ValOre Metals Corp. (TSX‐V: VO) ("ValOre") today
provided an update on exploration activities related to the Pedra
Branca Project located in Brazil.
The Pedra Branca Project is a Platinum Group
Metals (“PGM”) District located in northeastern Brazil covering a
total area of 38,940 hectares (96,223 acres) that includes 38
exploration licenses. The independent NI 43-101 resource estimate
(See ValOre news release July 23, 2019) is comprised of 5 distinct
deposit areas which host, in aggregate, an inferred resource of
1,067,000 ounces PGM+Gold (Palladium, Platinum and Gold; Pd, Pt+Au)
in 27.2 million tonnes (“Mt”) grading 1.22 grams PGM+Gold per tonne
(“g PGM+Au/t”). PGM mineralization outcrops at surface and all of
the known inferred resources are potentially mineable by open pit
methods.
ValOre’s Chairman and CEO, Jim Paterson
commented: “ValOre’s efforts to maximize the tremendous database
generated by previous owners of the Pedra Branca PGM Project began
prior to the August 2019 closing of our acquisition and as we learn
more, our excitement level for the project grows by the day. We’ll
announce our 2020 exploration plans once we’ve assessed results
from our initial on-site exploration visit conducted in October
together with the additional knowledge gained from our review of
the historical exploration activities.”
Please visit ValOre’s website to view an updated
corporate presentation and project summary:
http://www.valoremetals.com/investors/presentations-downloads/
ValOre is currently leveraging the considerable
existing project database to: generate targets to expand known
inferred PGM resources; upgrade targets having known
PGM-mineralization; and make new “greenfields” discoveries:
- Ground-truthing: a comprehensive review of the database has
resulted in the identification of approximately 100 historical
trenches excavated by previous exploration groups; an increased
understanding of geology and PGM mineralization; and thus more
confidence in potential opportunities to expand known resources and
make new discoveries.
- WorldView: acquisition of enhanced and modeled digital
satellite imagery from the highest resolution commercial satellite
in the world, focused on supporting exploration fieldwork with
mineral modeling targeted to define host ultramafic intrusions, as
well as providing high-spatial resolution true-color imagery for
the project area.
- Geophysics: re-processing the district-scale, detailed (50 m
line-spacing) 2013 aeromagnetic survey collected by Anglo American
by means of a 3D magnetic-susceptibility model to help define the
geometry, dip and approximate dimensions of the target ultramafic
intrusions. High-priority target areas have been selected for
subsequent detailed 3D inversion modelling to further refine drill
targeting.
- HIVE: consultancy performing a full drillhole database
verification program and supporting ValOre in the development and
refinement of an accurate, organized and synthesized exploration
database.
- Data compilation: upon completion of the above-mentioned
database verification and organization, authenticated historical
data will be synchronized with newly acquired exploration data to
facilitate and accelerate the path to discovery and resource
expansion.
Our first two test cases of pure greenfields
targeting, involving investigations of discrete reduced to pole
(RTP) magnetic anomalies (from re-processing of Anglo American’s
airborne magnetic survey), combined with targeting various classes
of spectral chromitite and ultramafic picks (from WorldView data)
has resulted in the field identification of chromitite
mineralization and other coarse-grained cumulate ultramafic rocks
at the C04 anomaly located approximately 5 km north of Esbarro in
rolling brush-covered terrain, and the identification of extensive
boulders and possible subcrop of coarse cumulate pyroxenite to
peridotite at anomaly C11 located 500m southeast of Cedro within a
steep talus- and debris flow-covered slope. Samples collected in
the field have been sent to SGS labs, Canada, for assay
analyses.
Importantly, there were no mapped ultramafic
rocks, and no historical soil, rock or stream sediment data over
either target, so target confirmation has been achieved solely by
using the RTP aeromagnetic and WorldView spectral data.
This sets the stage for follow-up of numerous
other pure greenfields targets in the region, with significant
implications for expanding the exploration and development
potential of the Pedra Branca Project.
About ValOre Metals Corp.
ValOre Metals Corp. (TSX‐V: VO)
is a Vancouver based 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.
ValOre recently acquired an exciting Platinum
Group Metals (“PGM”) property, Pedra Branca, in Brazil, to bolster
its existing Angilak uranium, Genesis/Hatchet uranium and Baffin
gold projects in Canada.
The Pedra Branca Project is a PGM District
located in northeastern Brazil that comprises 38 exploration
licenses covering a total area of 38,940 hectares (96,223 acres).
At Pedra Branca, five distinct PGM deposit areas host, in
aggregate, a NI 43-101 inferred resource estimate of 1,067,000
ounces PGM+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) in 27.2
million tonnes (“Mt”) grading 1.22 grams PGM+Gold per tonne (“g
PGM+Au/t”) (see ValOre news release July 23, 2019). PGM
mineralization outcrops at surface and all of the inferred
resources are potentially mineable by open pit.
ValOre’s 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
have demonstrated 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.
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, 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 Corp.
For further information about ValOre Metals
Corp. 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
contact@valoremetals.com .
ValOre Metals Corp. is a proud member of
Discovery Group. For more information please visit:
www.discoverygroup.ca.
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., who oversees New Project Review for
ValOre.
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 the Company 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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