Valor Resources Limited (Valor) or (the Company) (ASX:VAL) is pleased to announce the completion of an extensive data review and targeting process on the Cluff Lake Uranium Project (the Project) in the western Athabasca Basin. This work has highlighted a significant number of very prospective targets, which will be followed up on-ground in the coming few weeks. In addition, an extensive airborne gravity gradiometry survey has recently been completed at the Project, with additional targets expected to be identified when the final data is reviewed".
HIGHLIGHTS
Seven high-priority targets defined based on historical data and geophysical interpretation
Highlighted by surface geochemical anomalies up to 0.15% U3O8
Airborne gravity gradiometry (AGG) survey completed to identify further targets
Project located 7km east of Orano’s Cluff Lake Mine which produced 62.5 Mlbs @ 0.92% U3O8
Potential for both Athabasca basement-hosted and unconformity-style uranium deposits
Permitting well advanced to start on ground exploration activity in June including mapping and sampling, to design drilling program
Executive Chairman George Bauk comments “The data review has highlighted excellent targets including several key structures, and this combined with outputs from the recently completed airborne gravity gradiometry survey will provide us with the priority targets that require on-ground follow-up leading to drilling. The gravity survey provides the third dimension (depth) to the other geological data sets to assist with identifying and prioritising drill targets.”
“We are within 7km of a significant historical uranium mine, which was operated by Areva (now Orano), the leading French nuclear organisation. This group of deposits produced over 62m pounds of U3O8 at 0.92% U3O8 (or 9,200ppm U3O8). These deposits were small in terms of physical size, but due to their high-grade nature, were economically significant. We are targeting our exploration activity to account for the physical size of known resources in the area.”
“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.”
Airborne gravity survey – recently completed
An airborne gravity gradiometry (AGG) survey has been completed across approximately 80% of the Cluff Lake Project area (622km2). A total of 2,755 line kms were flown in the survey, at a line spacing of 200m. To the Company’s knowledge, this is the first modern airborne gravity survey completed over the project area. The preliminary data is currently being compiled and reviewed, with the results expected later this month.
The AGG data will help delineate geology and structure that are potentially important in the formation of a uranium deposit. Gravity anomalies can provide direct detection of the hydrothermal alteration associated with a uranium deposit. Hydrothermally altered (de-silicified) rocks have a lower density then the unaltered host rocks and can therefore be identified as gravity lows. An example of this is the basement-hosted Arrow Uranium Deposit, which has a Total Mineral Resource of 337.4 million pounds U3O8 at a grade of 1.8%, which was discovered in 2014 by NexGen Energy Ltd. The discovery of the Arrow Deposit was, in part, the result of drill testing a circular gravity low with a diameter of around 1km. (sourcedfromArrowDeposit,RookIProject,Saskatchewan,NI 43-101Technical Report onFeasibility Study).
Historical data review targets
The following targets are based on a thorough review of historical exploration data which has been integrated with a detailed geological interpretation of all publicly available geophysical data completed by Valor’s consultant geophysics team, Terra Resources. The historical exploration data is from the 1960s through to the 1980s. Between the 1990s and the present day, little uranium exploration has been carried out in this area. Details of relevant drill holes and surface sampling information that have been used in determining some of these targets, have been included in Appendices 1 and 2. All diamond drill holes have been reported and other drillholes with maximum U assay of >1ppm have been reported. The surface samples reported have been filtered based on: Organic samples >5ppm U, Soil samples > 2ppm U, rock chip(boulder) and unknown sample types > 5ppm U. Due to the historical nature of some of this data, some aspects of the sampling and drilling cannot be verified and therefore some caution must be applied. The Company intends to carry out on-ground work to verify aspects of the historical data before advancing targets to the drilling stage.
This article includes content from Valor Resources Limited , licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Firetail received strong shareholder approval with 88 percent of votes in favor of the transaction
Firetail Resources (ASX:FTL) shareholders have approved the acquisition of up to 80 percent interest in Valor Resources’ (ASX:VAL) Picha and Charaque projects in Peru, according to an article published by The West Australian.
