Further to its announcement of 9 November 2022, Valor Resources Limited (Valor or the Company) (ASX: VAL) is pleased to report significant uranium assay results from a follow-up field exploration program completed in September 2022 which has further enhanced the potential of its 100%-owned Surprise Creek Uranium Project, located near the Beaverlodge Uranium District in northern Saskatchewan, Canada.
HIGHLIGHTS
- Follow-up field program at the Surprise Creek Project, located 25km north-west of Uranium City in Canada’s Beaverlodge Uranium District, returns six surface samples above 1% U3O8 with associated copper, including:
- 7.98% U3O8 and 0.67% Cu
- 6.83% U3O8 and 0.17% Cu
- 3.35% U3O8 and 0.04% Cu
- Area of surface uranium mineralisation at Surprise Creek extended to a strike length of around 500m at the Surprise Creek Fault target, based on results received from the follow-up field program completed in October.
- The field program comprised detailed geological mapping and geochemical sampling in the Surprise Creek Fault area as a follow-up to reconnaissance work completed in July which returned several rock chips with assays >1% U3O8 and up to 6.13% U3O8 and 1.03% Cu.
- Geological mapping has confirmed the proximity of uranium mineralisation to an unconformity and a spatial association with the north-south trending Surprise Creek Fault, highlighting strong geological similarities with significant uranium deposits in the Beaverlodge Uranium District such as Fay-Ace and Gunnar.
- 50 rock chip samples collected from across the Project, including 28 samples from the Surprise Creek Fault area, of which 16 returned assays >1,000ppm U3O8.
- Samples also taken from a widespread area of copper mineralisation discovered to the west, following-up on copper mineralisation first identified in the July field program, with several samples returning assays of between 0.4% Cu and 1% Cu.
- The Company is targeting structurally-controlled vein-type uranium deposits at Surprise Creek, a sub-type of the basement-hosted unconformity-related uranium deposits.
- Drill testing of the Surprise Creek Fault target planned for 2023, plus airborne radiometrics and magnetics across the entire Project area.
The field program mainly comprised detailed geological mapping and geochemical sampling in the Surprise Creek Fault area and was designed to follow-up reconnaissance work undertaken in July which returned several rock chip assay results of >1% U3O8 and up to 6.13% U3O8 and 1.03% Cu (see ASX announcement dated 13 October 2022 titled “Exceptional Uranium and Copper rock chip results”).
The latest results have now extended the strike length of known surface uranium mineralisation at Surprise Creek Fault to around 500m, with six rock chip samples returning assays of >1% U3O8 and another 12 samples returning assays of >0.1% U3O8.
A total of 50 rock chip samples were collected as part of the program, of which 28 samples were collected from the Surprise Creek Fault prospect.
Detailed geological mapping was also completed over the area around the Surprise Creek Fault, with results highlighting compelling geological similarities to some of the more significant uranium deposits within the Beaverlodge district such as the Fay-Ace and Gunnar deposits.
Follow-up sampling of surface copper mineralisation discovered in the July field program in the western part of the project, which returned high-grade copper assay results including 61.7% Cu, 27.6% Cu, 9% Cu and 4.93% Cu (see ASX announcement dated 13 October 2022 titled “Exceptional Uranium and Copper Rock Chip Results”) also returned significant results with several samples grading >1,000ppm Cu and up to 1.07% Cu.
Valor Executive Chairman, George Bauk, commented: “These results confirm the extent of significant surface uranium mineralisation at Surprise Creek Fault and provide further confidence in the drill target. The known deposits in this part of the Beaverlodge district produced about 57 million pounds of uranium historically, highlighting the potential of this area to yield very significant uranium deposits.
“Prior to drilling, we plan to complete detailed airborne radiometrics and magnetics across the entire Surprise Creek Project area to identify other potential uranium targets as well as enhance our structural geological understanding to assist with drill planning.
“We have also recently expanded our landholding to the west which covers a large area of widespread historical copper occurrences which have attracted minimal exploration in the last 40 years.
“Weplantofollow-uptheknowncopperoccurrenceson-groundin 2023 once we have completed a detailedhistoricaldatacompilationand review.”
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Figure 1. Location Oasis project
Figure 2. Simplified Regional Geology