ASX-listed junior explorer Valor Resources says a recently completed airborne geophysical survey has exceeded its expectations, highlighting historical uranium occurrences and pointing to myriad new targets across its Hook Lake project in northern Saskatchewan, Canada. The aim of the surveying work was to acquire data that would help identify areas of shallow structural complexity considered favourable for the deposition of uranium in basement lithologies and determine the geophysical signature of known occurrences.
A follow-up field reconnaissance program has been earmarked to kick off this month and the Perth-based company hopes to be drilling priority uranium prospects in the venerated Athabasca Basin region later in the year.
The 5,172 line-kilometre airborne magnetic and very low frequency electromagnetic or “VLF-EM” geophysical survey threw up some tantalising indicators of extensive and complex structural trends across the Hook Lake property that may hint at structural and or lithological traps for uranium mineralisation, according to Valor.
It says the magnetic and VLF-EM data show a strong north-east-south-west structural trend similar to that which occurs in other basement-hosted uranium deposits in the eastern Athabasca Basin area.
Valor suggests a significant north-south structural trend that is also present has characteristics akin to those associated with the Tabbernor fault system, a major structural feature associated with known uranium deposits in the eastern Athabasca Basin.
The company interprets the results of the survey carried out using a fixed-wing aircraft at a line spacing of 75m as showing known in-situ uraniferous showings being coincident with the intersection of these structural trends and appearing to have a close association with shallow VLF-EM conductors.
Several other conductors that have seen little past exploration and have no known nearby uranium occurrences also represent prospects for follow-up exploration, according to Valor.
Management says the magnetic data gathered over Hook Lake mineralisation indicates it may be part of a larger and broader anomalous zone than originally thought.
An exploration crew supported by a helicopter has been mobilised to the Hook Lake project area to undertake the field work on behalf of Valor. The program is expected to take from about two to three weeks.
Valor Resources Executive Chairman George Bauk said: “The survey has confirmed the key targets for immediate follow-up and has provided data to verify additional targets for drilling. Significant new geological information has come out of the survey including the north-south structural features, possibly representing the Tabbernor fault system. We have secured all permits that allow us to follow up on the ground, including drilling, which we are targeting for the December quarter.”
Athabasca takes in the world’s highest-grade uranium mine at Cigar Lake, about 450km north of Valor’s Hook Lake project.
Toronto Stock Exchange and New York Stock Exchange-listed Cameco, which owns 50 per cent of Cigar Lake and is the operator of the underground mine, has produced more than 93 million pounds of uranium oxide – on a 100 per cent basis – since commissioning seven years ago.
The reported uranium oxide grade at Cigar Lake last year came in at a spectacular average of 15.92 per cent.
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By Matt Birney
