ValOre Metals Corp. ("ValOre"; the “Company”;
TSX‐V: VO; OTC: KVLQF; FRANKFURT:
KEQ0) today announced initial assay results from the
ongoing Phase 1 core drill program at ValOre’s 100%-owned Pedra
Branca Platinum Group Element Project (“PGE”, “2PGE+Au”) in
northeastern Brazil. Assay results for two of the five holes
drilled at the Trapia 1 target are reported herein. Results for the
remaining three drill holes will be released once they are received
and reviewed.
Highlights from Initial Drilling at
Trapia 1:
- Drill hole
DD20TU10• 1.0 g/t 2PGE+Au over 52.8 metres from
surface, including 2.14 g/t 2PGE+Au over 9.0
metres*;• Successfully extends the up-dip mineralized body to
surface in the southern portion of the Trapia 1 resource area;
- Drill hole
DD20TU12• 0.69 g/t 2PGE+Au over 100.4 metres from to
93.2 metres depth, including 2.33 g/t 2PGE+Au over 11.0
metres*;• Extends the down-dip mineralization at Trapia 1, and
shows a thickening of the mineralized body at depth;
- Trapia 1 mineralization remains
open down-dip to the east.
* Reported assay intervals are estimated to be
90-100% true width
“We are extremely pleased with initial results
from the Phase 1 drill program at Pedra Branca, including the
assays received from these first two holes at the Trapia 1 target
area. It is just the beginning of a very exciting period of
exploration and discovery at the Pedra Branca project,” stated Jim
Paterson, Chairman & CEO. “We are also sincerely thankful for
the continued safety and health of our employees, contractors, and
members of the communities of Capitão Mor and area surrounding
Pedra Branca.”
Trapia Target Area and the 2019 NI
43-101 Resource
A NI 43-101 inferred resource estimate for Pedra
Branca was reported by ValOre in August, 2019, totaling 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/t 2PGE+Au”). PGE mineralization for all
five deposit areas outcrops at surface, making the inferred
resources prospective for open pit mining. Trapia represents one of
the five deposit areas which host the NI 43-101 resource at Pedra
Branca. CLICK HERE for Figure 1, showing the
location of the five NI 43-101 deposit areas and proposed 2020
drill holes.
The Trapia resource is comprised of three
separate deposit areas within a 2-kilometre radius: Trapia 1,
Trapia 2 and Trapia West. Specifically, Trapia 1 represents 92,000
ounces of the aggregate Trapia resource of 219,000 ounces at 1.1
g/t 2PGE+Au (6.2 Mt). CLICK HERE for Figure 2,
showing location of Trapia target areas (Trapia 1, Trapia 2 and
Trapia West), proposed and drilled 2020 drill holes, and
prospective 3D magnetic inversion targets.
Trapia 1 was selected for Phase 1 of the 2020
drill program on the merits of its strong resource expansion
potential and high prospectivity along strike to the south, which
correlates with a prospective, 3D magnetic inversion target
extending approximately 1 kilometre from the defined resource. A
total of 899.6 metres were drilled in five drill holes, testing
both the PGE mineralization open at depth to the east and the 3D
magnetic inversion target. CLICK HERE for Table 1
showing a summary of 2020 Phase 1 drilling at Trapia 1, and see
Figure 3 below.
Figure 3: Trapia 1 Target Area with
Location of 2020 Drill Holes, Resource, and 3D Mag Inversion
Target is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/833d02e8-778a-4273-9195-88953cdb02e9
Initial Trapia 1 2020 Drilling
Results
Target ultramafic rocks were intercepted in all
five drill holes at Trapia 1 (DD20TU10 DD20TU14), and assay
results for DD20TU10 and DD20TU12 extend the mineralization up-dip
to surface in the south of the resource area, and extend the
mineralization at depth to the east, respectively. Table 2 below
summarizes the most significant core assay results for these first
two drill holes. Figure 4 shows a cross section of Trapia 1 with
DD20TU10, DD04TU06 (historical) and DD20TU12.
DD20TU10 aimed to target a historical drill
intercept (BR-18) which was found in the geological database but
not included in ValOre’s 2019 NI 43-101 resource estimate due to
the lack of existing drill core. PGE-bearing ultramafic rocks were
intercepted from surface to 52.8 metres and again from 63.7 to 64.6
metres (total of 53.1 metres).
DD20TU12 targeted the down-dip easterly
extension of Trapia 1 mineralization and intercepted mineralized
ultramafic rocks from 93.1 to 193.6 metres (total of 100.4 metres).
PGE Mineralization remains open at depth and is thickening with
depth.
Initial results and interpretations from 2020
Trapia 1 drilling have enabled ValOre geologists to develop,
corroborate and fine-tune a robust geological and structural model
to facilitate immediate, highly prospective follow-up drilling
within the Phase 1 drill campaign.
