Valor Resources (ASX:VAL) completes first-year commitment to Hook Lake – The Market Herald

Subscribe

Be the first with news that moves the market

  • Valor Resources (VAL) completes first year of commitment under affermage agreement with Skyharbour Resources
  • The company has the right to acquire up to 80% working interest in Hook Lake, located in northern Saskatchewan.
  • Valor has now spent over C$750,000 (A$826,000) and paid C$75,000 (A$82,000) in cash as part of the deal.
  • The next 12 months will see further drilling on the project, with an airborne gravity survey expected to begin in April 2022
  • In the market, Valor was in the gray and trading at 1.2 cents per share

Valor Resources (VAL) has completed the first year of engagement under the lease agreement with Skyharbour Resources at the Hook Lake uranium project.

At the end of 2020, the company added two Canadian uranium assets to its portfolio, including Hook Lake.

Valor has the right to acquire up to 80% working interest in Hook Lake, located in northern Saskatchewan. He has now spent more than CA$750,000 (approximately A$826,000) than the first year’s commitments and any money spent beyond the minimum will carry over to the second year’s commitment.

The company also paid CA$75,000 (AU$82,000) in cash as part of the settlement, which was due within the first year of settlement.

Over the past year, Valor has undertaken a number of exploration activities at Hook Lake, including two airborne geophysical surveys, field work programs, interpretation of data from the 2021 exploration program and historical data.

Last month, the company launched its drilling program at Hook Lake, which includes 2,500 meters of drilling.

“The Hook Lake project has had a busy time over the past 12 months. Following the signing of the agreement with Skyharbour on February 11, 2021, we have assembled an exploration team in Canada and Perth to focus on the project,” said Chairman George Bauk.

“Modern technology has allowed the team to work well across two continents during COVID-19 travel restrictions to develop our initial targets on the project we are currently drilling. With the knowledge and experience of each of those involved and using project data, we have developed a work program for the next 12 months to target uranium mineralization.

The next 12 months will see new drilling on the project, additional field work and an airborne gravity survey scheduled to begin in April 2022.

In the market, Valor was in the gray and trading at 1.2 cents per share at 1:35 p.m. AEDT.

Comments are closed.