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Valor Resources LimitedValor Resources Limited (Valor) or (the Company) (ASX: VAL) is pleased to provide its activities report for the quarter ended 31 March 2022.
HIGHLIGHTS CANADIAN URANIUM – ATHABASCA BASIN:
- Initial drill program hits elevated radioactivity and associated alteration at Hook Lake Uranium project
- Eight hole, 1,757m diamond drilling program completed at Hook Lake Project at the S-Zone and V-Grid targets
- Elevated radioactivity1 and alteration zones encountered in several holes at S-Zone target, assays pending
- Uraninite mineralisation recorded in drill hole DDHL22-002 at S-Zone within a 3.5m 2 sub-vertical zone of elevated radioactivity and alteration
- Airborne gravity survey to commence at Cluff Lake and Hook Lake in May to identify new drill targets
- Follow-up on-ground exploration program for Hook Lake currently being planned
- To include on-ground follow up of targets such as West Way where surface sampling in 2021 returned assays up to 0.64% U3O8 and Nob Hill with assays up to 1.01% TREO
- Valor meets commitments under farm in agreement with Skyharbour on Hook Lake
PERUVIAN COPPER SILVER:
- Valor identifies large porphyry copper target
- Large IP anomaly identified based on Valor’s 2021 Induced Polarisation (IP)/Resistivity survey
- The IP anomaly is approximately 2km long in a north-south direction and 2km across at its widest point (NE-SW orientation)
- Target supported by surface mineralisation identified in 2021 field program comprising over 400 samples including channel samples of:
- 41.6m @ 1.12% Cu and 22.8g/t Ag (Cobremani),
- 17.6m @ 1.95% Cu and 29.5g/t Ag (Maricate) and
- 32.85m @ 0.61% Cu and 209.76g/t Ag (Cumbre Coya)
- Spectral study supports the porphyry potential at the Picha Project
- Spectral study of 74 rock samples from the Picha Project indicates alteration zones proximal to porphyrytype deposits – five spectral anomalies identified
- Study also identified alteration minerals related to low sulfidation epithermal environments
- Additional copper targets confirmed with assays up to 3.95% Cu and 229 g/t Ag at Picha project
- Multiple new targets confirmed with rock chip assay results:
- 3.95% Cu, 229g/t Ag and 3.06% Pb in channel sample at Huancune target
- Three of four channel samples at Huancune return >1% Cu
- 0.82% Cu, 47.7 Ag g/t in channel sample at new target (Pacojahua) 2km southwest of Huancune
- Multiple new targets confirmed with rock chip assay results:
CORPORATE:
- $3.4m raised through a heavily oversubscribed placement
The March Quarter saw the completion of the maiden drilling program at the Hook Lake Uranium Project in Canada along with the identification of a large porphyry target at the Picha Project in Peru. The Company is continuing to successfully manage this dual focus by having experienced locally-based geological consultants/employees in Canada and Peru. Their local knowledge means exploration activities are progressing efficiently and effectively on both fronts.
In Canada, the Company has completed its maiden diamond drilling program at the Hook Lake Uranium Project with the drilling hitting elevated radioactivity. Three of the drillholes at S-Zone encountered elevated radioactivity and associated alteration of varying widths. DDHL22-002 intersected a zone from 104.3m to 108m downhole depth of elevated radioactivity (up to 900 cps measured with a handheld RS-125 scintillometer and a peak of 1,131 cps in the downhole gamma survey) and alteration, with traces of uraninite mineralisation noted in some of the fractures.
The Company continues to work on reviewing historical data from all seven of the uranium projects in Canada and aims to have these reported to the market in the coming 3 to 4 months.
In Peru, outstanding results have been released to the market, including the identification of a large porphyry target. Work is now focused on finalising the drilling program and completing the permitting process in order to commence drilling. The team has commenced work on the expanded Picha Project with some initial rock chip results of up to 3% Cu and multiple new targets identified.
The Company is cognisant of operating a dual focus strategy between our Athabasca Uranium and Peruvian Copper Portfolios and continues to evaluate the best structure in which to maximise shareholder value.
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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.
VAL:AU
Boss Set to Ship First U308 from Honeymoon
Highlights
- Startup production exceeding ramp-up schedule per the feasibility study (FS) estimates
- NIMCIX columns 2 and 3 on target for commissioning in Q3 and Q4, respectively in 2024
- Commissioning continues to advance, with key metrics remaining ahead of FS estimates:
- oWellfields continue to average 80 - 100mg/L vs FS estimate of 47mg/L (~100% uplift)
- oIon Exchange loaded resin recoverability remains at 100%
- oResin loading normalising at FS estimate of 27 g/L
- oElution performance exceeding FS estimate at 7 – 9 g/L
- First uranium sale to occur with revenue being received this quarter
- Boss remains highly leveraged to rising uranium price
Boss will now make its first delivery to European nuclear utilities under its existing sales contracts, with revenue to be received in the current quarter.
