ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today reported assays for Dipole
target (“Dipole”) Reverse Circulation (‘RC”) drilling and Enzyme
Leach (“EL”) soil sampling and new ground Very Low Frequency
Electromagnetic (“VLF-EM”) data at ValOre’s 100% owned
59,483-hectare Angilak Property Uranium Project (“Angilak”),
located in Nunavut Territory, Canada.
“The potential for significant uranium
mineralization on the western side of the Angikuni Basin continues
to grow, with elevated near-surface uranium returned in 14 Dipole
RC holes, and several new multi-kilometre-long VLF-EM conductors
delineated along proven uraniferous trends,” stated ValOre’s VP of
Exploration, Colin Smith. “The exploration story at Dipole
continues to be that of near surface U3O8 mineralization, analogous
to ValOre’s high-grade Lac 50 trend inferred resource, which totals
43.3 million pounds grading 0.69%. Lac 50 is located 25 kilometres
away on the opposing side of the Angikuni Basin. Among the pending
2022 core drill holes at Dipole is 22-DP-010, which intercepted a
radioactive zone of 60,000 counts per second at 140 m vertical
depth, located 250 m northeast and along strike from the main
zone.”
Highlights from RC Drilling and EL Soil
Sampling Assays, and Ground VLF-EM:
ValOre conducted exploration at Angilak from
March to September 2022, drilling 3,165 metres RC in 27 holes,
3,590 m core in 26 holes, collecting 896 EL soil samples, and
surveying 1,547 line-kilometres (15,481 hectares) of ground VLF-EM
and magnetics.
Dipole Reverse Circulation Drilling
- Drill hole
RC22-DP005, intercepted two distinct uranium zones:
- 7.6
metres (“m”) @ 0.594%
U3O8
and 5.97 g/t Ag from 47.2 m, incl. 1.52 m @ 2.21%
U3O8
and 16.5 g/t Ag from 48.9 m
- 1.52 m @ 0.519%
U3O8 and 7.1 g/t Ag from 30.48 m;
- All 14 of 14
sampled RC drill holes reported elevated near-surface U3O8, ranging
from 15 to 160 m vertical depth (see Table 1);
- Broad zones of
polymetallic (Ag-Mo-Cu) mineralization were intercepted, including:
- 21.3 m @ 8.30
g/t Ag, 0.252% Mo, 0.027% Cu, 0.0744% U3O8 from 131.1 m, incl. 10.6
m @ 10.5 g/t Ag, 0.34% Mo, 0.031% Cu, 0.102% U3O8 from 132.6 m –
drill hole RC22-DP-007;
- Assays are
pending for fourteen Dipole core holes, four Yat RC holes, four J4
West RC holes and nine J4 West core holes.
Dipole Enzyme Leach Soil Geochemistry
- Assays received
for 492 EL soils, with uranium values ranging from 0.5 parts per
billion (“ppb”) to 245 ppb;
- Multiple
undrilled regional uranium-in-soils anomalies delineated, spanning
the full 6 kilometres (“km”) of surveyed trend;
- Assays pending
for 404 soil samples (377 from Lac 50 East target area, and 27
samples from a transect southwest of the Lac 50’s Western
Extension).
Dipole and RIB Trend Ground VLF-EM and
Magnetics
- Ground VLF-EM
and magnetics coverage extended 15 km along Dipole and RIB
trends;
- Strong VLF
conductor associated with the high-grade Dipole zone is traceable
for 8.5 km along strike to the northeast and southwest, and is only
sufficiently drill tested over 650 m;
- Distinct
2.5-km-long EL soil anomaly at RIB target is coincident with a 2022
VLF-EM conductor and remains undrilled, establishing a priority
2023 drill target;
- Strong VLF-EM
conductors associated with the high-grade RIB zone extend for 5 km
along strike to the northeast and is only drill tested over 1.1 km
of trend.
2022 RC Drilling, Dipole
Target
A total of 2,141 m of RC drilling was completed
in 17 holes at the Dipole target in 2022, targeting permissive
structures in a northeast trending belt of Archean metavolcanic
basement rocks that represent a geological analogue to Lac 50
(Figure 1). The original core drilling discovery in 2015 tested the
core of a prominent VLF-EM conductor coincident 3.4-km-long
uranium-in-soil anomaly.
