ValOre Metals
Corp.
(“ValOre”;
the “Company”; TSX‐V: VO;
OTC: KVLQF; Frankfurt:
KEQ0) today announced assay results for the C-04, Cana
Brava, Cedro, Esbarro East and Golden Goat drill targets at
ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”)
Project in northeastern Brazil.
“Our drill program continues to generate
exciting results, including a discovery of the C-04 Zone in
addition to successfully advancing the targets at Cana Brava and
Cedro North,” stated ValOre’s Chairman and CEO, Jim Paterson. “Our
efficient and cost-effective exploration methodology has now been
validated by the drill discovery of high-grade, near-surface PGE
mineralization.”
Highlights
from C-04,
Cana Brava, Cedro, Esbarro East and Golden Goat
Targets
- C-04 - New
PGE-mineralized Zone discovered at the previously undrilled target
validates ValOre’s WorldView-magnetic anomaly targeting methodology
(see news release dated December 4, 2019);
- Cana Brava -
Shallow mineralization extended with PGE intercepts in three
diamond drill holes (“DDH”);
- Cedro - PGE
mineralization drilled from surface in both “Cedro North” drill
holes;
- Esbarro East - PGE
mineralization drilled from surface;
- Golden Goat - two
drill holes targeting a geophysical anomaly intercepted broad
intervals (100-140m) of prospective ultramafic (UM) intrusion.
Target Classes
and Locations:
CLICK HERE for Figure 1, a map of Phase 1 drill
hole locations and targets.
Table 1: Drill
Core Assay Highlights for C-04, Cana Brava, Cedro,
Esbarro East and Golden Goat
Target |
# of holes |
Meters (m) |
|
|
Notes* |
C-04(Discovery Drilling) |
3 |
252.90 |
DD20CF01: |
|
18.00m @ 0.58 g/t 2PGE+Au from 0.00m24.95m @ 0.71 g/t 2PGE+Au from
41.34m |
incl.and |
|
0.73m @ 5.50 g/t 2PGE+Au from 53.50m5.29m @ 2.03 g/t 2PGE+Au from
61.00m |
DD20CF02: |
|
21.60m @ 0.39 g/t 2PGE+Au from 0.00m |
and |
|
21.00m @ 0.27 2PGE+Au from 39.00m |
DD20CF03: |
|
8.68m @ 0.24 g/t 2PGE+Au from 11.92m |
Cana Brava(Target Advancement) |
4 |
199.60 |
DD20CB03: |
|
15.20m @ 0.61 g/t 2PGE+Au from 0.00m |
DD20CB04: |
|
14.00m @ 0.83 g/t 2PGE+Au from 10.00m |
DD20CB05: |
|
7.67m @ 1.07 g/t 2PGE+Au from 26.30m |
Cedro(Target Advancement) |
4 |
364.40 |
DD20CD95: |
|
20.00m @ 0.38 g/t 2PGE+Au from 0.00m |
DD20CD96: |
|
15.00m @ 0.49 g/t 2PGE+Au from 0.00m |
Esbarro East(Discovery
Drilling) |
3 |
146.40 |
DD20ES44: |
|
3.65m @ 0.92 g/t 2PGE+Au from 0.00m |
Golden Goat(Discovery Drilling) |
2 |
347.10 |
DD20GG01: |
|
1.00m @ 0.53 g/t 2PGE+Au from 68.00m |
DD20GG02: |
|
0.80m @ 0.57 g/t 2PGE+Au from 35.00m |
*Reported assay intervals are estimated to be
90-100% true width
C-04 Drill Target
– New PGE
Discovery
A new PGE discovery was made at the previously
undrilled C-04 WorldView-magnetic anomaly target, with 2PGE+Au
mineralization encountered in all three DDHs. CLICK HERE for Figure
2, a cross section of 2020 C-04 drilling. These results are
significant, as they validate ValOre’s exploration methodology,
namely pairing WorldView spectral data to characterize the spectral
signature of ultramafic rocks with inversion of the magnetic data
to model the 3D geometry and spatial extent of the highly magnetic
ultramafic bodies. C-04 was the inaugural test case of pure
greenfields targeting for ValOre at Pedra Branca in Q4 2019,
whereby investigations of discrete reduced to pole (RTP) magnetic
anomalies, derived from the re-processing of Anglo American’s
airborne magnetic survey, were combined with targeting priority
classes of spectral chromitite and ultramafics derived from 2019
WorldView satellite data. The magnetic data was then inverted to
define the potential 3D geometry and spatial extent of the likely
ultramafic source body. This methodology led ValOre geologists
directly to a surface showing of mineralized UM intrusion grading
up to 7.95 g/t 2PGE+Au in grab sample (see news release dated
December 4, 2019).
