ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today provided an update on the
exploration program underway at ValOre’s 100%-owned Pedra Branca
Platinum Group Element (“PGE”) Project in northeastern Brazil.
“Our 2021 exploration program at Pedra Branca is
now in full swing with three drills, property-wide Trado®, and
extensive prospecting accelerating the target pipeline,” stated
ValOre’s VP of Exploration, Colin Smith. “The inaugural drill holes
at Trapia 1 look highly encouraging, with the anticipated first
batch of assay results expected in early June, and a steady receipt
of results continuing throughout our 8,000-metre program.”
Pedra Branca 2021 Exploration Program
Highlights:
- Fully funded and
permitted 8,000 metre (“m”) drill program has started:
- 2,000 m to be
drilled in 34 holes in the Reverse Circulation drilling (“RC”)
program
- 6,000 m to be
drilled in 42 holes in the diamond drilling (“DD”, “core drilling”)
program
- An estimated
4,000 drill samples to be submitted for assay;
- Pre-drilling
Trado® auger drilling continues property-wide:
- 226 m drilled in
75 auger holes testing 4 target areas
- 233 samples
submitted for assay;
- Additional
trenching has been completed at the Santo Amaro South target:
- 136 m in two
trenches (98 m and 38 m)
- 12 m of
prospective ultramafic (“UM”) or ultramafic-derived rock transected
in each trench, with 115 samples submitted for assay;
- Extensive
geological mapping conducted at the Santo Amaro, Trapia and Cana
Brava target areas:
- 1,552 geological
mapping points at 8 property-wide target areas
- 139 rock
selected grab samples submitted for assay;
2021 Drill Program
ValOre’s 2021 drill program is now fully
underway with two core rigs and one RC rig mobilized to the Trapia
1 target area. The primary focus of this year’s program is resource
expansion and pre-resource target advancement, with at least nine
property-wide targets selected for drilling. CLICK HERE for more
information regarding the 2021 exploration program at Pedra Branca,
and CLICK HERE for Figure 1, showing a regional map of 2021 drill
targets.
2021 drilling at Trapia 1 has intercepted the
target ultramafic intrusion in the first three diamond drill holes
drilled to date, including a 75.70 m interval from 134.95 m hole
depth (~117 m vertical) in DD21TU21. Two separate chromitite reef
horizons were observed within the sequence, indicating a strong
potential for high-grade PGE mineralization. This hole is stepped
out 100 m down-dip to the east from 2020 drill hole DD20TU12, which
graded 100.42 m at 0.76 g/t 2PGE+Au from 93.15 m. Core logging and
sampling is in progress.
Drill hole DD21TU22 stepped out 100 m down-dip
to the east from 2020 drill hole DD20TU20, which graded 76.74 m at
1.25 g/t 2PGE+Au from 176.81 m, including 30.55 m at 2.33 g/t
2PGE+Au from 223.00 m. The target UM intrusion was intercepted for
73.10 m in DD21TU22, from 172.80 m hole depth (~149 m vertical),
with three separate chromitite reef horizons encountered within the
UM package, including a 1.25 m reef at 201.60 (~174 m vertical).
Core logging and sampling is in progress.
Drill hole DD21TU23 stepped out 100 m down-dip
to the east from 2020 drill hole DD20TU13, which graded 61.85 m at
0.81 g/t 2PGE+Au from 217.15, including 2.45 m at 9.42 g/t 2PGE+Au
from 221.20 m. The target UM has been intersected in hole DD21TU23
at 207.00 m depth (~179 m vertical), and drilling is ongoing at
~240 m, still within the mineralized UM sequence. Two chromitite
reef horizons have been intersected within the first 30 m of the UM
intrusion.
2021 RC drilling is testing for extensions of
mineralization along strike at Trapia 1 and the up-dip extension of
mineralization west of 2020 drilling. RC drill hole RC21TU04 was
collared 170 m along strike to the west-southwest from the nearest
historical resource drillhole and intercepted the target intrusion
from 42 m hole depth (36 m vertical). The hole was lost at 78 m
depth within the UM sequence, which remains open in all directions.
The RC chips have been logged, sampled, and submitted for assay to
SGS Vespasiano, Minas Gerais.
2021 Trado® Auger
Program
ValOre continues to utilize the Trado® auger
drill to test and advance property-wide exploration targets at
Pedra Branca. To date this year, 226 m have been drilled in 75
holes at 4 target areas, with 233 samples submitted for assay.
CLICK HERE for news release dated March 23, 2021 and CLICK HERE for
news release dated April 26, 2021, for highlights of the 2021
Trado® auger program.
2021 Trenching Program
Two additional trenches at the Santo Amaro South
target area have been completed to test for continuity of PGE
mineralization between 2021 trenches TRSAS01 (20 m grading 1.06 g/t
2PGE+Au) and TRSAS03 (77 m grading 0.20 g/t 2PGE+Au) along 400 m of
prospective geological strike length. CLICK HERE for news release
dated March 23, 2021 for a summary of the Q1 2021 trenching results
at Santo Amaro South.
Trench TR21SAS04, situated 260 m north of
TR21SAS03, was 98 m in length and intercepted 12 m of UM/UMD rock.
30 m to the west-southwest, the 38 m long TR21SAS05 intercepted 12
m of UM/UMD rock. 115 total samples have been submitted for
assay.
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 and Vice President of
Exploration.
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 39
exploration licenses covering a total area of 39,987 hectares
(98,810 acres) in northeastern Brazil. At Pedra Branca, 5 distinct
PGE+Au deposit areas host, in aggregate, a current Inferred
Resource of 1,067,000 ounces 2PGE+Au contained in 27.2 million
tonnes grading 1.22 g/t 2PGE+Au (CLICK HERE for ValOre’s July 23,
2019 news release). All the currently known Pedra Branca inferred
PGE 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 current 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 CLICK HERE for ValOre's news release dated 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 at 604.653.9464, 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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