Valor Resources Limited (Valor) or (the Company) (ASX:VAL) is pleased to announce the completion of an extensive data review and targeting process on the Surprise Creek Project (the Project) to the northwest of the Athabasca Basin. This work has highlighted a significant number of very prospective targets, which will be followed up on-ground in the coming few weeks.


URANIUM HIGHLIGHTS

  • 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
  • The Exploration Model is a structurally controlled vein type uranium deposit, a sub-type of the basement- hosted unconformity-related uranium deposits
  • Reconnaissance field work to commence in mid-July with geological mapping and rock chip sampling to validate the current targets and improve geological understanding of the exploration model.

Figure 1: Surprise Creek – Project location

COPPER HIGHLIGHTS

  • 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.
  • Valor’s landholding increased in the area following historical data review, with an additional 11 km2 pegged to the southwest of the copper anomalies.
  • No modern exploration for uranium or copper in the project area for over 20 years.

Figure 2- Surprise Creek Project - Target areas

Executive Chairman George Bauk commented “The historical data review has highlighted some exciting uranium and copper targets with the high-grade uranium drill results of 2.1m @ 4.37% U3O8 at Surprise Creek Fault being most noteworthy. The historical results and lack of modern exploration for over 20 years suggests there is great potential in this area.”

“Based on the historical data review, the Company increased its land position at the Project to the southwest by pegging a further 11km2. Given the copper mineralisation trend at the southwest part of the property, we thought it was only logical to peg the open ground.”

“We are continuing to work through the historical exploration data from our eight projects in the Athabasca Basin and will release further results of these reviews in the coming months. The exploration team will commence on-ground work at the Cluff Lake and Surprise Creek Projects in July and results of the recently completed airborne gravity surveys at the Cluff Lake, Hook Lake and Hidden Bay Projects will be finalised during the current quarter."

Historical data review targets

The following targets are based on a thorough review of historical exploration data which has been integrated with a detailed geological interpretation of all publicly available geophysical data completed by Valor’s consultant geophysics team, Terra Resources. The historical exploration data is from the 1950s through to the late 1970s. Between the 1980s and the present day, little uranium or copper exploration has been carried out in this area. Details of relevant drill holes and surface sampling information that have been used in determining some of these targets, have been included in Appendices 1, 2 and 3. All diamond drill holes have been reported and surface samples reported have been filtered based on: Soil samples > 2ppm U, rock chip(boulder) and unknown sample types > 5ppm U. Due to the historical nature of some of this data, some aspects of the sampling and drilling cannot be verified and therefore some caution must be applied. The Company intends to carry out on-ground work to verify aspects of the historical data before advancing targets to the next stage.

Surprise Creek Fault

The Surprise Creek Fault target is an area where uranium exploration occurred in the late 1960s. The most significant exploration was conducted by Van-Tor Resources who completed 27 diamond holes in 1968 to test an area of uranium mineralisation at surface. Prior to that, in 1955, Independence Mining drilled 14 shallow (mostly 25-50m and up to 85m deep) diamond drillholes in the area following prospecting and trenching, which located uranium mineralisation at surface.


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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.
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