ValOre
Metals Corp.
(“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”)
today announced rhodium (“Rh”) assay results for twenty-one
historical drill core pulps from ValOre’s 100%-owned Pedra Branca
Platinum Group Element (“PGE”) Project in northeastern Brazil.
Anomalous rhodium values, ranging from <0.01 grams per tonne
rhodium (“g/t Rh”) to 0.72 g/t Rh, with an average grade of 0.25
g/t Rh, are reported in 18 of the 21 pulp samples submitted.
“Rhodium mineralization may become a significant
value driver for our Pedra Branca PGE project,” stated ValOre’s
Chairman and CEO, Jim Paterson. “Based on the encouraging results
released today, as well as those released by the Company in March,
we have commenced a broad rhodium re-assaying program for all
historical pulps grading >2.0 g/t 2PGE+Au.”
Rhodium Assay
Highlights of Historical
Drill Core Pulps from Pedra
Branca
- Spot price of
rhodium has risen dramatically since ValOre acquired the Pedra
Branca project in August 2019 from <US$3,700 per ounce vs.
today’s price of >US$12,000;
- ValOre is the
first exploration group to assess rhodium mineralization at Pedra
Branca; see initial Rh results presented in ValOre news release
dated March 12, 2020;
- Anomalous
rhodium values reported in 18 of 21 historical drill core pulps
from the Curiu (16), Esbarro (4) and Santo Amaro (1) deposits;
- Assays returned
a high value of 0.72 g/t Rh with an average grade of 0.25 g/t
Rh;
- Substantiates
positive correlation between 2PGE+Au grade and Rh grade, and
warrants a broadening of scope to include all historical drill core
samples that grade over >2.0 g/t 2PGE+Au;
- Further
demonstrates Pedra Branca’s potential as a 3PGE+Au (palladium,
platinum, rhodium and gold) mineral system.
Twenty-one Pedra Branca historical drill core
pulp samples were submitted for rhodium assay analyses at SGS
Geosol, Minas Gerais. The pulps were collected, weighed and
packaged in ValOre’s secured core logging and storage facility in
Capitão Mór, Brazil. A minimum sample weight of 50 grams ensured an
adequate sample for assay. This is a follow-up program to the
inaugural rhodium assaying campaign, which entailed the collection
of fifty-one historical drill core pulps, or approximately 10 pulps
from each of the five NI 43-101 deposits (see news release dated
March 12, 2020).
To further test the grade relationship between
rhodium and 2PGE+Au, the 21 pulps were selected on the basis of
high-grade 2PGE+Au historical core assays, i.e. those with a
threshold of ≥10 g/t 2PGE+Au (with minor exceptions). Sixteen pulps
were submitted from the Curiu deposit, which hosts a resource of
1.6 million tonnes (“Mt”) with a grade of 1.93 g/t 2PGE+Au for
approximately 100,000 ounces; four pulps from the Esbarro deposit,
which hosts a resource of 9.9 Mt at a grade of 1.23 g/t 2PGE+Au for
394,000 ounces; and one pulp from the Santo Amaro deposit, which
hosts a resource of 5.3 Mt at a grade of 1.19 g/t 2PGE+Au for
203,000 ounces (see news release dated July 23, 2019 for full
summary of ValOre’s NI 43-101 resource statement for Pedra Branca).
See Table 1 for a summary of rhodium results reported herein.
