ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today announced additional Platinum
Group Element (“PGE”, “2PGE+Au”) assay results from the ongoing
8,000-metre (“m”) drill program at ValOre’s 100%-owned Pedra Branca
PGE Project (“Pedra Branca”) in northeastern Brazil.
“ValOre’s core drilling at Trapia 1 in 2020 and
2021 has been a great success, with 90% of holes drilled (18 of 20)
returning consistent PGE grade and continuity of mineralization
outside of the previously defined area hosting the 2019 NI 43-101
inferred resource,” stated ValOre’s VP of Exploration, Colin Smith.
“Given the compelling assay results received to date, we will
return both core rigs to Trapia 1 following the completion of six
holes at Trapia 2, for additional resource expansion drilling.”
PGE assay highlights for the additional
core holes drilled at the Trapia 1 target:
- Drill hole
DD21TU25*
- 57.35 m grading 1.00 grams per tonne
palladium + platinum + gold (“g/t 2PGE+Au”) from 238.15 m
incl.
19.53 m grading 2.18 g/t 2PGE+Au from 270.00 m
and
12.50 m grading 0.69 g/t 2PGE+Au, 0.21% Cu, 0.40% Ni from 283.00
m;
- Drill hole
DD21TU27*
- 23.30 m grading
1.01 g/t 2PGE+Au from 185.00 m;
- Drill hole
DD21TU26*
- 15.38 m grading
0.61 g/t 2PGE+Au from 140.62 m;
- Both rigs will
return to Trapia 1 for priority follow-up drilling following the
completion of six planned core holes at the Trapia 2 target, ~2
kilometres (“km”) northwest of Trapia 1, where the target
ultramafic (“UM”) intrusion has been intercepted in 4 of 5 core
drill holes to date, with the final hole in progress;
- Upon completion
of Trapia 1 drilling both core rigs will move to the Santo Amaro
target (~35 km to the northeast), commencing a planned 2000 m of
drilling in twelve holes.
*Reported assay interval lengths are core
lengths and estimated to be 90-100% true width
Additional 2021 Trapia 1 Drilling
Results
ValOre has received assay results for four
additional core holes drilled during the first phase of 2021
drilling at Trapia 1. A total of 1,885 m in eight core holes were
drilled, with the target host UM intercepted in six of the eight
holes. Assays for the first three holes were released on June 30,
2020 (CLICK HERE), and included 71.90 m grading 1.29 g/t 2PGE+Au,
and 59.20 m grading 1.09 g/t 2PGE+Au in holes DD21TU21 and
DD21TU22, respectively.
The PGE mineralized UM sequence was intercepted
in three of the four holes reported herein, and mineralization
remains open at depth and along strike. Ultramafic lithologies are
dominated by alternating chromitite-bearing peridotites, dunites,
with local serpentinites and schists, with decimetre to metre-scale
chromitite reef horizons which are typical of high-grade PGEs
(>10 g/t 2PGE+Au).
CLICK HERE for more information regarding the
2021 exploration program at Pedra Branca, CLICK HERE for a regional
map of 2021 drill targets (Figure 1), CLICK HERE for a plan map of
Trapia 1 drilling (Figure 2), and see Table 1 below for a summary
of significant core assay results reported herein.
Drill hole DD21TU25
Core drill hole DD21TU25 stepped out 100 m
southeast from 2020 drill hole DD20TU13, which graded 61.85 m at
0.81 g/t 2PGE+Au from 217.15, including 2.45 m at 9.42 g/t 2PGE+Au
from 221.20 m. The main UM sequence was intercepted from 238.30 to
297.65 m (59.53 m in thickness). Chromitite-bearing peridotites,
dunites and local serpentinites dominated the target UM package,
with localized decimetric chromitite reefs. The basal portion of
the intrusion hosted localized rich sulphide mineralization,
including pyrrhotite, chalcopyrite, and pyrite.
This hole returned an assay highlight of 57.35 m
grading 1.00 g/t 2PGE+Au from 238.15 m, including 12.00 m grading
3.07 g/t 2PGE+Au from 270.00 m and 12.50 m grading 0.69 g/t
2PGE+Au, 0.21% Cu, 0.40% Ni from 283.00 m. CLICK HERE for a cross
section of DD21TU25 (Figure 3).
