Valor Resources Ltd (ASX:VAL) has locked in 11 new targets from an airborne gravity gradiometry survey at Hook Lake Uranium Project, on the eastern flank of the Athabasca Basin in Canada.
This survey, completed in May-June this year, was designed to identify gravity lows in hydrothermally clay-altered host rocks associated with uranium deposits.
The company has completed a site visit to review the survey targets and assess the local geology. Five rock samples were collected from various locations, and have been submitted to the laboratory, with results expected in four to six weeks.
Valor will now begin planning to follow-up on the highest-priority targets with radon surveys and lake sediment sampling.
Some of the more significant new targets uncovered include:
- V-Grid: A strong gravity low located 1.5 kilometres south of the S-Zone prospect next to a distinct magnetic high, which DDHL22-008 intersected a thick gabbro/diorite unit as the source of the magnetic high.
- West Way: A group of three targets with the highest priority anomalies being Way1 and Way3. Way1 is a strong gravity low, with several uranium radiometric anomalies along strike to the southwest. Way3 is a very intense gravity low but is deeper than most of the other anomalies having been modelled at around 500 metres depth.
- Thompson Lake/South: Two targets along the Thompson Lake trend, which are coincident with a granite/metasediment contact and north-northwest trending Tabbernor fault structures.
Hook Lake gravity targets identified through an airborne gravity survey.
Hook Lake drilling
The maiden diamond drilling program comprised eight drill holes for 1,757 metres, with six holes at the S-Zone prospect and two at the V-Grid prospect, where a total of 305 samples were collected.
Final results received were within expectations, with the best assays from DDHL22-002 with 2.5 metres from 105.5 metres at 160 parts per million (ppm) U3O8.
Trace uraninite mineralisation in DDHL22-002.
“Abundance of new targets”
Valor executive chairman George Bauk said: “The assay results of the Hook Lake drilling program are within the boundaries expected and highlight uranium mineralisation at depth.
"These results coupled with the exciting new 11 targets developed using the recently flown airborne gravity survey provide the company with potential drill targets at the Hook Lake project.
"This area has had limited exploration with particular reference to modern exploration techniques and we will follow up with on-ground exploration activities to assist with the ranking of these targets for drilling in the near future.
“This part of the Athabasca Basin is the focus of a significant amount of uranium exploration activity at the moment.
"Most recently, we have seen a new IPO with a project to the north of Hook Lake about to hit the ASX, and both 92 Energy and Baselode Energy completing significant drilling campaigns at their new Gemini/ACKIO discovery about 30 kilometres north of our S-Zone prospect.
“We have an exciting portfolio of assets located around key existing and historical mining centres of the Basin. Hook Lake and Hidden Bay are close to the McArthur River, Cigar Lake and the Rabbit Lake mines, our Cluff Lake project is next to the historic Cluff Lake deposit and Surprise Creek is near the Beaverlodge uranium district.
“Our efforts in 2022 have been significant, comprising extensive data reviews of historical exploration, conducting a number of field programs, several large airborne surveys and a drill program at Hook Lake.
"What we have uncovered is a significant number of uranium targets on our properties that ultimately require drilling. With the abundance of new targets we have generated, we now need to prioritise them, which is difficult when they are of such high quality.”
Other upcoming plans
The Saskatchewan Government has granted the company approval to explore for minerals at the Cluff Lake Project, including for diamond drilling which is being planned for next year to follow up on some of the historical and new gravity targets.
On-ground fieldwork is set to re-commence in October at the Surprise Creek Project to follow up on the uranium and copper mineralisation identified at the project in the July field program.
Assay results from the field program are expected later this month.