2022 RC drilling was performed to test the
strike potential primarily to the northeast, along the coincident
VLF-EM and uranium-in-soil trend, as well as down-dip extensions to
2015 core drilling, which returned shallow uranium mineralization
in all nine holes.
The 2022 RC drilling results returned
near-surface uranium mineralization in 14 of 17 holes, and further
defined a high-grade (>2% U3O8) core to the Dipole zone (see
Table 1, Figure 2). Reported mineralized intercepts have intervals
ranging from 1.5 m to 22.9 m, which intercepted the zone at
vertical depths ranging from approximately 15 m to 115 m.
Mineralization at Dipole is associated with sheared and brecciated
hematite-carbonate-chlorite altered graphitic tuff units,
containing pitchblende and sulphides, within a sequence of mafic to
intermediate tuffs and massive to pillowed basalt. Similar to the
Lac 50 analogue, molybdenum and silver occur with and adjacent to
the uranium mineralization at Dipole.
RC holes were drilled at an azimuth of 135
degrees with inclinations between -45 to -70 degrees from a total
of 8 drill sites, with an average of 2 holes per pad. A drill hole
spacing of 50 m was established in the main zone to stay consistent
with resource estimation classification criteria of the Lac 50
trend. Subsequent step-outs along the regional strike were
increased to 100 m and 150 m with a final regional step-out of 800
m along strike to the northeast.
A 2022 diamond drilling program supported by two
core rigs immediately followed up the favorable CPS RC drilling
results. A total of 2,664 m of core was drilled at Dipole in 16
core holes from 8 pads, with elevated radioactivity intercepted in
13 of 13 holes drilled to target depth and counts per second
(“CPS”) values ranging up to 60,000 in drill hole 22-DP-010. It is
important to note that 3 of the 16 holes were lost shortly after
casing. All assays remain pending.
Table 1: 2022 Dipole RC Drilling
Assays
Drill Hole |
From(m) |
To(m) |
Interval(m) |
U3O8(%) |
Ag (g/t) |
Mo(%) |
Cu(%) |
RC22-DP-001 |
64.0 |
65.5 |
1.5 |
0.02 |
1.07 |
0.01 |
0.02 |
RC22-DP-001 |
70.1 |
71.6 |
1.5 |
0.03 |
0.97 |
0.01 |
0.01 |
RC22-DP-002 |
36.6 |
38.1 |
1.5 |
0.09 |
0.91 |
0.01 |
0.04 |
RC22-DP-002 |
73.2 |
80.8 |
7.6 |
0.05 |
1.34 |
0.02 |
0.02 |
includes |
77.7 |
79.3 |
1.5 |
0.12 |
2.38 |
0.02 |
0.02 |
RC22-DP-003 |
65.5 |
67.1 |
1.5 |
0.01 |
4.47 |
0.03 |
0.03 |
RC22-DP-004 |
76.2 |
77.7 |
1.5 |
0.02 |
3.84 |
0.02 |
0.04 |
RC22-DP-005 |
30.5 |
32.0 |
1.5 |
0.52 |
7.10 |
0.03 |
0.00 |
RC22-DP-005 |
47.2 |
54.9 |
7.6 |
0.59 |
5.97 |
0.06 |
0.01 |
includes |
47.2 |
50.3 |
3.1 |
1.34 |
12.00 |
0.08 |
0.00 |
and includes |
48.8 |
50.3 |
1.5 |
2.21 |
16.50 |
0.10 |
0.00 |
RC22-DP-006 |
47.2 |
48.8 |
1.5 |
0.16 |
26.00 |
0.46 |
0.02 |
RC22-DP-006 |
77.7 |
79.3 |
1.5 |
0.11 |
11.30 |
0.46 |
0.07 |
RC22-DP-007 |
65.5 |
68.6 |
3.1 |
0.38 |
6.05 |
0.02 |
0.00 |
RC22-DP-007 |
93.0 |
96.0 |
3.1 |
0.42 |
3.00 |
0.04 |
0.00 |
