The Angilak property is located in Nunavut, Canada and hosts a number of uranium mineralized zones including the high-grade Lac 50 Trend deposit and the Dipole-RIB discovery. Since acquiring the Angilak property in 2008, ValOre has invested more than $55 million in exploration activities including ground and airborne geophysics, geological mapping, prospecting, and 90,500 metres of diamond drilling and reverse circulation drilling.
The Lac 50 Trend is a basement hosted, hydrothermal-vein type, unconformityassociated uranium deposit. The uranium and sulphides occur in widths up to 12.75 metres with the average mineralization being 1.5 to 2.0 metres wide. An Inferred Resource released in January 2013 reported 2.8 million tonnes of 0.69% U3O8 containing 43.3 million pounds U3O8 (0.2% U3O8 cut-off). The resource also contains significant quantities of silver, molybdenum and copper. Metallurgical and beneficiation testing was completed in 2013 and demonstrated a 96.7% cumulative uranium recovery in a mass recovery of 49.2%.
The Dipole-RIB Trend is located approximately 25 km southwest of the Lac 50 deposit. Drilling has returned multiple intervals of significant near surface uranium mineralization and the results from soil samples collected in 2016 have further outlined multiple anomalous uranium-insoil trends at the Dipole and Yat targets.
Given the low uranium price environment, ValOre has acquired the Baffin Gold project in Nunavut. Recent exploration efforts have been focused at Baffin.
ValOre’s exploration activities during 2016 included trenching, soil sampling and a soil geochemistry program at Yat and Dipole. A trenching program at Yat collected rock samples from both bedrock and frost heaved boulders with results confirming that high grade polymetallic uranium, copper, silver and gold mineralization identified in boulders are derived from localized bedrock sources. The highlight channel sample assay results included:
- 2.5% U3O8, 16.2% Cu, 417 g/t Ag & 1.3 g/t Au across 0.5 metres in Trench Kiv-16-T03.
- 0.32% U3O8, 373 g/t Ag, 2.9 g/t Au & 6.4 g/t Pd across 0.65 metres in Trench Kiv- PO-T05.