ValOre Metals Corp. ("ValOre";
TSX‐V: VO) ValOre today
provided an update to shareholders. ValOre’s team continues to
leverage its extensive database for its 100%-owned Pedra Branca
Platinum Group Elements Project (“PGE”, “2PGE+Au”) and has
uncovered additional significant exploration targets and
opportunities.
ValOre’s team have identified three separate,
large-scale PGE targets collectively called “Mendes North” (see
Figure1 below), which warrant immediate geochemical soil sampling
and prospecting programs prior to drill testing.
Highlights of the new Mendes
North PGE Targets:
- Three newly identified large-scale PGE targets, all >1 km in
strike length;
- Excellent access – all three are located within a 4.0 by 2.5 km
area and are adjacent to, or within 200 meters of, a main
road;
- 2020 3D magnetic inversion modelling of historical ground
geophysical data has defined multiple compelling near-surface PGE
targets;
- All magnetic anomalies are situated in a broad area of
radiometric low, indicative of prospective regional mafic to
ultramafic Troia Unit;
- WorldView spectral data bolsters prospectivity of the targets
by indicating probable ultramafic intrusions - all 4 ultramafic and
chromitite spectral classes coincide with the mag high anomalies,
and the prospective ultramafic areas are evident as anomalously
dark brown-coloured areas in the true-color WorldView imagery;
- There is no known historical geochemical sampling or geological
mapping in the Mendes North area, and this is the first 3D magnetic
inversion preformed on the Mendes North dataset;
- All three targets contained within the Mendes North area
warrant a rapid and low-cost soil sampling and prospecting campaign
to further refine the specific targets prior to drill testing;
- An additional 2.0 by 1.2 km magnetic anomaly is situated
approximately 1 km to the northwest of the 3 previously described
targets and warrants reconnaissance exploration as well.
ValOre also announces that it has been closely
monitoring developments of the novel coronavirus pandemic
(“COVID-19”). ValOre considers health and safety a top priority for
its people and in the communities in which it works.
ValOre is encouraging its employees,
contractors, and partners to work remotely and follow the World
Health Organization and Public Health Agency of Canada best
practices to avoid catching the virus.
ValOre has initiated the following health and
business precautions:
- Vancouver office: employees and consultants
are working remotely and the corporate office in Vancouver has been
temporarily closed;
- Brazil: cancelled all non-essential travel
from Fortaleza into site in favour of video conferencing. To date,
there have been no confirmed cases in Capitão Mor (nearest town to
ValOre’s Pedra Branca project) at this time; however, while
conducting any fieldwork, ValOre personnel will be encouraged to
follow and exceed Brazil’s government health and safety policies
and guidelines;
- Nunavut and Saskatchewan: no planned
activities given the season, but will monitor the situation closely
going forward and follow government health and safety
recommendations.
ValOre is committed to reducing the health risk
to its stakeholders and will continue to work proactively through
these tumultuous times. ValOre, as part of Discovery Group, has
great access to capital and strong support from insiders and major
shareholders.
Figure 1: Summary of Mendes North Exploration
Targets, with comparison to the NI 43-101 2PGE+Au Esbarro
Deposithttps://www.globenewswire.com/NewsRoom/AttachmentNg/a86bc7d0-df90-4a4a-afe2-a28af93d8f02
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.
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.
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
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.
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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