About 88 percent of Firetail’s shareholders voted in favour of the transaction, which is set to be completed in the first week of September 2023. The deal involves Firetail issuing an upfront payment of $550,000, 15 million shares and 20 million performance rights. In return, Valor will transfer 80 percent of the issued share capital of Kiwanda S.A.C, Valor’s wholly owned subsidiary which holds the mining concessions for the Peruvian assets.
The article also noted that Valor shall maintain a 20.58 percent stake in Firetail and a 20 percent interest in the acquired assets.
Firetail is advancing its drill planning for the Picha copper project in Peru with regulatory approvals already in place allowing up to 120 drill holes comprising up to 40 drill platforms with three holes per platform.
Greenvale Energy Ltd (ASX: GRV, “Greenvale” or “the Company”) is pleased to advise it has acquired a 100% interest in the advanced high grade Oasis Uranium project. The Oasis deposit and associated regional uranium anomalism are contained with EPM 27565 which cover 53 subblocks over an area of 90 km2 and located 250 km west of Townsville and 50 km west of Greenvale in FNQ (Figure 1). The project area is located entirely within the Lynd Station pastoral land. The company has acquired the 100% interest from the vendors Maverick Exploration Pty Ltd, Remlain Pty Ltd and Mineral Intelligence Pty Ltd (equal 1/3 each interest) for a consideration of $200,000 cash and the issue of 20 million Greenvale shares.
Oasis was discovered during the 1970s uranium exploration push by International companies , most notably Esso whose subsequent work (1977-1979) defined high priority targets with only the Oasis deposit drill tested to date Oasis occurs along a structure associated with a major crustal terrane boundary. (Lynd Mylonite Zone). The metamorphic host rocks, voluminous granite and leucogranite and deformation history share many of the characteristics that can be interpreted as Intrusive (Alaskite) style of uranium mineralisation . This is an exciting possibility, if further exploration continues to strengthen the analogy with world class uranium mines like the Rossing, Namibia.
Highlights:
Greenvale acquires 100% interest in EPM 27565, covering 90 km2 of fault bound alkaline intrusive and metamorphic terrane which includes the high grade Oasis uranium deposit and 8 additional high priority uranium targets
Airborne radiometric uranium anomalies were located by Anglo American in 1973, Esso completed major on ground work 1977-1979 1nd drilled 46 holes (32 diamond, 14 percussion) for a total of 4755 m. Esso defined high grade primary uranium mineralisation over a 300m strike length and 200m vertical depth. Mineralisation remains open at depth and possibly along strike.
Four due diligence diamond drill holes completed in 2006 by Glengarry Resources validated the historic Esso data and confirmed continuous high grade mineralisation with intercepts up to 1m @ 0.72% U3O8 (15.8 lbs/t).
Oasis shear is interpreted to extend undercover for another 1.5Km to the north and remains untested for extensions to mineralisation.
Historical radiometric and magnetic data identified large zones of structurally controlled anomalism which remain untested by drilling
Most recently Terra Search Pty Ltd reprocessed and interpreted the historic geophysical data identifying 9 priority Uranium anomalies over a 10km strike length adjacent to ,, and apparently emanating from the major terrane boundary delineated as the Lynd Mylonite Zone.
Geoscience Australia (GA) have age dated Oasis Uraninite and associated alteration sericite which has determined a mineralisation age of 433 +/-4 Ma. This Silurian date coincides the uranium mineralisation with the major period of felsic plutonism present across the region. It also strengthens the association of the intrusive bodies of the age in the area which are the likely drivers of the U mineralization. The recording of alaskite intrusives of similar age , along with other features such as the mineralisation occurring in shear hosted structural niches within tightly folded high grade metamorphism associated with chlorite- biotite alteration, again strengthens the intrusive related ”Alaskite mineralization style” analogy.
This latter point could be highly significant as Alaskites account for around 10% of global Uranium reserves and are generally large, moderate grade deposits, the most striking example being Rossing, Namibia.
Figure 1. Location Oasis project
The acquisition of Oasis adds considerable weight to Greenvale’s portfolio of Uranium exploration projects and is expected to be rapidly upgraded to resource status during the 2025 exploration season.
