ValOre Metals
Corp.
(“ValOre”;
TSX‐V: VO; OTC: KVLQF;
Frankfurt: KEQ0, “the
Company”) today announced assay results
for the final eight Trapia 1 drill holes at ValOre’s 100%-owned
Pedra Branca Platinum Group Element (“PGE”) Project in northeastern
Brazil. The PGE-bearing ultramafic (“UM”, “UMs”) Trapia 1 intrusion
was intercepted in all eight core holes drilled to the south of the
current NI 43-101 resource area and PGE mineralization remains open
along strike and down-dip.
“The 2020 drilling at Trapia 1 was a great
success, delivering a very strong finish with the assay results
received from hole DD20TU20,” stated ValOre’s Chairman and CEO, Jim
Paterson. “Importantly, for future recalculations of mineral
resource estimates, the drilling results suggest that the ore body
thickens at depth and also that mineralization remains open in all
directions.”
Highlights from Newly
Released Trapia 1 Drill Holes and
Program Update:
- All eight drill
holes reported in this release from Trapia 1 intercepted
continuous, mineralized ultramafic intrusion with significant
2PGE+Au assay results, including drill
hole DD20TU20 which:
- extended and
thickened down-dip high-grade mineralization outside and to the
south of the Trapia 1 resource area
-
intersected 76.74
metres (“m”) at 1.25 grams per
tonne (“g/t”) 2PGE+Au (palladium +
platinum + gold) from 176.81 m, this represents a 96.00
gram*metre intercept
incl. 30.55m at 2.33 g/t 2PGE+Au, 0.49% Ni and 0.18%
Cu from 223.00 m
incl. 15.00m at 4.19 g/t 2PGE+Au, 0.63% Ni and 0.25%
Cu from 226.00 m
- encountered the
highest grade nickel, copper and gold values to date in the 2020
drill program;
- Trapia 1 remains
open in all directions;
- 2020 drilling
shows the Trapia 1 deposit to be thickening with depth as evidenced
by drill holes DD20TU12, DD20TU14, DD20TU13 and DD20TU20 (see Table
2);
- Successfully
re-entered, extended, and intercepted mineralized UMs in both a
prematurely ended historical drill hole (DD04TU05) which formerly
truncated the resource on the south, and in DD20TU11, corroborating
a fully intact and down-stepped resource-associated intrusion south
of Trapia 1;
- Drill hole
spacing of 55 to 70 m will facilitate a future resource
re-calculation;
- At the Trapia 2
deposit area, situated 2 km to the northwest of Trapia 1, eight
core holes (totalling 1,096.80 m) targeting resource expansion
potential have been drilled, logged and sampled. Samples have been
received by SGS Vespasiano, Minas Gerais and ValOre awaits assay
results;
- At the Santo
Amaro deposit area, situated 35 km to the north-northeast of Trapia
1, a ten hole drill program is under way (resource expansion and
target advancement). Santo Amaro is the final target of ValOre’s
2020 drill program.
Trapia Target Area and
the 2019 NI 43-101 Resource
Trapia is one of five currently defined PGE
deposit areas at Pedra Branca, which together host an NI 43-101
inferred resource totalling 1,067,000 ounces 2PGE+Au contained in
27.2 million tonnes (“Mt”) grading 1.22 g/t 2PGE+Au; refer to
ValOre’s news release dated July 23, 2020. PGE mineralization for
all five of the resource deposit areas outcrops at surface, making
these inferred resources prospective for open pit mining.
CLICK HERE for Figure 1, which shows the location
of the five NI 43-101 resource areas and the location of ValOre’s
2020 drill holes.
The Trapia resource comprises three separate
ultramafic intrusive clusters within a 2-kilometre radius: Trapia
1, Trapia 2 and Trapia West. Specifically, Trapia 1 represents
92,000 ounces of the aggregate Trapia inferred resource of 219,000
ounces at 1.10 g/t 2PGE+Au (6.2 Mt). CLICK HERE
for Figure 2, which shows the location of the 2020 drill holes
within the Trapia target areas (Trapia 1, Trapia 2 and Trapia
West), and prospective 3D magnetic inversion drill target.
Trapia 1 was selected for the 2020 drill program
on the merits of its strong resource expansion potential and high
prospectivity along strike to the south, which correlates with a 3D
magnetic inversion target extending approximately 1 kilometre from
the currently defined resource. A total of 2,520 metres were
drilled in twelve 2020 drill holes. PGE-mineralized UMs were
intercepted in all twelve core holes, and the intrusion remains
open in all directions. CLICK HERE for Table 1 and
CLICK HERE for Figure 3, which show a summary of
2020 drilling at Trapia 1.
