ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today announced assay results for
eight Trapia 2 core drill holes at ValOre’s 100%-owned Pedra Branca
Platinum Group Element (“PGE”) Project in northeastern Brazil. The
target ultramafic (“UM”) Trapia 2 intrusion was intercepted in all
eight core holes drilled, establishing geological continuity well
beyond the currently defined resource area. Near surface
mineralization was intersected along strike to the northeast and
southwest of this existing resource, and mineralization remains
open in all directions.
“Today’s results, demonstrating near-surface
mineralization at Trapia 2, build on the recent drilling success at
Trapia 1 and should expand the known resource at Trapia, currently
at 219,000 ounces grading 1.10 g/t 2PGE+Au in 6.2 Mt,” stated
ValOre’s Chairman and CEO, Jim Paterson. “The extension of
mineralized intersections to both the Trapia 1 and Trapia 2
deposits suggest the potential of a much larger ultramafic system,
warranting additional resource expansion drilling in 2021.”
Highlights from Trapia 2 Drill Holes and
Program Update:
- All eight 2020
drill holes into the Trapia 2 target intercepted continuous, broad
PGE-bearing UM intrusion over a strike length of 825 metres
(“m”);
- Near-surface PGE
mineralization was intercepted outside of the currently defined NI
43-101 resource area:◦ Drill Hole
DD20TD13 intercepted 45.62 m grading 0.54 grams per tonne
(“g/t”) 2PGE+Au (palladium + platinum + gold) from 9.10 m,
including 6.10 m grading 2.71 g/t 2PGE+Au from 10.90
m◦ Drill Hole DD20TD07 intercepted
52.15 m grading 0.49 g/t 2PGE+Au from 4.85 m◦ Reported
interval widths are estimated to represent 90-100% true
thickness;
- PGE
mineralization hosted by the UM intrusion remains open along strike
to the northeast and southwest, and down-dip to the southeast;
- A 600-metre-long
3D magnetic inversion geophysical target with coincident up-dip
soil anomaly remains un-tested north of the Trapia 2 resource
area;
- A 3D magnetic
target extends for 700 m to the southeast of Trapia 2, and has only
been drill tested for 200 m along strike;
- In-fill drill
hole coverage with the view to potentially upgrade resources from
inferred to indicated;
- Twelve core
drill holes at the Santo Amaro target (resource expansion and
target advancement) have been logged, sampled and shipped to SGS
Vespasiano, Minas Gerais, for assay. This marks the conclusion of
ValOre’s 2020 Pedra Branca 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 that together host an 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
resource areas and the location of ValOre’s 2020 drill holes.
The Trapia resource comprises three separate UM
intrusive clusters within a 2-kilometre radius: Trapia 1, Trapia 2
and Trapia West. Specifically, Trapia 2 represents 62,000 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 targets.
Geological field mapping preceding the 2020
drill program demonstrated a fully continuous ultramafic intrusion
at surface, which extended well beyond the defined Trapia 2
resource. The target areas correlate with prospective 3D magnetic
inversion bodies, much like the mag feature successfully drilled at
Trapia 1 in 2020 (see news releases dated August 25, August 31, and
December 1, 2020). This presented an excellent opportunity for
resource expansion drilling at Trapia 2.
Trapia 2 2020 Drill Results
A total of 1,097 m were drilled in eight 2020
core holes at Trapia 2. PGE-mineralized UMs were intercepted in all
eight holes and remain open along strike to the northeast and
southwest, and down dip to the southeast. CLICK
HERE Table 1 and Figure 3, which show a summary of 2020
drilling at Trapia 2, and see Table 2 below for a summary of Trapia
2 drill core assay highlights reported herein.
