Valor Resources Limited (Valor) or (the Company) (ASX:VAL) is pleased to announce the initial findings of a reconnaissance field program at the Surprise Creek Project (the Project) in northern Saskatchewan. This work has confirmed several historical uranium and copper targets and identified some new, previously unrecorded uranium and copper occurrences. A total of 36 samples were collected from the uranium and copper occurrences which have been submitted for assay. Assay results are expected in around four weeks.
HIGHLIGHTS
- Field program uncovers surface uranium mineralisation at several locations within the Surprise Creek Fault and Plug Lake areas, including six showings with maximum scintillometer readings of 65,535 cps1 and over 10 findings with over 10,000 cps1
- Surface copper mineralisation observed in several locations with semi-massive chalcocite mineralisation recorded within a 350m long quartz vein
- The field program has been focused on visiting the historical prospects, drill locations, surface showings and significant geological structures
- Historical drilling on the Surprise Creek Fault target highlighted by 2.1m @ 4.37% U3O8 from 57m (VT20) including 0.9m @ 7.5% U3O8
- Surprise Creek Fault target comprises a uranium soil geochemical anomaly (>25ppm U) over 500m in strike length with rock chips up to 6.37% U3O8 and associated with a north-northwest striking fault system
- The Company is targeting structurally controlled vein type uranium deposits at Surprise Creek, a sub-type of the basement-hosted unconformity-related uranium deposits
Executive Chairman George Bauk commented “The historical data review highlighted some exciting uranium and copper targets with the high-grade uranium drill results of 2.1m @ 4.37% U3O8 at Surprise Creek Fault being most noteworthy. The historical results, and the fact there has been no modern exploration in this area for uranium for over 40 years and for copper over 20 years, suggests there is significant potential in this area, and our first field program has already turned up some exciting new occurrences.”
“Based on the recent field program, the Company has further increased its land position at the Project by pegging another 7km2. The copper mineralisation identified on the project has resulted in us extending our landholding to the north.”
“We propose to follow-up the initial field program at Surprise Creek in September just before the freeze-up. Before this, the exploration team will commence on-ground work at the Hook Lake and Hidden Bay Projects next month and results of the recently completed airborne gravity surveys at the Cluff Lake, Hook Lake and Hidden Bay Projects will be finalised during the current quarter. We are also continuing to work through the historical exploration data from other projects in the Athabasca Basin and will release further results of these reviews in the coming months.”
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Figure 1. Location Oasis project
Figure 2. Simplified Regional Geology