ASX-listed exploration company Valor Resources (ASX:VAL) has acquired 2 new claims covering an area of 20km-square, further expanding the Surprise Creek Uranium Project in northern Saskatchewan, Canada.
The company says the 2 new claims cover historical copper occurrences and ‘favourable’ geology for Beaverlodge-style uranium mineralisation. Despite their prospectivity, Valor notes there has been minimal exploration undertaken in this area since the 1980s.
Key terms of this acquisition include paying US$10,000 cash and issuing 40 million Valor shares to the vendor RD Consulting on execution of the purchase agreement, as well as issuing a further 10 million shares to the vendor once the tenements are granted.
Commenting on the acquisition, Valor Resources Executive Chairman George Bauk said: “The new claims we have acquired to the west of Uranium City and contiguous with our existing Surprise Creek Uranium Project cover an area that has lacked any significant exploration activity over the past 40 years.
“Our team is now working through historical data, which includes significant copper results”
The Beaverlodge area played a significant role in the commencement of uranium production in Canada, particularly in the Athabasca Basin. With major discoveries having been made on the eastern side of the basin in more recent times, this area has been left behind.
Our team is now working through historical data, which includes significant copper results. This recent acquisition further expands our land holding around the Surprise Creek Project area, which has had minimal exploration to date, especially over the past 40 years, despite the presence of widespread copper and uranium occurrences.
We have already identified a significant uranium drill target at Surprise Creek Fault and, with some of the geophysical surveys that we are planning to undertake in 2023, we hope to identify further uranium and copper drill targets.”
Valor reports a detailed review of the historical exploration data from the acquired claims is currently underway. This process will include a compilation, review, and interpretation of all publicly available geological and geophysical datasets to prioritise areas for follow-up exploration.
Valor Resources is an ASX-listed exploration company focused on exploring for copper and uranium at its projects in Canada and Peru. The company’s wholly owned subsidiary Kiwanda SAC holds the rights to the Picha Project, which is in the Moquegua and Puno departments of Peru. Kiwanda SAC has also staked 8 claims covering 6,000 hectares in the Puno region which make up the Charaque exploration project.
In Canada, Valor holds the Hook Lake Uranium Project, the Cluff Lake Uranium Project, and 6 additional projects within the Athabasca Basin including the Hidden Bay, Surprise Creek, Pendleton Lake, MacPherson Lake, Smitty, and the Lorado projects.