Table 2: Summary of Significant Core Assay Results from
2020 Trapia 2 Drilling:
Drill Hole |
Depth From (m) |
Depth To (m) |
Interval (m) |
2PGE+Au (g/t) |
Interval Summary* |
DD20TD06 |
63.55 |
90.00 |
26.45 |
0.40 |
26.45m at 0.40 g/t 2PGE+Au from 63.55m |
DD20TD07 |
4.85 |
57.00 |
52.15 |
0.49 |
52.15m at 0.49 g/t 2PGE+Au from 4.85m |
DD20TD08 |
102.50 |
142.14 |
39.64 |
0.61 |
39.64m at 0.61 g/t 2PGE+Au from 102.50m |
DD20TD09 |
90.55 |
93.02 |
2.47 |
0.37 |
2.47m at 0.37 g/t 2PGE+Au from 90.55m |
111.50 |
126.34 |
14.84 |
0.81 |
14.84m at 0.81 g/t 2PGE+Au from 111.50m |
DD20TD10 |
29.60 |
34.75 |
5.15 |
0.57 |
5.15m at 0.57 g/t 2PGE+Au from 29.60mincl. 1.40m at 1.43 g/t
2PGE+Au from 29.60m |
29.60 |
31.00 |
1.40 |
1.43 |
DD20TD12 |
131.33 |
139.61 |
8.28 |
1.14 |
8.28m at 1.14 g/t 2PGE+Au from 131.33m |
DD20TD13 |
9.10 |
54.72 |
45.62 |
0.54 |
45.62m at 0.54 g/t 2PGE+Au from 9.10mincl. 18.30m at 1.05 g/t
2PGE+Au from 9.10mincl. 6.10m at 2.71 g/t 2PGE+Au from 10.90m |
9.10 |
27.40 |
18.30 |
1.05 |
10.90 |
17.00 |
6.10 |
2.71 |
96.00 |
108.28 |
12.28 |
0.40 |
12.28m at 0.40 g/t 2PGE+Au from 96.00m |
* Reported assay intervals are estimated to be 90-100% true
width
Northern Target Area
Four 2020 drill holes (DD20TD06, DD20TD07,
DD20TD08, DD20TD09) were drilled approximately 500 m northeast of
the current resource area to follow-up historical drill hole
DD09TD05, which intersected 58.8 m grading 0.45 g/t 2PGE+Au from
surface.
Drill hole DD20TD06 twinned historical drill
hole BR-24, which was found in the geological database with 2PGE+Au
grades up to 3.2 g/t, but not considered for ValOre’s 2019 resource
estimate due to the lack of existing drill core. DD20TD06
intercepted PGE-bearing peridotites and dunites from 63.6 to 88.9 m
(25.4 m in thickness), with a secondary intrusion intercepted from
56.9 to 59.2 m. The ultramafic package retuned an assay intercept
of 26.45 m grading 0.40 g/t 2PGE+Au from 63.5 m. CLICK HERE for
Figure 4, showing a cross section of DD20TD06 and BR-24.
Drill hole DD20TD07 stepped 90 m to the
west-southwest from DD20TU06, seeking to extend the mineralized
interval to surface. DD20TD07 intercepted highly altered ultramafic
rocks totalling 53.3 m in thickness, from 2.7 m depth. Weathered
peridotites returned an assay interval of 52.15 m grading 0.49 g/t
2PGE+Au from 4.85 m.
Drill hole DD20TD08 tested the geological
down-dip extension of mineralization, stepping 90 m east southeast
of DD20TU07. The PGE-bearing ultramafic intrusion was intercepted
for 36.6 meters, from 105.5 metres-depth, characterized by locally
serpentinized peridotites and dunites. An increase in sulphide
mineralization (pyrrhotite + pyrite ± chalcopyrite) ranging from
trace to 1% was exhibited locally. DD20TU08 returned a mineralized
interval of 39.64 m grading 0.61 g/t 2PGE+Au from 102.50 m. CLICK
HERE for Figure 5, showing a cross section of DD20TD07 and
DD20TD08.
