ValOre Metals
Corp.
(“ValOre”;
the “Company”; TSX‐V: VO;
OTC: KVLQF; FRANKFURT: KEQ0) today provided a summary of
2020 accomplishments and next steps to advance ValOre’s 100%-owned
Pedra Branca Platinum Group Element (“PGE”) Project in northeastern
Brazil.
“So far in 2020, our team has successfully
advanced exploration efforts at the Pedra Branca PGE project on
multiple fronts. We have completed 80% of the 6,000 metre two phase
drill program, focusing on our goals of resource expansion, target
advancement and discovery drilling,” stated Jim Paterson, ValOre’s
Chairman and CEO. Assay results are pending from drilling completed
at Trapia 1 and Trapia 2; with both drill rigs now positioned to
start drilling at the Santo Amaro area this week. Our work related
to mineralogy, processing and metallurgy has provided very positive
initial results and some additional options which warrant immediate
follow up.”
Pedra Branca
2020 Drill Program
Resource Expansion – The bulk
of the 6,000 proposed metres to be drilled as part of both the
Phase 1 and 2 programs, were aimed at expanding specific zones
which form part of the Pedra Branca inferred resource, namely
Trapia (Trapia 1 and Trapia 2) and Santo Amaro:
-
Trapia 1 – 2,520 metres in 12
holes drilled with assays from 5 holes released Aug 25 and Aug 31.
Assays pending from 7 holes drilled to the south of the area of
known resources;
-
Trapia 2 – 1,098 metres in 8
holes drilled with samples from all holes sent this week to the lab
for assays;
-
Santo Amaro –
two drill rigs now positioned at Santo Amaro to commence drilling
this week. We aim to finish strong with the planned drilling of
960.0 metres in 8 holes.
Target Advancement – 565 metres
in 8 holes, were drilled in previously tested target zones, with
highly encouraging results coming from Cana Brava, where shallow
mineralization was extended with PGE intercepts in three of the
drill holes (Oct 27 release)
Discovery Drilling – 750 metres
in 8 holes tested new targets, with a highlight being a new PGE
discovery at the previously undrilled C-04
WorldView-magnetic anomaly target, with 2PGE+Au mineralization
encountered in all three drill holes (Oct 27 release). These
results are significant, as they validate ValOre's exploration
methodology described in the Dec 4, 2019 news release.
Metallurgical
Work
For a synopsis of ValOre Nov 2 and Nov 9
releases, please click this LINK to a video
presentation by ValOre’s Colin Smith (New Project Review) and
Dustin Zinger (Investor Relations).
-
Platsol metallurgical test recoveries of 93.4 to 93.6 per cent for
palladium (Pd) and 95.3 to 95.7 per cent for platinum (Pt)
achieved;
-
Hot cyanide metallurgical test recoveries of 84.4 per cent, 88.5
per cent and 91.7 per cent palladium were achieved;
-
Falcon UF gravity test work was very effective at concentrating
platinum with 82.6 per cent Pt recovered in 32.1 per cent of the
mass.
Next Steps
As we continue with a property-wide exploration
program at Pedra Branca, there will be a t steady news flow in Q4
2020 and Q1 2021, to include results from:
- Drilling at
Trapia 1 (pending), Trapia 2 (sent recently to lab), and Santo
Amaro (drilling to commence this week);
- Assays and
reports from targeted exploration programs property wide, including
mapping, prospecting, trenching, rhodium values from historic drill
core, and soil sampling (Mendes North);
-
Platsol™ tests to optimize PGE and gold recoveries;
-
A comprehensive mineralogical evaluation to characterize the
speciation of palladium and platinum in Pedra Branca
mineralization;
-
Falcon ultrafine (UF) gravity separation testwork continues as a
potential preconcentration circuit to upgrade feed material and
improve mass pull;
-
Steinert sensor-based ore sorting testwork will commence shortly
with the shipment of 100 representative chip samples from historic
drilling at the Esbarro deposit.
ValOre’s advancement of the Pedra Branca PGE
project has been greatly assisted by the support of the local
communities surrounding Pedra Branca, in particular the wonderful
people of Capitão Mor. Our highest priority is to operate safely
and make a positive impact on the local community. Over the past
year, we have grown a first-class team, which includes incredibly
hard working and competent professionals in Brazil, Canada, USA and
UK.
We thank our shareholders for their patience as
we advance this emerging PGE district – we feel the potential prize
is most certainly worth the wait.
On behalf of the Board of Directors,
“Jim Paterson”
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
NOVEMBER 9, 2020 ValOre Reports
Further Encouraging Metallurgical Testing Results from Pedra Branca
PGE Project: 91% palladium recoveries in cyanide leach and 82%
platinum recovered in 32% mass in gravity sort
NOVEMBER 2, 2020 ValOre
Initiates Multi-faceted Optimization Testwork at Pedra Branca and
Receives Preliminary Platsol™ Metallurgical Recoveries of 93.4% for
Palladium and 95.3% for Platinum
OCTOBER 27, 2020 ValOre
Validates Exploration Methodology with Drill Discovery of New PGE
Zone at Pedra Branca
OCTOBER 19, 2020 ValOre
Provides Pedra Branca Exploration Update; Second Rig Arrives to
Commence Fully Funded Phase 2 Drill Program
SEPTEMBER 21, 2020 ValOre
Expands Fully Financed Exploration Program at Pedra Branca with
Additional Drill Rig and New Geological Team Members
AUGUST 31, 2020 ValOre Expands
PGE Mineralization at Pedra Branca with Step-Out Drilling;
Intersects 9.49 g/t 2PGE+Au over 2.45 metres
AUGUST 25, 2020 ValOre
Announces Initial Drill Results from Pedra Branca; Including 1.0
g/t 2PGE+Au Over 52.8 Metres from Surface
AUGUST 6, 2020 ValOre Provides
Update on Pedra Branca Activities
JULY 9, 2020 ValOre Commences
Drilling at Pedra Branca PGE Project
JULY 7, 2020 ValOre Soil
Geochemistry Assay Results Identify PGE Anomalies at all Three
Mendes North Targets
JUNE 18, 2020 ValOre Bolsters
Technical Team and Provides Update on Pedra Branca PGE Project
Drill Program
JUNE 17, 2020 ValOre Provides
Exploration Update for Pedra Branca PGE Project and Initiates
Metallurgical Testwork
APRIL 27, 2020 ValOre Outlines
2020 Exploration Program for Pedra Branca; Secures $1.2 Million
Financing
MARCH 30, 2020 ValOre Continues
to Identify New PGE Targets at Pedra Branca; Provides Update
Regarding COVID-19
MARCH 12, 2020 ValOre Reports
Rhodium Assays from Pedra Branca PGE Project, Brazil: Initial
results from Esbarro Deposit yield up to 1.44 g/t Rhodium.
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, 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, 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.
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:
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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