ValOre Completes 2018 Exploration at Baffin Gold Property, Nunavut
August 16 2018 - 3:15PM
ValOre Metals Corporation (TSX-V: VO) (“ValOre”)
today announced the completion the 2018 summer exploration program
at ValOre’s 100% owned Baffin Gold Property in Nunavut Territory,
Canada. The 2018 program included a 7,038 line-kilometre
aeromagnetic survey and the collection of 431 till and 31 rock
geochemical samples. The Baffin Gold Property covers one of the
largest undeveloped greenstone-iron formation gold belts in
Nunavut, totalling 408,981.6 ha and covering 160 kilometres of the
Foxe Fold Belt on central Baffin Island.
“With this new 2018 airborne data, and further till sampling in
under-explored areas, we are excited to see how our knowledge from
significant gold results from 2017 can be applied to the larger
regional setting,” stated ValOre President Jeff Ward. “We are
confident that ValOre’s first two Baffin Gold programs will upgrade
current targets and begin to unlock the potential of this prolific
gold belt.”
As follow-up to the 2017 program, ValOre’s 2018 summer program
focussed on infilling current geophysical datasets and obtaining
airborne geophysical coverage on lands not yet explored. The
airborne survey was designed to extend known gold-bearing Bravo
Lake Formation geology and find additional occurrences using new
geophysical data over gold-in-till anomalies not yet followed-up.
With this new survey, ValOre now has continuous airborne
geophysical data covering 120 kilometres of the prospective Foxe
Fold Belt.
Last year, ValOre’s maiden exploration program focused on a 68
kilometre-long central portion of the large Baffin Gold Property.
The program succeeded in confirming significant gold bearing zones
and provided a better understanding of the varied host geological
settings. The 2017 program reported numerous high-grade gold assays
from banded iron formation and quartz veins, and seven new priority
areas delineated by anomalous geochemical results in till (see
October 25, 2017 news release).
During the month of July 2018, Tundra Airborne Surveys Ltd.
(“Tundra”) of St. Catharines, Ontario completed a 7,038
line-kilometre, fixed wing (horizontal gradient) aeromagnetic
survey on the Baffin Gold Property. The survey in-filled and
extended existing geophysical grids, with some overlap to help
integrate legacy data. Fixed wing aeromagnetic lines were flown at
200 metre spacing. Final deliverables from Tundra are expected by
late September 2018.
During Tundra’s airborne survey operations, a four-person field
crew collected 438 till and 31 rock geochemical samples. The till
sampling program was designed to expand anomalous trends discovered
in 2017 and repeat regional gold-in-till values from historic
sampling. Line spacing was between 250 and 500 metres, or 125
metres in areas of interest. Sample spacing was between 125 and 250
metres. All samples will be sent to ALS Geochemistry (ALS) in
Vancouver, BC for final analysis. Till samples will be submitted
for Au-CN44 cyanide extraction and ME-ICP61 analysis. Rock samples
will be analyzed using Au-AA23 fire assay methods with final
ME-ICP61 analysis. ALS Geochemistry meets all requirements of
International Standards ISO/IEC 17025:2005 and ISO 9001:2015.
Jeff Ward, P.Geo, President of ValOre and a
Qualified Person under National Instrument 43-101 has reviewed and
approved the technical information contained in this release.
About ValOre Metals
CorporationValOre Metals Corporation (TSX-V: VO) is a
Vancouver-based company with a portfolio of high-quality uranium
and precious metal exploration projects in Canada. In addition to
the new Baffin Gold Property, ValOre holds Canada’s highest-grade
uranium resource outside of Saskatchewan. The Company’s flagship
project, the 89,852 hectare Angilak Property in Nunavut Territory,
hosts the Lac 50 Trend with a NI 43-101 Inferred Resource of
2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds
U3O8. ValOre’s comprehensive exploration programs continue to
demonstrate the “District Scale” potential of the Angilak Property.
For disclosure related to the inferred resource for the Lac 50
Trend uranium deposits, please refer to ValOre’s news release of
March 1, 2013.
In Saskatchewan, ValOre holds a 100% interest in
the 13,711 hectare Hatchet Lake Property adjacent to the
north-eastern margin of the highly prolific uranium-producing
Athabasca Basin. Compilation of results from previous exploration
by Hathor Exploration Limited and Rio Tinto have identified
multiple, priority unconformity-related basement targets at Hatchet
Lake that were followed up in 2015.
ValOre also holds a 50% interest in the 131,412
hectare Genesis Property located northeast of Saskatchewan’s
Athabasca Basin, with Roughrider Exploration Limited funding the
current exploration program pursuant to an option to acquire up to
an 85% interest in the property. This highly prospective project is
located along the Wollaston-Mudjatik trend and extends 90
kilometres northeast from Wollaston Lake to the Manitoba
border.
ValOre’s team of northern exploration specialists
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, Canada 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 CorporationFor
further information about, ValOre Metals Corporation or this news
release, please visit our website
at www.valoremetals.com or contact Investor Relations
toll free at 1.888.331.2269, at 604.646.4527, or by email
at info@valoremetals.com.
ValOre Metals Corporation is a member of the
Discovery Group of Companies, for more information please visit:
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. Certain disclosures in this release
constitute forward-looking statements that are subject to numerous
risks, uncertainties and other factors relating to ValOre 's
operations as a mineral exploration company that may cause future
results to differ materially from those expressed or implied in
such forward-looking statements, including risks as to the
completion of the plans and projects. Readers are cautioned not to
place undue reliance on forward-looking statements. Other than as
required by applicable securities legislation, ValOre expressly
disclaims any intention or obligation to update or revise any
forward-looking statements whether as a result of new information,
future events, or otherwise.
ValOre Metals (TSXV:VO)
Historical Stock Chart
From Jun 2024 to Jul 2024
ValOre Metals (TSXV:VO)
Historical Stock Chart
From Jul 2023 to Jul 2024