to market upon completion of this analysis.

“We are cognisant of operating a dual focus strategy between our Athabascan uranium and Peruvian copper portfolios and are currently evaluating the best structure in which to maximise shareholder value.”

Following completion of the Pendleton Lake acquisition, Valor’s total landholding in the Athabasca Basin will be increased to 98,600 hectares or 986 square kilometres.

Looking ahead

Valor is waiting for the final processing of the Hook Lake airborne survey data which was completed in early April and expects the results to be published shortly.

The company also expects to receive approvals soon from the Saskatchewan Government in relation to work permits to undertake on-ground exploration over the Hook Lake Project.

Pendleton Lake Project terms

The binding agreement is subject to Valor completing due diligence within 30 days to its sole satisfaction and the parties completing normal settlement formalities for a transaction of this type.

Upon settlement of the acquisition, Valor will pay total consideration to the Vendors of C$5,000 cash and 5,000,000 shares for 100% ownership of the six tenements that comprise the Pendleton Lake Project.

These tenements will be transferred to Valor’s 100% owned Canadian subsidiary, 1255004 BC Ltd.

Pendleton Lake comprises six claims and an area of 3,758 hectares or 37.5 square kilometres.

Four of the claims are positioned between the Janice Lake Sedimentary Copper Project, currently being explored by Rio Tinto Exploration Canada.

The other two claims are along strike to the south of the Janice Lake Project.

Pendleton is 10 kilometres south of the company’s Hook Lake Project.

Surprise Creek Project

Valor has recently staked three claims to create the Surprise Creek Project, around 25 kilometres northwest of Uranium City and to the west of the Beaverlodge Uranium District.

The claims total 2,370 hectares and cover several uranium and copper occurrences, such as the Surprise Creek uranium showing.

A full review of historical data is underway to determine targets for immediate on-ground follow-up.

Smitty and Loradao uranium mines

Valor has also staked the claim covering the historic Smitty Uranium Mine, which is 4 kilometres west of Uranium City.

The Lorado Mine, 10 kilometres south of Uranium City, is another claim owned by the company and was in production between 1954 and 1960.

Hidden Bay Project

Lastly, Valor has also staked the claim referred to as the Hidden Bay Project, covering an area of 3,190 hectares or 31.9 square kilometres.

The project is prospective for basement hosted unconformity-related uranium deposits being located at the unconformity between the Athabasca Basin Group sediments and the older underlying Archean Lower Proterozoic basement rocks.

Australian Strategic Materials signs US$600 million LoI

Rowena Smith, CEO and managing director of Australian Strategic Materials Ltd (ASX:ASM, OTC:ASMMF), joins Jonathan Jackson in the Proactive studio to discuss the company’ s Dubbo Project, in Central West New South Wales. This project aims to extract and process critical minerals and rare earth...

12 hours, 46 minutes ago