- Vertical drill hole DD20CF01
collared directly into mineralized UM rocks from surface down to a
depth of 67.22m. The intrusion was dominated by chromite-bearing
peridotites and dunites, with a basal pyroxenite and amphibolite
schist. Assay highlights include 5.29m @ 2.03 g/t 2PGE+Au from
61.00m within a broad interval of 24.95m @ 0.71 g/t from 41.34m,
and 18.00m @ 0.58 g/t 2PGE+Au from 0.00m;
- Drill hole DD20CF02 was an inclined
hole drilled at -60 degrees to a southern azimuth (180◦) from the
same pad at DD20CF01, to better constrain the intrusion geometry.
Mineralized UM rocks were again encountered from surface to a depth
of 76.53m. Assay highlights from DD20CF02 include: 21.60m @ 0.39
g/t 2PGE+Au from 0.00m and 21.00m @ 0.27 2PGE+Au from 39.00m;
- Drill hole DD20CF03 stepped 45m to
the east-southeast of DD20CF01 and DD20CF02, and targeted the
intrusion with an additional -60 degree hole drilled to the south,
and encountered intervals of UM intrusion and UM schists from
12.20m to 60.60m depth. Core axis angles suggested pierce points
near to the easterly intrusion margin; however, this could be
resulting from localized structural crenulation, and mineralization
and ultramafics remain open to the east.
The exciting results from ValOre’s first three
drill holes at C-04 warrant follow-up drilling in 2021, with PGE
mineralization remaining fully open in all strike directions. Field
mapping and drill core interpretations suggest a thickening of the
PGE-bearing intrusion to the south and southwest of current
drilling, and these areas will be the focus of drill targeting in
2021. Further, these drill results serve to substantiate ValOre’s
WorldView-magnetic targeting methodology, which is now being
applied property wide at large, unexplored PGE targets (see news
releases dated July 7, 2020 and October 19, 2020).
Cana Brava Drill Target
– Extension of Mineralization
The Cana Brava target is an at-surface
pre-resource PGE showing situated within a 3km radius of the
Esbarro (394,000oz 2PGE+Au at 1.23 g/t), Curiu (100,000oz 2PGE+Au
at 1.93 g/t) and Cedro (151,000oz 2PGE+Au at 1.10 g/t) NI 43-101
PGE deposits, (see ValOre’s July 23, 2019 news release) along the
same structural contact. Historical Cana Brava grab samples grade
up to 15.4 g/t 2PGE+Au, and the outcropping ultramafic and
chromitite showings have well-defined PGE-in-soils and magnetic
anomalies. Anglo American drilled two holes at Cana Brava in 2010,
and the southern hole (DD10CB02) intercepted mineralized intrusion
from surface to 27.55m, including 2.30 g/t 2PGE+Au over 6.00m from
3.00m depth. This drill hole did not receive any follow up
exploration until ValOre’s 2020 drill program.
ValOre targeted Cana Brava with four vertical
DDHs in 2020 spaced 50-60m apart, stepping out from DD10CB02 both
along strike to the north and south, and down-dip to the east. At-
or near-surface PGE mineralization was encountered in three of four
drill holes, and mineralization remains open to the west, south,
southwest, northeast. The ultramafic package is also thickening to
the west. CLICK HERE for Figures 3A and 3B, cross sections of 2020
Cana Brava drilling.
- Drill hole DD20CB03 collared into
mineralized ultramafic intrusion from surface to 23.30m,
characterized by weathered serpentinites, peridotites and dunites,
and basal interlayers of pyroxenites, schists and country rock.
Assay highlight from DD20CB03 includes: 15.20m @ 0.61 g/t 2PGE+Au
from 0.00m.
- Drill hole DD20CB04 collared into
mineralized ultramafic intrusion from surface to 26.65m and drilled
a correlative lithological sequence to DD20CB03. Assay highlight
from DD20CB04 includes: 14.00m @ 0.83 g/t 2PGE+Au from 10.00m.
