ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today reported diamond drilling assay
results from the Santo Amaro target at ValOre’s 100%-owned Pedra
Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra
Branca”) in northeastern Brazil.
“2021 drilling at Santo Amaro was a great
success, with significant shallow PGE intercepts returned in 16 of
20 holes,” stated ValOre’s VP of Exploration, Colin Smith. “The
127-metre PGE intercept in drill hole DD21SA27, situated 95 metres
outside of the resource to the east-southeast, demonstrates the
impressive upside potential of this underexplored target area.”
Key Updates on 2021 Santo Amaro Core
Drilling:
- 20 holes drilled
totaling 2,316 metres (“m”), with a primary focus of resource
expansion;
- All 20 completed
holes intercepted the target ultramafic (“UM”) intrusion, with
assays received in full, and notable PGE intercepts returned in 16
of 20 core holes;
- Newly received
near surface PGE interval highlights include:
- 127 m at
0.85 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”)
from 39 m, incl. 27 m at 2.25 g/t 2PGE+Au from 55 m in drill hole
DD21SA42
- 53 m at
1.19 g/t 2PGE+Au from 2.0 m, incl. 20 m at 2.13 g/t 2PGE+Au from 29
m in drill hole DD21SA34
- 22 m at
2.64 g/t 2PGE+Au from 18 m, incl. 6.0 m at 5.32 g/t 2PGE+Au from 29
m in drill hole DD21SA37
- 20 m at
1.67 g/t 2PGE+Au from 40 m in drill hole DD21SA33;
- Drill-confirmed
PGE mineralization along the trend has increased in strike length
from 215 m to over 600 m;
- Continuity of
geology and PGE grade has been established between Northwest Target
(“NW”) and resource area, with 8 positive NW drill holes spaced
~60-90 m apart;
- Broad trends of
near-surface PGE mineralization remain largely open.
*Reported core assay interval lengths are estimated to represent
80-100% true width
Santo Amaro Target and the 2019 Mineral
Resource Domain
Santo Amaro is one of five currently defined PGE
deposit areas at Pedra Branca, which together host an inferred
resource totalling 1,067,000 ounces (“oz”) 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 2019 Santo Amaro mineral resource was
defined by 5 pre-ValOre drill holes spaced 45-60 m apart, along a
collective geological trend of 215 m, which together comprise an
inferred resource of 203,000 oz at 1.19 g/t 2PGE+Au in 5.3 Mt. To
improve geological constraint for the next resource re-estimation,
10 scissor holes were drilled in 2021 from 5 pads (2 holes per pad)
to the north of the resource holes, with each pad having 1 vertical
hole (-90° dip) and 1 angled hole to the south (-50° dip).
Shallow, well-mineralized intercepts have been
returned for all 10 holes, establishing strong geology and PGE
grade continuity of the resource area. Highlight PGE intercepts
include: 36 m at 2.22 g/t 2PGE+Au from 43 m, incl. 9.1 m at 6.38
g/t 2PGE+Au from 43 m in drill hole DD21SA30, and 53 m at 1.19 g/t
2PGE+Au from 2.0 m, incl. 20 m at 2.13 g/t 2PGE+Au from 29 m in
drill hole DD21SA34. See Table 1 below for a summary of significant
drill core assays, and Figure 1 below for a plan map of Santo Amaro
drilling.
Resource Expansion Potential Along
Strike
The easterly resource strike extension exhibits
a thickening of the mineralized package and was subsequently
targeted with 3 holes in 2021. All three holes intercepted broad
intervals of target UMs along trend from the existing resource,
including highlight drill hole DD21SA42, which returned 127 m at
0.85 g/t 2PGE+Au from 39 m, including 27 m at 2.25 g/t 2PGE+Au from
55 m. See Table 1 below for a summary of significant drill core
assays, and Figure 2 below for a cross section of DD21SA42.
