Valor Resources Limited (Valor) or (the Company) (ASX: VAL) is pleased to provide its activities report for the quarter ended 30 June 2022. Exploration activities in both Canada and Peru uncovered significant mineralisation in Uranium and Copper/Silver.
HIGHLIGHTS
CANADIAN URANIUM – ATHABASCA BASIN:
- Surprise Creek Project historical data review highlights high grade uranium and copper targets including drilling results of 2.1m @ 4.37% U3O8.
- Historical drilling on the Surprise Creek Fault target highlighted by 2.1m @ 4.37% U3O8 from 57m (VT20) including 0.9m @ 7.5% U3O8
- Other significant historical drilling results at Surprise Creek Fault target include 1.5m @ 0.1% U3O8 (VT13), 0.43m @ 0.49% U3O8 (VT05) and 0.15m @ 0.83% U3O8 (VT02)
- Surprise Creek Fault target comprises a uranium geochemical anomaly (>25ppm U) in soils over 500m in strike length and including rock chips up to 6.37% U3O8, associated with a north-northwest striking fault system
- Uranium soil geochemical anomaly was partially drill tested and remains open in several directions
- Data review also highlights several copper targets in the southwest of the project area with soil and rock chip anomalies (>150ppm Cu) over a strike length of 1.5km and open to the north and south
- Copper target areas include several rock chip samples >0.25% Cu, up to 5.9% Cu and soil samples up to 3,300ppm Cu
- No modern exploration for uranium or copper in the project area for over 20 years
- Highly prospective Uranium targets identified at Cluff Lake Project near Historical Uranium Mine
- Seven high-priority targets defined based on historical data and geophysical interpretation
- Highlighted by surface geochemical anomalies up to 0.15% U3O8
- Airborne gravity gradiometry (AGG) survey completed to identify further targets – 2,755 line kms at 150m line spacing
- Project located 7km east of Orano’s Cluff Lake Mine which produced 62.5 Mlbs @ 0.92% U3O8
- Potential for both Athabasca basement-hosted and unconformity-style uranium deposits
- Extensive airborne gravity survey completed at Hook Lake and Hidden Bay
- Airborne Gravity Gradiometry (AGG) Survey has been completed on the Hook Lake and Hidden Bay Uranium Projects
- Total 2,080 line kilometres at 150m line spacing at Hook Lake and 416 line kms at 150m spacing at Hidden Bay
PERUVIAN COPPER SILVER:
- Extensive Copper assays highlight Ichucollo as significant new drill target
- Channel sample results from Ichucollo target at the Picha Project include:
- 12m @ 1.1% Cu and 5.3g/t Ag;
- 30m @ 0.79% Cu and 7.56g/t Ag;
- 16m @ 0.60% Cu and 9.1g/t Ag; and
- 18m long zone of stratabound or “manto-type” mineralisation averaging 1.45% Cu
- Channel sampling results highlight an area over 350m in extent with significant copper mineralisation and open to the north and south
- Evidence of intrusive activity in the Ichucollo area in the form of magmatic breccias with intrusive clasts – suggests proximity to porphyry body
- Ground geophysics comprising IP/Resistivity survey planned for Ichucollo in August and further surface sampling and mapping
- High grade rock chip sample of 6.78% Cu and 25g/t Ag indicates a potential new target area 4.5km west of Cobremani
- Rock chip and channel samples confirm two new targets
- Occsani Target with channel samples (0.5m x 0.2m) up to 2.14% Cu and rock chip samples up to 2.48% Cu, 92g/t Ag and 200ppm Mo.
- Chullunquiani Target with channel samples (0.5m x 0.2m) up to 5.57% Pb and 5.33% Zn.
- Further channel samples at the Huancune target returned assays of 2.82%, 2.03% and 1.72% Cu
- New tenure applied for comprising 6,000 hectares (60km2) – Charaque Project
- Charaque Project – located 30km northeast of Picha Project, along a regional northwest-southeast geological trend hosting several deposits and prospects
- Huallatani Target with a channel sample (0.3m x 0.2m) of 538g/t Ag and 19.5% Pb and dump samples, from historical artisanal mining, up to 43.2g/t Ag and 7.74% Pb
- Arco Target with channel samples (2.0m x 0.2m) up to 929g/t Ag and another up to 0.98% Cu, with five channel samples returning assays greater than 60g/t Ag.
Figure 1: Picha Project Conceptual Exploration model
The June Quarter saw the completion of historical data reviews at the Cluff Lake and Surprise Creek Projects which has highlighted a number of significant drill targets that are currently being followed up with a field reconnaissance program. During the quarter, work also advanced on the completion of historical data reviews at the Hidden Bay, Lorado, Smitty, Pendleton Lake and MacPherson Lake projects which will be finalised and released to the market in the September Quarter.
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Figure 1. Location Oasis project
Figure 2. Simplified Regional Geology