ValOre Metals Corp.
(“ValOre”;
the “Company”; TSX‐V: VO;
OTC: KVLQF;
Frankfurt: KEQ0)
today announced the addition of a second drill rig to accelerate
Phase 1 and Phase 2 of the 2020 core drill program on the Company’s
100%-owned Pedra Branca Platinum Group Element (PGE) Project in
northeastern Brazil. ValOre has also augmented the on-site
technical team to help execute its newly expanded exploration
program. With a CAD $500,000 increase to the existing unsecured
revolving credit facility, ValOre is completely funded to finish
both Phase 1 and Phase 2 drill programs at Pedra Branca.
Pedra Branca
Exploration Highlights:
- Phase 1 drill
program has tested six targets with 21 diamond drill holes (“DDH”)
to date, totaling 2,210 metres (“m”) of 2,875 m planned. See Table
1 below for details;
- Significant
potential for expansion of current NI 43-101 resources has been
corroborated by Phase 1 drilling at the Trapia 1 target;
- Five new drill
holes are planned to follow-up on DD20TU13 that yielded a 61.85 m
PGE intercept, including 9.49 g/t 2PGE+Au (Palladium, Platinum and
Gold; Pd, Pt+Au) over 2.45 m, adding another 985 m of drilling in
September at Trapia 1. The additional drill holes at Trapia 1 will
step out along strike of the 1 kilometre (“km”) long magnetic
inversion feature located immediately south of the existing NI
43-101 resource;
- Prospective
ultramafic (“UM”) rocks were intercepted in all three holes at
C-04, both holes at Golden Goat, four of five holes at Cana Brava,
three of four holes at Cedro and one of three holes at Esbarro East
(see Tables 1 and 2 below);
- 1,062 samples
have been sent to SGS Vespasiano, with results from five holes (444
samples) at Trapia released (see releases dated August 25 and 31,
2020). Assays are pending from Cedro, Golden Goat, Esbarro East,
Cana Brava, and C-04 targets;
- Phase 2 drill
program (3,035 m) is fully-funded with the second drill rig
arriving in early October to facilitate follow-up drilling of
high-priority targets;
- Phase 2
completion will be accelerated by at least two months with a
reduction in costs due to efficiencies and economies of scale;
- Additions to
geological team to boost property wide exploration and discovery
program include:° Three new experienced Brazilian geologists and
one Brazilian mining technician;° Focused on property wide
discovery pipeline, the bolstered team will execute soil sampling,
prospecting, and mapping campaigns at Trapia, Mendes North, and
Santo Amaro and trenching select areas near existing resource
zones;
- Metallurgical
test work continues at SGS Lakefield and timing of results will be
staged throughout Q4, 2020.
“Phase 1 drilling at Pedra Branca has
successfully demonstrated the potential to expand the currently
defined Trapia 1 resource area and assays are still pending from
drilling at five additional target zones,” stated ValOre’s Chairman
and CEO, Jim Paterson. “With Phase 2 fully-funded and now
benefiting from the addition of new team members and a second drill
rig, our productivity should increase dramatically and the receipt
of assay results and related news flow will be greatly accelerated.
We look forward to sharing further exploration successes from the
project with our shareholders and we are proud to note the
continued high levels of vigilance maintained by our employees and
contractors to keep everyone safe in Capitão Mor and the
communities surrounding the Pedra Branca project.”
Table 1: Summary of
Phase 1 Drill Program (To Date) is available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/18165cc4-76d6-4e1b-8d94-767ea287896f
Trapia and Cedro represent two of the five
currently known PGE deposit areas which host NI 43-101 resources at
Pedra Branca. ValOre reported a NI 43-101 inferred resource
estimate for Pedra Branca in August, 2019, which totaled 1,067,000
ounces 2PGE+Au contained in 27.2 million tonnes grading 1.22 g/t
2PGE+Au. PGE mineralization for all five of the resource deposit
areas outcrops at surface, making these inferred resources
prospective for open pit mining. Figure 1 shows the location of the
five NI 43-101 deposit areas, ValOre’s proposed 2020 drill holes,
and the Phase 1 drill totals (to date).
Figure 1: Summary
Map of Phase 1 Drill
Program (To Date) is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e4ffa91e-51fa-46cc-83a1-83b0b220e25c
Pedra Branca 2020 Drill
Program
Please see ValOre’s news release from August 25,
2020 for detailed information regarding:
- Pedra
Branca 2020 Drill Program (Phase 1 and Phase
2)
- Quality Control/Quality
Assurance (“QA/QC”) and Grade Interval Reporting
- Analytical Procedures, SGS
Geosol
- About Servitec Foraco
Sondagem SA
- ValOre and Servitec Foraco
COVID-19 Protocols
http://valoremetals.com/news-media/news-releases/2020/
Increase and Extension to
Financing
As announced April 27, 2020, ValOre entered into
an unsecured revolving credit facility, allowing the Company to
borrow up to CAD $1.2 million from Jim Paterson, ValOre’s Chairman
and CEO. Mr. Paterson has now agreed to advance an additional CAD
$500,000 to ValOre on similar terms, and ValOre has agreed to use
commercially reasonable efforts to complete an equity financing
prior to March 31, 2021 (vs December 31, 2020 as previously agreed)
in an amount sufficient to repay amounts borrowed under the loan
facility.
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, five
distinct 2PGE+Au deposit areas host, in aggregate, a NI 43-101
Inferred Resource of 1,067,000 ounces 2PGE+ Au contained in 27.2
million tonnes grading 1.22 g 2PGE+Au/t (see ValOre’s July 23, 2019
news release). PGE mineralization outcrops at surface and all of
the currently known 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
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.
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.
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
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:
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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