Valor Resources (ASX:VAL)
First drill hole at Hook Lake. Source: Valor Resources
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  • Valor Resources (VAL) completes a maiden drilling program at the Hook Lake uranium project in Canada
  • The eight-hole program targeted the S-Zone and V-Grid with drilling S-Zone encountering elevated radioactivity and showing traces of uraninite mineralisation
  • Unfortunately, both holes drilled at the V-Grid didn’t intersect any significant radioactivity
  • Assays from the program are expected next month when an airborne gravity survey is expected to commence to assist with defining drill targets
  • VAL shares are in the grey and trading at 1.3 cents each

Valor Resources (VAL) has completed a maiden drilling program at the Hook Lake uranium project in the Saskatchewan province of Canada.

The eight-hole, 1757-metre drilling effort focused on the S-Zone and V-Grid areas with six holes completed at the S-Zone and two at the V-Grid.

S-Zone

Drilling at the S-Zone tested the area surrounding the historical trench, where previous surface sampling returned assays of up to 59.2 per cent triuranium octoxide.

Three of the six holes encountered elevated radioactivity and associated alteration. Hole DDHL22-002 intersected a four-metre zone of elevated radioactivity and alteration, with traces of uraninite mineralisation found in some of the fractures.

While DDHL22-003 didn’t have any significant radioactivity measurements, it did intersect similar alteration as that in holes DDHL22-001 and 002, at a depth of 163 to 167.5 metres.

The four-metre zone showed silicification, hematite and possible clay alteration with narrow quartz veins.

“We are encouraged by the alteration and elevated radioactivity seen in several of the holes drilled at S-Zone. The area clearly has the potential to host high-grade uranium mineralisation as evidenced by the S-Zone surface sampling from 2021,” Executive Chairman George Bauk said.

V-Grid

Over at the V-Grid, one hole (DDHL22-007) targeted a magnetic high and historical surface geochemical anomaly and the other hole (DDHL22-008) was designed to test a circular magnetic feature.

DDHL22-007 was drilled to a 149-metre depth and didn’t intersect any significant radioactivity. DDHL22-008 was drilled to a depth of 350 metres and also didn’t intersect any significant radioactivity.

The company has collected 305 samples from the program which will be submitted for assay with results expected early next month.

Next steps

Looking ahead, Valor Resources will conduct an airborne gravity survey in May which will be followed up with on-ground field work including geological mapping, prospecting, surface geochemical sampling, drill targeting and the next phase of diamond drilling.

VAL shares were in the grey and trading at 1.3 cents at 10:46 am AEST.

VAL by the numbers
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