RC22-DP-007 |
109.7 |
114.3 |
4.6 |
0.18 |
8.97 |
0.18 |
0.02 |
includes |
111.3 |
112.8 |
1.5 |
0.42 |
11.70 |
0.03 |
0.00 |
RC22-DP-007 |
131.1 |
150.9 |
19.8 |
0.08 |
8.86 |
0.27 |
0.03 |
includes |
132.6 |
144.8 |
12.2 |
0.10 |
10.21 |
0.33 |
0.03 |
RC22-DP-008 |
50.3 |
73.2 |
22.9 |
0.01 |
1.76 |
0.00 |
0.04 |
RC22-DP-009 |
53.3 |
73.2 |
19.8 |
0.02 |
1.43 |
0.00 |
0.04 |
RC22-DP-010 |
94.5 |
96.0 |
1.5 |
0.02 |
4.38 |
0.01 |
0.05 |
RC22-DP-011 |
80.8 |
82.3 |
1.5 |
0.01 |
1.27 |
0.00 |
0.02 |
RC22-DP-012 |
22.9 |
24.4 |
1.5 |
0.01 |
0.06 |
0.00 |
0.01 |
RC22-DP-014 |
80.8 |
82.3 |
1.5 |
0.25 |
13.05 |
0.70 |
0.07 |
RC22-DP-015 |
76.2 |
77.7 |
1.5 |
0.11 |
10.35 |
0.76 |
0.04 |
RC22-DP-015 |
170.7 |
181.4 |
10.7 |
0.02 |
6.94 |
0.20 |
0.02 |
Notes:
- RC samples
<5,000 CPS outside the plastic pails were submitted to ALS
Laboratory (“ALS”) in North Vancouver, British Columbia, for assay
via ME-MS61U (4A multi-element ICP-MS + uranium), U-XRF10 (ore
grade U assay, 0.01%-15% U) and Au-ICP21. Uranium assays are
reported by ALS in parts per million (“ppm”) and converted to %U3O8
using the following formula: U3O8 (%) = U (ppm) x 0.01179%.
- RC samples
>5,000 CPS outside the plastic pails were placed in steel pails
and submitted to Saskatchewan Research Council Geoanalytical
Laboratories (“SRC”) in Saskatoon, Saskatchewan, for assay via
ICP1, ICP2, and U3O8,. ICP1 results >1,000 ppm U are subjected
to SRC %U3O8 assay; ICP1 results for Cu, Mo and Ag are reported by
SRC in parts per million (ppm). 1 ppm = 1 g/t, 10,000 ppm =
1%.
- All "From", "To"
and "Interval" measurements are metres down-hole. True widths are
yet to be determined.
Figure 1: Plan map of Dipole
target.https://www.globenewswire.com/NewsRoom/AttachmentNg/cbdedce3-36bf-4642-ade5-d19c5b50362f
Figure 2: Cross section A-A’, Dipole
target.https://www.globenewswire.com/NewsRoom/AttachmentNg/253ed372-0a22-4f32-8e25-3fd8060262b2
2022 Enzyme Leach Soil Sampling, Dipole
Target
The pairing of uraniferous EL geochemistry and
VLF-EM served as the primary targeting methodology for the 2015
core drilling discovery at Dipole. Consequently, extensions to both
datasets were completed in 2022, with the intent of further
applying this proven methodology to discover additional
near-surface basement hosted uranium at Angilak.
Previous EL soil campaigns at Dipole conducted
in 2014, 2015 and 2016 delineated a 4.0-km-long uranium-in-soil
anomaly, largely coincident with strong VLF-EM conductors. As part
of the 2022 EL soils program at Dipole, 493 samples were collected
along a prospective geological trend of 6 km, with 2022 assays
extending anomalies through the full surveyed trend which remains
open along strike to the northeast and southwest (Table 2, Figure
3). The average concentration of parts per billion (“ppb”)
uranium-in-soils at the Dipole trend exceeds that of the Lac 50
trend and suggests significant regional prospectivity for
high-grade basement hosted uranium mineralization.
