- Valor Resources (VAL) has welcomed the completion of an airborne survey over its Hook Lake Project in Canada
- The data will help the company to prepare a follow-up, ground-based program identifying new targets at the project
- In other news, 60 million unlisted options in Valor have been exercised at 0.45 cents each, raising $270,000 in proceeds
- The company will use the funds to advance its projects in Canada and Peru and for working capital purposes
- Valor Resources is up 62.5 per cent and trading at 1.3 cents per share
Valor Resources (VAL) has welcomed the completion of an airborne survey over its Hook Lake Project in Canada.
The Hook Lake Project is located approximately 60 kilometres east of the Key Lake Uranium Mine in northern Saskatchewan. The project’s 16 mining claims cover 25,846 hectares and contain over half a dozen significant uranium occurrences.
The airborne survey over Hook Lake was completed by Precision GeoSurveys, a company which Valor Resources contracted through its geological consultants, TerraLogic Exploration.
Data from the airborne survey will help the company to prepare for a follow-up, ground-based program at the project. In particular, the program will identify new targets at Hook Lake, as well as follow up on historical grab samples from trenching, which returned assays of up to 63 per cent triuranium octoxide — a popular form of yellowcake.
Valor Resources is in the progress of applying for the required regulatory permits for its upcoming ground-based work program.
In other news, Valor Resources has benefitted from the exercise of 60 million unlisted options, which were set to expire on February 11, 2024. At an exercise price of 0.45 cents each, the options helped to raise $270,000 in proceeds for the company.
Valor Resources will use the funds from the options exercise to advance its projects in Canada and Peru. Some proceeds may also go towards the company’s working capital purposes.
Valor Resources has risen sharply by 62.5 per cent, trading at 1.3 cents per share at 3:59 pm AEST.