Australia-based Valor Resources on Tuesday announced the acquisition of a 500 km2 claim package around the Athabasca basin, in Canada.
Valor stated that mineral claims represented an important addition to its portfolio in the Athabasca basin, which hosts some of the biggest and highest-grade uranium deposits in the world including McArthur River, Cigar Lake and Arrow.
Through an agreement with 1325020 BC, Valor is acquiring the claim package for 50-million of its own shares.
The portfolio includes the 160 km2 Pring Lake claim package, which adjoins Valor’s Surprise Creek uranium/copper project and the Athlodge claim, which lies 15 km east of the Surprise Creek Fault uranium prospect.
Historical grab sampling with in the Pring Lake tenements has reported results of 5.75% uranium oxide (U3O8) and 5.44% U3O8, in addition to several historical copper occurrences.
“With the spot uranium price continuing to climb, and now trading above $69 a pound, the investment climate for high-grade uranium exploration in the Athabasca basin has never been better.
“We are really looking forward to reviewing the datasets which 1325020 BC has assembled for these tenements and getting to work to define targets for on-ground follow-up, further strengthening our already impressive pipeline of opportunities in the region,” said executive chairperson George Bauk.