ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTCQB: KVLQF;
Frankfurt: KEQ0, “the Company”) today reported assays for
J4 West (“J4W”) and Yat (“Yat”) targets Reverse Circulation (‘RC”)
drilling at ValOre’s 100% owned 68,552-hectare Angilak Property
Uranium Project (“Angilak”), located in Nunavut Territory, Canada.
“Results from 2022 RC drilling confirm J4 West
as a uraniferous structure, with all four sampled holes returning
near-surface U3O8 mineralization, and two of the four holes with
assay intervals above the Lac 50 resource cut-off grade,” stated
ValOre’s VP of Exploration, Colin Smith. “J4 West remains fully
open at depth, and along strike to the west, with the target
conductor extending for an additional 800 m along strike towards
the Eastern Extension of Lac 50. Assays remain pending for ten core
holes, totaling 926 m of follow-up drilling.”
Highlights from J4 West and Yat RC
Drilling:
J4 West 2022 Highlights
- All four sampled RC drill holes
from J4 West returned near-surface (35 to 65 metres vertical depth)
uranium mineralization over a strike length of 200 metres,
including the following highlights:
- 3.1 metres (“m”) @ 0.21% U3O8 and
10.6 g/t Ag from 50.3 m in drill hole RC22-J4W-001
- 1.5 m @ 0.38% U3O8 and 15.1 g/t Ag
from 57.9 m in drill hole RC22-J4W-002;
- Mineralization at J4W remains open
at depth and along strike to the west, with highlights from the
2013 drilling (located immediately west of 2022 J4W drilling):
- 0.30 m @ 1.06% U3O8 in drill hole
13-J1-002
- 0.60 m @ 0.56% U3O8, 0.28% Mo and
15.5 g/t Ag in drill hole 13-J1-003;
2022 Yat RC Drilling
- Three of four RC drill holes at Yat
returned broad near-surface intervals of copper, silver and local
uranium mineralization, including:
- 63.8 m @ 0.11% Cu and 3.2 g/t Ag
from 1.5 m in drill hole RC22-YAT-004
- 42.6 m @ 0.15% Cu and 4.3 g/t Ag
from 1.5 m, including 4.6 m @ 1.1% Cu and 20.8 g/t Ag from 1.5 m in
drill hole RC22-YAT-003
- 33.4 m @, 0.15% Cu and 4.4 g/t Ag
from 6.1 m in drill hole RC22-YAT-002;
- 1.5-kilometre-long uranium soil
anomaly which is coincident with a strong 6.5-kilometre-long VLF-EM
conductor is only drill-tested over 130 m of strike, and remains
open to the southwest.
2022 RC Drilling, J4 West
Target
J4 West mineralization style, geology and
alteration assemblage is analogous to Lac 50 deposits, supporting
an off-set mineralized extension 500 m to the southwest of the J4
resource zone. A total of 642 m of RC drilling was completed in six
holes at J4W (formerly known as J1) in 2022. Drilling targeted an
interpreted sinistral off-set and suspected continuation to the
southwest of the high-grade western J4 Zone. For additional
information on the J4W target, CLICK HERE for news release dated
November 29, 2021, and CLICK HERE for news release dated June 15,
2022.
The six 2022 RC holes were drilled from three
pads spaced 200 m apart, with two holes per pad angled at -45° and
-65° to the north-northwest, testing a strike length of 400 m in
between the area of previous drilling and the sinistral structure
to the east (Figure 1). All four holes from the central and western
pads (RC22-J4W-001 to RC22-J4W-004) intercepted near-surface
uranium mineralization, including two holes (RC22-J4W-001 to
RC22-J4W-002) with U3O8 intervals above the Lac 50 Trend resource
cut-off grade of 0.20% U3O8 (Table 1). Mineralization occurs as a
sheared interval of hematite-altered, graphitic and sulfidic tuff
within a host sequence of foliated basalt and gabbro, analogous to
the lithological units hosting mineralization at the Lac 50 Trend
resource.
Two RC holes drilled from the eastern pad at J4W
did not encounter anomalous scintillometer counts per second
(“CPS”) values, and thus were not sampled.
Ten core holes totaling 926 m were subsequently
drilled in 2022, testing the along-strike continuity of radioactive
intercepts drilled in the 2022 RC program. All core drill holes
encountered anomalous radioactivity (>350 CPS), with a highlight
of 15,821 CPS at 149 m vertical depth in drill hole 22-J4W-003. All
assays remain pending.
