Valor Unveils Six New Canadian Uranium Targets

ASX-listed Valor Resources has identified six high-priority drill targets following an initial site visit, historical data review and airborne gravity survey at its Hidden uranium project. Bay in Canada. The project is strategically located approximately 20 km south of the revered Rabbit Lake mine where over 200 million ounces of uranium concentrate were once produced.

Management says Hidden Bay represents one of its most promising opportunities in the famed Athabasca Basin and the company may soon begin a first pass drilling program at the site – pending a radon test.

The tests are commonly used to identify the presence of naturally occurring radioactive gases.

The company says its new targets at Hidden Bay appear to be in a similar geological setting to Cameco’s historic Rabbit Bay mine. Cameco is one of the largest uranium producers in the world and is currently responsible for approximately 16% of global production from its assets in Canada and Kazakhstan.

The company’s Rabbit Bay mine was once considered North America’s oldest uranium mine producing concentrate for more than four decades until it was placed under care and maintenance in 2016.

Given the ground’s strong history, Valor has designated the area as its primary exploration target and says the area presents a good opportunity to detect subsurface and misconformity-type uranium deposits – two of the main producing assets. raw material.

The Athabasca Basin, where the company unveiled its six new targets, is rich in deposits and is among the most productive uranium hotspots in the world.

Adding to the appeal of the ground is its limited exploration. Valor says only one hole has been dug around its Hidden Bay buildings in the past 35 years.

The company is now looking to execute the rule in the field using modern exploration techniques – something that has yet to be completed in Hidden Bay.

Valor’s Hidden Bay project covers 32 square kilometers and is located approximately 800 km north of Saskatoon in the Canadian province of Saskatchewan.

The country is something of a uranium powerhouse, producing about 390,000 metric tons a year with grades of up to 20% uranium, almost 100 times more than the world average.

A significant portion of it is exported, ending up in nuclear power plants which ultimately provide electricity.

The price of uranium is currently hovering around US$49 per pound, down from yearly highs of US$58, on fears of lower demand.

Is your ASX-listed company doing anything interesting? Contact: [email protected]

Comments are closed.