Valor has an abundance of options for future exploration at its Hook Lake project after identifying 11 new uranium targets from a recently completed airborne gravity survey.

The survey over the project on the eastern flank of the Athabasca Basin, Canada, was designed to identify gravity lows as hydrothermally clay-altered host rocks associated with unconformity uranium deposits typically have a lower density than the surrounding rocks.

Final assays have also been received from initial diamond drilling carried out earlier this year at the S-Zone prospect with results in line with expectations based on the handheld scintillometer readings and downhole gamma survey results.

Valor Resources (ASX:VAL) noted that anomalous results were returned from three of the six holes with a top result of 2.5m grading 160 parts per million U3O8 from 105.5 in hole DDHL22-002.

“The assay results of the Hook Lake drilling program are within the boundaries expected and highlight uranium mineralisation at depth,” executive chairman George Bauk said.

“These results coupled with the exciting new 11 targets developed using the recently flown airborne gravity survey provides the company with potential drill targets at the Hook Lake project.

“This area has had limited exploration with particular reference to modern exploration techniques and we will follow up with on-ground exploration activities to assist with the ranking of these targets for drilling in the near future.”

He added that uranium activity in this part of the Athabasca Basin has increased with a new IPO with a project to the north of Hook Lake about to hit the ASX while 92 Energy and Baselode Energy have completed significant drilling campaigns at their new Gemini/ACKIO discovery about 30km north of S-Zone.

No shortage of targets

“We have an exciting portfolio of assets located around key existing and historical mining centres of the Basin,” Bauk explained.

“Hook Lake and Hidden Bay are close to the McArthur River, Cigar Lake and the Rabbit Lake mines, our Cluff Lake project is next to the historic Cluff Lake deposit and Surprise Creek is near the Beaverlodge uranium district.”

He noted that the company’s extensive efforts in 2022 had uncovered a significant number of uranium targets on its properties that would ultimately warrant drilling.

“With the abundance of new targets we have generated, we now need to prioritise them, which is difficult when they are of such high quality,” he concluded.

Upcoming work

Valor plans to recommence the ground-based program at its Surprise Creek project this month with assays from previous work still pending.

Significant uranium occurrences were identified and follow-up work is about to commence.

The company has also received drill permits for its Cluff Lake project.



This article was developed in collaboration with Valor Resources, a Stockhead advertiser at the time of publishing.


This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.