Trapia 1
2020 Follow-Up Drill Results
The planning and execution of eight new
follow-up drill holes south of the Trapia 1 resource was aided by
the successful reinterpretation and realization that the
mineralized intrusion was not cut off by the barren historical
drill hole DD04TU05, but rather remained fully intact and just
down-stepped by ~50 m, and extending to the south along a 1
kilometre (“km”) long 3D magnetic inversion target. This geological
and structural model was developed through the identification of a
stratigraphic marker horizon present in the resource and 2020 drill
holes to the north and validated by the re-entry and extension of
DD20TU13 past its original planned length. DD20TU13 intersected
61.85 metres of mineralized ultramafic intrusion, grading 0.76 g/t
2PGE+Au from 217.15 m, including 9.49 g/t 2PGE+Au over 2.45 metres
from 221.20 m (see news release dated August 31, 2020).
All eight follow-up drill holes at Trapia 1
intercepted continuous, PGE-mineralized ultramafic intrusion that
remains open in all directions. 2020 drilling indicates that the
orebody is thickening at depth across the entire width of the
resource and resource expansion area to the south. A drill hole
spacing of 55 to 70 m was maintained to facilitate resource
upgrading in Q1 2021. Table 2 below presents Trapia 1 follow-up
drill core assay highlights reported herein.
Table 2: Summary of
Significant Core Assay Results from 2020
Trapia 1 Follow-Up
Drilling:
Drill Hole |
Depth From (m) |
Depth To (m) |
Interval (m) |
2PGE+Au(g/t) |
Interval Summary* |
DD20TU20 |
176.81 |
253.55 |
76.74 |
1.25 |
76.74m at 1.25 g/t 2PGE+Au from 176.81m
incl. 6.10m at 2.03 g/t 2PGE+Au from 202.00m
and 30.55m at 2.33 g/t 2PGE+Au,
0.49% Ni and 0.18%
Cu from 223.00m.
incl.15.00m at 4.19 g/t 2PGE+Au,
0.63% Ni and 0.25% Cu from
226.00m. |
202.00 |
208.10 |
6.10 |
2.03 |
223.00 |
253.55 |
30.55 |
2.33 |
226.00 |
241.00 |
15.00 |
4.19 |
DD20TU11 |
155.69 |
190.00 |
34.31 |
0.96 |
34.31m at 0.96 g/t 2PGE+Au from 155.69m
incl. 13.50m at 1.54 g/t 2PGE+Au
from
160.50m. |
160.50 |
174.00 |
13.50 |
1.54 |
DD20TU05A |
115.05 |
135.75 |
20.70 |
0.63 |
20.70m at 0.63 g/t 2PGE+Au from 115.05m incl. 1.69m at 2.05 g/t
2PGE+Au from 115.76m. |
115.76 |
117.45 |
1.69 |
2.05 |
DD20TU15 |
182.30 |
235.10 |
52.80 |
0.47 |
52.80m at 0.47 g/t 2PGE+Au from 182.30m
incl. 21.70m at 0.95 g/t
2PGE+Au from 182.30m incl. 4.70m at 2.63 g/t
2PGE+Au from 182.30m. |
182.30 |
204.00 |
21.70 |
0.95 |
182.30 |
187.00 |
4.70 |
2.63 |
DD20TU16 |
195.85 |
243.20 |
47.35 |
0.54 |
47.35m at 0.54 g/t 2PGE+Au from
195.85m |
DD20TU17 |
225.35 |
227.65 |
2.30 |
0.93 |
2.30m at 0.93 g/t 2PGE+Au from 225.35m. |
DD20TU18 |
184.50 |
189.75 |
5.25 |
0.29 |
5.25m at 0.29 g/t 2PGE+Au from 184.50m. |
DD20TU19 |
156.16 |
174.28 |
18.12 |
0.27 |
18.12m at 0.27 g/t 2PGE+Au from 156.16m. |
* Reported assay intervals are estimated to be 90-100% true
width
Drill Hole
DD20TU20
Drill hole DD20TU20, the highlight of the 2020
Trapia 1 drill campaign, was completed as a stepout hole ~70 metres
along strike from 2020 drill holes DD20TU12 (0.69 g/t 2PGE+Au over
100.4 m from to 93.2 m) and DD20TU13 (9.49 g/t 2PGE+Au over 2.45 m
within 0.76 g/t 2PGE+Au over 61.85 m from 217.50 m). The main
mineralized ultramafic intrusion, characterized by chromite-rich
peridotites and dunites, which exhibited localized
serpentinization, was intercepted in DD20TU20 from 176.80 to 253.60
m. DD20TU20 was concluded at 258.60m depth in basement gneiss.
