Valor Resources (ASX:VAL) reports it has identified 11 new uranium targets from a recently completed airborne gravity gradiometry (AGG) survey at the Hook Lake Uranium Project, on the eastern flank of the Athabasca Basin in Canada.
The company completed an airborne gradiometry survey in May and June this year, and following the interpretation of the data 11 new targets have been defined.
The AGG was designed to help identify gravity lows.
The hydrothermally clay altered host rocks associated with the unconformity uranium deposits will have a lower density than the surrounding rocks and will present as gravity lows.
A site visit has also been completed to review the airborne gravity survey targets and assess the local geology.
Follow-up work in the form of radon surveys and lake sediment sampling are currently being planned over the highest priority targets.
Final assay results have now been received from the diamond drilling program completed earlier this year, and the results are within expectations based on the handheld scintillometer readings and downhole gamma survey results which were reported in the announcement from April.
The best result was in DDHL22-002 with 2.5m from 105.5m @ 160ppm U3O8.
Valor Executive Chairman George Bauk said the assay results of the Hook Lake drilling program are within the boundaries expected, and highlight uranium mineralisation at depth.
“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.
“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.
This part of the Athabasca Basin is the focus of a significant amount of uranium exploration activity at the moment.
Most recently we have seen a new IPO with a project to the north of Hook Lake about to hit the ASX, and both 92 Energy and Baselode Energy completing significant drilling campaigns at their new Gemini/ACKIO discovery about 30km north of our S-Zone prospect.
We have an exciting portfolio of assets located around key existing and historical mining centres of our Basin.
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.
Our efforts in 2022 have been significant, comprising extensive data reviews of historical exploration, conducting a number of field programs, several large airborne surveys and a drill program at Hook Lake.
What we have uncovered is a significant number of uranium targets on our properties that ultimately require 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.”
Valor completed an AGG survey across the entire Hook Lake Project area, and a total of 2,082 line km were flown in the survey, at a line spacing of 150m.
Terra Resources, Valor’s consultant geophysics team have interpreted the recently acquired AGG data and highlighted 11 targets.
These targets include V-Grid, a strong gravity low just to the north of DDHL22-008 at the V-Grid prospect.
Located 1.5km south of the S-Zone prospect next to a distinct magnetic high which was targeted by DDHL22-008, and which intersected a thick gabbro/diorite unit which is the source of the magnetic high.
Another target is West Way, a group of 3 targets with the highest priority anomalies being Way1 and Way3, is a strong gravity low with several uranium radiometric anomalies along strike to the southwest.
Way3 is a very intense gravity low but is deeper than most of the other anomalies having been modelled at around 500m depth.
A field trip to the Hook Lake Uranium project was completed in August, and the site visit included a review of the AGG targets and additional target identified through a historical data review.
A total of 5 rock samples were collected from various locations throughout the project, including some of the gravity targets during the recent field trip.
Samples have been submitted to the assay laboratory with results expected in 4 to 6 weeks.
Valor completed its maiden drilling program at the Hook Lake Project in April this year, comprising of 8 drillholes for 1,757m with 6 holes in the S-Zone prospect and 2 in the V-Grid prospect.
The assay results confirm the handheld scintillometer readings and downhole gamma survey results which were reported in April.
The intersection in DDHL22-002 of 2.5m @ 160ppm U3O8 from 105.5m corresponds with handheld scintillometer readings of up to 900 counts per second within a brecciated and altered felsic intrusive with traces of visible uraninite.
Similarly, the anomalous uranium assays in DDHL22-005 (2.36m @ 91ppm U3O8 from 16.1m) correspond with handheld scintillometer readings of up to 390 counts per second, and associated with an albitite altered metapelite.
The intersection in DDHL22-002 which included 1m @ 259ppm U3O8 from 107m also have elevated rare earths, averaging 673ppm TREO across the 2.5m interval.
The company is intending to follow-up the new gravity targets at Hook Lake with radon surveys and lake sediment sampling.
Valor Resources is an exploration company dedicated to creating shareholder value through acquisitions and exploration activities.
The company is focused on 2 key commodities, copper and uranium in Peru and Canada.
Its 100% owned Peruvian subsidiary, Kiwanda SAC holds the rights to the Picha Project located in the Moquegua and Puno Departments of Peru.
The Picha Project is a copper-silver exploration project comprising 20 granted mining concessions for a total of 165km-square, as well as an additional 35km-square staked and currently awaiting title as mining concessions.
Valor also has the right to earn an 80% working interest in the Hook Uranium Project in Saskatchewan, a 100% equity interest in 19 contiguous mineral claims known as Cluff Lake Uranium Project, and 6 additional projects within the Athabasca Basin.
Images: Valor Resources Ltd