Table 1: Rhodium Assay Results from
historical drill core pulps, Pedra
Branca PGE
Project:
Deposit |
DDH |
Sample |
Au (g/t) |
Pd (g/t) |
Pt (g/t) |
2PGE+Au (g/t) |
Rh (g/t) |
3PGE+Au (g/t) |
Curiu |
DD03CU07 |
99001 |
0.54 |
22.99 |
8.24 |
31.77 |
0.72 |
32.49 |
Esbarro |
DD99ES01 |
99003 |
0.04 |
12.53 |
5.27 |
17.84 |
0.52 |
18.36 |
Esbarro |
DD99ES04 |
99014 |
<0.02 |
2.88 |
3.06 |
5.94 |
0.52 |
6.46 |
Curiu |
DD03CU07 |
99010 |
0.2 |
10.09 |
5.26 |
15.55 |
0.30 |
15.85 |
Curiu |
DD03CU11 |
99016 |
0.18 |
6.76 |
4.05 |
10.99 |
0.28 |
11.27 |
Curiu |
DD03CU10 |
99006 |
0.19 |
9.67 |
5.80 |
15.66 |
0.25 |
15.91 |
Curiu |
DD03CU12 |
99021 |
0.17 |
6.58 |
3.69 |
10.44 |
0.25 |
10.69 |
Curiu |
DD03CU07 |
99009 |
0.24 |
8.67 |
6.90 |
15.81 |
0.23 |
16.04 |
Curiu |
DD03CU08 |
99012 |
0.13 |
7.99 |
4.32 |
12.44 |
0.23 |
12.67 |
Curiu |
DD03CU09 |
99011 |
0.15 |
7.56 |
4.77 |
12.48 |
0.22 |
12.70 |
Curiu |
DD03CU12 |
99020 |
0.24 |
6.77 |
3.56 |
10.57 |
0.21 |
10.78 |
Curiu |
DD04CU16 |
99005 |
0.7 |
8.38 |
6.15 |
15.23 |
0.19 |
15.42 |
Curiu |
DD03CU12 |
99017 |
0.13 |
6.18 |
3.54 |
9.85 |
0.19 |
10.04 |
Curiu |
DD04CU18 |
99008 |
0.47 |
8.04 |
5.46 |
13.97 |
0.14 |
14.11 |
Curiu |
DD03CU03 |
99004 |
0.06 |
8.35 |
7.41 |
15.82 |
0.11 |
15.93 |
Curiu |
DD01CU01 |
99015 |
0.27 |
6.71 |
4.56 |
11.54 |
0.08 |
11.62 |
Curiu |
DD01CU01 |
99019 |
0.42 |
5.2 |
4.05 |
9.67 |
0.06 |
9.73 |
Esbarro |
RW005 |
99002 |
0.06 |
14.64 |
4.23 |
18.93 |
0.02 |
18.95 |
Curiu |
DD04CU15 |
99007 |
0.12 |
9.34 |
4.17 |
13.63 |
<0.01 |
13.63 |
Esbarro |
RW005 |
99013 |
0.03 |
8.05 |
4.05 |
12.13 |
<0.01 |
12.13 |
Santo Amaro |
DD04SA08 |
99018 |
0.19 |
7.15 |
3.47 |
10.81 |
<0.01 |
10.81 |
Based on these encouraging results, an
additional pulp re-assaying program is being undertaken, whereby
all historical pulp samples grading >2.0 g/t 2PGE+Au will be
analyzed for Rh content.
ValOre has now re-assayed a total of 72
historical drill core pulp samples and the results substantiate the
strong potential of Pedra Branca as a 3PGE+Au district and exhibit
a high correlation between 2PGE+Au grades and Rh grades.
About Rhodium
Rhodium is the rarest of the platinum group
elements, only occurring up to one part per 200 million in the
Earth's crust. The main use for rhodium is in catalytic converters
designed to clean vehicle emissions. Due to its brilliance and
resistance to oxidation, it is also used as a finish for jewelry,
LCD monitors, and mirrors. In the chemical industry it is used in
the production of nitric acid, acetic acid and hydrogenation
reactions. Rhodium is found in platinum and nickel ores together
with the other PGEs. South Africa is the world’s largest producer
of rhodium (~80%), followed by Russia (~10%), Zimbabwe (~5%),
Canada (~2%) and the U.S.A. (~2%). The global average
resource/reserve grade is 0.281 g/t Rh, with the lowest reported
resource/reserve grade of 0.010 g/t Rh (Canadian project) and the
highest reported resource/reserve grade of 0.381 g/t Rh is located
in South Africa (source: S&P Global).
Quality
Control/Quality
Assurance
(QA/QC)
Historical Pedra Branca drill core pulps were
collected from ValOre’s secured core logging and storage facility
located in Capitão Mór, Ceará, Brazil. Selected pulp samples were
sent with an ensured chain of custody to SGS Geosol, Vespasiano,
Minas Gerais, Brazil for analysis, which is accredited mineral
analysis laboratory. All pulp samples were analyzed for Rh content
using standard 50g Fire Assay Atomic Absorption ICP-MS. Certified
PGE ore reference standards, blanks and field duplicates were
inserted as a part of ValOre’s quality control/quality assurance
program. No QA/QC issues were noted with the results reported
herein.
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.
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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