ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today provided an update on
metallurgical testwork program at ValOre’s 100%-owned Pedra Branca
Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”)
in northeastern Brazil.
“Confirmatory drilling results from Cedro
returned broad, well mineralized palladium-platinum intercepts from
surface, and down-dip at depth,” stated ValOre’s VP of Exploration,
Colin Smith. “ValOre’s team has commenced selecting a composite
sample for Cedro, to be included in the on-going testwork program
at ALS Metallurgy Kamloops. Preliminary results from testwork
performed on the Cuiru deposit are expected next month.”
Key Points on Metallurgical Testwork
Program:
- Four HQ-size
core drill holes totaling 332 metres (“m”) at the Cedro PGE deposit
area were drilled, logged, sampled and assayed to support ongoing
metallurgical testwork;
- All 4 drill
holes confirmed the historically reported geology and returned
broad, consistently mineralized PGE intercepts including:
- 53 m at
1.18 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”)
from surface, incl. 7.0 m at 2.64 g/t 2PGE+Au from 44 m in drill
hole DD21CD24A
- 62 m at
0.90 g/t 2PGE+Au from 58 m, incl. 31 m at 1.40 g/t 2PGE+Au from 82
m in drill hole DD21CD05A
- 52 m at
1.03 g/t 2PGE+Au from 19 m in drill hole DD21CD89A
- 70 m at
0.71 g/t 2PGE+Au from surface, incl. 29 m at 1.12 g/t 2PGE+Au in
drill hole DD21CD42A;
- Metallurgical
drilling campaign concluded, totaling 922 m in 14 holes, including
6 holes at Esbarro (378 m), and 4 holes at Curiu (213 m), in
addition to the 332 m in 4 holes at Cedro;
- Drill core for
the remaining two PGE deposits which form part of the 2019 inferred
resource, Trapia and Santo Amaro, will be collected from the 2020
and 2021 resource expansion drill programs;
- Testwork program
at ALS Metallurgy Kamloops (“ALS”) commenced in November 2021, with
a primary focus on mineralogy and conventional processing circuits,
and preliminary results expected in February 2022.
*Reported core assay interval lengths are estimated to represent
95-100% true width
2021 Metallurgical Drill
Program
Four HQ-size core drill holes (totaling 332 m)
were completed at the Cedro deposit (151,000 ounces [“oz”] 2PGE+Au
contained in an inferred resource of 4.2 million tonnes [“Mt”]
grading 1.10 g/t 2PGE+Au) to provide PGE mineralized material for
ongoing metallurgical testwork. In addition, 6 holes (378 m) were
drilled into the Esbarro deposit (394,000 oz 2PGE+Au in 9.9 Mt
grading 1.23 g/t 2PGE+Au), and 4 holes (213 m) were drilled into
the Curiu deposit (100,000 oz 2PGE+Au in 1.6 Mt grading 1.93 g/t
2PGE+Au). CLICK HERE for news release dated October 4, 2021, for
assay results from the Esbarro and Curiu drill program.
All drill holes confirmed the historically
reported mineralized ultramafic (“UM”) intrusion and returned
broad, consistently mineralized 2PGE+Au intercepts, originating at
surface and at depth, down dip. See Table 1 and 2 below for a
complete table of Cedro drill core assays and Figure 1 for a map of
the metallurgical drill hole locations at Cedro.
Table 1: Drill Core 2PGE+Au Assays from
the 2021 Metallurgical Drill Program at Cedro
Hole ID |
From (m) |
To (m) |
Length (m) |
Au (g/t) |
Pd (g/t) |
Pt (g/t) |
2PGE+Au(g/t) |
Summary Interval |
Gram*Metre |
DD21CD05A |
57.68 |
119.65 |
61.97 |
0.03 |
0.54 |
0.34 |
0.90 |
62 m at 0.90 g/t 2PGE+Au from 58 mincl. 31
m at 1.40 g/t 2PGE+Au from 82 m |
56 |
82.00 |
112.50 |
30.50 |
0.04 |
0.88 |
0.48 |
1.40 |
DD21CD24A |
0.00 |
53.00 |
53.00 |
0.03 |
0.79 |
0.36 |
1.18 |
53 m at 1.18 g/t 2PGE+Au from surfaceincl.
7.0 m at 2.64 g/t 2PGE+Au from 44 m |
63 |
44.00 |
51.00 |
7.00 |
0.01 |
1.86 |
0.77 |
2.64 |
DD21CD42A |
0.00 |
70.00 |
70.00 |
0.02 |
0.45 |
0.24 |
0.71 |
70 m at 0.71 g/t 2PGE+Au from surfaceincl.
29 m at 1.12 g/t 2PGE+Au from surfaceand 2.8 m at
1.61 g/t 2PGE+Au from 43 m |
50 |
0.00 |
29.20 |
29.20 |
0.01 |
0.71 |
0.40 |
1.12 |
43.25 |
46.00 |
2.75 |
0.01 |
1.05 |
0.55 |
1.61 |
DD21CD89A |
19.15 |
70.75 |
51.60 |
0.06 |
0.63 |
0.34 |
1.03 |
52 m at 1.03 g/t 2PGE+Au from 19 mincl.
2.8 m at 5.95 g/t 2PGE+Au, 0.11 g/t Rh from 46 m |
53 |
45.70 |
48.50 |
2.80 |
0.01 |
4.31 |
1.63 |
5.95 |
*Reported core assay interval lengths are estimated to represent
95-100% true width
Table 2: Historical vs. 2021 Twin Core
Assays Comparison
DDH Type |
Hole ID |
Summary Interval |
Gram*Metre |
Historical |
DD01CD05 |
62 m at 0.84 g/t 2PGE+Au from 59 m |
52 |
2021 Twin |
DD21CD05A |
62 m at 0.90 g/t 2PGE+Au from 58 m |
56 |
Historical |
DD07CD24 |
52 m at 1.34 g/t 2PGE+Au from 1.4 m |
69 |
2021 Twin |
DD21CD24A |
53 m at 1.18 g/t 2PGE+Au from surface |
63 |
Historical |
DD08CD42 |
71 m at 0.89 g/t 2PGE+Au from surface |
63 |
2021 Twin |
DD21CD42A |
70 m at 0.71 g/t 2PGE+Au from surface |
50 |
Historical |
DD10CD89 |
51 m at 1.14 g/t 2PGE+Au from 14 m |
58 |
2021 Twin |
DD21CD89A |
52 m at 1.03 g/t 2PGE+Au from 19 m |
53 |
Figure 1: Map of 2021 Metallurgical Drill
Hole Locations at Cedro PGE Deposit is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e088303f-b259-4e7d-8dc0-e2e555a8a25e
ALS Metallurgy Testwork
Program
CLICK HERE for news release dated October 4,
2021, for more information regarding the ALS testwork program.
CLICK HERE for more information regarding ALS
Metallurgy Kamloops.
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 51
exploration licenses covering a total area of 55,984 hectares
(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
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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