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Valor Resources Limited (Valor or the Company) (ASX: VAL) is pleased to advise that it has expanded its strategic exploration footprint in the area around the world-class Athabasca Basin in Canada after reaching agreement to acquire privately owned company 1325020 B.C. Ltd , which holds a strategic claims package adjoining Valor’s existing Surprise Creek Uranium Copper Project within the Beaverlodge Uranium District.
HIGHLIGHTS
- Valor agrees to acquire a 500km2 claim package around the Athabasca Basin, Canada.
- Valor is acquiring 1325020 B.C.Ltd, which holds the tenements, for consideration comprising 50 million Valor shares, payable on completion.
- Portfolio includes the 160km2 Pring Lake claim package which adjoins Valor’s Surprise Creek Uranium-Copper Project and the Athlodge claim which lies just 15km east of the Surprise Creek Fault Uranium prospect.
- Historical grab sampling within the Pring Lake tenements has reported results of 5.75% U3O8 and 5.44% U3O8, in addition to several historical copper occurrences.
- The portfolio also includes the 198km2 SYME claim package and the 136km2 Jahala claim package which are located to the south of the Athabasca Basin.
Figure 1: Surprise Creek Uranium Project location
Figure 2: Location of Valor and 1325020 B.C. Ltd projects around the Athabasca Basin
The portfolio includes the 160km2 Pring Lake claim package, which adjoins the Surprise Creek tenements to the north-west, the Athlodge claim, which is located 20km north of Uranium City and the 198km2 SYME claim package which lies to the south of the Athabasca Basin.
The mineral claims represent an important strategic addition to Valor’s extensive portfolio in the Athabasca Basin, which hosts some of the largest and highest-grade uranium deposits in the world including McArthur River, Cigar Lake and Arrow.
Historical exploration across the 1325020 B.C.Ltd claims package has returned encouraging results, with grab sampling within the Pring Lake claims returning results of up to 5.44% U3O8 at the BOBClaims uranium occurence1, while several copper and base metals occurrences have also been noted within the claim areas (see Figure 3 below).
Figure 3: Surprise Creek and Pring Lake/Athlodge Project locations, regional geology and mineral occurences
The Pring Lake claims host similar geology to the Company’s Surprise Creek Project with unconformity- related copper and vein-style uranium mineralisation reported. Detailed historical data compilation of the Surprise Creek Project by Valor (reported in ASX announcement dated 13 February 2023 titled “Exciting New copper targets identified at Surprise Creek”) has highlighted the potential of this area to host this style of mineralisation. Besides the Bob Claims uranium occurrence, the other most significant occurrences in the Pring Lake land package are as follows:
- East Hearne Cu showing2 where copper mineralisation is traced intermittently along a 150m long fault zone.
- Pring Lake3 - copper (and Pb-Zn) mineralisation is associated with a fault zone and samples with reported assays up to 0.81% Cu
- Jamok copper showing4 – trenching and seven drillholes completed in the area
- JO Claims occurrence5 – grab sample reported assaying up to 5.75% U3O8
The Athlodge claim (MC00015536) is located 15km east of Valor’s Surprise Creek Fault prospect where Valor has identified uranium mineralisation over 500m in strike extent (ASX announcement dated 22 December 2022 titled “High-grade Uranium Rock chip results at Surprise Creek”)
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.
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