ValOre Metals Corp. (“ValOre”; the “Company”;
TSX‐V: VO; OTC: KVLQF; FRANKFURT:
KEQ0) today provided an update from Chairman & CEO,
Jim Paterson, on first half year (“H1”) 2021 goals and
accomplishments related to advancing ValOre’s 100%-owned Pedra
Branca Platinum Group Element (“PGE”) Project in northeastern
Brazil.
2021 Focus
ValOre issued over 20 news releases documenting accomplishments
in calendar 2020, and with our dramatically increased exploration
activities at Pedra Branca, we have already issued 20 news releases
in the first half of this year alone, including the following areas
of focus:
- Team building
continues with the addition of highly experienced directors,
advisors, technical experts and Pedra Branca project staff;
- Successful
fundraising efforts have enabled an expanded and more productive
exploration program. ValOre’s ability to increase Community
Engagement levels has been aided by a more solid financial
footing;
- Resource
expansion drilling has been very successful at Trapia (Trapia 1 and
Trapia 2), with Santo Amaro drilling to commence this month;
- Target
advancement drilling has defined near-surface PGE mineralization at
Esbarro NW and Cana Brava, with all assays pending for Santo Amaro
South (5 of 5 drill holes have intercepted the target ultramafic
rocks);
- Discovery
drilling generated positive assay results in all three holes at
Trapia South;
- Over 2,700
metres (“m”) remain in the core program, including all drilling at
the C-04 and Santo Amaro targets, and on-going follow-up drilling
at Trapia 1;
- ValOre’s
exploration methodology has generated new targets and PGE
discoveries;
- Work related to
mineralogy, mineral processing and metallurgy continues to provide
options for Pedra Branca future development;
- A comprehensive
mineralogical characterization study was completed in H1 2021, and
a multi-faceted follow-up metallurgical testwork program has
commenced, including: reverse floatation, hot cyanide leach, hot
ferricyanide leach, and bottle roll tests.
Team Built - In 2020, ValOre added considerable
depth and technical talent to the team. This trend continued in H1
2021, with announcements (March 26 and June 1) detailing
appointments of Darren Klinck as Director, Ian Pritchard and Luis
Azevedo as Advisors, Colin Smith as V.P. Exploration, Thiago Diniz
as Exploration Manager, and Marina Carvalho as Lead
Administrator.
Successful Fundraising - On February 17, the
Company announced the closing of a private placement of gross
proceeds of CAD$8.33 million which enabled the Company to fully
extinguish the outstanding operating line of credit and attracted
some very strong and long-term shareholders, including 20%
participation by company insiders.
Community Engagement - We strive to have a
positive impact on the communities surrounding Pedra Branca, and in
particular, the wonderful people of Capitão Mor. Our efforts in
2020 and 2021 remain focused on supporting the local medical clinic
and schools with donations of supplies when called for, and as the
project activity level scales up, we have been able to increase the
hiring levels and business partnerships with local residents.
Exploration Success - In H1 2021, ValOre’s team
successfully advanced the Pedra Branca PGE project on multiple
fronts. We have drilled 3,263 of the planned 6,000 metres diamond
drill (“DDH”) program comprised of resource expansion, target
advancement and discovery drilling. Samples from 11 diamond drill
holes have been sent for assays, with assays pending for 4 holes
from Trapia 2. Follow-up drilling at Trapia 1 is on-going, drilling
at the C-04 target has commenced, and drilling at Santo Amaro will
be initiated this month.
A highlight from resource expansion drilling at Trapia 1 in H1
2021 was drill hole DD21TU21, which returned 71.90 m grading 1.29
grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) from
134.95 m, including 1.55 m grading 10.82 g/t 2PGE+Au from 167.75 m
(June 30 release).
On July 12, we announced highlights from discovery drilling
activities at Pedra Branca which included a PGE discovery at Trapia
South, and near surface zones of mineralization in areas proximal
to existing 43-101 inferred resources, such as Esbarro NW target.
In addition, compelling exploration potential is being established
at the underexplored Massape target, which hosts PGE mineralization
in 3 of 5 historical drill holes. ValOre has conducted extensive
2021 geological mapping, prospecting, Trado® auger drilling and
trenching, as we work to advance the target towards a drill-ready
stage (assays pending for Trado® and trench samples).
In H1 2021, a total of 38 reverse circulation
(“RC”) drill holes in 1,828 m have been drilled, with assay results
received for 22 holes, and a total of 113 Trado® auger holes have
been drilled, with assay results received for 92 holes.
ValOre received encouraging assay results and reports from
targeted exploration programs across the property, including
geological mapping and prospecting, 157 rock samples (February 24),
417 soil samples (February 24), 6 trenches (March 23), and rhodium
assays from resampled historical and 2020 ValOre drill core (March
2 and May 6).
Project Advancement - Our work related to
mineralogy, processing and metallurgy has provided positive initial
results which gives us the encouragement and impetus to commence
additional testing. (January 13). A comprehensive mineralogical
characterization study was completed in H1 2021, and a
multi-faceted follow-up metallurgical testwork program has
commenced which includes: reverse floatation, hot cyanide leach,
hot ferricyanide leach, and bottle roll tests.
On July 6, ValOre announced the increase to the Pedra Branca
land holdings by 29% through the acquisition of 16,000
hectares.
Thank you! In what has already been a
productive and successful H1 2021, I would like to thank our
shareholders, team members, service providers and the people in the
communities surrounding Pedra Branca for their support. We look to
continue the momentum for the balance of 2021!
On behalf of the Board of Directors,
“Jim Paterson”
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
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.
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.
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 51
exploration licenses covering a total area of 55,984 hectares
(138,339 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.
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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