ValOre Metals Corp. ("ValOre";
TSX‐V: VO; OTC: KVLQF; FRANKFURT:
KEQ0) today announced the commencement of Phase 1 diamond
drilling at the Company’s 100%-owned Pedra Branca Platinum Group
Element Project (“PGE”, “2PGE+Au”) in northeastern Brazil.
Highlights of the 2020 Drill
Program:
- ValOre has started the fully funded
Phase 1 drill program at Pedra Branca
- Phase 1 will test seven distinct
target areas with 23 core drill holes totaling 2,875 metres
- The Trapia 1 deposit area is the
first target being drilled with the goals of resource expansion and
new discoveries
- Phase 2 drill program is planned to
test 4 distinct target areas with 24 drill holes totaling 3,035
metres
- The average hole length of 125m for
both phases of drilling reflects the shallow nature of Pedra Branca
PGE mineralization
“We have now safely mobilized a drill rig and
personnel to our Pedra Branca property. With our previously
announced $1.2 million funding package, we have significantly
ramped up our exploration activities at Pedra Branca and have now
started Phase 1 drilling at this highly compelling PGE project,”
stated Jim Paterson, Chairman & CEO. “Our comprehensive review
of the extensive Pedra Branca geological database has identified
many high-priority targets to be drill-tested as part of our
two-phase drill program, which is designed to expand the current
resources, advance historical targets which host mineralized drill
intercepts, and test undrilled areas.”
2020 Drill Program
ValOre has engaged Brazilian drilling company
Servitec Foraco Sondagem SA for the Phase 1 drill program at Pedra
Branca, which will test seven distinct target areas with 23 diamond
drill core drill holes totaling 2,875 metres. The Phase 2 drill
program will test 4 distinct target areas with 24 diamond drill
core drill holes totaling 3,035 metres. Three target classes will
be tested: resource expansion, advancing pre-resource zones, and
new discovery targets.
Please CLICK HERE to see Table 1 and Figure 1
which provide a summary of the 2020 drill program at Pedra
Branca.
About Servitec Foraco Sondagem
SA
Servitec Foraco is a Brazilian company based in
the State of Goiás that started operating as Servitec in 2000, and
through innovation, investment, and continuous improvement, emerged
as one of the pioneers of drilling in Brazil. With a prominent
position on the national scene, Servitec was acquired in 2012 by
one of the global drilling leaders, Foraco International, forming
Servitec Foraco.
Servitec Foraco has more than 700 employees and
90 drill rigs, and operates throughout Brazil with clients such as
Nexa, Anglo American, Yamana Gold, Vale and AngloGold Ashanti.
Servitec Foraco is committed to conducting drill programs with high
levels of productivity, safety and respect for the environment and
legislation.
ValOre and Servitec Foraco COVID-19
Protocols
ValOre and Servitec Foraco are closely
monitoring impacts on the companies’ operations and business
preparedness plans, as the health and safety of employees,
contractors and associated communities is a top priority.
As part of the safety protocol, the companies
have implemented daily screening procedures, temperature
monitoring, self-assessment checklists and issued directives
regarding social distancing to ensure a safe environment for
operations. Servitec Foraco has an extensive procedural guide on
hygiene and conduct to be adopted daily during and after work
hours.
These decisions reinforce the companies’
objective of preventing the transmission of COVID-19 among its
employees, contractors, and the communities proximal to drilling
activities.
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, 5 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
U3O8U3O8. ValOre's. 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
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 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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