Final Priority Drill Targets Selected For Cluff Lake Uranium Project Field Season

Valor Resources Limited (Valor) or (the Company) (ASX: VAL) is pleased to advise that it has confirmed several priority drill targets for the upcoming 2023 field season at the Cluff Lake Uranium Project, located 7km east of the Cluff Lake Uranium deposits on the western flank of Canada’s world-classAthabasca Basin (Figure 2).

HIGHLIGHTS

• Four priority targets identified at the Cluff Lake Uranium Project in Canada’s Athabasca Basin following a comprehensive review of all available exploration data, including data obtained from the extensive airborne gravity survey completed last year.
• Two of the targets located at the Moose Lake prospect are prioritised for drill testing.
• Structural interpretation combined with geophysical inversion models, all available surface geochemistry and drill-hole information have been used to rank and prioritise the targets for basement-hosted and unconformity-type uranium deposits.
• The depth to the top of the Athabasca Basin/basement unconformity has been derived from historical airborne EM (MEGATEM) magnetic and drilling data, as well as Valor’s 2022 airborne gravity gradiometry (AGG) survey data.
• Exceptionally high-grade rare earth element (REE) assays of up to 9.15% TREO1 returned from on- ground field checking of targets and surface sampling of historic trenches at the Moose Lake prospect.
• The Cluff Lake Project is located 7km east of Orano’s Cluff Lake Mine, which produced 62.5Mlbs @ 0.92% U3O8 and 5km from Orano’s/UEX’s Shea Creek deposits, which combine to form one of the largest undeveloped uranium resources in the Athabasca Basin.
• Follow-up field program proposed including radon surveys over targets before drilling later in 2023.

Surface sampling at Moose Lake Prospect (Sample# 212412 – 6.9% TREO).

Figure 1: Cluff Lake Project – Targets identified through historical data review and new geophysical interpretation.

The targets have been refined following the interpretation of new airborne gravity gradiometry (AGG) and magnetic data, re-processing of historical airborne EM data (MEGATEM) and initial fieldwork at the Cluff Lake Project.

An earlier review of historic exploration data from the Cluff Lake area identified seven prospective targets from geological mapping, surface sampling, diamond drilling and re-processed historical geophysical data. The results of this review were reported on 7th June 2022 in the ASX announcement titled “Highly prospective Uranium targets identified at Cluff Lake Project near historical uranium mine”.

Subsequent to that, the Company completed an airborne gravity gradiometry survey in June 2022 and, following an interpretation of these and other data, high-priority targets have been defined (Figure 1).

The airborne gravity survey was designed to identify gravity lows which can be caused by clay alteration of the host rock, potentially due to hydrothermal fluids associated with unconformity uranium deposits (see Figure 3).

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