ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTCQX: KVLQF;
FRANKFURT: KEQ0) today announced results from 54 grab
samples, provided an update on the Mendes North geochemical
sampling program, and commenced the initiation of a metallurgical
testwork program for ValOre’s 100%-owned Pedra Branca Platinum
Group Elements Project (“PGE”), located near the community of
Capitão Mór in northeastern Brazil.
Key Updates on ValOre’s 2020 Pedra
Branca PGE Exploration Program:
- “2PGE+Au” (being palladium (Pd), platinum (Pt) and gold (Au))
assay results have been received for 54 property-wide rock samples,
with the highest grade sample exceeding 26 g
2PGE+Au/t, 4 samples >10 g 2PGE+Au/t,
6 samples ranging from 5-10 g 2PGE+Au/t, and an
additional 27 samples returning anomalous 2PGE+Au grades;
- 598 soil samples from the Mendes North geochemical program have
been received by the lab with analytical results expected within 2
weeks;
- SGS Lakefield, Ontario will be conducting metallurgical testing
on select mineralized samples from 43-101 deposit areas at Pedra
Branca, testing the amenability of Falcon UF gravity separation and
PLATSOL™ leaching.
“Our team continues to demonstrate the
widespread and high-grade mineralization at ValOre’s 100% owned
Pedra Branca PGE project,” stated Jim Paterson, Chairman & CEO.
“In combination with the planned drill program, the initiation of
metallurgical test work will greatly increase our understanding and
help us accelerate the advancement of this exciting project.”
Property-Wide Grab Sample
Results
Assay results for 54 rock samples collected from
property-wide exploration targets and resource areas have been
received. A total of 37 samples returned anomalous 2PGE+Au grades,
with a peak grade of 26.66 g 2PGE+Au/t from a grab sample in the
Trapia West deposit area.
Multiple high-grade rock samples were collected
from widely spaced exploration targets spanning the project,
including Trapia 1 North, Massapê, and Esbarro West. In addition,
several target areas slated for 2020 core drilling returned strong
2PGE+Au results, including Esbarro East, Cana Brava and Santo
Amaro. See Table 1 below for a summary of 2PGE+Au results, CLICK
HERE for the full list of assays, and CLICK HERE to view all
figures related to this news release.
Table 1: Summary of Grab Sample
2PGE+Au Assays
2PGE+Au Range |
Number of Samples |
>10 g/t |
4 |
5.0 - 10 g/t |
6 |
*1.22 - 5.0 g/t |
12 |
0.03-1.22* g/t |
15 |
barren |
16 |
*1.22 is the average 43-101 resource grade – See ValOre news
release July 23, 2019 |
Selective rock grab samples were collected from
field sites with coordinate data captured by handheld GPS and
subsequently stored in a secure ValOre facility in Capitão Mór,
Ceará, Brazil. The samples were sent with an ensured chain of
custody to SGS Geosol Laboratórios Ltda. (“SGS Geosol”, an
accredited mineral analysis laboratory) in Vespasiano, Minas
Gerais, Brazil for analysis. All samples were analyzed for
2PGE+Gold (Pd, Pt, Au) content using standard Fire Assay and ICP
techniques. Chromium values that exceeded 5% were redirected to
ore-grade pyrosulfate fusion and XRF techniques to determine
%Cr2O3. Certified PGM 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.
Mendes North Geochemical Program
Update
All 598 soil samples from the three >1km
Mendes North WorldView-magnetic anomaly targets have been received
by SGS Geosol and assaying has commenced. Analytical results are
expected within 2 weeks.
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 were
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 being analyzed for 2PGE+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”).
Upcoming Metallurgical Test Work Program
Initiated
ValOre has engaged SGS Canada Inc. of Lakefield,
Ontario to conduct preliminary metallurgical tests on mineralized
samples from designated 43-101 deposit areas. Falcon UF gravity
separation test work will be performed to characterize the
metallurgical balance relating PGE mass recoveries. In addition,
PLATSOL™ leaching will be tested to follow up and corroborate
previous findings of this metallurgical processing technique.
Further information about PLATSOL™ and Falcon UF can be found in
the links below:
PLATSOL™:
https://www.sgs.ca/en/mining/metallurgy-and-process-design/unit-operations-and-metallurgical-services/pressure-and-ambient-leaching/platsol
Falcon UF:
https://minerals.seprosystems.com/equipment/falcon-uf-gravity-concentrators/
Sampling of historical mineralized drill core
from the Esbarro and Curiu deposits, and outcrop sampling of the
Curiu and Trapia West deposits is now complete, and samples have
been shipped for preliminary analytical work to the SGS facility
Vespasiano, Minas Gerais prior to shipment to SGS Canada.
Qualified Person
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 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 of ValOre's
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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