ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today provided an update on the 2022
core drilling program at ValOre’s 100% owned 59,483-hectare Angilak
Property Uranium Project (“Angilak”), located in Nunavut Territory,
Canada.
“The 2022 summer core drilling program at the
Dipole and J4 West target areas was very successful, with
radioactivity intercepted in 23 of 26 holes drilled,” stated
ValOre’s VP of Exploration, Colin Smith. “The results from Dipole
are particularly impressive, with scintillometer readings of up to
60,000 counts-per-second in hole 22-DP-010 and five separate holes
at Dipole each intersecting 10 or more distinct zones of
radioactivity. We look forward to receiving the uranium assay
results from these 23 core holes, in addition to the assays from 24
reverse circulation holes drilled earlier this season.”
The Dipole and J4 West target areas warranted
follow-up drilling due to strong radioactive intercepts in 22 of 27
holes in the spring 2022 RC drill program.
Highlights from the Summer 2022 Core
Drill Program:
-
Radioactivity intercepted in 23 of 26 holes, with
3 holes lost shortly after casing;
- 3,590 metres
(“m”) drilled in 26 holes;
- Dipole Zone –
2,664 m drilled in 16 holes with highlight counts-per-second
(“CPS”) intersections of:
- 60,000
CPS recorded in 1 of 5 radioactive zones intersected in
22-DP-010
- 6,978
CPS recorded in 1 of 17 radioactive zones intersected in
22-DP-009
- 12,000
CPS recorded in 1 of 6 radioactive zones intersected in
22-DP-002
- 11,380
CPS recorded in 1 of 10 radioactive zones intersected in
22-DP-012;
- J4 West – 926 m
drilled in 10 holes:
- 15,821
CPS recorded in radioactive zone
intersected in 22-J4W-003.
2022 Core Drill Program
Summary
Of the 3,590 total metres drilled in 26 holes,
2,664 m (16 holes from 8 pads) were drilled at the Dipole target
and 926 m (10 holes from 6 pads) were drilled at J4 West. Five
holes were abandoned prior to target depth. Drill pad spacings of
50-metres along strike and 100-metre step-outs down-dip were
maintained to facilitate potential future inferred resource
re-estimations. All drilling and core logging is now complete with
samples to be shipped to the assay laboratory this week. Uranium
assay results will be reported when received.
2022 Dipole Core Program
Summary
2022 core drilling at Dipole tested the down-dip
extension and along-strike continuity of high-grade U3O8 intercepts
resulting from the ValOre 2015 core drill program (CLICK HERE for
news release dated October 19, 2015), and radioactive
scintillometer intercepts from the 2022 RC drill program (CLICK
HERE for news release dated May 9, 2022, and CLICK HERE for news
release dated June 2, 2022).
A 25- to 55-m-wide structural zone of multiple,
steeply dipping radioactive intervals hosted in a sequence of
foliated basalt was intercepted in all 2022 core holes (Table 1).
This zone correlates well with intercepts drilled in the 2022 RC
and 2015 core drill programs. The strongly radioactive intervals
(up to 60,000 CPS at 140 m vertical depth in drill hole 22-DP-010)
are characterized by intensely hematized and brecciated graphitic
tuffs.
Intercepts from the 2022 core program
demonstrate that surface uranium mineralization extends to a
minimum vertical depth of 275 m. Three down-dip holes (22-DP-009,
22-DP-011A, and 22-DP-012) were completed to planned lengths, with
all three hitting the structural zone and radioactive hematized
brecciated tuffs, returning hand-held scintillometer readings of up
to 10,000 CPS (drill hole 22-DP-012 at 260 m vertical).
2022 core drill holes 22-DP-008 (-45° dip) and
22-DP-010 (-75° dip) were drilled from the same pad, 250 m
northwest of the main zone defined in the 2015 core program and
served to follow-up shallow radioactive intercepts from the 2022 RC
program. Both holes drilled a near-surface radioactive zone at
approximately 50 m and 70 m vertical depth, respectively; however,
a second and unexpected zone of intense radioactivity (60,000 CPS)
was intercepted in the steeper hole (22-DP-010) at 145 m vertical
depth. This discovery suggests an additional mineralized structure
remained untested by the up-dip 22-DP-008. Consequently, a decision
was made to re-enter and extend hole 22-DP-008 to test for the
presence of this new zone, and two additional intercepts were
encountered at 75 m (3,500 CPS) and 100 m (10,000 CPS) vertical
depths. To further corroborate this finding, a single up-dip hole
was drilled 75 m to the southeast, and the zone was again
intersected between 15 and 27 m vertical depths with CPS readings
up to 2,000.
The Dipole target remains open at depth, and
along strike in both directions.
