A successful field program at its Surprise Creek project in Canada has uncovered significant new uranium and copper mineralisation for Valor Resources in addition to confirming targets from historical results.
Based on the quality of the findings from the field program, the company has increased its land holdings by pegging another 7 square kilometres to the north of the project.
Surface uranium mineralisation was discovered at several of the company’s Surprise Creek Fault and Plug Lake locations including six targets that returned a maximum scintillometer reading of 65,535 counts per second and 10 more findings at more than 10,000 cps.
Copper mineralisation was also confirmed at surface including a previously unrecorded quartz vein with semi-massive chalcocite mineralisation within a known strike length of 350m.
The company has collected 36 samples from the confirmed target areas with assay results expected in about four weeks.
Valor Resources Executive Chairman, George Bauk said: “The historical results and the fact there has been no modern exploration in this area for uranium for over 40 years and for copper over 20 years, suggests there is significant potential in this area and our first field program has already turned up some exciting new occurrences.”
The Surprise Creek Fault was identified as a priority target for Valor based on historical results that showed a 2.1m intersection going 4.37 per cent uranium oxide including 0.9m at 7.5 per cent.
Other significant historical results at the target included a 1.5m intersection going 0.1 per cent uranium oxide, a 0.43m intercept at 0.49 per cent and a third 0.15m section reading 0.83 per cent uranium oxide — all from separate holes.
Valor says the Surprise Creek Fault target hosts a uranium soil geochemical anomaly over 500m in strike length with rock chip samples returning results up to 6.37 per cent uranium oxide.
The company’s historical exploration data dates back to the 1950s through to the late 1970s. Since the 1980s, there has been little uranium or copper exploration in the area.
Before its recent expansion the Surprise Creek project covered 3470 hectares, about 25km north-west of Uranium City in Northern Saskatchewan in the world-renowned Athabasca Basin that is considered a leading source of high-grade uranium and supplies about 20 per cent of the world’s needs.
Valor plans to follow up its latest field program at Surprise Creek next month before the region experiences its annual freeze-up.
Ground exploration work at the company’s Hook Lake and Hidden Bay projects will start next month whilst results of a recent airborne gravity survey across both projects in addition to Cluff Lake are expected this quarter.
Valor Resources says it will continue to analyse its historical data across the Athabasca Basin as it looks to identify and confirm further targets.
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By Matt Birney
