ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today announced assay results for two
chromitite reef outcrop samples, 25 Trado® auger holes and five
trenches from the Massapê target area at ValOre’s 100%-owned Pedra
Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra
Branca”) in northeastern Brazil. The high-grade Massapê discovery
is situated approximately four kilometres (“km”) along trend to the
north of the Trapia deposit area, which is included in ValOre’s
global 2019 NI 43-101 Pedra Branca inferred resource of 1,067,000
ounces (“oz”) 2PGE+Au contained in 27.2 million tonnes (“Mt”)
grading 1.22 g/t 2PGE+Au. CLICK HERE for a regional map of the
Massapê target and Pedra Branca project (Figure 1).
“2021 exploration at Massapê indicates the
presence of a near-surface PGE zone extending to the south of
historical drilling, where palladium and platinum mineralization
was encountered in 3 of 5 historical holes,” stated ValOre’s VP of
Exploration, Colin Smith. “The discovery of correlative high-grade
and chromitite reef outcrops within three broadly mineralized
trenches south of historical drilling warrants 500 m of follow-up
core drilling for Massapê as part of a 1000 metre expansion to the
on-going program.”
Massapê Discovery Trenching,
Trado® Auger Drilling and Rock
Sampling Highlights:
- High-grade PGE assay results from
two chromitite reef outcrop samples:
- 13.96 grams per tonne palladium +
platinum + gold (“g/t 2PGE+Au”), and
- 6.77 g/t 2PGE+Au;
- These two high-grade PGE samples
extend known PGE mineralization an additional 200 metres (“m”),
creating a total Massapê target strike length of >800 m (remains
open to south);
- All 5 trenches* completed along the
Massapê target trend in 2021 returned significant intervals of PGE
mineralization, including:
- 15 m at 1.65 g/t 2PGE+Au, incl. 6 m
at 3.40 g/t 2PGE+Au
- 54 m at 0.39 g/t 2PGE+Au, incl. 2 m
at 1.14 g/t 2PGE+Au, and 9 m at 1.2 g/t 2PGE+Au
- 28 m at 0.44 g/t 2PGE+Au;
- Trado® auger drilling returned
surface PGE assay results in 15 of 25 holes, with assay highlights
including:
- 3.5 m at 0.87 g/t 2PGE+Au from
surface, including 1.5 m at 1.3 g/t 2PGE+Au from 2 m
- 4 m at 0.59 g/t 2PGE+Au from
surface, including 1 m at 1.84 g/t 2PGE+Au from 1 m
- 11 m at 0.34 g/t 2PGE+Au from
surface
- 8 m at 0.36 g/t 2PGE+Au from
surface;
- Excellent exploration upside
remains, with the currently defined >800-metre-long mineralized
ultramafic (“UM”) trend fully open to the south, in the direction
of improving in-situ PGE grades and strong magnetic signature;
- Massapê target is drill-ready, with
500 m of core drilling planned for September as part of the planned
1000 metre expansion to the previously announced DDH program.
*Reported trench assay interval lengths are
channel samples and estimated to represent 80-90% true width
Massapê Target 2021 Exploration:
Trenching, Trado® Auger Drilling
and Rock Sampling
Compilation and review of historical data from
Massapê revealed considerable geochemical, geophysical, and
geological similarities to the PGE deposits which comprise ValOre’s
current NI 43-101 inferred resource, and consequently designated
the target as high priority. The application of ValOre’s proven and
effective systematic exploration methodology was deployed and
served to rapidly advance Massapê to drill-ready stage (CLICK HERE
for news release dated March 23, 2021; CLICK HERE for news release
dated April 26, 2021; CLICK HERE for news release dated July 12,
2021; and CLICK HERE for news release dated August 23, 2021). Given
the continued success of ValOre’s sequential exploration
methodology, district-wide target generation and assessment has
been being accelerated.
The Massapê target area is characterized by
strong historical PGE-in-soil anomalies, high-grade historical and
ValOre surface grab samples (including 13 samples >10 g/t
2PGE+Au over 800 m of geological trend), a compelling >1-km-long
magnetic anomaly, strong local WorldView spectral signatures (CLICK
HERE for additional information on WorldView spectral data), and
PGE mineralization in 3 of 5 historical core drill holes.
ValOre conducted detailed geological mapping and
prospecting of the 1 km-long trend and followed-up with 25 Trado®
auger holes (122 m total, equating to 129 samples) and 5 trenches
(216 m total). At-surface, PGE-bearing UM or UM-derived rocks were
intercepted in 15 of 25 Trado® holes, and in all 5 trenches,
confirming the presence of in-situ surface PGE mineralization along
a geological trend of approximately 800 m. CLICK HERE for a plan
map of the Massape target (Figure 2).
Trench channel sample assay highlights include
multiple high-grade PGE results from the three southernmost
trenches, including:
- TR21MS05: 15 m
at 1.65 g/t 2PGE+Au, including 6 m at 3.4 g/t 2PGE+Au;
- TR21MS03: 54 m
at 0.39 g/t 2PGE+Au, including 2 m at 1.14 g/t 2PGE+Au and 9 m at
1.2 g/t 2PGE+Au;
- TR21MS04 :
28 m at 0.44 g/t 2PGE+Au.
