Quarterly Activities/Appendix 5B Cash Flow Report April 28, 2023

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:

• Four priority targets identified at the Cluff Lake Uranium Proje ct:
  • Two of the targets at the Moose Lake Prospect prioritised for drilling.
  • High-grade rare earth results of up to 9.15% TREO returned from sampling of historic trenches at Moose Lake.
• Three significa nt copper targets identified following a review of historical exploration data on new mineral cla ims at the Surprise Creek Project:
  • Bob Lake – historical drilling results of up to 9m @ 2.07% Cu and 27.3g/t Ag from surface and 2.5m @ 5.58% Cu and 17.43g/t Ag from 6.1m.
  • Ellis Bay (Zone 25) – historical drilling results of up to 6.6m @ 1.31% Cu from 11m and 4m @ 0.60% Cu from 8m.
  • Waterloo – historical channel sampling of trenches with results of up to 1.39% Cu over 4.5m and 2.41% Cu over 3m.
• Drill permit applications submitted at the Hidde n Bay Uranium Project, located just 20km south-southwest of the historic Rabbit Lake Mine (Cameco), which produced 203Mlbs of uranium concentrate over 41 years:
  • Drill targets at Hidden Bay comprise radon-in-soil anomalies which are partly coincident with gravity anomalies.
  • Targets located close to the Athabasca unconformity, with potential for both basement-hosted and Athabasca sandstone-hosted uranium deposits.

PERUVIAN COPPER:

• Peruvian Ministry of Energy and Mines approves the DIA – “Declaracion de Impacto Ambiental” (Environmental Impact Statement for Exploration), allowing for up to 120 holes to be drilled within the approved Effective Area at the Picha Copper Project
• Ongoing fieldwork and geochemical surface sampling at Picha highlights new targets at Cuti and Fundicion South and enhances existing targets at Ichucollo, Maricate and Cumbre Coya.
• Fieldwork continuing at the Charaque Project with project-wide geochemical soil sampling program currently underway.

CORPORATE:

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

Figure 1: Athabasca Basin Projects

CLUFF LAKE URANIUM PROJECT

Several priority drill targets have been defined at the Cluff Lake Uranium Project following the interpretation of airborne gravity gradiometry (AGG) and magnetic data acquired by the Company in June 2022, re-processing of historical airborne EM data (MEGATEM) and initial reconnaissance fieldwork. Details of the targets were reported in the ASX announcement dated 8^th February 2023 titled “Final priority drill targets selected for Cluff Lake Uranium Project field season”.

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.