ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today announced initial Platinum
Group Element (“PGE”, “2PGE+Au”) assay results from the ongoing
8,000-metre (“m”) drill program at ValOre’s 100%-owned Pedra Branca
PGE Project (“Pedra Branca”) in northeastern Brazil.
“ValOre’s drilling at Trapia 1 continues to
produce significant, broad intercepts of PGE mineralization at or
above average resource grade, with 2020-2021 drilling more than
doubling both the strike and depth extent of known mineralization,
which remains open in most directions,” stated ValOre’s VP of
Exploration, Colin Smith. “When comparing the gram*metre values of
the 33 total holes drilled at Trapia 1 to date, with 15 historical
and 18 by ValOre, ValOre has produced 15 of the best 25, including
6 of the best 8 drill holes, all of which sit entirely outside of
the existing NI 43-101 defined resource area.”
PGE assay highlights for the first three
core holes drilled at the Trapia 1 target:
- Drill hole
DD21TU21*
- 71.90 m grading 1.29 grams per tonne
palladium + platinum + gold (“g/t 2PGE+Au”) from 134.95 mincl. 1.55
m grading 10.82 g/t 2PGE+Au from 167.75 m;
- Drill hole
DD21TU22*
- 59.20 m grading
1.09 g/t 2PGE+Au from 172.80 mincl. 1.25 m grading 15.11 g/t
2PGE+Au from 201.60 m;
- Drill hole
DD21TU23*
- 49.75 m grading
0.66 g/t 2PGE+Au from 208.10 m
- Target
ultramafic (“UM”) intrusion encountered in six of eight 2021 core
holes drilled to date;
- Assays pending
for the final four holes (DD21TU25-28);
- 1,885 m drilled
in total at Trapia 1 in 2021;
- Follow-up
drilling at Trapia 1 to be planned following receipt and review of
remaining assays;
- Both core rigs
have moved to the Trapia 2 target (~2 km to the northwest),
commencing a planned 960 m of drilling in six holes.
*Reported assay interval lengths are core
lengths and estimated to be 90-100% true width
Initial 2021 Trapia 1 Drilling
Results
ValOre has drilled eight core drill holes (1,885
m) at Trapia 1 thus far in 2021, with the target host UM intrusion
intercepted in six of the eight holes. Assays are pending for the
four holes not reported herein, and subsequent follow-up drilling
is to be planned upon receipt and review of the remaining
assays.
The mineralized UM sequence is characterized by
alternating chromitite-bearing peridotites, dunites, with local
serpentinites and schists, with decimetre to metre-scale chromitite
reef horizons which are typical of high-grade PGEs (>10 g/t
2PGE+Au). An upper-UM-contact chromitite reef horizon was drilled
in the first three 2021 holes at Trapia 1, and the reef correlates
well with the high-grade chromitite intersected in 2020 drill hole
DD20TU13 (2.45 m at 9.42 g/t 2PGE+Au). While no UMs were
encountered in drill hole DD21TU24 (the most easterly drill hole,
100 m down-dip of DD21TU21), mineralization is open down-dip and
along strike of all remaining 2021 drill holes.
CLICK HERE for more information regarding the
2021 exploration program at Pedra Branca, CLICK HERE for a regional
map of 2021 drill targets (Figure 1), CLICK HERE for a plan map of
Trapia 1 drilling (Figure 2), CLICK HERE for a summary cross
section of ValOre’s resource expansion drilling to date at Trapia 1
(Figure 3), and see Table 1 below for a summary of significant core
assay results reported herein.
Drill hole DD21TU21
Core drill hole DD21TU21 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. Two separate chromitite
reef horizons were observed within the broader 75.70 m UM interval
which started at 134.95 m hole depth (~117 m vertical depth).
Chromitite-bearing peridotites, dunites and local serpentinites
dominated the target UM package.
