ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today announced high-grade rock assay
results from the São Francisco target (“São Francisco”) at ValOre’s
100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”)
Project (“Pedra Branca”) in northeastern Brazil.
“Sao Francisco represents an exciting new
exploration target, with multiple high-grade PGE grab sample assay
results from outcropping chromitites and mineralized ultramafic
samples within a 300-metre-long by 100-metre-wide zone,” stated
ValOre’s VP of Exploration, Colin Smith. “Trado® auger drilling and
soil sampling is on-going at São Francisco, with ultramafic rocks
encountered in all 14 auger holes (53 m) completed to date.
Follow-up trenching will commence upon receipt and review of the
Trado® auger and soil assays.”
São Francisco Rock Sample Assay
Highlights:
- 13.69
grams per tonne palladium + platinum + gold (“g/t
2PGE+Au”) – Sample 103250;
- 12.18
g/t 2PGE+Au – Sample 103243;
- 6.51 g/t
2PGE+Au – Sample 103249;
- 1.15 g/t
2PGE+Au – Sample 103241.
São Francisco 2022 Exploration Program
The São Francisco target is located
approximately 1 kilometre (“km”) south of the prospective Galante
geological corridor, and approximately 8 km north of the Curiu
deposit (NI 43-101 inferred resource 150,000 oz 2PGE+Au grading
2.20 g/t in 2.1 Mt). São Francisco has no record of historical
field exploration activities, except for 3 shallow diamond drill
holes targeting ground magnetic anomalies.
ValOre’s exploration program at the São
Francisco target commenced with reconnaissance mapping and
prospecting. Several previously un-mapped and unknown chromitite
and ultramafic (“UM”) rock outcroppings were identified, defining a
300-metre-long by 100-metre-wide zone. Follow-up soil sampling and
Trado® auger drilling is in progress.
Fourteen Trado® auger holes (53 m) have been
drilled to date, with UMs intercepted in all 14 holes, from surface
to end-of-hole (all 53 m augered), with all holes terminating in
impenetrable UMs. To date, 700 soil samples have been collected,
covering a trend of approximately 1.8-km-long, along >15 km of
soil lines. All Trado® and soil sample assays are pending.
Historical Core Drilling
Three shallow core drill holes were completed by
Anglo American Platinum in 2010 to investigate ground magnetic
anomalies. Two of three core holes intercepted chromite-bearing
UMs, with the following reported PGE grades (catalogued in the
historical project database):
- DD10SF01: 12.25
m grading 0.24 g/t 2PGE+Au from 33.77 m;
- DD10SF02: 21.45
m grading 0.43 g/t 2PGE+Au from surface.
ValOre’s ongoing exploration program confirms an
extension of the known PGE mineralization intercepted in the
historical drill program, defines a broader target footprint at
surface, and advances Sao Francisco’s potential for mineralization
continuity along strike and at depth. Following the receipt and
review of phase 1 soil and Trado® auger assays, trenching will
further evaluate the near-surface PGE potential of São Francisco
before potential Reverse Circulation (“RC”) and/or core drill
testing.
Table 1: Rock Assay Highlights for São
Francisco Target
Sample ID |
UTM E |
UTM N |
Elev |
Lithotype |
Au (g/t) |
Pd (g/t) |
Pt (g/t) |
2PGE+Au (g/t) |
103250 |
405158 |
9395866 |
531 |
Chromitite |
0.04 |
7.89 |
5.76 |
13.69 |
103243 |
405177 |
9395887 |
537 |
Chromitite |
0.01 |
7.95 |
4.22 |
12.18 |
103249 |
405165 |
9395909 |
540 |
Chromitite |
0.01 |
3.27 |
3.23 |
6.51 |
103241 |
405221 |
9395920 |
552 |
Ultramafic |
0.01 |
0.98 |
0.16 |
1.15 |
103254 |
405070 |
9395850 |
493 |
Ultramafic derived |
0.01 |
0.30 |
0.32 |
0.63 |
103248 |
405203 |
9395985 |
555 |
Ultramafic derived |
0.01 |
0.08 |
0.10 |
0.19 |
103242 |
405260 |
9395984 |
562 |
Ultramafic derived |
0.01 |
0.06 |
0.07 |
0.14 |
103252 |
405945 |
9395362 |
592 |
Ultramafic derived |
0.07 |
0.03 |
0.03 |
0.13 |
|
|
|
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https://www.globenewswire.com/NewsRoom/AttachmentNg/3f1d0d28-2022-489c-857c-af0e58f60bdd
Figure 1: Plan map of São Francisco
target, locating high-grade rock samples,
Trado® auger holes and soil
sampling sites (assays pending).
https://www.globenewswire.com/NewsRoom/AttachmentNg/87d73f62-d478-4275-8c40-f6818bae0967
Figure 2: Photographs of high-grade
chromitite and ultramafic rock samples from São Francisco target: A
– Sample 103250, 13.69 g/t 2PGE+Au; B – Sample 103243, 12.18 g/t
2PGE+Au; C – Sample 103241, serpentinized peridotite outcrop, 1.15
g/t 2PGE+Au and Trado® auger
‘core’ (D) showing well preserved serpentinized peridotite in hole
AD22SF12 (assays pending).
About the Trado® Auger
and Trenching methodology
CLICK HERE for more information regarding Trado®
Auger and Trenching methodology
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 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/
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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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