Drill hole DD20TD09 stepped 95 m southwest along
strike from DD20TD08, and 90 m down-dip from historical hole
DD09TU05. A broad ultramafic sequence, comprising ultramafic and
ultramafic derived rocks, was intercepted for 36.4 meters, from
90.5 to 127.0 m, with the main mineralized horizon intercepted from
113.2 to 127.0 m. DD20TU09 returned a grade interval highlight of
14.84 m grading 0.81 g/t 2PGE+Au from 111.50 m, characterized by
serpentinized peridotites and dunites, with sulphide enrichment
observed towards the intrusion bottom (trace to 1% pyrrhotite +
pyrite). CLICK HERE for Figure 6, showing a cross section of
DD20TD09 and historical hole DD09TD05.
Southern Resource Extension
The Trapia 2 resource is delineated by four
historical drill holes. Re-processing and 3D inversion modeling of
the historical geophysics defined a 700-metre-long 3D mag inversion
target which extended to the southeast from the resource. Two 2020
drill holes targeted the southern resource expansion potential of
Trapia 2, testing a prospective 3D mag inversion body, similar in
orientation to mineralized mag target successfully drilled at
Trapia 1 in 2020.
Drill hole DD20TD13 twinned historical drill
hole BR-21, which was found in the geological database with
near-surface 2PGE+Au grades up to 2.4 g/t, but not included in
ValOre’s 2019 NI 43-101 resource estimate due to the lack of
existing drill core. DD20TD13 intercepted 94.50 m of mineralized
peridotites, dunites and subordinate serpentinites from 10.9 to
105.4 m, with a 10 cm-thick magnetite ± chromite reef at 51.8 m
depth. The drill hole returned an assay highlight of 45.62 m
grading 0.54 g/t 2PGE+Au from 9.10 m, including 6.10 m grading 2.71
g/t 2PGE+Au from 10.90 m.
Drill hole DD20TU12 stepped 180 m southeast from
DD20TU13, testing the 3D mag target strike potential. A correlative
mineralized ultramafic intrusion was intercepted for 10.73 meters,
from 128.02 to 138.75 m, grading 1.14 g/t 2PGE+Au over 8.28 m from
131.33 m. Mineralization remains open in all directions. CLICK HERE
for Figure 7, showing a cross section of DD20TD13, DD20TD12 and
historical drill hole BR-21.
Continuity Target
Two 2020 drill holes targeted the 500 m gap
between the resource and the northern target area to establish
geological continuity of the PGE-bearing ultramafic intrusion
across Trapia 2.
The northern hole, DD20TD10, twinned historical
drill hole BR-22, which was not considered for ValOre’s 2019 NI
43-101 resource estimate due to the lack of existing drill core.
The main mineralized ultramafic intrusion was intercepted for
130.60 m, from 29.45 to 160.05 m, and returned a mineralized
interval of 5.15 m grading 0.57 g/t 2PGE+Au from 29.60 m. CLICK
HERE for Figure 8, showing a cross section of DD20TD10, historical
drill hole BR-22.
Drill hole DD20TD11 stepped 150 m along strike
to the southwest from DD20TD10, and geologically down-dip from
historical drill hole DD09TD04. The UM intrusion was intercepted
for 89.12 m, from 96.50 to 185.62 m, and characterized by
serpentinized peridotites and dunites, with local bands of granite
and amphibolite. Broad intervals of DD20TD11 returned anomalous
2PGE+Au values up to 0.40 g/t. CLICK HERE for Figure 9, showing a
cross section of DD20TD11 and historical drill hole DD09TD04.
The 2020 drill program at Trapia 2 successfully
intersected the PGE-bearing UM intrusion over a strike length of
850 m, 600 m of which is outside of the currently define resource.
Mineralization remains open along strike to the northeast and
southwest, and down-dip to the southeast.
Pedra Branca 2020 Drill
Programs
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 current 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 current 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
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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
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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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