ValOre Metals Corp.
(TSX‐V: VO)
(“ValOre”) today announced receipt of grab sample
assay results from the newly-defined “C04” exploration target, as
well as high-quality 3D magnetic inversion models for all five
National Instrument 43-101 (“NI 43-101”) deposit areas at the Pedra
Branca project located in Brazil.
Key Point Summary:
- Exploration targeting methodology successfully
implemented;
- Database-wide review of recently reprocessed magnetic anomalies
(Anglo American’s airborne survey, 2013) combined with priority
chromitite and ultramafic targets from satellite imagery (WorldView
data, 2019);
- Field identification of chromitite mineralization and other
coarse-grained cumulate ultramafic rocks at the C04 anomaly;
- Four of four grab samples from C04 returned compelling platinum
group metals and gold (“PGM+Gold”) assay results;
- ValOre crew now identifying optimal drill hole locations for a
2020 resource expansion and exploration drilling program;
- At Pedra Branca, the five distinct PGM deposit areas hosting
the NI 43-101 inferred resource estimate are road or dirt track
accessible. The project area is a 4-hour drive on paved highways
from the city of Fortaleza.
ValOre’s Chairman and CEO, Jim Paterson
commented: “ValOre’s technical team has made tremendous progress in
organizing, reviewing, and understanding a literal ‘treasure trove’
of data generated at Pedra Branca by previous exploration groups.
It is very exciting to recognize that, in the case of C04, we have
an exploration methodology that works so efficiently and
effectively. We believe Pedra Branca is a target-rich environment
which hosts a ‘discovery pipeline’ with the potential to add
significant value for our shareholders.”
Four grab samples were submitted to SGS Canada
for analysis, and all returned compelling PGM+Gold results of up to
7.945 g/t. Assay results for all submitted samples are summarized
in the following table:
Sample |
Au (ppb) |
Pt (ppb) |
Pd (ppb) |
PGM+Gold (ppb) |
PGM+Gold (g/t) |
B-C4-11-A |
23 |
7616 |
306 |
7945 |
7.945 |
B-C4-11-B |
13 |
2039 |
338 |
2390 |
2.390 |
B-C4-11-C |
52 |
2125 |
142 |
2319 |
2.319 |
B-C4-11-D |
13 |
2722 |
301 |
3036 |
3.036 |
Summary of assay results from four submitted grab samples at the
C04 exploration target, Pedra Branca project (SGS Canada Inc.) |
C04 was the inaugural test case of pure
greenfields targeting for ValOre at Pedra Branca, involving
investigations of discrete reduced to pole (RTP) magnetic
anomalies, derived from re-processing of Anglo American’s airborne
magnetic survey, combined with targeting priority classes of
spectral chromitite and ultramafics, which were derived from 2019
WorldView satellite data. This led to the field identification of
chromitite mineralization and other coarse-grained cumulate
ultramafic rocks at the C04 anomaly located approximately 5 km
north of the Esbarro Deposit (2019 NI 43-101 resource of 394 Koz
PGM+Gold; see ValOre news release, July 23, 2019) in rolling
brush-covered terrain. The four samples were collected at surface
from the center of the C04 magnetic anomaly which coincided with
the multi-class WorldView spectral chromitite targets.
ValOre’s identification of C04 is significant,
as there were no mapped ultramafic rocks, and no historical soil,
rock or stream sediment data related to this target area in the
existing database. The chromitite discovery was achieved solely by
using ValOre’s re-processed RTP aeromagnetic and WorldView spectral
data, thus successfully confirming ValOre’s exploration
methodology. ValOre geologists encountered evidence of historical
exploration at C04 that predates the existing database: a 2m x 2m x
4m pit, and adjacent trench. It is likely that this historical work
was performed by Gencor in the late 1980s, and never incorporated
into the existing database. Given the encouraging assay results
returned from C04, it will be added to the list of exploration
targets selected for 3D magnetic inversion modelling and potential
subsequent drill testing.
This sets the stage for the follow-up of
numerous other pure greenfields targets in the region, with
significant implications for expanding the exploration and
development potential of Pedra Branca. ValOre is acquiring
WorldView data for 643 km2 of highly-prospective terrain – a
dataset that is now proven effective at PGM+Gold discovery when
paired with the recently re-processed 652 km2 airborne magnetic
data.
Further, ValOre broadened its geophysical
dataset by procuring and re-processing raw data from 39 historical
ground magnetics surveys. This includes multiple target areas
outside of the airborne block, and facilitates the merging of
airborne and ground magnetic datasets to yield a highly-refined
geophysical targeting product.