Figure 4 below shows a cross-section of DD20TU20 with up-dip holes
DD20TU11, DD20TU05A and DD04TU05 (historical). CLICK
HERE for Figure 5a and CLICK HERE for
Figure 5b, which show core photographs of the high grade
mineralized interval.
The 76.80 m-thick ultramafic interval retuned
76.74 m grading 1.25 g/t 2PGE+Au from 176.81 m, including 6.10m
grading 2.03 g/t 2PGE+Au from 202.00 m, and 30.55 m grading 2.33
g/t 2PGE+Au from 223.00 m which included 15.00 m grading 4.19 g/t
2PGE+Au from 226.00 m. This is interpreted to represent a true
thickness intercept as evidenced by the orthogonal core axis
angles.
The broad 76.74 m grade interval from DD20TU20
exceeds the Trapia 1 NI 43-101 resource grade of 1.10 g/t 2PGE+Au,
and hosts compelling thicknesses of high-grade PGEs, all of which
remain open at depth. In addition, 2020 drilling has demonstrated
that the mineralized ultramafic intrusion is thickening with depth,
as evidenced by the following up-dip and down-dip comparison DDHs
(Table 2):
Table 2: Down-Dip Thickening of
Mineralized UM Intrusion Demonstrated by 2020 Drilling
Up-Dip DDH |
UM Interval (m) |
Down-Dip DDH |
UM Interval (m) |
Thickening (m) |
DD09TU08* |
11.02 |
DD20TU14 |
21.55 |
+10.52 |
DD04TU06* |
80.90 |
DD20TU12 |
100.40 |
+19.50 |
DD20TU11 |
34.31 |
DD20TU20 |
76.74 |
+42.43 |
DD20TU16 |
47.35 |
DD20TU13 |
61.85 |
+14.50 |
*historical DDH
Figure 4: Cross Section of DD20TU20, with Up-Dip Drill
Holes DD20TU11, DD20TU05A and Historical Drill Hole
DD04TU05, is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a1e25008-6dab-4bf3-986c-3a97362a804c
Drill Hole
DD20TU11
Drill hole DD20TU11 was originally shut down at
150.60 m depth at a time that preceded ValOre’s understanding of
the 50 m down-stepped structural model. As a result of model
validation through the intercept seen in DD20TU13, drill hole
DD20TU11 was re-entered and extended to 216.35 m, and mineralized
peridotites and dunites were intercepted from 155.92 to 193.67 m,
further substantiating ValOre’s newly interpreted structural model.
DD20TU11 was concluded at 216.35 m in basement gneiss. See Figure 4
above, showing a cross-section of DD20TU11, up-dip holes DD20TU05A
and DD04TU05 (historical), and down-dip hole DD20TU20.
The 37 m-thick interval hosted up to 2%
disseminated and intercumulate chromite within a serpentinized
groundmass, and returned an assay highlight of 34.31 m grading 0.96
g/t 2PGE+Au from 155.69m, including 13.50 m grading 1.54 g/t
2PGE+Au from 160.50m.
Drill Hole
DD20TU05A
Drill hole DD20TU05A was designed to further
corroborate the down-stepped structural model by twinning and
extending the barren historical drill hole DD04TU05, which was shut
down at 69.50 m shortly after the upper and nonmineralized marker
horizon. DD20TU05A successfully intercepted the mineralized
ultramafic intrusion at depth, transecting chromite-bearing
peridotites and dunites from 112.90 m to 139.50 m. The hole was
concluded at 160.60 m in basement gneiss. See Figure 4 above,
showing a cross-section of DD20TU05A with historical DD04TU05, and
down-dip holes DD20TU11 and DD20TU20.
