ValOre Metals Corp. (TSX‐V: VO)
("
ValOre") has today filed a technical report (the
“
Technical Report”) for the Pedra Branca Project
located in Brazil. The Technical Report, entitled “Pedra
Branca Project May 2019 Resource Estimate Technical Report. Pedra
Branca Project, Ceara State, Brazil” has been prepared in
accordance with National Instrument 43-101- Standards of Disclosure
for Mineral Projects (“NI 43-101”) and can be found at
www.sedar.com.
Pedra Branca Platinum Group Metals
District
ValOre has entered into a definitive agreement
to acquire 100% of the Pedra Branca Project from Jangada Mines plc;
see ValOre news releases dated July 16, 2019.
The Pedra Branca Project is a Platinum Group
Metals (“PGM”) District located in north-eastern Brazil covering a
total area of 38,940 hectares (96,223 acres) that comprises 38
exploration licenses. The independent NI 43-101 resource estimate
(the “Mineral Resources Estimates”) is comprised of 5 distinct
deposit areas which host, in aggregate, an inferred resource of
1,067,000 ounces PGM+Gold (Palladium, Platinum and Gold; Pd, Pt+Au)
in 27.2 million tonnes (“Mt”) grading 1.22 grams PGM+Gold per tonne
(“g PGM+Au/t”). PGM mineralization outcrops at surface and all of
the inferred resources are potentially open pittable.
Independent consultants, Susan Lomas, P.Geo. and
Ali Shahkar, P.Eng., of Lions Gate Geological Consulting Inc.
(“LGGC”) were commissioned to complete the mineral resource
estimate and the Technical Report on behalf of ValOre and Bert Huls
P.Eng. of Huls Consulting Inc., was commissioned to review the
metallurgical information and contribute to the Technical Report.
Ms. Lomas supervised the overall preparation of the Technical
Report.
Table 1 Estimate of Inferred Mineral Resource reported at 0.65
gpt PGM+Au Cut-off
Zone |
Oxidation |
Tonnes |
Pt g/t |
Pd g/t |
Au g/t |
PGM+Au g/t |
Pt Oz |
Pd Oz |
Au Oz |
PGE+Au Oz |
Santo Amaro |
Oxide |
400,000 |
0.66 |
0.71 |
0.02 |
1.38 |
9,000 |
10,000 |
- |
19,000 |
|
Transition |
2,000,000 |
0.43 |
0.71 |
0.02 |
1.15 |
27,000 |
45,000 |
1,000 |
73,000 |
|
Sulphide |
2,900,000 |
0.48 |
0.70 |
0.01 |
1.19 |
44,000 |
65,000 |
1,000 |
110,000 |
|
All |
5,300,000 |
0.47 |
0.71 |
0.02 |
1.19 |
80,000 |
120,000 |
3,000 |
203,000 |
|
|
|
|
|
|
|
|
|
|
|
Curiu |
Oxide |
1,000,000 |
0.88 |
1.28 |
0.07 |
2.23 |
29,000 |
43,000 |
2,000 |
74,000 |
|
Transition |
300,000 |
0.54 |
1.04 |
0.05 |
1.62 |
5,000 |
10,000 |
- |
15,000 |
|
Sulphide |
300,000 |
0.38 |
0.73 |
0.05 |
1.16 |
3,000 |
6,000 |
- |
9,000 |
|
All |
1,600,000 |
0.73 |
1.14 |
0.06 |
1.93 |
38,000 |
59,000 |
3,000 |
100,000 |
|
|
|
|
|
|
|
|
|
|
|
Esbarro |
Oxide |
4,600,000 |
0.43 |
0.84 |
0.02 |
1.29 |
65,000 |
125,000 |
3,000 |
193,000 |
|
Transition |
2,400,000 |
0.35 |
0.79 |
0.02 |
1.15 |
26,000 |
60,000 |
1,000 |
87,000 |
|
Sulphide |
