ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today provided an exploration update
for ValOre’s 100%-owned Angilak Property Uranium Project
(“Angilak”), located in Nunavut Territory, Canada.
“The potential for significant resource
expansion and discovery at Angilak is exceptional, including 14
targets with high-grade U3O8 drill intercepts which span 60
kilometres of underexplored prospective geological trend,” stated
ValOre’s Vice President Exploration, Colin Smith. “ValOre is
preparing a multi-faceted and fully funded 2022 exploration program
to rapidly expand and advance the project, supported by the
recently-closed and oversubscribed C$11M financing.”
Angilak Uranium Project 2021 Targeting
Highlights
The 2022 Angilak exploration program will
comprise a multi-faceted campaign including: core drilling, Enzyme
Leach (“EL”) soil sampling, ground geophysics including ground
magnetics and VLF-EM, and district-wide prospecting, mapping, and
sampling. A property-wide targeting review has identified
high-priority targets to be advanced in a fully funded 2022
exploration program, characterized into 3 target classes:
- Lac 50 Trend Resource Expansion: 4 targets adjacent or
contiguous to inferred resource zones;
- Target Advancement: 10 targets to follow-up ValOre U3O8 drill
intercepts at zones not included in the inferred mineral
resource;
- New Discovery: 20 targets which merit drilling.
Complete geophysical and geochemical datasets
have been re-processed, re-interpreted and re-integrated into the
Angilak geological and targeting model. In addition, 466 square
kilometres (46,600 hectares) of new WorldView spectral data and
high-spatial resolution imagery covers 100% of the high-priority
targets and prospective basin-margin. Key areas along two major
trends have been identified for completion of ground magnetics,
VLF-EM and EL geochemical sampling.
ValOre has closed a C$11M financing to support a
significant exploration program at Angilak in 2022 (CLICK HERE for
news release dated November 17, 2021).
Targets to Drive Significant Resource
Expansion and Future Discoveries
Angilak is a world-class advanced uranium
exploration project with tremendous upside potential in a vastly
underexplored district. The on-going property-wide targeting review
has identified 34 targets to date, which are characterized into 3
classes: Resource Expansion, Target Advancement (ValOre-drilled
high-grade U3O8 intercepts at pre-resource targets), and New
Discovery (targets undrilled by ValOre). See Figure 1 below for a
regional map of the Angilak Property, summarizing the locations and
classes of the 34 targets reported herein, and the extent of
additional planned ground magnetic and VLF-EM surveys and EL soil
sampling.
Figure 1: Regional Plan Map of Angilak
Property is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/1770ab54-4e1d-4665-86dd-ce89784d7f42
Lac 50 Resource Expansion
The 2013 Lac 50 inferred mineral resource
comprises 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3
million pounds (“Mlbs”) of U3O8, representing Canada’s highest
grade uranium deposit outside of the Athabasca Basin. In addition
to uranium, the Lac 50 Trend contains significant quantities of
silver, molybdenum and copper as outlined in the resource, and is
interpreted as a basement hosted, vein-hydrothermal type,
unconformity-associated uranium deposit. CLICK HERE for a summary
table of the Lac 50 inferred resource estimate.
Lac 50 hosts significant resource expansion
potential, with multiple high-grade U3O8 extension targets
remaining wide open. Mineralization occurs as southwest plunging
shoots, which have been traced by drilling to a maximum vertical
depth of approximately 380 metres (“m”) and along a strike length
of over 6 kilometres (“km”).
Resource Expansion Target (J4 West -
Example)
Lac 50’s J4 Zone (“J4”) contributes 15.3 Mlbs of
U₃O₈ grading 0.75% U₃O₈, 30.1 g/t Ag, 0.20% Mo and 0.26% Cu to the
overall Lac 50 Trend resource. J4 remains entirely open
down-plunge, and the re-processed ground VLF-EM data highlights a
distinct off-set and interpreted continuation of the uranium-rich
conductor immediately to the east-southeast of the resource zone.
See Figures 2 and 3 below for a plan maps and 3D cross sections of
J4, showing the fully open high-grade U₃O₈ shoots at depth, and the
potential for continuation of the J4 and Ray zones along their
interpreted fault offset to the west.
Similar resource upside has also been identified
at Lac 50’s Eastern Extension (“EE”), Western Extension (‘WE”) and
Main Zone (“MZ”), all of which will be considered for targeted
expansion drilling.