2022 RC Drilling, Yat
Target
A total of 383 m of RC drilling was completed in
four holes from two pads at Yat in 2022, with holes drilled at -45°
and -65° to the southeast. Drilling targeted at-depth extensions to
high-grade precious metals (Pd-Pt-Au-Ag) and uranium values
returned from 2016 trench channel sampling and frost heaved boulder
assays. For additional information on the Yat target, CLICK HERE
for news release dated June 2, 2022, and CLICK HERE for news
release dated November 8, 2016.
Three of the four 2022 RC drill holes at Yat
encountered broad (33.4 to 63.8 m wide), near-surface intervals of
copper and silver mineralization, with localized anomalous uranium
(Table 1). High-grade polymetallic mineralization that was
encountered in 2016 trenching was not intersected by 2022 RC
drilling and is interpreted to be restricted to centimetre-scale
discontinuous veins and stringers hosted within 1.0 to 1.5 m wide
structural zones in sandstone, conglomerate and Christopher Island
volcanics of the Proterozoic Angikuni Basin.
The Yat target remains a priority Lac 50 style
target at Angilak that warrants further exploration. 2022 ground
VLF-EM geophysics defined a strong 6.5-kilometre-long extension to
the primary Yat conductor, which is only drill-tested over 130 m of
strike. This prospective structure is coincident with a
1.5-kilometre-long uranium soil anomaly which remains open along
strike to the southwest (Figure 2).
Table 1: 2022 J4 West and Yat RC
Drilling Assays
Target |
Drill Hole |
From(m) |
To(m) |
Interval(m) |
U3O8(%) |
Ag(g/t) |
Mo(%) |
Cu(%) |
Interval Summary |
J4 West |
RC22-J4W-001 |
50.3 |
53.3 |
3.1 |
0.21 |
10.6 |
0.10 |
0.01 |
3.1 m @ 0.21 %U3O8and 10.6 g/t Ag from 50.3 m |
J4 West |
RC22-J4W-002 |
57.9 |
59.4 |
1.5 |
0.38 |
15.1 |
0.08 |
0.05 |
1.5 m @ 0.38 %U3O8and 15.1 g/t Ag from 57.9 m |
J4 West |
RC22-J4W-003 |
56.4 |
57.9 |
1.5 |
0.12 |
3.2 |
0.06 |
0.02 |
1.5 m @ 0.12 %U3O8and 3.2 g/t Ag from 56.4 m |
J4 West |
RC22-J4W-004 |
73.2 |
74.7 |
1.5 |
0.05 |
14.8 |
0.1 |
0.05 |
1.5 m @ 0.05 %U3O8and 14.8 g/t Ag and 0.10% Mo from 73.2 m |
Yat |
RC22-YAT-002 |
6.1 |
39.6 |
33.4 |
0.01 |
4.4 |
0.01 |
0.15 |
33.4 m @ 0.01% U3O8, 4.4 g/t Ag, and 0.15% Cu from 6.1 m |
Yat |
includes |
30.5 |
32.0 |
1.5 |
0.10 |
31.0 |
0.00 |
0.43 |
1.5 m @ 0.10% U3O8, 31.0 g/t Ag, and 0.43% Cu from 30.5 m |
Yat |
RC22-YAT-003 |
1.5 |
44.2 |
42.6 |
0.00 |
4.3 |
0.01 |
0.15 |
42.6 m @ 4.3 g/t Ag, and 0.15% Cu from 1.5 m |
Yat |
includes |
1.5 |
6.1 |
4.6 |
0.00 |
20.8 |
0.00 |
1.10 |
4.6 m @ 20.8 g/t Ag, and 1.10% Cu from 1.5 m |
Yat |
RC22-YAT-004 |
1.5 |
65.5 |
63.8 |
0.00 |
3.2 |
0.01 |
0.11 |
63.8 m @ 3.2 g/t Ag, and 0.11% Cu from 1.5 m |
Yat |
includes |
33.5 |
38.1 |
4.6 |
0.02 |
6.1 |
0.01 |
0.66 |
4.6 m @ 0.02% U3O8, 6.1 g/t Ag, and 0.66% Cu from 33.5 m |
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 J4 West
target:https://www.globenewswire.com/NewsRoom/AttachmentNg/364c71c3-2f6c-425a-b402-b496be053fbf
Figure 2: Plan map of Yat
target:https://www.globenewswire.com/NewsRoom/AttachmentNg/990e84c8-c31f-498e-bfee-1027425c6181
Quality Control/Quality Assurance
(“QA/QC”)
ValOre’s QA/QC procedure for RC drill logging
and 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. 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.
About Angilak
The 68,552-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/
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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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