2,900,000 |
0.35 |
0.84 |
0.02 |
1.21 |
33,000 |
79,000 |
1,000 |
113,000 |
|
All |
9,900,000 |
0.39 |
0.83 |
0.02 |
1.23 |
124,000 |
264,000 |
6,000 |
394,000 |
|
|
|
|
|
|
|
|
|
|
|
Cedro |
Oxide |
1,700,000 |
0.43 |
0.78 |
0.01 |
1.22 |
24,000 |
43,000 |
1,000 |
68,000 |
|
Transition |
300,000 |
0.30 |
0.60 |
0.01 |
0.91 |
3,000 |
5,000 |
- |
8,000 |
|
Sulphide |
2,300,000 |
0.36 |
0.65 |
0.02 |
1.03 |
26,000 |
48,000 |
2,000 |
76,000 |
|
All |
4,200,000 |
0.38 |
0.70 |
0.02 |
1.10 |
52,000 |
96,000 |
3,000 |
151,000 |
|
|
|
|
|
|
|
|
|
|
|
Trapia |
Oxide |
600,000 |
0.43 |
0.48 |
0.02 |
0.93 |
8,000 |
9,000 |
- |
17,000 |
|
Transition |
500,000 |
0.32 |
0.58 |
0.03 |
0.93 |
5,000 |
9,000 |
1,000 |
15,000 |
|
Sulphide |
5,100,000 |
0.37 |
0.74 |
0.03 |
1.15 |
61,000 |
122,000 |
5,000 |
188,000 |
|
All |
6,200,000 |
0.37 |
0.71 |
0.03 |
1.11 |
73,000 |
140,000 |
6,000 |
219,000 |
|
|
|
|
|
|
|
|
|
|
|
All Zones |
Oxide |
8,400,000 |
0.50 |
0.85 |
0.02 |
1.37 |
135,000 |
230,000 |
6,000 |
371,000 |
|
Transition |
5,400,000 |
0.38 |
0.74 |
0.02 |
1.15 |
66,000 |
129,000 |
3,000 |
198,000 |
|
Sulphide |
13,400,000 |
0.39 |
0.74 |
0.02 |
1.15 |
167,000 |
320,000 |
9,000 |
496,000 |
|
All |
27,200,000 |
0.42 |
0.77 |
0.02 |
1.22 |
367,000 |
679,000 |
21,000 |
1,067,000 |
Notes:
- Resource Estimate is reported using a PGM+Au cut-off of 0.65
gpt
- Only blocks within a pitshell are reported as Mineral
Resources
- Prices used were Pd=US$1000/ounce, Pt=US$860/ounce, Au=US$1250/
ounce, operating costs (ore and waste) =US$1.50/tonne, G+A and
milling=US$13.50/tonne
- Recoveries used were 68% for Pd, 67% for Pt and 40% for Au
- PGE+Au grade = Pt g/t + Pd g.t + Au g/t
- Mineral resources are not mineral reserves because the economic
viability has not been demonstrated.
The ValOre news release dated May 28, 2019,
reported an inferred resource of 1,165,500 ounces PGM+Gold in 28.8
Mt grading 1.26 g PGM+Au/t. During the preparation of the Technical
Report, LGGC identified an error in the grade restriction
procedures it had employed for the original estimate. When
implemented as intended, LGGC’s capping/restricted outlier strategy
removed 11% of the total metal. During database validation, the QPs
also found a transposition error in the assay database, the
correction of which was in effect additive to the Pt, Pd and Au
values in the Curiu and Trapia databases. Both errors were
fixed and the results for the corrected mineral resource estimate
are being restated in this press release and in the Technical
Report for the project.
Susan Lomas, P.Geo., of LGGC is the Qualified
Person, as defined in NI 43-101, responsible for the mineral
resource estimates as reported herein. She has read and
approved the relevant technical portions of this news release
related to the mineral resource estimates for which she is
responsible.
