ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today provided an update on resource
expansion drilling at the Trapia 1 and Trapia 2 target areas
(“Trapia”), of ValOre’s 100%-owned Pedra Branca Platinum Group
Element (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern
Brazil.
“PGE assay results from ValOre’s 2020 and 2021
Trapia drill programs illustrate the significant potential for
resource expansion. We have now tripled the strike length of known
PGE mineralization at Trapia 1 and increased Trapia 2 strike length
by a factor of five,” stated ValOre’s VP of Exploration, Colin
Smith. “We eagerly await the recalculation of Trapia’s resource
estimates, which we expect to initiate in Q4, 2021.”
Highlights of 2020 and 2021 Resource
Expansion Drilling at Trapia 1 and Trapia 2:
- Tripled known
strike length of drill-confirmed PGE mineralization at Trapia 1,
from 155 metres (“m”) to 470 m, and increased strike length by a
factor of over five at Trapia 2, from 90 m to 490 m;
- Established a
new PGE zone 400 metres (“m”) to the northeast and along trend from
current Trapia 2 resource area;
- Confirmed and
broadened up-dip surface PGE mineralization outside of the
currently defined Trapia 1 resource;
- Intercepted
thickened, high-grade PGE mineralization down-dip and outside of
currently defined resources at both Trapia 1 and Trapia 2.
Table 1: Summary of 2019 Trapia Inferred
Mineral Resources and 2020-2021 Drill Upside
Deposit |
Tonnage |
Pd Grade(g/t) |
Pt Grade(g/t) |
Au Grade(g/t) |
2PGE+Au Grade(g/t) |
2PGE+Au(Ounces) |
Pre-ValOre DDHs in 2019 Inferred Pit-Constrained
Resource |
2020-2021 DDHs(>10 gram x metre 2PGE+Au
intercepts) |
Trapia 1 |
2,600,000 |
0.71 |
0.36 |
0.03 |
1.09 |
92,000 |
7 |
14 of 23 |
Trapia 2 |
1,700,000 |
0.79 |
0.31 |
0.04 |
1.14 |
62,000 |
3 |
8 of 14 |
Trapia West |
1,800,000 |
0.63 |
0.45 |
0.03 |
1.12 |
64,000 |
7 |
did not drill |
TOTAL |
6,100,000 |
0.71 |
0.37 |
0.03 |
1.11 |
218,000 |
17 |
22 of 37 |
Resource Expansion Drilling at
Trapia
ValOre’s 2020 and 2021 drill programs have
successfully extended PGE mineralization outside of the inferred
resources at both the Trapia 1 and Trapia 2 deposits. Figures 1a
and 1b show the location of the 2020 and 2021 core drill holes
within the Trapia 1 (5,280 m in 23 holes) and Trapia 2 (2,240 m
drilled in 14 holes) target areas.
Table 1 (above) summarizes the Trapia 2019 pit-constrained NI
43-101 inferred resource and illustrates the PGE resource expansion
potential from ValOre’s 2020 and 2021 drill core assay results. A
10 “gram x metre” 2PGE+Au threshold was applied, based on the two
lowest gram x metre assay intervals of resource holes, drill hole
DD09TD03 (7.53 gram x metre hole in Trapia 2 resource) and drill
hole DD09TU08 (9.61 gram x metre hole in Trapia 1 resource).
