Valor sees radioactivity after first run at Hook Lake

Results from Valor Resources’ maiden drilling program at its Hook Lake uranium project have yielded encouraging results with elevated radioactivity in several holes at the S-Zone target.

Valor is also planning an airborne gravity survey next month at both its Hook Lake and the Cluff Lake projects.

Valor drilled eight holes for 1757 metres in total – six holes at the S-Zone target and two at V-Grid, with three of the drillholes at S-Zone encountering elevated radioactivity and associated alteration of varying widths.

One drillhole encountered a silica-hematite-chlorite altered zone from 77-81m with slightly elevated radioactivity around 72m of up to 250 counts per second, or ‘cps’. Valor said this zone can be correlated downdip with similar alteration intersected in another hole.

That hole intersected a zone of elevated radioactivity from 104.3m to 108m downhole of up to 900 cps, measured with a handheld RS-125 scintillometer and a peak of 1,131 cps in the downhole gamma survey and alteration, with traces of uraninite mineralisation noted in some of the fractures.

Valor said this zone can be correlated between three holes on the drill section and potentially represents a sub-vertical structure. Two holes were drilled close to the Hook Lake trench where surface sampling conducted by Valor returned assays of up to 59.2 per cent U3O8. One intersected a zone of albitite alteration and elevated radioactivity of up to 878 cps in the downhole gamma survey.

Another hole intersected a quartz-tourmaline vein at around 23m with elevated radioactivity of up to 450 cps.  A second zone of elevated radioactivity was located between 433 and 438.6m, with up to 510 cps recorded from within a schistose metapsammite adjacent to the contact with a felsic intrusive/pegmatite.

Assays results are pending, expected by early May.

A total of 305 samples from the program will also be submitted for assay with results expected also in early May. A follow-up on-ground summer field program is currently being planned that will occur following the completion of the airborne gravity survey, which is also expected to commence in May.

Executive Chairman George Bauk said: “We are encouraged by the alteration and elevated radioactivity seen in several of the holes drilled at S-Zone. This is the company’s maiden drilling program at Hook Lake and the data gathered from this program, in conjunction with upcoming gravity survey data, will assist us in defining the next round of drill targets.”

“The area clearly has the potential to host high-grade uranium mineralisation as evidenced by the S-Zone surface sampling from 2021”

Bauk said Valor has an exciting year ahead of it in Canada as it works through all the historical data across its seven projects. The company plans to start work at the Cluff Lake project shortly and undertake field work on its five other properties during the year.  

Following assay results, final interpretation and the upcoming gravity survey, Bauk said he plans to be back drilling at Hook Lake very soon.

The company is also planning to be on the ground in the next quarter and hopes to be following up some of the other uranium targets along with some interesting rare earth elements results uncovered in 2021.

Bauk said with uranium now passing US$60/lb it was continuing to be part of the energy mix required to head to a zero carbon emission society globally.

Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au