The technical information in this news release
has been prepared in accordance with Canadian regulatory
requirements set out in NI 43-101 and reviewed and approved by
Colin Smith, P.Geo., who oversees New Project Review for
ValOre.
About
ValOre
ValOre Metals Corp. (TSX‐V: VO) is a Vancouver
based company with a portfolio of high‐quality uranium and precious
metal exploration projects in Canada. In addition to the Baffin
Gold Property, ValOre holds Canada's highest‐grade uranium resource
outside of Saskatchewan. ValOre’s 89,852 hectare Angilak Property
in Nunavut Territory, hosts the Lac 50 Trend with a NI 43‐101
Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling
43.3 million pounds U3O8. ValOre's comprehensive exploration
programs have demonstrated the "District Scale" potential of the
Angilak Property. For disclosure related to the inferred resource
for the Lac 50 Trend uranium deposits, please refer to ValOre's
news release of March 1, 2013.
In Saskatchewan, ValOre holds a 100% interest in
the 13,711 hectare Hatchet Lake Property and a 50% interest in the
131,412 hectare Genesis Property, both located northeast of the
north‐eastern margin of the uranium‐producing Athabasca Basin.
ValOre’s team has forged strong relationships
with sophisticated resource sector investors and partner Nunavut
Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold
Properties. ValOre was the first company to sign a comprehensive
agreement to explore for uranium on Inuit Owned Lands in Nunavut
Territory, Canada and is committed to building shareholder value
while adhering to high levels of environmental and safety standards
and proactive local community engagement.
On behalf of the Board of Directors "Jim Paterson" James R.
Paterson, Chairman and CEO ValOre Metals Corp.
For further information about, ValOre Metals
Corp. or this news release, please visit our website
at www.valoremetals.com or contact Investor Relations
toll free at 1.888.331.2269, at 604.646.4527, or by email
at info@valoremetals.com.
ValOre Metals Corp. is a member of Discovery Group, for more
information please
visit: www.discoverygroup.ca
The TSX Venture Exchange does not accept
responsibility for the adequacy or accuracy of this news
release.
Forward-Looking Statements
Certain statements within this news release,
other than statements of historical fact relating to ValOre, are to
be considered forward-looking statements with respect to the terms
and the timing of the the Acquisition, ValOre’s intentions for the
Pedra Branca Project in Brazil, the exploration potential of the
Pedra Branca Project, the Technical Report, the Mineral Resources
Estimates, and the terms and timing of the proposed Acquisition
financing. Forward-looking statements include statements that are
predictive in nature, are reliant on future events or conditions,
or include words such as "expects", "potential", "anticipates",
"plans", "believes", "considers", "significant", "intends",
"targets", "estimates", "seeks", attempts", "assumes", and other
similar expressions.
The forward-looking statements are based on
assumptions which, while considered reasonable by ValOre, are, by
their nature, subject to inherent risks and uncertainties and are
not guarantees of future performance. Factors that could cause
actual results to differ materially from those in forward-looking
statements include, but are not limited to: the receipt of and
timing of any required approvals, the interpretation of previous
and current results, the accuracy of exploration results, the
anticipated results of future exploration, the forgoing ability to
finance further exploration, delays in the completion of
exploration, the future prices of platinum group metals, and other
metals, and general economic, market and/or business conditions.
There can be no assurances that such statements and assumptions
will prove accurate and, therefore, readers of this news release
are advised to rely on their own evaluation of the information
contained within.
Although ValOre has attempted to identify
important risks, uncertainties and other factors that could cause
actual performance, achievements, actions, events, results or
conditions to differ materially from those expressed in or implied
by the forward-looking statements, there may be other risks,
uncertainties and other factors that cause future performance to
differ from what is anticipated, estimated or intended. Unless
otherwise indicated, forward-looking statements contained herein
are as of the date hereof and ValOre does not assume any obligation
to update any forward-looking statements after the date on which
such statements were made, except as required by applicable
law.
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