ASX-listed exploration company Valor Resources has entered an agreement to acquire a 500km² land package sitting next to its Surprise Creek uranium copper project in the Canadian province of Saskatchewan.
Valor is acquiring the land package through the acquisition of 1325020 B.C., a private company that owns it.
According to the company, the acquisition is a strategic addition to its portfolio and will help it bolster its footprint in and around the Athabasca Basin.
The land package comprises claims including the 160km² Pring Lake claim package that adjoins the Surprise Creek project, as well as the Athlodge claim that is 15km to the eastern side of the Surprise Creek Fault Uranium prospect.
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Furthermore, it covers the 198km² SYME claim package and the 136km² Jahala package lying south of the Athabasca Basin.
Exploration by 1325020 B.C. claims to have returned results of up to 5.44% of triuranium octoxide (U₃O₈) along with several copper and base metal occurrences within the claim areas.
Pring Lake is claimed to have geological conditions similar to Valor’s Surprise Creek including vein-style uranium mineralisation.
Copper, lead and zinc (Cu-Pb-Zn) mineralisation have also been traced within Pring Lake, where samples showed up to 0.81% of Cu.
At Athlodge claim, uranium mineralisation has been observed over 500m of strike extent.
Valor plans to issue 50 million of its shares to 1325020 B.C. at A$0.0035 ($0.0022) each, equating to A$175,000 ($111,235).
This deal is conditional upon confirming that no other parties own a stake in the Pring Lake mineral claims.
The company plans to conduct a detailed historical data compilation, which includes the interpretation of geophysical datasets for the claim package, followed by the identification and prioritisation of targets.
Valor Resources executive chairman George Bauk said: “This is an exciting addition to our existing portfolio in the area of the world-class Athabasca Basin. The addition of these strategically located tenements to our existing Surprise Creek project will add significant value to our uranium portfolio in Canada, with the new tenements including numerous historic indications of high-grade uranium and copper.
“There are also multiple noted pegmatite occurrences within the claims package, which have never been tested for lithium or REE potential. This remains an exciting opportunity to be pursued by our team once we can get on the ground to explore.”