ValOre Metals Corp. ("ValOre";
TSX‐V: VO; OTC: KVLQF; FRANKFURT:
KEQ0) ValOre today announced results from 565 soil samples
and 4 rock samples from the recently completed geochemical sampling
program at the Mendes North exploration target at ValOre’s
100%-owned Pedra Branca Platinum Group Elements Project (“PGE”,
“2PGE+Au”) in northeastern Brazil.
Key Updates on 2020 Exploration
Programs:
- Coincident magnetic and WorldView satellite spectral imaging
targets now corroborated by soil sampling, provides support for
exploration methodology
- Soil sample assays from all three Mendes North targets returned
significant PGE results
- All three anomalies remain open, indicating potential
continuity of a >3 km PGE-bearing belt
- Follow-up geological mapping, prospecting and geochemical
sampling to be executed immediately
“The Pedra Branca PGE assay results announced
today have greatly increased our confidence in the exploration
methodology developed and implemented successfully by ValOre’s
technical team. The three Mendes North targets have now been
corroborated as prospective by three separate exploration
technologies: geophysics, remote sensing and geochemistry,” stated
Jim Paterson, Chairman & CEO. “The targets exhibit significant
scale and strike length, benefit from an excellent location with
respect to access, power, and proximity to our other delineated PGE
deposits, and importantly remain open for expansion through further
geological mapping, prospecting and soil sampling programs prior to
drill testing.”
Mendes North Geochemical Program
Update
A total of 565 soil sample assays from the three
>1 km Mendes North WorldView-magnetic targets have been
received, and all three targets returned well-defined, regional
(each >750 metres in length) NE-SW-trending linear PGE
anomalies. The anomalies remain open between targets, suggesting
potential continuity of a >3 km PGE-bearing belt.
Target 1 returned a >820 metre long PGE
anomaly which remains open to the northeast. An oblique,
250-metre-long NW-SE-trending gold (Au) anomaly was also defined at
Target 1, returning a peak assay of 660 ppb Au. Target 2 comprises
two anomalies: one >830 metres in length and open to the NE, and
another ~300 metres in length and open to the NE, SE and SW. At
Target 3, a >750-metre-long PGE anomaly was delineated which
remains open to the SW, NE and E. The four rock samples submitted
from Mendes North returned no anomalous PGE grades. See Table 1
below for a summary of 2PGE- and Au-in-soils results, and CLICK
HERE to view all figures related to this news release.
Table 1: Summary Table Soil Sample Assays
2PGE+Au Range (ppb) |
Number of Samples |
51 - 660 |
3 |
21 - 50 |
19 |
11 - 20 |
41 |
5 - 10 |
55 |
< detection limit |
446 |
Follow-up geological mapping, prospecting, and
geochemical sampling will be immediately undertaken to extend and
delineate the Mendes North PGE- and Au-in-soils anomalies. The
program will test potential continuity between anomalies in Targets
1, 2 and 3, which comprise a cumulative strike length of >3
km.
ValOre’s 2020 3D magnetic inversion modelling of
historical ground geophysical data defined multiple compelling near
surface >1 km targets. Mendes North is undrilled and has seen no
historical geochemical sampling or geological mapping. An
additional 2.0 km by 1.2 km WorldView-magnetic anomaly is situated
approximately 1 km to the northwest of the three Mendes North
targets.
Access to the Mendes North target area is
excellent, with all three targets being situated adjacent to or
within 200 metres of a main roadway.
Background 2PGE+Au levels of country rock
throughout the three target areas returned values below detection
limits (<5 ppb) for Pd, Pt and Au.
Assay Methodology &
Quality Control/Quality Assurance
(QA/QC)
Soil samples were collected from field sites
spaced 20 metres apart on lines spaced 100 metres apart, with
coordinate data captured by handheld GPS. These samples are
subsequently stored in a secure ValOre facility in Capitão Mor,
Ceará, Brazil and thereafter sent with an ensured chain of custody
to SGS Geosol Vespasiano, Minas Gerais. All samples are analyzed
for PGE+Au (Pd, Pt, Au) content using standard 50g Fire Assay and
ICP-AES techniques. Certified PGE ore reference standards, blanks
and field duplicates are inserted as a part of ValOre’s Quality
Control/Quality Assurance program (“QA/QC”). All samples associated
with the gold anomaly in Target 2 (samples 81808-81818) were
re-analyzed to ensure accuracy. No QA/QC issues were noted with the
results reported herein.
Grab samples are collected from field sites with
coordinate data captured by handheld GPS and subsequently stored in
a secure ValOre facility in Capitão Mór, Ceará, Brazil. The samples
are thereafter sent with an ensured chain of custody to SGS
Vespasiano, Minas Gerais for analysis, which is accredited mineral
analysis laboratory. All samples are analyzed for PGE+Gold (Pd, Pt,
Au) content using standard Fire Assay and ICP techniques. Cr values
that exceed 5% are redirected to ore grade pyrosulfate fusion and
XRF techniques to determine % Cr2O3. is if Pt and/or Pd is over
1ppm, the sample is analyzed for Rh using NiS Fire Assay-ICP-MS
techniques. Certified PGE ore reference standards, blanks and field
duplicates are inserted as a part of ValOre’s quality
control/quality assurance program (QA/QC). No QA/QC issues were
noted with the results reported herein.
Qualified Person
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., who oversees New Project Review for
ValOre.
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 38
exploration licenses covering a total area of 38,940 hectares
(96,223 acres) in northeastern Brazil. At Pedra Branca, five
distinct PGE+Au deposit areas host, in aggregate, a NI 43-101
Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium,
Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes
(“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see
ValOre’s July 23, 2019 news release). PGE mineralization outcrops
at surface and all of the inferred resources are potentially open
pittable.
Comprehensive exploration programs have
demonstrated the "District Scale" potential of ValOre’s
89,852-hectare Angilak Property in Nunavut Territory, Canada that
hosts the Lac 50 Trend having a NI 43‐101 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 refer to ValOre's news release of
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 toll free
at 1.888.331.2269, at 604.646.4527, or by email at
contact@valoremetals.com.
ValOre Metals Corp. is a proud member of
Discovery Group. For more information please visit:
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 the Company 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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