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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”)
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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.
VAL:AU
Boss Set to Ship First U308 from Honeymoon
Highlights
- Startup production exceeding ramp-up schedule per the feasibility study (FS) estimates
- NIMCIX columns 2 and 3 on target for commissioning in Q3 and Q4, respectively in 2024
- Commissioning continues to advance, with key metrics remaining ahead of FS estimates:
- oWellfields continue to average 80 - 100mg/L vs FS estimate of 47mg/L (~100% uplift)
- oIon Exchange loaded resin recoverability remains at 100%
- oResin loading normalising at FS estimate of 27 g/L
- oElution performance exceeding FS estimate at 7 – 9 g/L
- First uranium sale to occur with revenue being received this quarter
- Boss remains highly leveraged to rising uranium price
Boss will now make its first delivery to European nuclear utilities under its existing sales contracts, with revenue to be received in the current quarter.
With NIMCIX Column 1 performing to expectations and construction of Columns 2 and 3 on track for completion in the September and December quarters, 2024 respectively, Boss expects production to total at least ~850,000lbs of U308 by June 30, 2025, in line with its Feasibility Study schedule1.
Boss Managing Director Duncan Craib said:“The start-up phase at Honeymoon is proceeding comfortably to plan, with all the key metrics running in line with, or exceeding, the forecasts contained in the Feasibility Study schedule.
“Construction of the second and third columns is also advancing well, ensuring we are on track to continue increasing our production rates. Total production in FY26 is set to meet or exceed our feasibility study forecasts at 1.63Mlb. The addition of columns 4, 5 and 6 are forecast to further increase the production rate to nameplate capacity of 2.45Mlb/annum by year three.”
Figure 1: Drummed uranium ready for first shipment
Figure 2: Construction of columns 2 and 3 nearing completion to increase Honeymoon's production profile
Production update
Operational focus over the coming months remains on optimisation of the ion exchange, elution, precipitation and drying and packing processes.
Wellfield performance continues to impress, with tenors from individual wellfields into the PLS averaging 80 - 100 mg/L. Honeymoon’s feasibility study assumed PLS grade of 47 mg/L based on results from the project’s previous operation. Boss is managing the grade of uranium being leached to maximise wellfield recoveries.
Consumption of reagents in the wellfields of sulphuric acid and ferric (pH and Eh) are normalising as per FS expectations. The lixiviant chemistry, as proved during the field leach trial, continues to demonstrate superior performance at commercial throughput rates. The increased leach efficiency leads to a more efficient loading on the ion exchange resin, effectively lowering operating costs as less reagents and power are required per drum of uranium.
Stripping of uranium from the loaded resin continues to be virtually 100%, also demonstrating that the ion exchange process is working as designed, resulting in a high-grade concentrated eluate greater than 7-9 g/L.
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Lo Herma ISR Uranium Project, Resource Drilling Funded
HIGHLIGHTS
- Upcoming Q3 resource drilling is fully funded
- Drilling will target expansion and upgrade of the current Inferred Mineral Resource Estimate of 5.71 Mlbs U3O8 at average 630ppm
- Drilling to commence in the coming weeks - starting late July or early August
- Planned rights entitlement offer to all shareholders on the same terms as the recent placement - details to be provided in due course
As previously advised on 2nd of May 2024, the planned 2024 drilling permit at Lo Herma allows for up to 76 drill hole locations including construction of up to 5 groundwater monitoring wells. This next phase of drilling will focus on expanding the resource areas and where possible, upgrading the current mineral resource classification (Table 1). Collection of important data including, hydrogeologic parameters of the mineralised aquifers and collection of rock core samples for metallurgical testing will be also prioritised. GTI intends to mobilise drilling rigs to Lo Herma as soon as the activity is fully permitted which is anticipated to be during late July or early August 2024.
Following completion of the 2024 drill program at Lo Herma, GTI intends to publish an updated mineral resource estimate and exploration target range for the project. The Company expects that the updated mineral resource estimate will support near-term development of a Scoping Study to demonstrate the economic potential of the project.
GTI Executive Director Bruce Lane commented, “We are pleased and excited to have received investor support and funding to continue moving forward with our planned resource expansion drilling at Lo Herma. Matt and the team in Wyoming have put us in a great position to complete the drilling program this quarter, with a revised mineral resource estimate to be rapidly advanced post-drilling. This work prepares GTI for a potential Lo Herma scoping study which we hope to commence later this year on the basis that we can significantly grow the uranium resource estimate to a similar scale to ISR uranium mines currently being constructed or planned in Wyoming at Ur-Energy’s Shirley Basin project & Encore’s Energy’s Gas Hills project.”
FIGURE 1. GTI WYOMING PROJECT LOCATIONS
LO HERMA GEOLOGIC SUMMARY
The Lo Herma project is located on the southern end of the west flank of the Powder River Basin (PRB), a regional asymmetric synclinal basin hosting a sedimentary rock sequence of about 15,000 feet in the deeper portions of the basin. The basin is bounded by the Bighorn Mountains on the west, the Black Hills to the east, and the Casper Arch, Laramie Mountains, and Hartville Uplift along the southern margin. Along the edges of the basin, progressively older sedimentary units outcrop at the surface as you move away from the synclinal axis of the basin.
The target host geology for Lo Herma project is located in and around the contact of the Eocene Wasatch Formation (Wasatch) and the Paleocene Fort Union Formation (Fort Union).
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This article includes content from GTI Energy, 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.
