Valor Resources (ASX:VAL) has entered into an agreement to acquire a contiguous 500 square kilometre land package in the Athabasca Basin in Canada, expanding its Surprise Creek Uranium-Copper Project and strategic foothold in the prolific region.
Figure 1: Surprise Creek Uranium Project location
The Strategic Acquisition
The agreement entails the acquisition of privately owned company 1325020 B.C. Ltd, which holds a strategic claims package adjoining Valor’s existing Surprise Creek Uranium Copper Project within the Beaverlodge Uranium District.
Valor is acquiring 100 percent of the issued capital of 1325020 B.C. Ltd for the consideration of 50 million fully paid ordinary Valor shares at a deemed issue price of $0.0035 per share, equivalent to $175,000, payable on completion.
Pring Lake Claim
Through the acquisition, Valor obtained rights to the Pring Lake land claims, encompassing 160 square kilometres, which adjoins Valor’s Surprise Creek Uranium-Copper Project and the Athlodge claim which lies just 15 kilometres east of the Surprise Creek Fault Uranium prospect.
Figure 2: Surprise Creek, Pring Lake and Athlodge Project locations, regional geology and mineral occurences
The acquired mineral claims represent a strategic addition to Valor’s extensive portfolio in the Athabasca Basin, which hosts some of the largest and highest-grade uranium deposits in the world including McArthur River, Cigar Lake and Arrow.
The historical exploration completed to date on the Pring lands has returned promising results, with several copper and base metals occurrences reported and grab sampling up to 5.44% and 5.44% U3O8.
Other significant occurrences in the Pring Lake land package include:
- East Hearne Cu showing where copper mineralisation is traced intermittently along a 150 metres long fault zone.
- Pring Lake – copper (and Pb-Zn) mineralisation is associated with a fault zone and samples with reported assays up to 0.81% Cu
- Jamok copper showing – trenching and seven drillholes completed in the area
- JO Claims occurrence – grab sample reported assaying up to 5.75% U3O8
The acquired portfolio also includes the SYME land claims, located around 60 kilometres northeast of Buffalo Narrows, which have multiple pegmatite occurrences yet to be tested for lithium or rare earth element (REE) mineralisation.
The historical exploration done at the SYME land claim included rock chip sampling recording results of up to 2.86% U3O8.
Valor has also acquired the Jahala claim package which comprises of five claims covering an area of 136 square kilometres located around 60 kilometres east of La Ronge.
Valor Comments on the Acquisition
Valor Executive Chairman George Bauk said this is an exciting addition to the Company’s existing portfolio in the world-class Athabasca Basin.
“The addition of these strategically located tenements to our existing Surprise Creek Project will add significant value to our uranium portfolio in Canada, with the new tenements including numerous historic indications of high-grade uranium and copper,” he said.
“There are also multiple noted pegmatite occurrences within the claims package which have never been tested for lithium or REE potential. This remains an exciting opportunity to be pursued by our team once we can get on the ground to explore.”
“With the spot uranium price continuing to climb, and now trading above US$69 a pound, the investment climate for high-grade uranium exploration in the Athabasca Basin has never been better. We are really looking forward to reviewing the datasets which 1325020 B.C.Ltd has assembled for these tenements and getting to work to define targets for on-ground follow-up, further strengthening our already impressive pipeline of opportunities in the region.”
VAL’s Australian Stock Exchange-listed share price is currently trading at $0.003 (12.30 pm UTC+ 8 hours).