ValOre Metals Corp.
("ValOre"; the “Company”;
TSX‐V: VO; OTC: KVLQF;
Frankfurt: KEQ0) today provided
an update on the exploration program underway at ValOre’s
100%-owned Pedra Branca Platinum Group Element Project in
northeastern Brazil, including the completion of the: Phase 1 drill
program; follow-up soil sampling, mapping and prospecting at the
Mendes North exploration target area; mapping and sampling of two
historical trenches north of the Trapia 1 resource; and
commencement of the fully funded Phase 2 drill program with the
addition of a second drill rig.
“Our exploration program at Pedra Branca is
gaining significant momentum with the commencement of Phase 2
drilling and the addition of a second drill rig,” stated ValOre’s
Chairman and CEO, Jim Paterson. “Within the next two weeks, we
expect receipt of assays from Phase 1 drilling at the C-04, Cana
Brava, Cedro, Esbarro East and Golden Goat zones and the recently
completed follow-up soil sampling campaign at Mendes North. In
addition, we imminently expect receipt of rhodium assay results
from historical drill core samples, as well as preliminary
metallurgical results utilizing the PLATSOL™ leaching process.”
Highlights
from 2020 Exploration
Program at Pedra
Branca
- 775 core samples
from 12 drill holes have been submitted for assays from the Cedro,
Golden Goat, Esbarro East, Cana Brava, and C-04 targets;
- Seven additional
high priority follow-up drill holes are in process or have been
completed at the Trapia 1 zone;
- Fully funded
Phase 2 drill program, planned for 3,035 metres (“m”), has
commenced with the arrival of a second drill rig;
- Two drill rigs
will complete Trapia 1 follow-up drilling, followed by mobilization
to test resource expansion of the Trapia 2 and Santo Amaro
zones;
- ValOre
geologists have opened, mapped, and sampled two historical trenches
in the highly anomalous area north of the Trapia 1 resource;
- 532 soil samples
and 37 rock samples from the follow-up Mendes North prospecting
program have been submitted for assay.
Mendes North Follow-Up Exploration
Program
In Q2 2020, ValOre identified three
WorldView+magnetic anomaly PGE targets each >1 km in extent
(collectively termed, “Mendes North”) and conducted immediate
reconnaissance soil sampling, mapping, and prospecting. The initial
598 soil samples defined multiple well-defined, NE-SW-trending PGE
anomalies, each >750 metres in length, spanning all three
targets (see releases dated March 12 and July 7, 2020). The
anomalies remain open between targets, suggesting potential
continuity of a newly discovered PGE-bearing belt >3km in
length.
Results of the initial program warranted the
execution of immediate follow-up sampling, mapping, and prospecting
to expand and delineate the unconstrained PGE-in-soil anomalies. As
such, 532 soil samples and 37 rock samples were collected and have
been received by SGS Vespasiano, Minas Gerais, for assay.
Analytical results are expected within two weeks. CLICK
HERE for Figure 1A and Figure 1B, showing composite
geological, geochemical, and sampling maps of the Mendes North
exploration target area.
Phase 1 Drill Program
Completed
Highly favorable results from the first five
2020 drill holes at the Trapia 1 resources expansion target
warranted the planning and commencement of seven high priority
follow-up drill holes, targeting PGE mineralization open both
up-dip to west and along strike to south. The PGE-bearing
ultramafic intrusion also remains open and is thickening at depth
(see release dated August 31 and September 21, 2020). Trapia 1
follow-up drilling represents the final target to be drilled in
Phase 1.
All additional Phase 1 targets (Cedro, Esbarro
East, Golden Goat, Cana Brava and C-04) have been drilled, logged,
sampled, and submitted for assay to SGS Vespasiano, Minas Gerais.
Analytical results for these 775 drill core samples are expected in
two weeks. Below is Table 1, summarizing Phase 1 drilling to
date.
Table 1: Phase 1 Drill Program Summary
TARGET |
DDHs |
METERS |
NOTES |
Trapia 1 |
9* |
1872.85* |
Assays received for first 5 DDHs, released Aug 31 and Sept 21; to
date, 4 of 7 follow-up holes have been drilled up-dip to west and
along strike to south, results pending; Resource Expansion
target |
Cedro |
4 |
364.40 |
Three separate targets drilled in mid-August; assays pending;
Resource Expansion target |
Golden Goat |
2 |
347.10 |
Drilled in late August; Assays pending; New target – previously
undrilled |
Esbarro East |
3 |
146.40 |
Drilled in late August; Assays pending; New target - previously
undrilled |
Cana Brava |
4 |
199.60 |
Drilled in early September; Assays pending; Target advancement;
previously drilled with mineralized intercepts |
C-04 |
3 |
252.90 |
Dilled in mid-September; Assays pending; New target - previously
undrilled |
6 Targets |
21* DDH |
3,183* m |
*Includes 4 holes and 907.50 m from
Trapia 1 ongoing drilling
follow-up |
Phase 2 Drilling and Exploration Program
Commences
Drilling has commenced for the Phase 2 drill
program at Pedra Branca with the arrival of a second drill rig,
which will serve to double productivity and expedite completion of
ValOre’s 2020 drill program. Both drill rigs will work in tandem to
maximize efficiency, first completing follow-up drilling at Trapia
1, and then mobilizing to resource expansion targets Trapia 2 and
Santo Amaro. Phase 2 drilling is slated to be completed by the end
of November, with all core logging, sampling, and sample shipments
to be concluded before year’s end.
Metallurgical results from the on-going PLATSOL™
leaching testwork are expected within 2 weeks, with the study aimed
at corroborating historical findings of this metallurgical
processing technique at the Pedra Branca project.
Rhodium assay results from samples using
historical Pedra Branca drill core pulps are also expected within 2
weeks. This study is aimed at broadening ValOre’s understanding of
the distribution and concentration of this valuable precious metal
at the Pedra Branca project.
Trapia 1 North Trench
Mapping and Sampling
Two historical trenches in the highly anomalous
area north of the Trapia 1 resource have been mapped and sampled to
better understand the geological environment and potential for a
northern extension. Favorable easterly-dipping 10-12m intervals of
ultramafic rocks were encountered towards the west end of both
trenches, suggesting continuity of favorable geology north of the
Trapia 1 resource area. A total of 187 samples were submitted for
assay to SGS Vespasiano, Minas Gerais. CLICK HERE
for Figure 2 to view the geological trench cross sections for the
two re-mapped and re-sampled Trapia 1 North trenches.
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/
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+ Au contained in 27.2 million
tonnes grading 1.22 g/t 2PGE+Au (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
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.
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.
Susan Lomas, P.Geo., of LGGC is the Qualified Person, as defined in
NI 43-101, responsible for the Pedra Branca mineral resource
estimates as reported herein. She has read and approved the
relevant technical portions of this news release related to the
mineral resource estimates for which she is responsible.
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 ValOre 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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