CLICK HERE for detailed trench cross sections
(Figures 3a, 3b, 3c) and see Table 1 below for a summary of
significant assay results for all 5 trenches.
High-grade PGE assays (13.96 g/t 2PGE+Au and
6.77 g/t 2PGE+Au) were returned from two samples collected from
correlative chromitite reefs exposed in trenches TR21MS04 and
TR21MS05, extending known PGE mineralization for an additional 200
m to the south of the existing historical core drilling area. CLICK
HERE for detailed sample photographs (Figure 4).
Trado® auger assay highlights include holes
AD21MS19, which returned 3.5 m at 0.87 g/t 2PGE+Au from surface,
including 1.5 m at 1.3 g/t 2PGE+Au from 2 m, and hole AD21MS14
which returned 11 m at 0.34 g/t 2PGE+Au from surface. See Table 1
below for a summary of significant Trado® assay results.
Table 1:
Trado® Auger Drilling and
Trenching Highlights
Hole ID |
Type |
From (m) |
To (m) |
Length* (m) |
2PGE+Au (g/t) |
2PGE+Au Interval Summary |
AD21MS03 |
Auger |
0 |
2 |
2 |
0.19 |
2 m at 0.19 g/t 2PGE+Au from surface |
AD21MS04 |
Auger |
0 |
4 |
4 |
0.27 |
4 m at 0.27 g/t 2PGE+Au from surface |
AD21MS07 |
Auger |
0 |
2.4 |
2.4 |
0.16 |
2.4 m at 0.16 g/t 2PGE+Au from 1 m |
AD21MS08 |
Auger |
0 |
1 |
1 |
0.10 |
1 m at 0.1 g/t 2PGE+Au from surface |
AD21MS11 |
Auger |
0 |
1 |
1 |
0.14 |
1 m at 0.14 g/t 2PGE+Au from surface |
AD21MS12 |
Auger |
0 |
1 |
1 |
0.11 |
1 m at 0.11 g/t 2PGE+Au from surface |
AD21MS13 |
Auger |
0 |
2.5 |
2.5 |
0.19 |
2.5 m at 0.19 g/t 2PGE+Au from surface |
AD21MS14 |
Auger |
0 |
11 |
11 |
0.34 |
11 m at 0.34 g/t 2PGE+Au from surface |
AD21MS15 |
Auger |
0 |
12 |
12 |
0.19 |
12 m at 0.19 g/t 2PGE+Au from surface |
AD21MS16 |
Auger |
0 |
12 |
12 |
0.16 |
12 m at 0.16 g/t 2PGE+Au from surface |
AD21MS17 |
Auger |
0 |
8 |
8 |
0.36 |
8 m at 0.36 g/t 2PGE+Au from surface |
AD21MS18 |
Auger |
0 |
2 |
2 |
0.18 |
2 m at 0.18 g/t 2PGE+Au from surface |
AD21MS19 |
Auger |
0 |
3.5 |
3.5 |
0.87 |
3.5 m at 0.87 g/t 2PGE+Au from
surfaceincl. 1.5 m at 1.3 g/t 2PGE+Au from 2
m |
2 |
3.5 |
1.5 |
1.30 |
AD21MS20 |
Auger |
0 |
4 |
4 |
0.59 |
4 m at 0.59 g/t 2PGE+Au from surfaceincl.
1 m at 1.84 g/t 2PGE+Au from 1 m |
1 |
2 |
1 |
1.84 |
AD21MS24 |
Auger |
0 |
13 |
13 |
0.25 |
13 m at 0.25 g/t 2PGE+Au from surface |
TR21MS01 |
Trench |
1 |
29 |
28 |
0.12 |
28.00m at 0.12 g/t 2PGE+Au |
TR21MS02 |
Trench |
3 |
5.1 |
2.1 |
0.57 |
2.1 m at 0.57 g/t 2PGE+Auand 6 m at 0.20 g/t 2PGE+Au |
17 |
23 |
6 |
0.20 |
TR21MS03 |
Trench |
7 |
61 |
54 |
0.39 |
54.00m at 0.39 g/t 2PGE+Auincl. 16.00m at 0.41 g/t
2PGE+Auincl. 2.00m at 1.14 g/t 2PGE+Auand 15.00m
at 0.18 g/t 2PGE+Auand 9.00m at 1.20 g/t
2PGE+Au |
7 |
23 |
16 |
0.41 |
9 |
11 |
2 |
1.14 |
30 |
45 |
15 |
0.18 |
52 |
61 |
9 |
1.20 |
TR21MS04 |
Trench |
5 |
33 |
28 |
0.44 |
28.00m at 0.44 g/t 2PGE+Au |
TR21MS05 |
Trench |
33 |
48 |
15 |
1.65 |
15.00m at 1.65 g/t 2PGE+Auincl. 6.00m at
3.40 g/t 2PGE+Au |
39 |
45 |
6 |
3.40 |
*Reported trench assay interval lengths are
channel samples and estimated to represent 80-90% true width
About Trado®
Auger Drilling and Trenching Methodology
Please CLICK HERE to view ValOre’s news release
of March 23, 2021 for detailed information regarding Trado® auger
drilling and trenching methodologies.
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
www.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:
http://www.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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