The resource strike potential also remains open
to the west and northwest, as evidenced by western-most 2020 drill
hole DD20SA23, which returned 20 m at 0.98 g/t 2PGE+Au from surface
(CLICK HERE for news release dated January 15, 2021), and 2021
drill hole DD21SA37, situated 220 m to the northwest (NW Target),
which returned 22 m at 2.64 g/t 2PGE+Au from 18 m.
Northwest Target Area
The NW Target represents an emerging shallow PGE
body approximately 250 m north-northwest of the resource area,
targeted with 6 holes totaling 729 m in 2021, with the goal of
incorporating the zone into a future inferred resource estimate.
All 6 holes intercepted the target shallow UM intrusion, with 4
holes returning significant near-surface PGE intercepts, building
strong geological continuity between the 200 m by 300 m zone, and
the resource area (250 m to the south-southeast). Highlight drill
hole DD21SA37 returned 22 m at 2.64 g/t 2PGE+Au from 18 m, incl.
6.0 m at 5.32 g/t 2PGE+Au from 29 m. See Table 1 below for a
summary of significant drill core assays.
Table 1: Significant Core 2PGE+Au Assays
from 2021 Santo Amaro Drilling
Target |
Hole ID |
From(m) |
To(m) |
Length(m) |
Au(g/t) |
Pd(g/t) |
Pt(g/t) |
2PGE+Au(g/t) |
Summary Interval** |
Gram x metre |
Scissor Target |
DD21SA25* |
41.90 |
99.76 |
57.86 |
0.01 |
0.29 |
0.30 |
0.60 |
59 m at 0.60 g/t 2PGE+Au from 42 m |
35 |
Scissor Target |
DD21SA26* |
34.02 |
62.60 |
28.58 |
0.04 |
0.54 |
0.26 |
0.83 |
29 m at 0.83 g/t 2PGE+Au from 34 mincl. 12
m at 1.12 g/t 2PGE+Au from 43 m |
24 |
43.00 |
55.00 |
12.00 |
0.02 |
0.73 |
0.37 |
1.12 |
NW Target |
DD21SA27* |
8.50 |
13.00 |
4.50 |
0.01 |
0.12 |
0.12 |
0.26 |
4.5 m at 0.26 g/t 2PGE+Au from 8.5 mand 31 m at 0.26 g/t 2PGE+Au
from 88 mincl. 4.0 m at 0.99 g/t 2PGE+Au from 88 m |
9 |
88.00 |
119.00 |
31.00 |
0.01 |
0.17 |
0.08 |
0.26 |
88.00 |
92.00 |
4.00 |
0.02 |
0.73 |
0.25 |
0.99 |
Scissor Target |
DD21SA28* |
19.95 |
27.60 |
7.65 |
0.05 |
1.30 |
1.60 |
2.96 |
7.7 m at 2.96 g/t 2PGE+Au from 20 mincl.
3.0 m at 5.24 g/t 2PGE+Au from 22 m |
23 |
22.00 |
25.00 |
3.00 |
0.08 |
2.55 |
2.60 |
5.24 |
Scissor Target |
DD21SA29* |
22.55 |
51.42 |
28.87 |
0.14 |
0.89 |
0.38 |
1.41 |
29 m at 1.41 g/t 2PGE+Au from 23 m |
41 |
Scissor Target |
DD21SA30* |
42.55 |
78.15 |
35.60 |
0.02 |
1.16 |
1.05 |
2.22 |
36 m at 2.22 g/t 2PGE+Au from 43 mincl.
9.1 m at 6.38 g/t 2PGE+Au from 43 m |
79 |
42.55 |
51.67 |
9.12 |
0.03 |
3.28 |
3.07 |
6.38 |
Scissor Target |
DD21SA31 |
49.22 |
95.00 |
45.78 |
0.01 |
0.42 |
0.38 |
0.81 |
46 m at 0.81 g/t 2PGE+Au from 49 mincl. 16 m at 1.22 g/t 2PGE+Au
from 52 m |
37 |
52.00 |
68.00 |
16.00 |
0.02 |
0.61 |
0.65 |
1.27 |
Scissor Target |
DD21SA32 |
18.14 |
41.00 |
22.86 |
0.03 |
0.84 |
0.20 |
1.07 |
23 m at 1.07 g/t 2PGE+Au from 18 mincl.