Figure 2: Plan Map of J4 and Ray
Resource Zones, and J4 West Resource Expansion
Target is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/7ee093c2-242f-410f-86cb-5729f6eaacd7
Figure 3: Cross Section of J4 and Ray
Resource Zones, and J4 West Resource Expansion
Target is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/d426a902-79ec-4878-919a-0ad0d6395bc1
Target Advancement (Blaze -
Example)
The Blaze Target (Figure 4) is located
approximately 2 km west of the Lac 50 Trend. Mineralization occurs
as complex pitchblende veins and disseminated sulphides in
quartz-carbonate veins and breccia. The Blaze Target has been
drilled across a strike length of 100 m, with significant
mineralization intersected between 30 and 126 m depth below
surface. A total of 3,466 m in 24 drill holes drilled in 2010 and
2011 investigated mineralization at Blaze. The most notable Blaze
drill hole is 11-BZ-010 assaying 1.01% U₃O₈ over 25.4 m. Subsequent
drill holes suggest the true width of this intercept to be roughly
4 m. Blaze is untested by drilling for at least 1000 m to the
west-northwest along a strongly anomalous uranium-in-soils trend
(EL) and related to a 600 m VLF-EM conductor.
Figure 4: Plan Map of Blaze
Target is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e2c83566-d13c-4d88-a24c-4ea9ba64b911
New Discovery Target (RIB - Example)
The RIB target (Figure 5) was identified as a
basement conductor by Noranda Exploration Ltd. in 1976. During
1977-78, 14 of 25 diamond drill holes over a 1.2-km trend
intersected uranium mineralization at shallow depths (less than 35
m), with the two best intercepts being 0.19% U3O8 over 9.3 m,
including 0.52% U3O8 over 2.6 m and 1.61% U3O8 over 0.7 m.
Exploration by ValOre in 2014 confirmed the RIB conductor using
airborne VTEM geophysics. EL soil samples also outlined a
corresponding 4-km-long uranium geochemical trend extending
northeast, southwest and south of the historic Noranda drilling.
Cobbles discovered south of the historic Noranda drilling near the
anomalous EL soil geochemical samples assayed 5.34% U and lie on a
parallel geophysical conductive trend approximately 500 m southeast
of the conductor tested by the Noranda drilling. Planned ground
magnetic and VLF-EM coverage will assist in better correlating the
EL uranium anomalies with specific conductor targets prior to
drilling.
Figure 5: Plan Map of RIB
Target is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a084a500-18ca-4e80-8149-21b013e4bd2d
About Angilak
The 59,483-hectare Angilak Property is situated
in the mining- and exploration-friendly Nunavut Territory, Canada,
and has district-scale potential for uranium, precious and base
metals. Since acquisition, ValOre has invested over C$55 million on
resource delineation and exploration drilling (89,572 metres in 589
drill holes), metallurgy, geophysics, geochemistry, and logistics
across the large land package. This work supported the development
of the significant Lac 50 Trend NI 43-101 inferred resource
estimate (“Lac 50”).
The Lac 50 NI 43-101 Technical Report (effective
date March 1, 2013) defined an inferred resource estimate which
represents Canada’s highest-grade uranium resource outside of
Saskatchewan, and one of highest-grade uranium resources on a
global basis. Highlights include:
- 43.3 Mlbs
U3O8 in
2,831,000 tonnes grading 0.69% U3O8. CLICK HERE for a summary table
of the Lac 50 Trend inferred resource estimate;
- Supported by 351 resource delineation drill holes totaling
62,023 metres (“m”);
- Metallurgical results for Lac 50 demonstrate high uranium
recoveries and rapid leach kinetics. See news releases: February
28, 2013, September 11, 2013 and February 27, 2014;
- Lac 50 Trend is a 15 kilometre (“km”) by 3 km area with
excellent potential for resource growth and new discoveries;
- Uranium mineralization starts at surface, and has been drilled
to 380 m vertical depth;
CLICK HERE for ValOre’s May 6, 2021 video
summarizing the highlights of Angilak.
CLICK HERE for ValOre’s May 6, 2021 video
reviewing the 2021 focus for Angilak.
About WorldView Spectral
Data
CLICK HERE for ValOre’s summary of WorldView
spectral data, and CLICK HERE for additional information from
DigitalGlobe™ on the Hi-Res WV-3 orbiting system.
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.
Information in this presentation related to the
independent Angilak mineral resource estimate has been approved by
Michael Dufresne, M.Sc. P.Geo., President of Apex Geoscience Ltd.,
Robert Sim, P.Geo. of SIM Geological Inc. and Bruce Davis, FAusIMM
of BD Resources Consulting Inc., who are independent QPs as defined
under NI 43‐101.
Susan Lomas, P.Geo., of LGGC is the QP, as
defined in NI 43-101, responsible for the Pedra Branca mineral
resource estimates as reported below.
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 complement 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/
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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