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Valor proves all round potential at Hook Lake

1 September 2021
Rueben Hale

Valor Resources has confirmed quality uranium-rare earth-silver-lead results from a ground study at its Hook Lake project in Canada’s mineral-rich northern Saskatchewan province.

Amidst a China and US-led resurgence in uranium and surging demand for battery metals, the explorer is developing its stake in the project, covering almost 26,000 hectares of contiguous mineral claims known for uranium mineralisation.

Sampling has returned some uranium grades higher than 6 per cent amongst solid presences of rare earth,  silver and lead recorded from tank flotation and rock chips from the site.

Unexpectedly, uranium and molybdenum were also detected at the nearby West Way prospect, recording molybdenum assays of 3.4pc  and 1.9pc and traces of uranium, fuelling more comprehensive exploration for rare earth and molybdenum potential across the tenements.

Valor said the strong multi-commodity results highlight the project’s broad potential and favourable economics, given that the price of molybdenum has almost doubled since the start of the year.

“This is one hell of an exciting project, right commodity, right location and right time,” executive director George Bauk said.

“Not only have we confirmed the significant outcrop of uranium mineralisation grading up to 59pc U3O8 [uranium oxides mix], but we have also seen outstanding results in other commodities such as rare earth with grades of more than 5pc total rare earth oxides.”

“The occurrence of rare earth is not unexpected in the Athabasca Basin, we just were not expecting grades this high and with the distribution of key rare earth elements such as neodymium, praseodymium and dysprosium.

“We have seen results of over 1pc TREO at both the Hook Lake prospect and the Nob Hill prospect, which are over 10 kilometres apart on the property.”

Valor is planning a follow-up field program to finalise and prioritise targets ready for drill testing.

Today, the company’s Australian Stock Exchange-listed shares have risen 9.09pc, trading at 1.2c (12:00 pm GMT+ 8 hours).

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