Total
0
Shares
Source: Valor Resources
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Valor Resources (VAL) highlights targets at its Hook Lake Project in Canada
  • In April, Valor completed survey work to identify areas of shallow structural complexity which are known to be favourable for uranium
  • Positively, the data confirms extensive and complex structural trends and uranium showings
  • Valor plans to follow up on these targets with field work which is expected to begin in the next few days and will be followed by drilling later this year
  • Company shares are up 11.1 per cent and trading at one cent

Valor Resources (VAL) has received results from an airborne magnetic and electromagnetic (EM) geophysical survey completed in April.

The survey was conducted at Valor’s Hook Lake Project in Canada to help identify areas of shallow structural complexity which are known to be favourable for uranium, as well as to determine the geophysical signature of known occurrences.

Positively, the data confirmed extensive and complex structural trends across the property that may indicate the presence of uranium mineralisation.

One of these trends are similar to that in other basement-hosted uranium deposits in the same region and another has features similar to those associated with the Tabbernor Fault System.

The Tabbernor Fault System is wide feature that extends for over 1500 kilometres. While there isn’t a direct link between the system and existing uranium deposits, several deposits are associated with a north-south component within the ‘sphere of influence’ of the Tabbernor system.

Executive Chairman, George Bauk, was pleased to have confirmed new trends for follow-up.

“Significant new geological information has come out of the survey including the north-south structural features, possibly representing the Tabbernor Fault System. These results have exceeded our expectations with the number of target areas to follow up.”

Valor Resources has secured all the relevant permits to conduct follow-up ground work and drilling which is expected to take place in the December quarter.

The field work portion however is set to commence in the next few days over historical uranium occurrences and the new targets that the survey work identified.

Company shares were up 11.1 per cent and trading at one cent at 11:54 am AEST.

VAL by the numbers
More From The Market Herald

" Beacon Minerals (ASX:BCN) declares fully franked dividend

Beacon Minerals (BCN) has declared a fully franked dividend of 0.125 cents per share.

" Alchemy’s (ASX:ALY) subsidiary wins tenement ballots at Lake Rebecca

Alchemy Resources’ (ALY) subsidiary, Goldtribe Corporation, has won ballots for three exploration licence applications within ALY’s Lake Rebecca Project in Western Australia.

" Tigers Realm Coal (ASX:TIG) recounts positive September quarter

Tigers Realm Coal (TIG) has released its quarterly report for the three months ending September 30.

" Chase Mining’s (ASX:CML) Red Fox applies for more tenements in Queensland

Chase Mining’s (CML) 40 per cent-owned company Red Fox Resources has applied for another three exploration permits in northwest Queensland.