Valor Resources Ltd (ASX:VAL) has identified several new and previously unrecorded uranium and copper targets after surface sampling produced "exceptional" results at its 100%-owned Surprise Creek Uranium Project near the Athabasca Basin in Canada.
The company is now expanding the project area and pegging an additional claim to the north after rock chips returned high-grade results of up to 6.13% uranium and 61.7% copper.
A total of 30 samples across the project returned the following results that the company described as being exceptional:
- 6.13% U3O8 and 1.03% copper;
- 3.96% U3O8 and 1.31% copper; and
- 1.83% U3O8 and 1.23% copper.
Example of the uranium and copper mineralisation at Surprise Creek Fault.
Defining period
Valor executive chairman George Bauk said: “These exciting results further validate the huge opportunity at our Surprise Creek Project, demonstrating its potential to host significant uranium and copper mineralisation.
“We are seeing two potential target types emerge – one primarily for uranium with associated copper in the northern part of the project and another in the south and central part of the project comprising just copper.
“Historic drilling on the property returned significant intercepts including 2.1 metres at 4.37% U3O8 from 57 metres at the Surprise Creek Fault, suggesting that these surface results could well be related to significant mineralisation at depth.
“Importantly, this historic drilling was from 1968 and this area has seen no modern exploration for uranium for over 40 years and for copper for over 20 years.
“Following these results, we have pegged additional ground immediately to the north of the project, and follow-up fieldwork is currently underway with further geological mapping and sampling.
“We are also planning airborne geophysical surveys in 2023 to help define drilling targets, as we increase the pace of exploration activity ahead of what we believe could be a defining period for Valor next year at Surprise Creek.”
Uranium and copper target areas at Surprise Creek.
Upcoming events
The table below is what's coming up for Valor for the rest of the year.