December 2022 Quarterly Activities and Cash Flow Report

Valor Resources Limited (Valor or the Company) (ASX: VAL) is pleased to present its Quarterly Report and Cash Flow Report.

HIGHLIGHTS

CANADIAN URANIUM – ATHABASCA BASIN:

• Outstanding high-grade uranium rock chip results of up to 7.98% U3O8 confirm a priority drill target at the Surprise Creek Project, located 25km north-west of Uranium City in Canada’s Beaverlodge Uranium District:
  • Follow-up field program 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.
• Increased landholding at Surprise Creek adds a large-scale copper play:
  • Three new mineral claims covering an area of nearly 44km² staked west of Surprise Creek, covering three historical copper showings.
    
  • The Ellis Bay, Bob Lake and Waterloo showings all have significant copper exploration results dating from the 1950s-70s, with no significant exploration work undertaken in the area since the 1980s.
  • Ellis Bay (or Zone 25) was discovered in 1968 with copper mineralisation reported over an area of 488m by 152m, and two further copper occurrences identified within 1.4km.
  • Bob Lake contains three copper occurrences with mineralisation reported over a strike length of 183m.
• Priority uranium drill targets confirmed at the Hidden Bay Uranium Project, located just 20km south-southwest of the historic Rabbit Lake Mine (Cameco), which produced 203Mlbs of uranium concentrate over 41 years:
  • Radon anomalies are partly coincident with priority gravity targets identified in Valor’s June airborne gravity survey.
  • Targets are located close to the Athabasca unconformity, with potential for both basement-hosted and Athabasca sandstone-hosted uranium deposits.
  • Hidden Bay has a similar geological setting to Rabbit Lake.

PERUVIAN COPPER- SILVER:

• Ongoing field work to identify further targets and increase definition around the pending drill program, including the completion of two soil sampling programs, with assays pending.
• Samples taken for the second PIMA program with results due in the March 2023 Quarter.
• Landowner agreements completed for the Picha Project drilling area, with Government approvals awaited.

CORPORATE:

• Process underway to maximise the value of the Peruvian asset portfolio through a corporate restructure/transaction.

SURPRISE CREEK PROJECT

Field exploration continues to deliver multiple high-grade uranium samples above 1% U3O8, confirming the potential of under-explored areas within the Surprise Creek Project as Valor’s exploration activity continues to gather momentum.

URANIUM TARGETS – SURPRISE CREEK

The uranium targets are primarily located in the northern part of the project in the Surprise Creek Fault area and the Plug Lake area. The most significant uranium target, based on historical exploration results, is the Surprise Creek Fault target. Details of the historical exploration at the Surprise Creek Project were provided in the Company’s ASX announcement dated 6th July 2022 and titled “Surprise Creek data review highlights high-grade targets”.

Click here for the full ASX Release

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