ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today provided an update on the 4,500
metre (“m”) core program at ValOre’s 100% owned 59,483-hectare
Angilak Property Uranium Project (“Angilak”), located in Nunavut
Territory, Canada.
“Two diamond drill rigs are now drilling at
Dipole as part of a 4,500-metre program to test the Dipole and J4
West uranium targets,” stated ValOre’s VP of Exploration, Colin
Smith. “The first rig has intercepted multiple shallow zones of
strong radioactivity, including 12,000 CPS at 56 m vertical
depth, and 9,361 CPS at 98 m vertical depth in drill hole
22-DP-002.”
Highlights of First Two 2022 Core
Holes:
- Drill hole
22-DP-001: intersected a near-surface zone of radioactivity
(4,000 counts per second (“CPS”) from 49.82 to 50.20
m) but was subsequently lost at 78 m hole depth. The hole
terminated above the anticipated depth of the lower zone;
- Drill hole
22-DP-002: drilled to target depth of 178 m from the same pad
(tilted to a -75° dip from a -70°), and intersected 6 zones of
radioactivity, including highlights of:
- 12,000
CPS from 57.80 to 58.11 m
- 9,361
CPS from 102.20 to 102.41 m;
- Zones of
radioactivity correlate well with mineralized intercepts in the
up-dip 2022 Reverse Circulation (“RC”) drill holes and are
characterized by intensely hematized and brecciated graphitic
tuffs, hosted within a broader package of foliated basalt.
*Reported core interval lengths are estimated to
represent 70% true width
To review more information regarding the 2022 RC
drill program, CLICK HERE for news release dated May 9, 2022, CLICK
HERE for news release dated June 2, 2022, and CLICK HERE for news
release dated June 15, 2022.
About Angilak
The 59,483-hectare Angilak Property is situated
in the mining- and exploration-friendly Nunavut Territory, Canada,
and has district-scale potential for uranium, precious and base
metals. Since acquisition, ValOre has invested over CAD$55 million
on resource delineation and exploration drilling (89,572 metres in
589 drill holes), metallurgy, geophysics, geochemistry, and
logistics across the large land package. This work supported the
development of the significant Lac 50 Trend NI 43-101 inferred
uranium resource estimate (“Lac 50”).
The Lac 50 NI 43-101 Technical Report (effective
date March 1, 2013) defined an inferred resource estimate which
represents Canada’s highest-grade uranium resource outside of
Saskatchewan, and one of highest-grade uranium resources on a
global basis. Highlights include:
- 43.3
Mlbs
U3O8 in
2,831,000 tonnes grading 0.69% U3O8. CLICK HERE for a summary table
of the Lac 50 Trend inferred resource estimate;
- Supported by 351
resource delineation drill holes totaling 62,023 metres (“m”);
- Metallurgical
results for Lac 50 demonstrate high uranium recoveries and rapid
leach kinetics. See news releases: February 28, 2013, September 11,
2013 and February 27, 2014;
- Lac 50 Trend is
a 15 kilometre (“km”) by 3 km area with excellent potential for
resource growth and new discoveries;
- Uranium
mineralization starts at surface, and has been drilled to 380 m
vertical depth;
CLICK HERE for ValOre’s May 6, 2021 video
summarizing the highlights of Angilak.
CLICK HERE for ValOre’s May 6, 2021 video
reviewing the 2021 focus for Angilak.
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.
Information related to the independent Angilak
mineral resource estimate has been approved by Michael Dufresne,
M.Sc. P.Geo., President of Apex Geoscience Ltd., Robert Sim, P.Geo.
of SIM Geological Inc. and Bruce Davis, FAusIMM of BD Resources
Consulting Inc., who are independent QPs as defined under NI
43‐101.
Information related to the independent Pedra
Branca mineral resource estimate has been approved by Fábio
Valério, P.Geo., and Porfirio Cabaleiro, P.Eng., of GE21.
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 52
exploration licenses covering a total area of 56,852 hectares
(140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct
PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred
resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t
2PGE+Au (CLICK HERE for news release dated March 24, 2022). 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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