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Valor Resources Limited (Valor or the Company) (ASX:VAL) is pleased to announce the completion of the Year 1 commitment under the Farm in agreement with Skyharbour Resources Limited (TSXV:SYH). Valor Resources has spent in excess of the Year 1 commitment of C$750,000 and money spent above the minimum will rollover to the Year 2 commitment. The Company has also paid C$75,000 in cash as part of the agreement due within 1 year from settlement of the transaction.
- Year 1 commitment has been met following the expenditure exceeding C$750,000 and a cash payment of C$75,000.
- Expenditure incurred over the Year 1 commitment rolls over to Year 2 commitments.
- Drilling underway at the Hook Lake Project
- An airborne gravity survey over Hook Lake is scheduled to commence in April 2022
Over the past 12 months, the Company has undertaken a number of exploration activities at Hook Lake including two airborne geophysical surveys, field work programs, interpretation of both the data from the 2021 exploration program and historical data. In December, the Company commenced preparation of site works for the maiden drill program which commenced in January 2022. Currently, the diamond drill rig is in place and completing the 2,500m program targeting the S-Zone and V-Grid prospects as the first two of many targets on the property.
The next 12 months will see further drilling on the property, additional field-based work and an airborne gravity survey planned to commence in April 2022.
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.