Project Geology and Mineralisation
Geology within EPM 27565 is dominated by structurally complex mixture of intrusive granitic and metamorphic rocks of Proterozoic, , Ordovician and Silurian Age with recent age dating of uraninite from the Oasis deposit recording a Silurian age. The Lynd Mylonite Zone is a dominant structural feature which strikes north north-east through the centre of the exploration permit. Multiple faults and fractures splaying off the western side of the mylonite appear to control the distribution of extensive zones of uranium anomalism including the Oasis deposit. The granitic-metamorphic terrane hosting the uranium mineralisation is bounded 10km’s to the east by the Far East Mylonite Zone which strikes parallel to the Lynd Mylonite Zone
Figure 2. Simplified Regional Geology
Previous Exploration
Uranium potential was first identified by Aust Anglo American in 1973-74 from airborne radiometrics followed up by ground radiometrics, mapping and trenching. Three clusters of anomalies were identified on the western side of the Lynd Mylonite Zone including the Oasis anomaly. From 1977-1979 Esso Minerals conducted ground radiometrics, mapping and auger drilling prior to completing 34 diamond drill holes and 14 percussion holes at the Oasis prospect. Esso drilling defined a continuous zone of high grade mineralisation of varying thickness over a 300m strike length and 200m vertical depth (Table 1). The mineralisation remained open along strike and at depth. No further work was undertaken at oasis or other prospects.
This article includes content from Greenvale Energy Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Greenvale Energy Ltd (ASX: GRV, “Greenvale” or “the Company”) is pleased to advise that the Company has received $1.176 million in R&D rebates for the 2024 Financial Year. In addition to these funds, Greenvale expected to receive $250,000 from the sale of EP145 announced on 16 October 20241 in the coming weeks.
With the receipt of the R&D rebate, Greenvale has commenced the first stage of Test Program 6. Stage 1 seeks improve the work performed by the University of Jorden (UoJ) in Test Program 5 and optimise the processing conditions before Monash University commences the bulk sample test program.
UoJ will conduct the following test runs, from samples already held by UoJ:
1. A long reaction time (5 hours) without a catalyst, at maximum pressure and 370°C.
2. One experiment using THF instead of toluene, also under maximum pressure, at 400°C.
3. Testing catalyzed reactions aimed at maximizing yield and verifying the effect on viscosity (proposed catalysts: Fe, Sn, Zn, Cu).
It is Greenvale’s expectation that after completing these experiments, the Company would be in a position to proceed to produce bulk samples under the optimal conditions identified.
Mark Turner, former CEO of Greenvale, will manage the work on behalf of Greenvale as an Independent Contractor.
This article includes content from Greenvale Energy Ltd, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
AuKing Mining Limited (ASX: AKN) wishes to advise that it has entered into a binding term sheet with ASX-listed Resource Mining Corporation Limited (ASX:RMI) granting RMI an option to purchase all of AuKing’s interests in its Joint Venture arrangements that have been established in Saudi Arabia.
AuKing’s Managing Director, Mr Paul Williams, said that on 27 November 2024, the Company announced to the ASX the proposed transaction with Orion Resources Pty Ltd (“Orion”), which included the proposed earn-in of 15% of the Cloncurry Project interests via an acquisition of shares in Orion. Since that announcement, the newly-constituted Board of AuKing has taken the decision that it cannot now direct resources and available funds to the new Saudi Joint Venture. As a consequence (and with permission from the local Saudi partner, Barg Alsaman Mining Co (“BSMC”)), AuKing has entered into the option with RMI, providing for that company to assume AuKing’s position in the Saudi JV with BSMC.
Saudi Joint Venture Update
In conjunction with BSMC, Auking has now established its Joint Venture in Saudi Arabia with BSMC (“Saudi JV”) and a new JV company has been incorporated. Under the terms of the Saudi JV, Auking has the right to earn a 70% joint venture interest by incurring project- related expenditure up to the stage of a feasibility study for the particular project. At the present time, the Saudi JV has two (2) project interests – first, the BSMC-owned project known as “Wadi Salamah” and the Shaib Marqan project awarded by the Saudi Ministry of Industry and Mineral Resources (“Ministry”) (see ASX announcement by AuKing on 6 November 2024). An exploration licence has just been granted for Wadi Salamah and steps are being taken with the Ministry in order to secure the Shaib Marqan licence.