8.0 m at 2.13 g/t 2PGE+Au from 22 m |
24 |
22.00 |
30.00 |
8.00 |
0.06 |
1.71 |
0.36 |
2.13 |
Scissor Target |
DD21SA33 |
1.35 |
4.00 |
2.65 |
0.01 |
0.19 |
0.19 |
0.40 |
2.7 m at 0.40 g/t 2PGE+Au from 1.4 mand 20
m at 1.67 g/t 2PGE+Au from 40 m |
34 |
40.00 |
59.70 |
19.70 |
0.02 |
1.02 |
0.63 |
1.67 |
Scissor Target |
DD21SA34 |
2.00 |
55.00 |
53.00 |
0.02 |
0.55 |
0.63 |
1.19 |
53 m at 1.19 g/t 2PGE+Au from 2 mincl.
19.9 m at 2.13 g/t 2PGE+Au from 29 m |
63 |
29.00 |
48.90 |
19.90 |
0.01 |
0.76 |
1.35 |
2.13 |
Scissor Target |
DD21SA35 |
46.45 |
49.00 |
2.55 |
0.01 |
0.27 |
0.32 |
0.60 |
2.6 m at 0.60 g/t 2PGE+Au from 47 m |
2 |
NW Target |
DD21SA36 |
0.00 |
8.00 |
8.00 |
0.01 |
0.17 |
0.05 |
0.23 |
8.0 m at 0.23 g/t 2PGE+Au from surfaceand 15 m at 0.22 g/t 2PGE+Au
from 119 m |
5 |
118.50 |
133.75 |
15.25 |
0.01 |
0.10 |
0.10 |
0.22 |
NW Target |
DD21SA37 |
17.90 |
39.50 |
21.60 |
0.01 |
0.88 |
1.75 |
2.64 |
22 m at 2.64 g/t 2PGE+Au from 18 mincl.
5.95 m at 5.32 g/t 2PGE+Au from 29 m |
57 |
29.00 |
34.95 |
5.95 |
0.01 |
1.84 |
3.47 |
5.32 |
NW Target |
DD21SA40 |
35.08 |
58.85 |
23.77 |
0.01 |
0.36 |
0.23 |
0.59 |
24 m at 0.59 g/t 2PGE+Au from 35 mincl. 4.5 m at 1.33 g/t 2PGE+Au
from 54 m |
14 |
54.35 |
58.85 |
4.50 |
0.01 |
0.85 |
0.47 |
1.33 |
East Strike Extension |
DD21SA41 |
0.00 |
28.00 |
28.00 |
0.01 |
0.27 |
0.23 |
0.51 |
28 m at 0.51 g/t 2PGE+Au from surfaceincl. 5.2 m at 1.30 g/t
2PGE+Au from 3.9 m |
14 |
3.90 |
9.05 |
5.15 |
0.01 |
0.53 |
0.76 |
1.30 |
East Strike Extension |
DD21SA42 |
39.00 |
165.85 |
126.85 |
0.02 |
0.42 |
0.41 |
0.85 |
127 m at 0.85 g/t 2PGE+Au from 39 mincl.
27 m at 2.25 g/t 2PGE+Au from 55 m |
108 |
55.00 |
82.05 |
27.05 |
0.04 |
1.04 |
1.17 |
2.25 |
*Released October 20, 2021**Reported core assay interval lengths
are estimated to represent 80-100% true width
Figure 1: Plan Map of Santo Amaro
Drilling is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2174993-5186-4a44-819e-0f88a142ac67
Figure 2: Cross Section of Drill Hole
DD21SA42 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/598a27f5-2333-4402-bcea-cb1a9e8a3d84
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 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.
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:
http://www.discoverygroup.ca/
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Although ValOre believes that the expectations reflected in its
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financial or operating results or (as applicable), their
securities.
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