2022 J4 West Core Drill Program
Summary
2022 core drilling at the J4 West target area
tested the along-strike continuity of radioactive intercepts
drilled in the 2022 RC program (CLICK HERE for news release dated
June 15, 2022), and high-grade U3O8 intercepts returned from three
2013 core holes, which returned uranium assay highlights of 1.06%
U3O8 over 0.3 m in 13-J1-002, and 0.56% U3O8, 0.28% Mo, 15.5 g/t Ag
over 0.6 m in 13-J1-003.
All 2022 core drill holes intercepted anomalous
radioactivity (>350 CPS) and defined a radioactive structural
corridor of 350 m which remains open at depth and along strike to
the west. Radioactive zones are characterized by a
hematite-altered, graphitic/sulfidic tuff layer hosted within a
broader package of foliated basalt. A highlight of 15,821 CPS was
returned at 149 m vertical depth in drill hole 22-J4W-003 (Table
1).
Table 1: 2022 Core Drilling Summary
(Scintillometer CPS Radioactivity)
Target |
Hole ID |
Dip |
Depth (m) |
Progress |
CPS* |
From-To (m) |
Number of Zones |
Dipole |
22-DP-001 |
-70 |
78.00 |
Lost. EOH. |
4,000 |
49.82 - 50.20 |
1 |
Dipole |
22-DP-002 |
-75 |
184.00 |
EOH |
12,000 |
57.80 - 58.11 |
6 |
Dipole |
22-DP-003 |
-45 |
16.00 |
Lost. EOH. |
- |
- |
0 |
Dipole |
22-DP-003A |
-45 |
114.00 |
EOH |
315 |
70.75 - 70.85 |
2 |
Dipole |
22-DP-004 |
-70 |
169.00 |
EOH |
1,377 |
79.45 - 79.53 |
12 |
Dipole |
22-DP-005 |
-82 |
211.00 |
EOH |
530 |
113.18 - 113.29 |
16 |
Dipole |
22-DP-006 |
-65 |
145.00 |
EOH |
7,238 |
75.13 - 75.25 |
8 |
Dipole |
22-DP-007 |
-82 |
202.00 |
EOH |
850 |
103.60 - 103.68 |
10 |
Dipole |
22-DP-008 |
-45 |
165.00 |
EOH |
10,000 |
142.00 - 143.00 |
6 |
Dipole |
22-DP-009 |
-55 |
250.00 |
EOH |
6,978 |
171.73 - 171.93 |
17 |
Dipole |
22-DP-010 |
-70 |
178.00 |
EOH |
60,000 |
153.5 - 153.87 |
5 |
Dipole |
22-DP-011 |
-70 |
6.00 |
Lost. EOH. |
- |
- |
0 |
Dipole |
22-DP-011A |
-70 |
322.00 |
EOH |
500 |
223.85 - 224.53 |
7 |
Dipole |
22-DP-012 |
-62 |
334.00 |
EOH |
11,380 |
288.95 - 289.38 |
10 |
Dipole |
22-DP-013 |
-45 |
130.00 |
EOH |
2,000 |
39.00 - 39.10 |
4 |
Dipole |
22-DP-014 |
-45 |
160.00 |
EOH |
4,200 |
130.36 - 130.52 |
6 |
J4West |
22-J4W-001 |
-45 |
79.00 |
EOH |
5,000 |
55.65 - 55.75 |
1 |
J4West |
22-J4W-002 |
-75 |
109.00 |
EOH |
7,750 |
74.25 - 74.35 |
2 |
J4West |
22-J4W-003 |
-90 |
149.00 |
EOH |
15,821 |
79.87 - 80.29 |
1 |
J4West |
22-J4W-004 |
-45 |
79.00 |
EOH |
350 |
54.00 - 54.10 |
1 |
J4West |
22-J4W-005 |
-75 |
103.00 |
Lost, EOH |
495 |
69.92 - 70.00 |
2 |
J4West |
22-J4W-006 |
-45 |
79.00 |
EOH |
2,398 |
54.31 - 54.34 |
2 |
J4West |
22-J4W-007 |
-75 |
31.00 |
Lost, EOH |
- |
- |
0 |
J4West |
22-J4W-007A |
-75 |
109.00 |
EOH |
350 |
74.20 - 74.26 |
1 |
J4West |
22-J4W-008 |
-45 |
79.00 |
EOH |
770 |
18.66 - 18.71 |
4 |
J4West |
22-J4W-009 |
-75 |
109.00 |
EOH |
500 |
77.58 - 77.65 |
1 |
*Max CPS values are from the most radioactive
zone in each core hole
Figure 1: Plan Map, Dipole
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/cdb11bdd-402c-478e-931b-d0503621654e
Figure 2: Plan Map, J4 West
Targethttps://www.globenewswire.com/NewsRoom/AttachmentNg/c00bdf95-1a6c-4340-bfe1-e9c598c38f1b
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;
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/
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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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