Table 2: 2022 Enzyme Leach Soil
Sampling, Dipole Target
Percentile |
U (ppb) |
Number of Samples |
0 (all samples) |
0.5 - 245 |
492 |
75th |
8.7 |
123 |
85th |
14.3 |
76 |
90th |
19.2 |
51 |
95th |
32.5 |
27 |
Figure 3: Enzyme Leach soils
geochemistry at the Dipole and RIB targets, showing 2022 and
historical
data.https://www.globenewswire.com/NewsRoom/AttachmentNg/a3c96778-6d58-4122-ab9f-68d9a40e1050
2022 Ground VLF-EM and Magnetics, Dipole
and RIB Trends
A significant extension to ground VLF-EM and
magnetics coverage was completed in 2022 at Angilak, with a total
of 1,547 line-kilometres (“ln-km”) surveyed totaling an area of
15,481 hectares (“ha”) in three priority blocks: Dipole (500 ln-km,
5,000 ha), RIB (1,022 ln-km, 10,200 ha), and Lac 50 South (300
ln-km, 3,000 ha). Uranium mineralization at Angilak is structurally
controlled, and ground VLF-EM has proven very effective at mapping
uraniferous structures throughout the district, including the Lac
50 trend.
Significant extensions to the conductors which
host the high-grade Dipole and RIB zones were delineated in 2022,
establishing high-priority structural corridors that exceed 8.5 km
and 5 km, respectively (Figure 4). These geophysical targets remain
largely undrilled and fully open along strike, and warrant
follow-up geochemistry, prospecting, and drilling in future years.
Furthermore, while ground magnetics is a less effective tool for
drill targeting at Angilak, it provides a useful mechanism to
refine regional geological interpretations. This ultimately aides
in the prioritization of areas by confirming the presence of the
target Archean basement metavolcanics which host favorable
graphitic tuffaceous units commonly associated with uranium-bearing
structures.
Figure 4: Plan map of Dipole and RIB
targets, showing new ground VLF-EM and extensions to the
prospective conductor
trends.https://www.globenewswire.com/NewsRoom/AttachmentNg/78aac8c6-5c64-4454-91d4-44992f70dd65
Quality Control/Quality Assurance
(“QA/QC”)
ValOre’s QA/QC procedure for RC drilling and EL
soil sampling includes the systematic insertion of blanks,
standards, and duplicates in the field, alternating on every 20th
sample, in addition to in-house laboratory QA/QC protocol which
includes blanks analysed every 49 samples and a repeat analysis on
every 10th sample. Field duplicates for EL soil sampling are
collected from a different site close to the original (i.e. within
1-2 meters) to determine the assay reproducibility. All QA/QC
results associated with the assays reported herein are within
expectation.
RC drilling samples were submitted to the
Saskatchewan Research Council Geoanalytical Laboratories (“SRC”)
and ALS Geochemistry (“ALS”) for assay. The SRC facility operates
in accordance with ISO/IEC 17025:2005 (CAN-P-4E), General
Requirements for the Competence of Mineral Testing and Calibration
laboratories and is accredited by the Standards Council of Canada.
For more information about SRC, CLICK HERE. ALS is a trusted
analytical testing service dedicated to high-value geologic data
support for the exploration and mining community. ALS North
Vancouver laboratories is accredited to ISO/IEC 17025:2017
standards for specific preparation and analytical procedures. For
more information about ALS, CLICK HERE.
Enzyme Leach soul samples were submitted for
assay to Activation Laboratories Ltd. (“Actlabs”). Actlabs facility
is accredited to international quality standards through the
International Organization for Standardization/International
Electrotechnical Commission (ISO/IEC) 17025 (ISO/IEC 17025 includes
ISO 9001 and ISO 9002 specifications) with CAN-P-1578 (Forensics),
CAN-P-1579 (Mineral Analysis) and CAN-P-1585 (Environmental) for
specific registered tests by the SCC. For more information about
Actlabs, CLICK HERE.
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$65 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 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 the highest-grade uranium resource over 20 million
pounds U3O8 outside of Saskatchewan. Highlights include:
- 43.3 M
lbs
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.
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 have reasonable
prospect of eventual economic extraction via open pit methods.
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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