When lifting a Frac Valve from the wellhead, one of the top lifting eyes sheared at the bolt causing the valve to swing sideways slightly. The valve stayed suspended held by the remaining 3 chains and was lowered to the ground in a controlled manner. Nobody was injured. The only resulting damage was the sheared bolt on the lifting eye. The lifting operation used the blocks of the rig with 10mm 4-leg chain attached to the top of the valve. A loader was also used with a chain and soft sling attached to the bottom of the valve. The intention was to lower the valve to the ground horizontally.