- Drill hole DD20CB05 collared into
mineralized ultramafic intrusion from surface to 32.42m. Ultramafic
rocks consisted of weathered UM schists and serpentinites,
underlain by lower pyroxenites, schists with a basal banded iron
formation (“BIF”) before entering basement at 33.97m. Assay
highlight from DD20CB05 includes: 7.67m @ 1.07 g/t 2PGE+Au from
26.30m.
- Drill hole DD20CB06 did not
intersect ultramafic rock.
The shallow mineralized drill intercepts from
three of four 2020 holes at Cana Brava warrant additional drill
testing of the ultramafic intrusion which seems to thicken to the
west. An additional showing, characterized by high-grade historical
rock samples and a PGE-in-soils anomaly, is situated approximately
385m to the north-northwest. This target remains un-drilled.
Cedro Drill Target –
At-Surface PGE Mineralization
Four 2020 drill holes were completed at the
Cedro deposit area (151,000oz 2PGE+Au at 1.10 g/t), targeting both
historical DDH (non-resource) PGE intercepts, and untested 3D
magnetic inversion model targets.
The northern two drill holes, DD20CD95 and
DD20CD96, are situated 150m east of an existing NI 43-101 resource
and were designed to follow up historical drill hole DD07CD26,
which intersected PGE-bearing UMs from surface to 35.00m (including
3.9 g/t over 1.6m from 19.40m). CLICK HERE for Figure 4, a cross
section of the two northern 2020 drill holes at Cedro.
- Both DD20CD95 and DD20CD96,
collared into weathered mineralized ultramafic rocks (peridotites,
serpentinites, and amphibolites) from surface to 25.75m and 17.00m,
respectively.
- Drill hole DD20CD95 returned an
assay of 20.00m @ 0.38 g/t 2PGE+Au from 0.00m.
- Drill hole DD20CD96 retuned an
assay of 15.00m @ 0.49 g/t 2PGE+Au from 0.00m.
- The mineralized ultramafic remains
open and is thickening to the south, with the three positive drill
holes (two 2020 holes and one historical hole) exhibiting intrusion
thicknesses of 17.00m, 25.75m and 35.00m, from north to south.
Two additional holes (DD20CD97 and DD20CD98)
were drilled at Cedro, targeting large (400m x 120m),
north-northwest south-southeast trending 3D magnetic isoshell
bodies, one situated in central Cedro and the other in southern
Cedro. Coarse-grained granites and gneisses were intersected from
surface to end of holes (“EOHs”), with DD20CD98 transecting a thin
(~3m), barren interval of UM-derived rock from 78.00m depth.
Esbarro East Drill Target –
At-Surface PGE Mineralization
The Esbarro East target is a surface chromitite
showing situated 500m due east of the Esbarro deposit (394,000oz
2PGE+Au at 1.23 g/t). This previously un-drilled target hosts
historical and ValOre grab samples that graded up to 5.10 g/t
2PGE+Au, collected from a subcrop of chromitite and weathered
ultramafic rocks, with a coincident at-surface 3D magnetic
inversion anomaly. Three DDHs were drilled in 2020, with one of the
three returning an at-surface PGE intercept (DD20ES44). CLICK HERE
for Figure 5, a cross section of 2020 drilling at Esbarro East.
- Drill hole DD20ES44 collared
directly into the chromitite showing and 3D magnetic inversion
target, and intersected mineralized weathered ultramafic rocks from
surface to 2.95m, and returned an assay of 3.65m @ 0.92 g/t
2PGE+Au. Coarse-grained granites with local pegmatitic textures
ensued until EOH.
- Drill holes DD20ES45 and DD20ES46
sought to test the southerly down-dip and westerly on-strike
extensions. No UM rocks were encountered in either hole.
Golden Goat Target –
Broad (>100m) Ultramafic Drill
Intercepts Encountered
The previously un-drilled Golden Goat target is
situated approximately 1km east-southeast of the Esbarro deposit
(394,000oz 2PGE+Au at 1.23 g/t), and is characterized by a strong
magnetic anomaly (480m x 370m), historical spectral
serpentinization data, and highly anomalous Au- and Cr-in-stream
sediment samples situated on a drainage that flows from the mag
high. Two vertical 2020 drill holes were targeted into the core of
the geophysical anomaly, and both holes intersected broad
(100-140m) intervals of prospective ultramafic rocks. CLICK HERE
for Figure 6, a cross section of the 2020 drilling at Golden
Goat.