The 26.60 m-thick interval returned an assay
highlight of 20.70 m grading 0.63 g/t 2PGE+Au from 115.05 m,
including 1.69 m grading 2.05 g/t 2PGE+Au from 115.76 m. The
successful reinterpretation and favorable assay results of
DD20TU05A are significant from a resource expansion and continuity
point of view: The prematurely-ended DD04TU05 truncated the
southern extent of Trapia 1’s resource. The mineralized intercepts
in drill holes DD20TU05A, DD20TU11, and DD20TU20 (all situated at
the southern resource margin), as well as the six mineralized
follow-up holes to the south demonstrate that a fully continuous
and mineralized intrusion remains intact to the south.
Drill Hole
DD20TU15
Drill hole DD20TU15 targeted the extension of
mineralization encountered in DD20TU11 by stepping 60 m to the SSW,
down the strike of the 1 km long 3D magnetic inversion target. The
typical upper marker unit was drilled from 115.80 to 121.20 m and
124.00 to 127.30 m, followed by the main mineralized ultramafic
intrusion from 182.30 to 235.10 m. DD20TU15 was concluded at 241.05
m in basement gneiss. CLICK HERE for Figure 6,
which shows a cross section of DD20TU15, up-dip hole DD20TU19 and
down-dip hole DD20TU13.
The 52.80 m mineralized intrusion was
characterized by chromite-bearing dunites, peridotites and
pyroxenites, and returned an assay highlight of 52.80 m grading
0.47 g/t 2PGE+Au from 182.30 m, including 21.70 m grading 0.95 g/t
2PGE+Au from 182.30m and 4.70m grading 2.63 g/t 2PGE+Au from 182.30
m.
Drill Hole
DD20TU16
Drill hole DD20TU16 was designed to target the
up-dip extension of DD20TU13 by stepping 55 m to the west. The main
mineralized ultramafic intrusion was intercepted from 195.85 to
243.7m, characterized again by chromite-bearing dunites,
peridotites and pyroxenites before a final EOH of 249.75 m in
basement gneiss. CLICK HERE for Figure 7, showing
a cross section of DD20TU16, with up-dip hole DD20TU18 and down-dip
hole DD20TU13.
The 47.85 m mineralized intrusion returned an
assay highlight of 47.35 m grading 0.54 g/t 2PGE+Au from 195.85 m,
and further demonstrates the excellent geological and mineralogical
continuity south of the Trapia 1 resource.
Drill Hole
DD20TU17
Drill hole DD20TU17 stepped 55 m to the SSE of
DD20TU16, targeting the down-strike extension of mineralization.
The main mineralized ultramafic intrusion was intercepted from
225.35 to 234.05 m, characterized by serpentinites and highly
serpentinized peridotites before a final EOH of 256.10 m in
basement gneiss.
The 8.70 m interval returned an assay highlight
of 2.30 m grading 0.93 g/t 2PGE+Au from 225.35 m. While DD20TU17
returned a thinner UM intrusion transect that encountered in other
follow-up holes, mineralization remains open along strike to the
south, up-dip to the west, and down-dip to the east, the latter
representing the most prospective target direction, as it coincides
with the 3D magnetic inversion core.
Drill Hole
DD20TU18
Drill hole DD20TU18 targeted the geological
up-dip extension of DD20TU16 by stepping 65 m to the WNW. The main
mineralized ultramafic intrusion was intercepted from 184.50 to
202.20 m, transecting serpentinized peridotites and pyroxenites
before a final EOH of 204.90 m in basement gneiss. CLICK
HERE for Figure 7, showing a cross section of DD20TU18,
with down-dip holes DD20TU16 and DD20TU13.
The 17.70 m interval returned an assay highlight
of 5.25 m grading 0.29 g/t 2PGE+Au from 184.50 m, with
mineralization remaining open up-dip to the west.
Drill Hole
DD20TU19
Drill hole DD20TU19 targeted the geological
up-dip extension of DD20TU15 by stepping 70 m to the WNW.
Chromite-bearing dunites, peridotites and serpentinized pyroxenites
were intercepted from 155.80 to 174.30 m depth, before a final EOH
of 183.95 m in basement gneiss. CLICK HERE for
Figure 6, showing a cross section of DD20TU19, down-dip holes
DD20TU15 and DD20TU13.
The 18.50 m interval returned an assay highlight
of 18.12 m grading 0.27 g/t 2PGE+Au from 156.1 6 m.
Pedra Branca
2020 Drill Program
Please see ValOre’s news release of 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/
Qualified Person (QP)
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., ValOre’s QP, 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+Au contained in 27.2 million
tonnes grading 1.22 g/t 2PGE+Au (see ValOre’s July 23, 2019 news
release). All the currently known Pedra Branca inferred PGE
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. 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
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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