RMI Option
As a consequence of the Board’s decision to focus efforts on Orion’s Cloncurry Project and its other existing exploration interests, AuKing has entered into a binding term sheet with RMI, whereby RMI has an exclusive right to acquire AuKing’s interests in the Saudi JV. Key provisions of the term sheet include the following:
RMI has an option to purchase all of Auking’s rights, obligations and interests in the Saudi JV, for a period of thirty (30) days commencing after the grant by the Ministry of the Shaib Marqan licence (“RMI Option”);
No consideration is payable by RMI to AuKing in respect of the exercise of the RMI Option, other than RMI’s agreement to:
Assume all of AuKing’s obligations under the Saudi JV; and
(at its own expense and at no cost to AuKing), RMI assisting BSMC to secure grant of the Shaib Marqan licence and the commencement of exploration activities at the Wadi Salamah project.
In the event that the RMI Option is not exercised, AuKing’s interest in the Saudi JV will automatically revert to BSMC, for no consideration.
AuKing will keep the market updated as this proposed transaction progresses.
This article includes content from Auking Mining, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") is pleased to announce that its Chairman and CEO, John Cash, will participate in the Maxim Group LLC "2025 Mining Conference: Mining and Supplying Critical Minerals and Precious Metals," on Thursday, January 16, 2025. The Conference will be virtual with registration and access as set forth below
At the Conference, Tate Sullivan, Senior Research Analyst at Maxim Group, will host virtual conversations with companies to identify future trends in mining and supplying critical minerals and precious metals.
Ur-Energy invites you to attend when Mr. Cash participates in a fireside chat at the Conference on Thursday, January 16, 2025, at 9:30 a.m. Mountain Time / 11:30 a.m. Eastern Time.
The Conference will be held live on M-Vest. To attend, sign up to become an M-Vest member.
Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.8 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following the March 2024 ‘go' decision for the mine. We await the remaining regulatory authorization for the expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
Ur-Energy Inc. (NYSE American:URG)(TSX:URE) (the "Company" or "Ur-Energy") is pleased to announce that its Chairman and CEO, John Cash, will participate in the Maxim Group LLC "2025 Mining Conference: Mining and Supplying Critical Minerals and Precious Metals," on Thursday, January 16, 2025. The Conference will be virtual with registration and access as set forth below
At the Conference, Tate Sullivan, Senior Research Analyst at Maxim Group, will host virtual conversations with companies to identify future trends in mining and supplying critical minerals and precious metals.
Ur-Energy invites you to attend when Mr. Cash participates in a fireside chat at the Conference on Thursday, January 16, 2025, at 9:30 a.m. Mountain Time / 11:30 a.m. Eastern Time.
The Conference will be held live on M-Vest. To attend, sign up to become an M-Vest member.
Ur-Energy is a uranium mining company operating the Lost Creek in situ recovery uranium facility in south-central Wyoming. We have produced and packaged approximately 2.8 million pounds U3O8 from Lost Creek since the commencement of operations. Ur-Energy has all major permits and authorizations to begin construction at Shirley Basin, the Company's second in situ recovery uranium facility in Wyoming and is advancing Shirley Basin construction and development following the March 2024 ‘go' decision for the mine. We await the remaining regulatory authorization for the expansion of Lost Creek. Ur‑Energy is engaged in uranium mining, recovery and processing activities, including the acquisition, exploration, development, and operation of uranium mineral properties in the United States. The primary trading market for Ur‑Energy's common shares is on the NYSE American under the symbol "URG." Ur‑Energy's common shares also trade on the Toronto Stock Exchange under the symbol "URE." Ur-Energy's corporate office is in Littleton, Colorado and its registered office is in Ottawa, Ontario.
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Figure 1. Location Oasis project
Figure 2. Simplified Regional Geology