Drill hole DD21TU27
Drill hole DD21TU27 was a vertical hole from the
same location as DD21TU25, to further test the extension of PGE
mineralization at depth and validate an interpreted shallowing of
the overall geological package to the east of 2020 drilling. The
target UM intrusion was intercepted from 183.50 to 208.30 m hole
depth (24.80 m in thickness), dominated by chromitite-bearing
peridotites, dunites and local serpentinites dominated the
sequence, with localized chromitite-rich intervals. Drill hole
DD21TU27 corroborated the interpretation of a shallowing
mineralized package to the east, with the upper main UM contact
occurring ~27 m up-section from drill hole DD21TU25.
The hole returned an assay highlight of 23.30 m
grading 1.01 g/t 2PGE+Au from 185.00 m, including 5.95 m grading
1.79 g/t 2PGE+Au from 193.05 m and 2.00 m grading 2.92 g/t 2PGE+Au
from 195.15 m. CLICK HERE for a cross section of DD21TU27 (Figure
3).
Drill hole DD21TU26
Drill hole DD21TU26 stepped out 80 m to the
northeast from 2021 drill hole DD20TU21, which graded 71.90 m
grading 1.29 g/t 2PGE+Au from 134.95 m, including 1.55 m grading
10.82 g/t 2PGE+Au from 167.75 m. The target UM was intercepted for
21.50 m from 141.50 to 163.00 m depth, characterized by
serpentinized pyroxenites, chromitite-bearing peridotites, dunites
and local serpentinites.
The hole returned an assay highlight of 15.38 m
grading 0.61 g/t 2PGE+Au from 140.62 m (~120 vertical depth). CLICK
HERE for a cross section of DD21TU26 (Figure 4).
Drill hole DD21TU28
Drill hole DD21TU28 stepped out 160 m west of
2020 drilling south of the Trapia 1 resource area, to the same
location as historical drill hole DD07TU07, which intersected 49.33
m of barren UM rocks from 18.10 m depth. It was interpreted that
these non-mineralized UMs represented the up-section (barren)
“Marker Unit”, and that the main PGE-bearing host intrusion
remained present at depth (CLICK HERE for news release dated
December 1, 2020, explaining the Marker Unit UM).
The hole transected 45.92 m of barren Marker
Unit UMs (amphibole schists and pyroxenites) from 17.28 m hole
depth and entered a typical footwall gneiss at the inferred target
depth.
Table 1: Summary of Additional
Significant Core Assay Results from 2021 Drilling at Trapia
1
Hole ID |
From(m) |
To(m) |
Length(m) |
Au(g/t) |
Pd(g/t) |
Pt(g/t) |
2PGE+Au(g/t) |
Summary |
DD21TU25 |
238.15 |
295.50 |
57.35 |
0.09 |
0.56 |
0.35 |
1.00 |
57.35 m @ 1.00 g/t 2PGE+Au from 238.15 mincl. 19.53 m @ 2.18 g/t
2PGE+Au from 270.00 mincl. 12.00 m @ 3.07 g/t 2PGE+Au from 270.00
mincl. 4.00 m @ 6.07 g/t 2PGE+Au from 270.00 mand 12.50 m @ 0.69
g/t 2PGE+Au, 0.21% Cu, 0.40% Ni from 283.00 m |
270.00 |
289.53 |
19.53 |
0.17 |
1.22 |
0.79 |
2.18 |
270.00 |
282.00 |
12.00 |
0.04 |
1.84 |
1.19 |
3.07 |
270.00 |
274.00 |
4.00 |
0.07 |
3.62 |
2.38 |
6.07 |
283.00 |
295.50 |
12.50 |
0.29 |
0.25 |
0.15 |
0.69 |
DD21TU26 |
140.62 |
156.00 |
15.38 |
0.01 |
0.38 |
0.22 |
0.61 |
15.38 m @ 0.61 g/t 2PGE+Au from 140.62 m |
DD21TU27 |
185.00 |
208.30 |
23.30 |
0.03 |
0.74 |
0.23 |
1.01 |
23.30 m @ 1.01 g/t 2PGE+Au from 185.00 mincl. 5.95 m @ 1.79 g/t
2PGE+Au from 193.05 mand 2.00 m @ 2.92 g/t 2PGE+Au from 195.15
m |
193.05 |
199.00 |
5.95 |
0.10 |
1.48 |
0.21 |
1.79 |
195.15 |
197.15 |
2.00 |
0.09 |
2.54 |
0.30 |
2.92 |
*Reported assay interval lengths are core
lengths and estimated to be 90-100% true width
Quality Control/Quality Assurance
(“QA/QC”) and Grade Interval Reporting
CLICK HERE for a summary of ValOre’s policies
and procedures related to QA/QC and grade interval reporting.
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 39
exploration licenses covering a total area of 39,987 hectares
(98,810 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
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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
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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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