- Drill hole DD20GG01 entered
ultramafic intrusion at 9.12m depth and remained in the intrusion
until 154.54m. Coarse to medium grained pyroxenites dominated the
sequence before ending the hole in a laminated and schistose
metasedimentary package. DD20GG01 returned thin, weakly anomalous
assays, including: 1.00m @ 0.53 g/t 2PGE+Au from 68.00m.
- Drill hole DD20GG02 entered
ultramafic intrusion at 33.45m depth and remained in the intrusion
until 132.40m. The geology was correlative to DD20GG01, with coarse
to medium grained pyroxenites dominating the sequence before ending
the hole in metasedimentary rocks. DD20GG02 returned thin, weakly
anomalous assays, including: 0.80m @ 0.57 g/t 2PGE+Au from
35.00m.
Quality Control/Quality Assurance
(“QA/QC”) and Grade Interval Reporting
As part of ValOre’s QA/QC protocol, a total of
seven quality control samples are inserted in each batch of 50
samples. These include the insertion of blanks, standards, and
duplicates according to a logical sequence that follows strict
industry standards. The seven quality control samples comprise: (i)
two coarse blanks sampled from barren quartz vein outcrops in the
area (4% of the batch); (ii) three certified reference materials
(“CRMs”, 4% of the batch) with pre-determined PGE and Au grades
produced by CDN Resource Laboratories; (iii) and three duplicate
samples (2% of the batch each), including one coarse reject
duplicate and one pulp duplicate (both prepared at SGS laboratory
following ValOre’s instructions) and one ¼ core duplicate, prepared
at ValOre’s core logging facility in Capitão Mor. Assay results are
systematically checked upon receipt and a specific batch is
accepted if results are in accordance with a QA/QC failure chart.
All samples are sent with an ensured chain of custody to SGS Geosol
Laboratórios Ltda. (“SGS Geosol”, an accredited mineral analysis
laboratory) in Vespasiano, Minas Gerais, Brazil for analysis.
Grading intervals are reported from continuous
drill intersections of favorable ultramafic intrusion that return
anomalous 2PGE+Au values throughout, with sample widths averaging
1.0 metres in length throughout the mineralized zone.
Analytical Procedures, SGS
Geosol
Once a core sample consignment is received and
verified by SGS Geosol, all core samples undergo density
calculation by water immersion method on the raw samples wrapped in
PVC film. The samples are subsequently prepared for analyses by
means of drying, crushing (with 75% passing 3 mm), homogenization,
quartering and pulverizing 250 – 300 g of sample in a 95% steel
mill at 150 mesh. Multielement analyses is then performed by Sodium
Peroxide Fusion followed by a multielement combined ICP-OES and
ICP-MS scan for base metals, trace, and lithological elements.
Chromium values that exceeded 5% are redirected to ore-grade
pyrosulfate fusion and XRF techniques to determine %Cr2O3. Samples
are then analyzed for 2PGE+Gold (Pd, Pt, Au) content using standard
Fire Assay techniques.
Certified PGE ore reference standards, blanks
and field duplicates were inserted as a part of ValOre’s QA/QC
protocol. No QA/QC issues were noted with the results reported
herein.
SGS Geosol is an accredited mineral analysis
laboratory founded in Brazil from a joint venture between SGS do
Brasil and Geosol Geologia e Sondagens. It concentrates its
activities on geochemical analysis of soils, rocks, ores,
concentrates and metallurgical tests, as well as environmental
analyzes of water, effluents, and industrial waste.
SGS Geosol is internationally recognized by its
extensive experience throughout industry, with technical teams
formed by highly qualified professionals. SGS Geosol’s Integrated
Management System ensures an excellent level of quality, safety,
occupational health, respect for the environment and social
responsibility.
The lab is Certified ISO 9001, which provides
quality services in analytical chemistry, in compliance with all
applicable environmental requirements, and so it is also certified
ISO 14001. SGS Geosol has advanced laboratories and the latest
technological equipment, which enables its supply of analytical
services with security and excellent quality control.
Pedra Branca 2020 Drill
Program
Please see ValOre’s news release from August 25,
2020 for detailed information regarding:
- Pedra Branca 2020 Drill Program (Phase
1 and Phase 2)
- About Servitec Foraco Sondagem SA
- ValOre and Servitec Foraco COVID-19
Protocols
http://valoremetals.com/news-media/news-releases/2020/
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+ Au contained in 27.2 million
tonnes grading 1.22 g/t 2PGE+Au (see ValOre’s July 23, 2019 news
release). PGE mineralization outcrops at surface and all of the
currently known inferred 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 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.
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.
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
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:
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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