Table 2: Summary of Significant Core
Assay Results from DD20TU10 and DD20TU12
Drill Hole |
Depth From (m) |
Depth To (m) |
Interval (m) |
2PGE+Au (g/t) |
DD20TU10 |
0.0 |
52.8 |
52.8 |
1.01 |
Including |
6.0 |
15.0 |
9.0 |
2.14 |
DD20TU12 |
93.2 |
193.6 |
100.4 |
0.69 |
Including |
171.8 |
182.7 |
11.0 |
2.33 |
|
|
|
|
|
Figure 4: Cross-section A-A’ of Trapia 1
along DD20TU10, DD04TU06 (historical) and DD20TU12 is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b39c1943-30c9-4ae7-9281-da0821e11306
Pedra Branca 2020 Drill
Program
The 2020 drill program at Pedra Branca is
comprised of two fully-permitted phases totaling 6,000 metres,
2,875 metres (“Phase 1”) and 3,035 metres (“Phase 2”),
respectively, with an estimated completion of Phase 1 by the end of
September, 2020. Both Phases are designed to test three target
classes: resource expansion to grow the NI 43-101 resource
estimate, target advancement to follow-up positive historical drill
intercepts at pre-resource targets, and new discovery to test
undrilled ValOre-generated targets.
ValOre has engaged Servitec Foraco Sondagem SA
for the Phase 1 drill program at Pedra Branca, which will test
seven distinct target areas with 23 diamond drill core drill holes.
The Phase 2 drill program will test 4 distinct target areas with 24
diamond drill core drill holes.
Quality Control/Quality Assurance (“QA/QC”) and Grade
Interval Reporting
As part of ValOre’s QA/QC protocol, a total of
seven quality control samples are inserted in each batch of 50
samples. These include the insertion of blanks, standards, and
duplicates according to a logical sequence that follows strict
industry standards. The seven quality control samples comprise: (i)
two coarse blanks sampled from barren quartz vein outcrops in the
area (4% of the batch); (ii) three certified reference materials
(“CRMs”, 4% of the batch) with pre-determined PGE and Au grades
produced by CDN Resource Laboratories; (iii) and three duplicate
samples (2% of the batch each), including one coarse reject
duplicate and one pulp duplicate (both prepared at SGS laboratory
following ValOre’s instructions) and one ¼ core duplicate, prepared
at ValOre’s core logging facility in Capitão Mor. Assay results are
systematically checked upon receipt and a specific batch is
accepted if results are in accordance with a QA/QC failure chart.
All samples are sent with an ensured chain of custody to SGS Geosol
Laboratórios Ltda. (“SGS Geosol”, an accredited mineral analysis
laboratory) in Vespasiano, Minas Gerais, Brazil for analysis.
Grading intervals are reported from continuous
drill intersections of favorable ultramafic intrusion that return
anomalous 2PGE+Au values throughout, with sample widths averaging
1.0 metres in length throughout the mineralized zone.
Analytical Procedures, SGS
Geosol
Once a core sample consignment is received and
verified by SGS Geosol, all core samples undergo density
calculation by water immersion method on the raw samples wrapped in
PVC film. The samples are subsequently prepared for analyses by
means of drying, crushing (with 75% passing 3 mm), homogenization,
quartering and pulverizing 250 – 300 g of sample in a 95% steel
mill at 150 mesh. Multielement analyses is then performed by Sodium
Peroxide Fusion followed by a multielement combined ICP-OES and
ICP-MS scan for base metals, trace, and lithological elements.
Chromium values that exceeded 5% are redirected to ore-grade
pyrosulfate fusion and XRF techniques to determine %Cr2O3. Samples
are then analyzed for 2PGE+Gold (Pd, Pt, Au) content using standard
Fire Assay techniques.
Certified PGE ore reference standards, blanks
and field duplicates were inserted as a part of ValOre’s QA/QC
protocol. No QA/QC issues were noted with the results
reported herein.
SGS Geosol is an accredited mineral analysis
laboratory founded in Brazil from a joint venture between SGS do
Brasil and Geosol Geologia e Sondagens. It concentrates its
activities on geochemical analysis of soils, rocks, ores,
concentrates and metallurgical tests, as well as environmental
analyzes of water, effluents, and industrial waste.
SGS Geosol is internationally recognized by its
extensive experience throughout industry, with technical teams
formed by highly qualified professionals. SGS Geosol’s Integrated
Management System ensures an excellent level of quality, safety,
occupational health, respect for the environment and social
responsibility.
The lab is Certified ISO 9001, which provides
quality services in analytical chemistry, in compliance with all
applicable environmental requirements, and so it is also certified
ISO 14001. SGS Geosol has advanced laboratories and the latest
technological equipment, which enables its supply of analytical
services with security and excellent quality control.
About Servitec Foraco Sondagem
SA
Servitec Foraco is a Brazilian company based in
the State of Goiás that started operating as Servitec in 2000, and
through innovation, investment, and continuous improvement, emerged
as one of the pioneers of drilling in Brazil. With a prominent
position on the national scene, Servitec was acquired in 2012 by
one of the global drilling leaders, Foraco International, forming
Servitec Foraco.
Servitec Foraco has more than 700 employees and
90 drill rigs, and operates throughout Brazil with clients such as
Nexa, Anglo American, Yamana Gold, Vale and AngloGold Ashanti.
Servitec Foraco is committed to conducting drill programs with high
levels of productivity, safety and respect for the environment and
legislation.
ValOre and Servitec Foraco COVID-19
Protocols
ValOre and Servitec Foraco are closely
monitoring impacts on the companies’ operations and business
preparedness plans, as the health and safety of employees,
contractors and associated communities is a top priority.
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 reinforce the companies’
objective of preventing the transmission of COVID-19 among its
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/t 2PGE+Au”) (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
105,280-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
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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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