- Valor Resources (VAL) acquires five prospective uranium projects within the Athabasca Basin in Canada
- Four of these have been acquired through direct staking but the fifth is being purchased under a binding agreement with two vendors
- Valor will buy the Pendleton Lake Project for a combination of cash and shares once it completes due diligence work over 30 days
- Once the purchase is complete, Valor’s landholding in the Athabasca Basin will increase to 98,600 hectares
- Company shares closed flat at one cent on July 6
Valor Resources (VAL) has acquired five prospective uranium projects within the Athabasca Basin in Canada.
Valor acquired four of these projects through direct staking, while the fifth project is being acquired under a binding agreement.
The projects include the Surprise Creek and Hidden Bay projects, the Smitty and Lorado uranium mines, and the Pendleton Lake Project which is prospective for both uranium and copper.
The Pendleton Lake Project includes six claims which cover a combined area of 3758 hectares. Four of the claims sit between the Janice Lake Sedimentary Copper Project which is currently being explored by Rio Tinto Exploration Canada.
The other two claims are located along strike to the south of the Janice Lake
Project. Pendleton Lake is also located just 10 kilometres south of Valor’s Hook Lake Project where airborne geophysical work was recently completed.
To acquire Pendleton Lake, Valor Resources entered a binding agreement with Jonathan Stewart Dunn and Gary Clayton Dunn.
Valor will need to complete due diligence work within a 30-day period. Once the acquisition is settled, Valor will pay the vendors C$5000 (A$5354) in cash and 5 million shares to purchase the Pendleton Lake Project.
The already staked projects include Surprise Creek which is made up of three claims which cover an area of 2370 hectares. The project was subject to historical exploration between the 1960s and 1970s, with the last on-ground exploration work reported in 1979.
Similarly, the Smitty Uranium Mine and the Lorado Uranium Mine were historically explored from the mid-to-late 1950s. The company is currently reviewing historical data from its newly acquired projects to determine targets for follow-up.
The Hidden Bay Project comprises one claim which covers a 3190-hectare area and is located 20 kilometres south-southwest of the Rabbit Lake Uranium Mine.
Executive Chairman George Bauk was pleased to have acquired these properties.
“Through the acquisition of these exciting uranium properties, Valor is ideally positioned to rapidly test multiple prospective exploration opportunities.”
When the purchase is complete, Valor’s total landholding in the Athabasca Basin will be increased to 98,600 hectares.
Company shares closed flat at one cent on July 6.