With NIMCIX Column 1 performing to expectations and construction of Columns 2 and 3 on track for completion in the September and December quarters, 2024 respectively, Boss expects production to total at least ~850,000lbs of U308 by June 30, 2025, in line with its Feasibility Study schedule1.
Boss Managing Director Duncan Craib said:“The start-up phase at Honeymoon is proceeding comfortably to plan, with all the key metrics running in line with, or exceeding, the forecasts contained in the Feasibility Study schedule.
“Construction of the second and third columns is also advancing well, ensuring we are on track to continue increasing our production rates. Total production in FY26 is set to meet or exceed our feasibility study forecasts at 1.63Mlb. The addition of columns 4, 5 and 6 are forecast to further increase the production rate to nameplate capacity of 2.45Mlb/annum by year three.”
Figure 1: Drummed uranium ready for first shipment
Figure 2: Construction of columns 2 and 3 nearing completion to increase Honeymoon's production profile
Production update
Operational focus over the coming months remains on optimisation of the ion exchange, elution, precipitation and drying and packing processes.
Wellfield performance continues to impress, with tenors from individual wellfields into the PLS averaging 80 - 100 mg/L. Honeymoon’s feasibility study assumed PLS grade of 47 mg/L based on results from the project’s previous operation. Boss is managing the grade of uranium being leached to maximise wellfield recoveries.
Consumption of reagents in the wellfields of sulphuric acid and ferric (pH and Eh) are normalising as per FS expectations. The lixiviant chemistry, as proved during the field leach trial, continues to demonstrate superior performance at commercial throughput rates. The increased leach efficiency leads to a more efficient loading on the ion exchange resin, effectively lowering operating costs as less reagents and power are required per drum of uranium.
Stripping of uranium from the loaded resin continues to be virtually 100%, also demonstrating that the ion exchange process is working as designed, resulting in a high-grade concentrated eluate greater than 7-9 g/L.
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Lo Herma ISR Uranium Project, Resource Drilling Funded
HIGHLIGHTS
- Upcoming Q3 resource drilling is fully funded
- Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U3O8 at average 630ppm
- Drilling to commence in the coming weeks - starting late July or early August
- Planned rights entitlement offer to all shareholders on the same terms as the recent placement - details to be provided in due course
As previously advised on 2nd of May 2024, the planned 2024 drilling permit at Lo Herma allows for up to 76 drill hole locations including construction of up to 5 groundwater monitoring wells. This next phase of drilling will focus on expanding the resource areas and where possible, upgrading the current mineral resource classification (Table 1). Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised. GTI intends to mobilise drilling rigs to Lo Herma as soon as the activity is fully permitted which is anticipated to be during late July or early August 2024.
Following completion of the 2024 drill program at Lo Herma, GTI intends to publish an updated mineral resource estimate and exploration target range for the project. The Company expects that the updated mineral resource estimate will support near-term development of a Scoping Study to demonstrate the economic potential of the project.
GTI Executive Director Bruce Lane commented, “We are pleased and excited to have received investor support and funding to continue moving forward with our planned resource expansion drilling at Lo Herma. Matt and the team in Wyoming have put us in a great position to complete the drilling program this quarter, with a revised mineral resource estimate to be rapidly advanced post-drilling. This work prepares GTI for a potential Lo Herma scoping study which we hope to commence later this year on the basis that we can significantly grow the uranium resource estimate to a similar scale to ISR uranium mines currently being constructed or planned in Wyoming at Ur-Energy’s Shirley Basin project & Encore’s Energy’s Gas Hills project.”
FIGURE 1. GTI WYOMING PROJECT LOCATIONS
LO HERMA GEOLOGIC SUMMARY
The Lo Herma project is located on the southern end of the west flank of the Powder River Basin (PRB), a regional asymmetric synclinal basin hosting a sedimentary rock sequence of about 15,000 feet in the deeper portions of the basin. The basin is bounded by the Bighorn Mountains on the west, the Black Hills to the east, and the Casper Arch, Laramie Mountains, and Hartville Uplift along the southern margin. Along the edges of the basin, progressively older sedimentary units outcrop at the surface as you move away from the synclinal axis of the basin.
The target host geology for Lo Herma project is located in and around the contact of the Eocene Wasatch Formation (Wasatch) and the Paleocene Fort Union Formation (Fort Union).
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This article includes content from GTI Energy, 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.
