ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today announced the acquisition of
new tenements at ValOre’s 100%-owned Pedra Branca Platinum Group
Element (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern
Brazil.
“The ground acquired by ValOre in the June 2021
ANM bid holds district-scale potential to host multiple significant
PGE deposits, and effectively secures the most unexplored trend of
prospective geology at Pedra Branca” stated ValOre’s VP of
Exploration, Colin Smith. “We plan to rapidly advance the
development of our target pipeline with the acquisition of
WorldView spectral data, extension of ground or droneborne
magnetics, and regional geological mapping, prospecting and
sampling.”
Highlights of Newly Acquired Ground at
Pedra Branca:
- Twelve claims
totaling 16,000 hectares (“ha”) acquired through an Agência
Nacional de Mineração (“ANM”) bid process conducted during June
2021;
- Acquisition of
over 50 kilometres (“km”) of underexplored, undrilled, geological
trend highly prospective for PGE discovery;
- Compelling data
from historic exploration work, including untested soil anomalies,
high grade grab samples, and coincident favorable geophysical
signatures;
- Excellent
existing network of well-maintained access roads and power supply
throughout the expanded land position;
- First phase of
exploration in preparation, including: WorldView spectral data,
ground or droneborne magnetics, regional geological mapping and
prospecting.
Pedra Branca Land Acquisition
Summary
ValOre has significantly added (29% increase in
total hectares) to the district-scale land position in Brazil by
acquiring 12 new claims (16,000 ha) through the June 2021 ANM bid
process. The new ground covers over 50 km of untested prospective
geological trend associated with the Paleoproterozoic mafic to
ultramafic Troia Unit, which serves as the host belt for Pedra
Branca’s PGE-bearing layered ultramafic sequence. The potential is
further supported by compelling historical geochemistry and
geophysics, with excellent existing road access and power supply
throughout. CLICK HERE for a location map of the updated Pedra
Branca land position (Figure 1).
The first phase of exploration (“Phase 1”) will
include the acquisition of new WorldView spectral data
(“WorldView”) and extension of ground or droneborne magnetics, in
conjunction with regional geological mapping and prospecting at
prospective historical geochemical and geophysical anomalies.
ValOre will implement the proven and effective targeting
methodology which pairs WorldView and magnetics – an approach which
led to the 2020 drilling discovery at the C-04 target, which graded
up to 7.95 grams per tonne palladium + platinum + gold (“g/t
2PGE+Au”) at surface and returned 2PGE+Au mineralization in all
three 2020 core drill holes. CLICK HERE for ValOre’s news release
dated December 4, 2019, and CLICK HERE for ValOre’s news release
dated October 27, 2020.
ValOre will immediately follow up high-priority
target areas defined in Phase 1 with geochemical sampling, Trado®
auger drilling and trenching, with the goal of advancing multiple
targets to drill-ready stage.
Northeast Regional Trend
The Northeast Regional Trend (“NRT”) comprises a
contiguous group of 7 claims situated in the southeast region of
Pedra Branca. The NRT strategically covers over 37 km of highly
underexplored Troia Unit, tested by only 2 shallow historical drill
holes, undrilled historical PGE-in-soil anomalies and high-grade
rock samples spanning the entire belt length, and prospective
historical geophysical anomalies (magnetic high situated within
radiometric lows).
Galante North and Galante
East
Galante North and East (“Galante”) are two
claims situated 5 and 7 km respectively south-southeast and
along-trend of the Santo Amaro target area, which hosts the NI
43-101 Santo Amaro deposit inferred resource of 203,000 ounces
(“oz”) 2PGE+Au contained in 5.3 million tonnes (“Mt”) grading 1.19
g/t 2PGE+Au, and the Santo Amaro South target (2021 RC drill
target). Galante East hosts the some of the most compelling
undrilled historical geochemical anomalies at Pedra Branca, with
three distinct PGE-in-soil anomalies over 2.5 km, and historical
grab samples up to 18.9 g/t 2PGE+Au. The anomalies are coincident
with multiple magnetic highs along-trend.
Trapia South Extension
The Trapia South Extension is a single claim
situated adjacent to the southwest corner of the Trapia West
deposit and hosts the western third of Trapia South (2021 RC drill
target). The ground hosts multiple unexplored WorldView-mag
targets, and strong expansion potential along-strike from the
Trapia West PGE deposit.
Mendes North Extension
The Mendes North Extension is a single claim
located due north of the Mendes North target area (CLICK HERE for
news release dates March 30, 2020 and CLICK HERE for news release
dated July 7, 2020). The ground hosts an extension to the magnetic
anomaly and prospective geological trend associated with Mendes
North Target 3.
Pitombeiras Southwest
The Pitombeiras Southwest is a single claim
situated 4 km south-southwest of Jangada Mines PLC (“Jangada”)
Pitombeiras Vanadium Project, which hosts a 2021 NI 43-101 Measured
& Indicated Resource of 5.10 Mt at 0.46% V2O5, 9.04% TiO2 and
46.06% of Fe2O3, Inferred Resource of 2.33 Mt at 0.41% V2O5, 8.26%
TiO2 and 43.18% of Fe2O3, and a 2021 preliminary economic
assessment (“PEA”) report. ValOre’s claim hosts the potential for
analogous mineral systems and encompasses a 9 km long undrilled
magnetic anomaly.
ANM Bid Process
On January 19, 2020, the ANM announced the new
procedures to apply for areas available for exploration to
facilitate a faster and more transparent process in Brazil.
The ANM releases many areas for bid throughout
Brazil in two stages:
- Prior Public
Offering: parties select and submit claims from those released by
the ANM within 60 days from the release date. Thereafter, ANM will
adopt the following procedures:
- Areas in which
there were no expressions of interest will be considered free
ground available for staking
- When there is
only one interested party, the participant has the opportunity to
acquire the claim
- When there is
more than one interested party, an electronic auction must be
carried out;
- Electronic
Auction: the multiple parties who expressed interest for the same
claim must submit anonymous electronic bid, and the rights to the
claim is awarded to the highest bidder. This is the stage at which
ValOre acquired the new tenements described herein.
About WorldView Spectra
Data
CLICK HERE for ValOre’s summary of WorldView
spectral data and CLICK HERE for additional information from
DigitalGlobe™ on the Hi-Res WV-3 orbiting system.
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 and Vice President of
Exploration.
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 51
exploration licenses covering a total area of 55,984 ha (138,339
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 (CLICK HERE for 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 CLICK HERE for ValOre's news release dated 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 at 604.653.9464, 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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