ValOre has also just received detailed 3D
magnetic inversion models for all five NI 43-101 PGM+Gold deposit
areas. High-quality merged airborne and ground magnetic data
facilitated modeling and interpretation to a 10m x 10m x 10m cell
size, and multiple un-drilled resource expansion targets have been
identified at all five deposits. Fifteen additional high-priority
exploration targets (external to the NI 43-101 resource) have been
selected and submitted for detailed 3D magnetic inversion
modelling.
A ValOre crew is currently on site with a goal
of identifying optimal drill hole locations for a 2020 resource
expansion and exploration drilling program. Details on the drill
program size and budget will be announced in Q1 2020.
The Pedra Branca project is a Platinum Group
Metals (“PGM”) District located in northeastern Brazil covering a
total area of 38,940 hectares (96,223 acres) that includes 38
exploration licenses. The independent NI 43-101 resource estimate
(See ValOre news release July 23, 2019) 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 known inferred resources are potentially mineable by open pit
methods.
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.
Grab samples are collected from field sites with
coordinate data captured by handheld GPS and subsequently stored in
a secure ValOre facility in Capitão Mór, Ceara, Brazil. The samples
are thereafter sent with an ensured chain of custody to SGS Canada
Inc. in Lakefield, Ontario for analysis, which is accredited
mineral analysis laboratory. All samples are analyzed for PGM+Gold
(Pd, Pt, Rh, Au) content using standard 50g Fire Assay and ICP-AES
techniques. If Pt and/or Pd is over 1%, the sample is analyzed for
Rh using NiS Fire Assay-ICP-MS techniques. Cr values that exceed 5%
are redirected to ore grade pyrosulfate fusion and XRF techniques.
Certified PGM ore reference standards, blanks and field duplicates
are inserted as a part of ValOre’s quality control/quality
assurance program (QAQC). No QAQC issues were noted with the
results reported herein.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
Please visit ValOre’s website to view an updated
corporate presentation and project
summary: http://www.valoremetals.com/investors/presentations-downloads/
About ValOre Metals Corp.
ValOre Metals Corp.
(TSX‐V: VO) is a
Vancouver based company with a portfolio of high‐quality
exploration projects. ValOre’s team aims to deploy capital and
knowledge on projects which benefit from substantial prior
investment by previous owners, existence of high-value
mineralization on a large scale, and the possibility of adding
tangible value through exploration, process improvement, and
innovation.
ValOre recently acquired an exciting PGM
property, Pedra Branca, in Brazil, to bolster its existing Angilak
uranium, Genesis/Hatchet uranium and Baffin gold projects in
Canada.
Pedra Branca project is a PGM District located
in northeastern Brazil that comprises 38 exploration licenses
covering a total area of 38,940 hectares (96,223 acres). At Pedra
Branca, five distinct PGM deposit areas host, in aggregate, a NI
43-101 inferred resource estimate 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”) (see
ValOre news release July 23, 2019). PGM mineralization outcrops at
surface and all of the inferred resources are potentially mineable
by open pit.
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.
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 contact@valoremetals.com.
ValOre Metals Corp. is a proud member of
Discovery Group. For more information please
visit: www.discoverygroup.ca.
Cautionary Statement on Forward-Looking
Statements
This news release contains “forward-looking
statements” within the meaning of applicable securities laws.
Although ValOre believes that the expectations reflected in its
forward-looking statements are reasonable, such statements have
been based on factors and assumptions concerning future events that
may prove to be inaccurate. These factors and assumptions are based
upon currently available information to ValOre. Such statements are
subject to known and unknown risks, uncertainties and other factors
that could influence actual results or events and cause actual
results or events to differ materially from those stated,
anticipated or implied in the forward-looking statements. A number
of important factors including those set forth in other public
filings could cause actual outcomes and results to differ
materially from those expressed in these forward-looking
statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include the
future operations of the Company and economic factors. Readers are
cautioned to not place undue reliance on forward-looking
statements. The statements in this press release are made as of the
date of this release and, except as required by applicable law,
ValOre does not undertake any obligation to publicly update or to
revise any of the included forward-looking statements, whether as a
result of new information, future events or otherwise. ValOre
undertakes no obligation to comment on analyses, expectations or
statements made by third parties in respect of ValOre, or its
financial or operating results or (as applicable), their
securities.
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