ValOre Metals Corp.
(TSX‐V: VO)
("ValOre") today announced initial rhodium (Rh) assay
results for 51 historical, pulverized drill core samples (pulps)
from the Pedra Branca Platinum Group Elements and Gold (PGE+Au)
project in northeastern Brazil. This is the first-time rhodium has
been assayed in drill core at Pedra Branca.
Key Point Summary:
- Rhodium is a rare and valuable platinum group metal. The spot
price of which has risen dramatically over the past 18 months from
below US$4,000 per ounce in mid-2019 to the current price of
US$11,500;
- Rhodium mineralization has not been previously documented in
drill core assays from Pedra Branca;
- A strong correlation was noted between 2PGE+Au grade (palladium
+ platinum + gold) and rhodium grade, with the 5 highest-grade
2PGE+Au pulps exhibiting 4 of the highest Rh assay values;
- The Esbarro deposit returned the best results, with 6 of 8
pulps over the detection limit, including the highest-grade assay
of 1.44 grams Rh/tonne, and the highest average
grade (0.35 g Rh/t);
- 21 of the 51 pulps (41%) collected from five deposit areas
making up the global NI 43-101 2PGE+Au inferred resource returned
rhodium values over detection limit (0.01 g Rh/t).
ValOre’s Chairman and CEO, Jim Paterson stated: “Rhodium was
previously undocumented in drilling related data at Pedra Branca;
however, with these results we can see the correlation between the
higher grades of palladium, platinum and rhodium in drill core and
our team is excited to utilize this knowledge to help us in the
exploration and discovery process on a regional scale.”
Fifty-one (51) historical Pedra Branca drill core pulp samples
were submitted for rhodium assay at SGS Geosol, Minas Gerais.
Batches of approximately 10 pulps from each of the existing five NI
43-101 PGE+Au deposits were selected on the following basis: a
range of 2PGE+Au grades (from >2 to >44 g/t) and intercept
depths (from near surface to >86m) to assess trends in rhodium
distribution. A strong positive correlation of Rh grade to 2PGE+Au
grade was evident, with the 5 highest-grade 2PGE+Au samples
returning 4 of the highest Rh values. There was no observable trend
in Rh grade distribution based on drill intercept depth.
The Esbarro deposit (394,000oz at a grade of 1.23 g 2PGE+Au/t)
returned the best results, with 6 of 8 pulps assaying greater than
detection limits, the highest-grade Rh assay (1.44 g Rh/t), and the
highest average grade (0.35 g Rh/t). The Cedro deposit (151,000oz
at a grade of 1.10 g 2PGE+Au/t) performed second-best, with 6 of 11
pulps assaying over detection, and the Curiu (100,000 oz @ 1.93 g
2PGE+Au/t) and Trapia (219,000 oz @ 1.11 g 2PGE+Au/t) deposits
returned 4 of 8 and 4 of 12 pulps over detection, respectively. The
Santo Amaro deposit (203,000oz at a grade of 1.19 g 2PGE+Au/t)
returned no assays over Rh detection limit.
Rhodium assay results (SGS Geosol, Minas Gerais) from historical
Pedra Branca drill core pulps are summarized in the following
table:
Deposit |
Drill Hole |
Sample |
Depth From (m) |
Depth To (m) |
Historical Pd+Pt+Au (g/t) |
Rh (g/t) |
Esbarro |
DD04ES35 |
90643 |
5.60 |
6.10 |
44.24 |
1.44 |
DD03ES15 |
89715 |
33.00 |
34.00 |
6.01 |
0.39 |
DD03ES31 |
90544 |
46.60 |
48.07 |
7.68 |
0.34 |
DD99ES05 |
89210 |
49.46 |
50.30 |
10.39 |
0.31 |
DD03ES11 |
89486 |
29.24 |
30.11 |
2.78 |
0.24 |
DD04ES35 |
90644 |
6.10 |
8.10 |
10.16 |
0.04 |
DD03ES21 |
90071 |
2.30 |
4.00 |
3.34 |
<0.01 |
DD03ES31 |
90541 |
43.00 |
44.90 |
2.16 |
<0.01 |
Cedro |
DD10CD86 |
87290 |
42.41 |
43.38 |
15.75 |
1.27 |
DD10CD89 |
87354 |
25.30 |
26.00 |
20.12 |
0.87 |
DD04CD18 |
91595 |
24.21 |
25.09 |
2.64 |
0.07 |
DD01CD04 |
90996 |
22.14 |
23.00 |
11.16 |
0.05 |
DD01CD03 |
90971 |
54.00 |
56.00 |
2.67 |
0.01 |
DD01CD05 |
91071 |
83.40 |
83.90 |
9.32 |
<0.01 |
DD10CD89 |
87345 |
14.30 |
16.00 |
5.39 |
<0.01 |
DD10CD79 |
87203 |
21.60 |
23.60 |
4.87 |
<0.01 |
DD01CD05 |
91082 |
95.41 |
96.64 |
3.29 |
<0.01 |
DD01CD05 |
91073 |
84.90 |
86.28 |
2.31 |
<0.01 |
Trapia |
DD09TU09 |
86012 |
42.81 |
43.53 |
5.76 |
0.27 |
DD04TU04 |
92565 |
85.57 |
86.50 |
3.25 |
0.16 |
DD01TW10 |
92891 |
42.46 |
43.46 |
3.17 |
0.04 |
DD09TW16 |
86054 |
36.29 |
36.79 |
7.69 |
0.01 |
DD99TW03 |
92779 |
19.81 |
20.39 |
5.56 |
<0.01 |
DD01TU03 |
92631 |
116.45 |
117.23 |
4.41 |
<0.01 |
DD99TW01 |
92678 |
11.45 |
12.42 |
3.30 |
<0.01 |
DD99TW07 |
92832 |
35.35 |
37.00 |
3.11 |
<0.01 |
DD07TW12 |
82405 |
14.65 |
15.31 |
2.81 |
<0.01 |
DD01TU02 |
92482 |
84.23 |
85.57 |
2.71 |
<0.01 |
DD01TU02 |
92481 |
82.79 |
84.23 |
2.25 |
<0.01 |
DD99TW04 |
92734 |
51.43 |
52.73 |
2.06 |
<0.01 |
Curiu |
DD04CU16 |
93313 |
1.74 |
3.00 |
7.89 |
0.17 |
DD03CU13 |
93207 |