This hole returned an assay highlight of 71.90 m
grading 1.29 g/t 2PGE+Au from 134.95 m, including 23.00 m grading
2.51 g/t 2PGE+Au from 160.00 m, and 1.55 m grading 10.82 g/t
2PGE+Au from 167.75 m. CLICK HERE for a cross section of DD21TU21
and associated up- and down-dip drill holes (Figure 4).
Drill hole DD21TU22
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 a down-hole depth of 172.80 m (~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 depth). Chromitite-bearing peridotites, dunites and local
serpentinites dominated the sequence.
The hole returned an assay highlight of 59.20 m
grading 1.09 g/t 2PGE+Au from 172.80 m, including 7.45 m grading
2.48 g/t 2PGE+Au from 175.80 m, and 1.25 m grading 15.11 g/t
2PGE+Au from 201.60 m. CLICK HERE for a cross section of DD21TU22
and associated up-dip drill holes (Figure 5).
Drill hole DD21TU23
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 was intercepted for 50.75 m from
207.10 m depth (~180 m vertical depth), and hosted two separate
chromitite reef horizons, including a 1.00 m interval at 235.10 m
depth (~200 m vertical).
The hole returned an assay highlight of 49.75 m
grading 0.66 g/t 2PGE+Au from 208.10 m, including 4.90 m grading
1.56 g/t 2PGE+Au from 208.10 m, and 2.44 m grading 4.18 g/t 2PGE+Au
from 235.06 m. CLICK HERE for a cross section of DD21TU23 and
associated up-dip drill holes (Figure 6).
Table 1: Summary of Significant Core
Assay Results to Date from 2021 Drilling at Trapia 1
Hole ID |
From (m) |
To (m) |
Length* (m) |
Au (g/t) |
Pd (g/t) |
Pt (g/t) |
2PGE+Au (g/t) |
Summary |
DD21TU21 |
134.95 |
206.85 |
71.90 |
0.03 |
0.86 |
0.39 |
1.29 |
71.90 m grading 1.29 g/t 2PGE+Au from 134.95
mincl. 2.60 m grading 4.21 g/t 2PGE+Au from 139.35
mand 23.00 m grading 2.51 g/t 2PGE+Au from 160.00
mincl. 1.55 m grading 10.82 g/t 2PGE+Au from
167.75 m |
139.35 |
141.95 |
2.60 |
0.05 |
2.36 |
1.80 |
4.21 |
160.00 |
183.00 |
23.00 |
0.05 |
1.78 |
0.67 |
2.51 |
167.75 |
169.30 |
1.55 |
0.02 |
7.42 |
3.38 |
10.82 |
DD21TU22 |
172.80 |
232.00 |
59.20 |
0.03 |
0.68 |
0.38 |
1.09 |
59.20 m grading 1.09 g/t 2PGE+Au from 172.80
mincl. 7.45 m grading 2.48 g/t 2PGE+Au from 175.80
mand 1.25 m grading 15.11 g/t 2PGE+Au from 201.60
m |
175.80 |
183.25 |
7.45 |
0.06 |
1.64 |
0.78 |
2.48 |
201.60 |
202.85 |
1.25 |
0.02 |
8.64 |
6.45 |
15.11 |
DD21TU23 |
208.10 |
257.85 |
49.75 |
0.02 |
0.39 |
0.25 |
0.66 |
49.75 m grading 0.66 g/t 2PGE+Au from 208.10
mincl. 4.90 m grading 1.56 g/t 2PGE+Au from 208.10
mand 2.44 m grading 4.18 g/t 2PGE+Au from 235.06
m |
208.10 |
213.00 |
4.90 |
0.02 |
1.08 |
0.45 |
1.56 |
235.06 |
237.50 |
2.44 |
0.01 |
2.47 |
1.70 |
4.18 |
*Reported assay interval lengths are core
lengths and estimated to be 90-100% true width
Quality Control/Quality Assurance
(“QA/QC”) and Grade Interval Reporting
CLICK HERE for a summary of ValOre’s policies
and procedures related to QA/QC and grade interval reporting.
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
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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
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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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