ValOre Metals Corp. ("ValOre" or the
“Company”; TSX‐V: VO; OTC: KVLQF;
FRANKFURT: KEQ0) today provided an update on the ongoing
exploration activities at the Company’s 100%-owned Pedra Branca
Platinum Group Elements Project (“PGE”, “2PGE+Au”) in northeastern
Brazil since the August 14, 2019 closing of the acquisition.
“We are proud of the advances we have made at
Pedra Branca since closing the acquisition in August of last year,”
stated Jim Paterson, Chairman & CEO. “Since that time, we have
successfully implemented an exploration targeting methodology that
has yielded many high-priority PGE targets, bolstered our technical
team and started metallurgical test work. Most importantly,
from a news flow perspective, we have started core drilling at
Pedra Branca and look forward to reporting preliminary results from
our Phase 1 program soon.”
2020 Drill Program Underway
In April, ValOre announced key details of the
proposed 2020 Pedra Branca drill program, comprised of two phases
totaling 5,910 metres, with 2,875 metres in Phase 1 and 3,035
metres in Phase 2. The drill program will test three target classes
at 11 property-wide exploration areas:
- Resource expansion;
- New discovery (undrilled targets); and
- Target advancement (follow-up on historical intercepts at
pre-resource targets).
On July 9, 2020, ValOre announced that the Pedra
Branca core drill program had started. Phase 1 is targeting 7
distinct target areas with 23 core drill holes totaling 2,875
metres. The first target drilled was the Trapia 1 deposit area,
with the goals of resource expansion and new discovery. Logging and
sampling of core from Trapia 1 has been completed and 444 drill
core samples from 5 holes have been sent to SGS Vespasiano, Minas
Gerais for assay. Assay results will be released upon receipt and
review of data. CLICK HERE for Figure 1, which
provides a summary map of the 2020 drill program at Pedra
Branca.
Servitec Foraco Sondagem SA, a Brazilian
drilling company based in the State of Goiás, is conducting the
drilling at Pedra Branca. It has more than 700 employees, 90 drill
rigs and operates throughout Brazil with clients including Nexa
Resources S.A., NX Gold S.A., Lundin Mining Corporation and CMOC
Brasil.
Successful Implementation of Targeting
Methodology
In December 2019, ValOre reported that it had
identified PGE+Au mineralization in all rock samples from the “C04”
exploration target. Importantly, this new discovery followed
the successful implementation of an exploration targeting
methodology which combines airborne magnetic data with high
resolution, multi-spectral WorldView satellite imagery.
Following the success of ValOre’s WorldView-mag
targeting methodology at C04, in March, 2020 ValOre subsequently
identified three new, unexplored, large-scale PGE targets (>3 km
of total strike) collectively called “Mendes North”. The targets
are characterized by three >1 km large magnetic anomalies with
coincident ultramafic and chromitite WorldView spectral
classes.
A geochemical soil sampling and prospecting
program of the three Mendes North targets was immediately initiated
and assay results from the 598 collected soils served to delineate
distinct PGE-in-soil anomalies at all three targets (see July 7,
2020 press release). Furthermore, the PGE geochemical anomalies
remain open at all three Mendes North targets, indicating potential
continuity of this PGE-bearing belt.
Technical Team Strengthened
In June, ValOre announced it had added
significant strength to its technical team with the addition of
consulting exploration geologists and technical/corporate advisors
Robert A. Brozdowski, Ph.D., P.Geo. and Robert Carpenter, Ph.D.,
P.Geo. Together they bring over 55 years of exploration experience,
including direct experience with PGE-enriched ultramafic systems
and a track record of significant discoveries. In addition, ValOre
welcomed in-country Project Geologist, Thiago Diniz, P.Geo., to
assist in the execution of the 2020 exploration programs at Pedra
Branca.
Initiation of Metallurgical Testwork
Program
ValOre announced the start of metallurgical
testwork by SGS Canada Inc. of Lakefield, Ontario in June.
Preliminary metallurgical test work utilizing Falcon UF gravity
separation as well as PLATSOLTM leaching on samples obtained from
ValOre’s NI 43-101 deposit areas has been initiated. This
metallurgical test work will help to accelerate the advancement of
Pedra Branca.
Secured $1.2M Financing
ValOre secured a $1.2 million funding package in
April by entering into an unsecured revolving credit
facility. This funding arrangement will finance ValOre’s
corporate and exploration activities for the coming year, including
fully funding the Phase 1 drill program.
Qualified Person (“QP”)
The technical information in this news release
has been prepared in accordance with Canadian regulatory
requirements set forth in NI 43-101 and reviewed and approved by
Colin Smith, P.Geo., who oversees New Project Review for
ValOre.
ValOre and Servitec Foraco COVID-19
Protocols
ValOre and Servitec Foraco are closely
monitoring impacts on operations and business preparedness plans,
as the health and safety of employees, contractors and associated
communities is a top priority both companies.
As part of the safety protocol, the companies
have implemented daily screening procedures, temperature
monitoring, self-assessment checklists and issued directives
regarding social distancing to ensure a safe environment for
operations. Servitec Foraco has an extensive procedural guide on
hygiene and conduct to be adopted daily during and after work
hours.
These decisions, by both ValOre and Servitec,
reinforce the shared objective of preventing the transmission of
COVID-19 among employees, contractors, and the communities proximal
to drilling activities.
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 38
exploration licenses covering a total area of 38,940 hectares
(96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct
PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred
Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and
Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading
1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July
23, 2019 news release). PGE mineralization outcrops at surface and
all of the inferred resources are potentially open pittable.
Comprehensive exploration programs have
demonstrated the "District Scale" potential of ValOre’s
89,852-hectare Angilak Property in Nunavut Territory, Canada that
hosts the Lac 50 Trend having a NI 43‐101 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 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 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
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:
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 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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