ValOre Metals Corp. ("ValOre" or the
“Company”; TSX‐V: VO)
today announced board approval for the proposed 2020 core drilling
exploration program at ValOre’s 100%-owned Pedra Branca Platinum
Group Element Project (“PGE”, “2PGE+Au”) in northeastern Brazil.
ValOre also announced that it has entered into a C$1.2 million
unsecured revolving credit facility to fully fund the first phase
of the proposed drill program at Pedra Branca.
“We are excited to begin drilling Pedra Branca
and to really showcase the compelling potential of our PGE
project,” stated Jim Paterson, Chairman & CEO. “We have
identified many new high-priority targets in our two-phase program,
which is designed to expand the current resource, advance existing
targets and test undrilled areas. With $1.2 million in funding now
committed, we can ramp up exploration activities at Pedra Branca
and begin the process of safely mobilizing drill rigs and personnel
to Pedra Branca.”
Pedra Branca 2020 Drill
Program
The proposed fully-permitted drill program is
comprised of two phases, with 2,875 metres in (“Phase 1”) and 3,035
metres in (“Phase 2”), and a scheduled start of Phase 1 in June.
Details of each phase, including targets, total meters and
number of drill holes are summarized in Figure 1 and Table 1
below.
Highlights of the Proposed 2020 Pedra
Branca PGE Drill Program:
- Comprised of two successive, fully permitted phases, totaling
approximately 2,875 m and 3,035 m, respectively, for a total of
5,910 m;
- Focused on three target classes:
- Resource Expansion;
- New Discovery (undrilled targets); and
- Target Advancement (following-up historical drill intercepts at
pre-resource targets)
- Phase 1 (fully funded) is planned to test 7 distinct target
areas with 23 total core drill holes, and Phase 2 is planned to
test 4 distinct target areas with 24 total drill holes, with an
average hole length of 125m for both phases, reflecting the shallow
nature of Pedra Branca PGE mineralization;
- All access and drill hole locations have been visited by a
registered Brazilian environmental consultancy (SSA Consultoria)
and classified as “without need for vegetation suppression” by
re-activating existing access routes, utilizing pre-existing drill
pad sites and the presence of extensive agricultural development in
the region;
- Access to, and approval for drill water supply from local
reservoirs has been secured;
- ValOre continues to receive full support from the local
community of Capitão Mor, as well as Ceará State and federal
governmental agency, ANM (Agência Nacional de Mineração) for
on-going exploration of the Pedra Branca PGE Project.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/f1b586e3-2d19-4ccc-ba8a-a8aa6470d1b9
A table accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e53db1b0-f82b-4c20-b0be-6101e26f334a
Mendes North Update
Soil sampling at the three Mendes North PGE
targets (“Mendes North”) is on-going and near-completion, with
Targets 1 and 2 sampled in full, and Target 3 to be completed by
the end of next week. As announced in ValOre’s March 30, 2020
press release, these three >1km PGE targets were identified
using WorldView True-Colour imagery, WorldView spectral data and
re-processed ground magnetic geophysical data. Further, ValOre
generated a 3D magnetic inversion model of the Mendes North target
area which delineated the WorldView-mag anomalies as compelling
near surface targets. Approximately 600 samples will be collected
(with a total of 453 collected to date) and consigned to SGS Geosol
Laboratórios Ltda. (“SGS Geosol” an accredited mineral analysis
laboratory) in Vespasiano, Minas Gerais for assay.
Soil samples were collected from field sites
spaced 20 metres apart on lines spaced 100 metres apart, with
coordinate data captured by handheld GPS. These samples are
subsequently stored in a secure ValOre facility in Capitão Mor,
Ceará, Brazil and thereafter sent with an ensured chain of custody
to SGS Geosol. All samples are analyzed for PGE+Au (Pd, Pt, Au)
content using standard 50g Fire Assay and ICP-AES techniques.
Certified PGE ore reference standards, blanks and field duplicates
are inserted as a part of ValOre’s Quality Control/Quality
Assurance program (“QA/QC”).
Financing
To finance its corporate and exploration
activities for the coming year, ValOre has entered into an
unsecured revolving credit facility with Jim Paterson, the
Company’s Chairman and CEO, pursuant to which the Company may
borrow up to $1.2 million on a revolving basis. ValOre will pay to
Mr. Paterson a standby fee of $24,000 (2% of the committed
facility) and interest of 10% per annum on amounts drawn down under
the facility. ValOre has agreed to use commercially reasonable
efforts to complete an equity financing prior to December 31, 2020
in an amount sufficient to repay amounts borrowed under the
facility.
Qualified Person
The technical information in this news release
has been prepared in accordance with Canadian regulatory
requirements as set out in NI 43-101 and this news release has been
reviewed and approved by Colin Smith, P.Geo., who oversees New
Project Review for ValOre.
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 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. ValOre's. 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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