Valor has more than met its first year expenditure requirement to earn its 80% interest in the Hook Lake uranium project in the Athabasca Basin, Saskatchewan.
Over a busy 12 months, the company has spent more than C$750,000 ($825,901.69) on two airborne geophysical surveys, field work programs, interpretation of both the data from the 2021 exploration program and historical data.
Valor Resources (ASX:VAL) also kicked off its maiden 2,500m drill program in January, with the company flagging more drilling and additional field work over the next 12 months.
The company says expenditure incurred over Year 1 rolls over into its Year 2 commitments.
“Modern technology has allowed the team to work well over two continents during COVID-19 travel restrictions to develop our initial targets on the project which we are drilling now,” executive chairman George Bauk said.
“Through the knowledge and experience of each of those involved and utilising the data on the project, we have developed a work program for the coming 12 months to target uranium mineralisation.
“The funds raised in December 2021 of A$5.4m through the Canadian Flow Through Scheme, will enable us to advance the Hook Lake Uranium Project and our other six properties in the Athabasca Basin.”
Red hot uranium address
Hook Lake covers 25,846 hectares about 60km east of the Key Lake uranium mine in northern Saskatchewan – a known uranium province with historical production of more than 500Mlbs of U3O8 from McArthur River and Key Lake.
Mineralisation at Hook Lake is shallow and structurally controlled while the mineralisation style is considered to be simple relative to other unconformity-hosted deposits.
The project is ideally located close to two all-weather highways and grid power.
This article was developed in collaboration with Valor Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
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