Valor Resources completes acquisition of Canadian uranium assets

Valor Resources Ltd (ASX:VAL) (FRA:LFY) (OTCMKTS:VOYRF) has completed the acquisition of Pitchblende Energy Pty Ltd, the holder of interests in two uranium projects in Saskatchewan, Canada.

The transaction was subject to various conditions precedent including shareholder approvals as detailed in the notice of annual general meeting lodged with the ASX on December 23, 2020.

Shareholders approved all the resolutions tabled at the annual general meeting including the resolutions to give effect to the transaction.

Additionally, Valor has also completed its $800,000 capital raising and issued 4 million shares under ASX Listing Rule 7.1 placement capacity.*Uranium projects *

Valor has now acquired the Hook Lake and Cluff Lake uranium projects covering 861 square kilometres within the prolific uranium district of the Athabasca Basin.

The Athabasca Basin has an average resource grade of 2% U3O8 and historically has produced around 20% of the world's primary uranium supply.

Compilation and reinterpretation of previous exploration work results is underway.

It is anticipated that the initial phase of exploration work by Valor will include further bio-geochemical surveys, detailed UAV magnetics, ground gravity and resistivity surveys as well as detailed geological and structural mapping.

Based on this work drill targets will be selected.