Valor Resources

December 2022 Quarterly Activities and Cash Flow Report

Outstanding exploration results confirm the world- class pedigree of Valor’s uranium assets in Canada and copper- silver assets in Peru

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



  • 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.


  • 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.


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


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.


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

This article includes content from Valor Resources, 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.

The Conversation (0)
Firetail Resources Limited

Shareholders Approve Firetail Resources’ Acquisition of Peruvian Assets

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.

Keep reading...Show less
The word uranium with a green arrow pointing up.

Uranium Stocks Surge as Kazakhstan Raises Mineral Extraction Tax

Kazakhstan's announcement of a significant increase in the Mineral Extraction Tax (MET) for uranium sent uranium stocks trending higher on July 10 as concerns of a potential supply disruption grew due to Kazakhstan's position as the world’s largest uranium-producing country.

The new tax rate changes will come in two waves. The first, effective January 1, 2025, will impose an initial hike from the current 6 percent to 9 percent.

Starting in 2026, they will take on a more complex and differentiated rate structure, structured to vary based on production volumes and the price of natural uranium concentrate (U3O8).

For production volumes up to 500 metric tons, the rate will be 4 percent, increasing incrementally to a maximum of 18 percent for volumes exceeding 4,000 metric tons.

Keep reading...Show less
Wyoming pinned with a red tack on a map.

Indigo Acquires Hot Uranium Property in Wyoming

Indigo Exploration (TSXV:IXI) has announced the acquisition of a 100 percent interest in the Hot property, a uranium project located in the Shirley Basin of Wyoming, US.

“Gaining 100 percent interest in a project of this calibre, located in a key uranium district next to past production and some of the preeminent US-focused uranium producers and developers, and with extensive historical drill results, is an exciting new development for the Company,” Indigo’s President and CEO Paul Cowley commented in the company's press release.

The Hot property covers 71 unpatented mineral claims over a 5.75 square kilometer area and has been the site of extensive historical exploration since the 1960s.

Wyoming is historically the largest uranium-producing state in the US and has the greatest uranium ore reserves. The Shirley Basin produced over 51 million pounds of U3O8 from 1960 to 1992 at an average grade of 0.22 percent U3O8. However, depressed uranium prices in the late 1900s led to many mines in the region shuttering. The resurgence in uranium prices in recent years has brought interest back to the region as companies look to restart operations, develop uranium deposits or make new discoveries.

Keep reading...Show less

Denison Announces Signing of Wheeler River Benefit Agreements with Kineepik Métis Local #9 and the Village of Pinehouse Lake

Denison 70 Logo (CNW Group/Denison Mines Corp.)

Denison Mines Corp. ("Denison" or the "Company") (TSX: DML) (NYSE American: DNN) is honoured to announce the signing of a Mutual Benefits Agreement ("MBA") with Kineepik Métis Local #9 ("KML"), and a Community Benefit Agreement ("CBA") with the Northern Village of Pinehouse Lake (the "Village"), in support of the development and operation of Denison's 95%-owned Wheeler River Project in northern Saskatchewan (the "Project"). View PDF version

News Provided by Canada Newswire via QuoteMedia

Keep reading...Show less
DevEx Resources

Maiden 150Mt Inferred Mineral Resource for the Kennedy Ionic Clay-Hosted REE Project, Queensland

Deposit starts from surface with significant scope for further growth

DevEx Resources (ASX: DEV; DevEx or the Company) is pleased to announce a maiden Inferred Mineral Resource Estimate (MRE) for its 100%-owned Kennedy Rare Earths Project (Kennedy Project) in North Queensland (Figure 1).

Keep reading...Show less

Global Uranium Mining Market Expected to Reach $11.38 Billion By 2030 as Dependency on Nuclear Power Increases News Commentary - In line with the rise of nuclear energy since the 1950's, uranium has become a pivotal commodity. This is especially true for countries that are highly dependent on nuclear energy to fulfill their domestic energy needs. According to a report from Statista, that the leading consumers of uranium worldwide are the countries with the highest share of nuclear energy: the United States, China, and France. The U.S. used nearly 18,300 metric tons of uranium in 2020. That was more than twice as much as France, which ranked third. Although there are global tendencies towards alternative energies, the worldwide nuclear energy consumption has remained consistent over the past decade. This suggests that uranium will likely continue to be an important commodity for decades to come. A report from GlobalData added that Uranium production is expected to grow marginally at a CAGR of more than 4% from 2024 to 2030 and that the countries holding significant uranium reserves are Australia, Kazakhstan, Canada, Russia, and Namibia among others. In 2023, Australia had the largest share followed by Kazakhstan. In terms of uranium production, Kazakhstan led the market followed by Canada. Active Mining Companies in the news includes: Indigo Exploration Inc. (OTCQB: IXIXF) (TSX-V: IXI), Ur-Energy Inc. (NYSE American: URG) (TSX: URE), Cameco Corporation (NYSE: CCJ) (TSX: CCO), Denison Mines Corp. (NYSE American: DNN), Uranium Energy Corp (NYSE American: UEC).

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
MOAB Minerals (ASX:MOM)

Moab Minerals Investor Presentation

Moab Minerals Limited (‘MOM’) is pleased to release its investor presentation.

Keep reading...Show less

Latest Press Releases

Related News