At Trapia 1, the strike length of
drill-confirmed PGE mineralization has tripled from 155 m to 470 m,
as corroborated by 14 drill intercepts of PGE mineralization in 15
drill holes (2020 and 2021) south of the 2019 inferred resource,
including:
- Drill hole
DD20TU20: 76.74 m at 1.25 g/t 2PGE+Au from 176.81 m
- Drill hole
DD21TU22: 59.20 m at 1.09 g/t 2PGE+Au from 172.80 m
- Drill hole
DD21TU25: 57.35 m at 1.00 g/t 2PGE+Au from 238.15 m
- Drill hole
DD20TU13: 61.85 m at 0.81 g/t 2PGE+Au from 217.15 m
The strike length extension was accomplished
after ValOre’s geologists reinterpreted the structural and
geological model at Trapia 1 and established that the
PGE-mineralized intrusion was not truncated by a fault along the
southern resource margin, as previously interpreted by past
operators, but remained fully intact and stepped down by 40 to 50
m. As such, historical resource expansion holes to the south of the
stepdown were stopped short of the PGE-bearing ultramafic (“UM”)
intrusion. Strike potential of the mineralized UM target remains
open in both directions (north-northeast and south-southwest). See
Figure 2 below for a plan map of 2020 and 2021 core drill holes at
Trapia 1, compared with the 2019 inferred resource holes.
ValOre drilling has also confirmed and broadened
the up- and down-dip high-grade PGE mineralization outside of the
currently defined resource area, including the up-dip, surface PGE
intercept in drill hole DD20TU10, which graded 52.37 m at 1.24 g/t
2PGE+Au from 0.45 m; and down-dip drill holes DD20TU12, with 100.42
m grading 0.76 g/t 2PGE+Au from 93.15 m, and DD21TU21 which graded
1.29 g/t 2PGE+Au over 71.90 m from 134.95 m depth.
Figure 2: Plan Map of 2020 and 2021 Core
Drill Holes at Trapia 1, Compared with 2019
Resource is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/532f32f4-ff70-4a16-9ffa-62251f131219
At Trapia 2, ValOre’s 2020 and 2021 core
drilling has increased the drill-confirmed PGE-mineralized strike
length by a factor of greater than five times, from 90 m to 490 m.
This includes a new PGE zone situated 400 m to the northeast and
along trend from current resource area, supported by six PGE drill
intercepts in seven core holes from 2020 and 2021. In addition,
geological continuity of the UM host rocks was established for over
800 m of geological trend, which remains open in both directions.
See Figure 3 below for a plan map of 2020 and 2021 core drill holes
at Trapia 2, compared with the 2019 inferred resource holes.
ValOre’s 2020 and 2021 drilling produced the top
two core holes to date from a 2PGE+Au gram x metre interval
perspective at Trapia 2, and five of the top six, including:
- Drill hole
DD21TD14: 11.27 m at 2.10 g/t 2PGE+Au from 152.48 m (released
today)
- Drill hole
DD21TD16: 45.45 m at 0.61 g/t 2PGE+Au from 178.55 m (released
today)
- Drill hole
DD21TD17: 21.60 m at 0.49 g/t 2PGE+Au from 43.80 m (released
today)
- Drill hole
DD20TD13: 45.62 m at 0.54 g/t 2PGE+Au from 9.10 m
- Drill hole
DD20TD07: 52.15 m at 0.49 g/t 2PGE+Au from 4.85 m
Figure 3: Plan Map of 2020 and 2021 Core
Drill Holes at Trapia 2, Compared with 2019
Resource is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/10b10828-330d-4656-9ffc-5a22747c7139
Table 2 summarizes significant PGE assay results
from 2020 and 2021 Trapia 1 and Trapia 2 core drilling.
Trapia Target Areas and the 2019 Mineral
Resource Domain
Trapia is one of five currently defined PGE
deposit areas at Pedra Branca, which together host an inferred
resource totalling 1,067,000 ounces of 2PGE+Au contained in 27.2
million tonnes (“Mt”) grading 1.22 g/t 2PGE+Au. Summary Table of
the 2019 Inferred Resource and Pedra Branca Resource Estimate NI
43-101 Technical Report, May 2019.
The Trapia mineral resource comprises three
separate UM intrusive areas within a 2-kilometre radius: Trapia 1,
Trapia 2 and Trapia West. Specifically, Trapia 1 represents 92,000
ounces of the aggregate Trapia inferred resources of 219,000 ounces
at 1.10 g/t 2PGE+Au (6.2 Mt), and Trapia 2 represents 62,000 ounces
of the aggregate Trapia inferred resource.
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
www.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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