7.79 |
9.19 |
20.45 |
0.08 |
DD03CU10 |
93122 |
67.40 |
68.00 |
3.35 |
0.03 |
DD04CU15 |
93283 |
1.25 |
3.11 |
3.63 |
0.02 |
DD03CU12 |
93180 |
38.33 |
39.33 |
6.90 |
<0.01 |
DD03CU10 |
93124 |
69.53 |
70.24 |
4.14 |
<0.01 |
DD03CU12 |
93186 |
44.88 |
45.81 |
3.80 |
<0.01 |
DD03CU11 |
93134 |
19.00 |
21.00 |
2.54 |
<0.01 |
Santo Amaro |
DD02SA02 |
93385 |
26.70 |
27.86 |
18.02 |
<0.01 |
DD04SA08 |
93532 |
109.75 |
110.25 |
8.66 |
<0.01 |
DD02SA02 |
93386 |
27.86 |
29.70 |
6.64 |
<0.01 |
DD02SA02 |
93393 |
39.00 |
40.40 |
3.80 |
<0.01 |
DD04SA08 |
93544 |
132.00 |
133.20 |
3.66 |
<0.01 |
DD02SA06 |
93601 |
55.00 |
55.58 |
2.18 |
<0.01 |
DD02SA02 |
93387 |
29.70 |
31.00 |
2.13 |
<0.01 |
DD02SA02 |
93433 |
87.65 |
89.15 |
2.05 |
<0.01 |
Further supporting ValOre’s initial review of Rh at Pedra Branca
is an independent petrographic and x-ray diffraction (XRD) study
conducted by Pathor Geological Consulting Ltd. at the University of
Western Ontario in September, 2019. Pathor’s research identified
As-Rh-bearing mineral inclusions and Bi-Pd tellurides occurring as
anhedral or stringy inclusions within rims and cores of chromite,
pyrite, and pentlandite (Banerjee and Botor, 2019).
While Rh in drill core or in soils has not been previously
analyzed at Pedra Branca, there are some historical rock assay
datasets that reported rhodium values. The historical Rh-in-rock
data exhibits the positive correlation to high-grade 2PGE+Au rock
samples, as illustrated in Figure 1.
Figure 1: Rhodium-in-Rock Sampling Data in the Central Pedra
Branca PGE+Au
Districthttps://www.globenewswire.com/NewsRoom/AttachmentNg/759d572f-1eca-435e-8ea4-83838c68bee5
About Rhodium
Rhodium is the rarest of the platinum group metals, only
occurring up to one part per 200 million in the Earth's
crust. The main use for rhodium is in catalytic converters
designed to clean vehicle emissions. Due to its brilliance
and resistance to oxidation, it is also used as a finish for
jewelry, LCD monitors, and mirrors. In the chemical industry it is
used in the production of nitric acid, acetic acid and
hydrogenation reactions. Rhodium is found in platinum and nickel
ores together with the other PGEs. South Africa is the world’s
largest producer of rhodium (~80%) followed by Russia (~10%),
Zimbabwe (~4%), Canada and the U.S.A.
The technical information in this news release has been prepared
in accordance with Canadian regulatory requirements as set out in
NI 43-101 and reviewed and approved by Colin Smith, P.Geo., New
Project Review, ValOre Metals Corp.
Historical Pedra Branca drill core pulps were collected from the
secured core logging and storage facility located in Capitão Mór,
Ceará, Brazil. Selected pulp samples were sent with an ensured
chain of custody to SGS Geosol, Vespasiano, Minas Gerais (Brazil)
for analysis, which is accredited mineral analysis laboratory. All
pulp samples were analyzed for Rh content using standard 50g Fire
Assay Atomic Absorption ICP-MS. Certified PGE ore reference
standards, blanks and field duplicates were inserted as a part of
ValOre’s quality control/quality assurance program (QA/QC).
No QA/QC 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 Pedra Branca project summary:
http://www.valoremetals.com/investors/presentations-downloads/
About ValOre Metals Corp.
ValOre Metals Corp.
(TSX‐V: VO) is a
Canadian 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.
In May 2019, ValOre announced the acquisition of the Pedra
Branca Platinum Group Elements (PGE) property, in Brazil, to
bolster its existing Angilak uranium, Genesis/Hatchet uranium and
Baffin gold projects in Canada.
The Pedra Branca PGE Project comprises 38 exploration licenses
covering a total area of 38,940 hectares (96,223 acres) in
northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit
areas host, in aggregate, a NI 43-101 Inferred Resource of
1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd,
Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams
2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July 23, 2019
news release). PGE mineralization outcrops at surface and all of
the inferred resources are potentially open pittable.
Comprehensive exploration programs have demonstrated the
"District Scale" potential of ValOre’s 89,852-hectare Angilak
Property in Nunavut Territory, Canada that hosts the Lac 50 Trend
having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading
0.69% U3O8, totaling 43.3 million pounds U3O8. 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 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
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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