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Valor Resources Acquire Jesaulenko Lithium Project in Ontario

21 February 2024 11:14
ASX:THB

Valor Resources Limited (ASX: VAL) have completed its acquisition of the Jesaulenko Lithium Project, located in Ontario, though the acquisition of its vendor, Stratosphere Li Pty Ltd, demonstrating its ongoing commitment to advancing its portfolio of highly prospective lithium properties in Canada.

Terms of the Acquisition

The acquisition was originally announced in December last year, consolidating Valor’s strategy to strengthen its new energy metals portfolio in North America.

Under the transaction, Valor will acquire Stratosphere, which wholly owns the Jesaulenko Lithium Project.

The consideration for the acquisition includes the issue of 312.5 million VAL shares to promoters and shareholders of Stratosphere, and a $350,000 cash payment to Valor, representing the existing cash balance of Stratosphere.

The Jesaulenko acquisition is one of three highly prospective Canadian lithium projects being acquired by Valor.

The Company announced earlier this month it had successfully signed a definitive option agreement to acquire the Frazer Lake Project, with the remaining Project, the Morrison Lithium Project, reportedly in the final stages of the acquisition agreement.

Jesaulenko Project

The Jesaulenko Project encompasses 46 square kilometres of highly prospective tenure in the Thunder Bay district of north-western Ontario, occupying a strategic location with direct highway access.

The Project is positioned 21 kilometres southwest of Rock Tech Lithium‘s Georgia Lake Project, which holds a substantial lithium resource of 10.6Mt @ 0.88% Li2O (Indicated) and 4.2Mt @ 1% Li2O (Inferred).

The Jesaulenko Project has a geological setting analogous to Georgia Lake, offering Valor encouraging exploration potential.

Satellite imagery of the Project has additionally indicated defined areas of outcrop, warranting immediate field investigation to determine potential for Lithium-Caesium-Tantalum (LCT)-type pegmatites.

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Figure 1: Jesaulenko and Frazer Lake Lithium Project location & local geology.

The Thunder Bay region as a whole offers significant exploration potential for Valor, with many of the neighboring exploration companies boasting large mineral resource estimations.

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Figure 2: Table of Thunder Bay region mineral Resource details

Company Comments

Valor Resources Executive Chairman George Bauk commented on the acquisition.

“We are pleased to have completed the Jesaulenko acquisition, marking another key step in Valor’s growth path and transformation as a Canadian-focused Uranium, Rare Earths and Lithium explorer,” he said.

“With a definitive option agreement also now finalised for the Frazer Lake Project and close to being completed for the Morrison Lake Project, our growth strategy is rapidly taking shape.”

“We are looking forward to reporting on further progress with these agreements in the coming days and months.”

VAL’s Australian Securities Exchange-listed share price is currently trading at $0.003 (11.15am UTC+ 8 hours).

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