ValOre Metals Corp. ("ValOre"; the “Company”;
TSX‐V: VO; OTC: KVLQF; FRANKFURT:
KEQ0) today announced assay results from the ongoing Phase
1 core drill program at ValOre’s 100%-owned Pedra Branca Platinum
Group Elements Project in northeastern Brazil. Assay results
for the final three of five holes drilled at the Trapia 1 target
are reported herein.
Highlights from ValOre’s Initial
Drilling at Trapia 1:
- Drill hole DD20TU13• Successfully expands
Trapia 1 mineralization with 140 metre step-out along strike to the
south• 9.49 g/t 2PGE+Au (Palladium, Platinum and Gold; Pd,
Pt+Au) over 2.45 metres (m) within a broad mineralized ultramafic
(“UM”) unit 0.76 g/t 2PGE+Au over 61.85 m from 217.50 m
downhole;
- Drill hole DD20TU14• Extends the down-dip
mineralization at Trapia 1 in the northern portion of the resource
area, and shows a thickening of the mineralized body at
depth;• 1.27 g/t 2PGE+Au over 5.00 m, within a broader
interval of 0.60 g/t 2PGE+Au over 21.55 m from 118.80 m
downhole;
- Initial drill results indicate that the large 3D magnetic
inversion target extending approximately 1 kilometre from the
Trapia 1 resource represents an intact and mineralized
intrusion;
- Mineralization remains open in all directions, with multiple
drill holes planned for immediate follow-up;
- Trapia 1 orebody has been shown to be thickening with depth
across the entire width of the resource, and remains thick (61.85
m) in newly drilled areas south of the resource
ValOre’s Chairman and CEO, Jim Paterson, stated:
“Our Phase 1 drilling has successfully identified near surface
mineralization in the southern portion of the current Trapia 1
resource area; extended and thickened the easterly down-dip
mineralization across the full width of the resource; and proven
that the mineralized ultramafic intrusion remains intact and open
to expansion along a 1 kilometre geophysical target to the south.
We plan to return to Trapia 1 near the end of Phase 1 due to the
considerable resource expansion potential.”
Trapia Target Area and the 2019 NI
43-101 Resource
Trapia represents one of the five currently
known PGE deposit areas which host NI 43-101 resources at Pedra
Branca. ValOre reported a NI 43-101 inferred resource estimate for
Pedra Branca in August, 2019, which totalled 1,067,000 ounces 2
PGE+Au contained in 27.2 million tonnes (“Mt”) grading 1.22 g/t
2PGE+Au. PGE mineralization for all five of the resource deposit
areas outcrops at surface, making these inferred resources
prospective for open pit mining. Figure 1, shows the location of
the five NI 43-101 deposit areas and ValOre’s 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). Figure 2 shows the location of the Trapia
target areas (Trapia 1, Trapia 2 and Trapia West), proposed and
drilled 2020 drill holes, and prospective 3D magnetic inversion
drill 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 3D magnetic inversion target extending
approximately 1 kilometre from the currently defined resource. A
total of 900 metres were drilled in five drill holes, testing both
the PGE mineralization open at depth to the east and the 3D
magnetic inversion target. Table 1 and Figure 3 present a
summary of 2020 Phase 1 drilling at Trapia 1.
Figure 3: Trapia 1 Target with Location
of 2020 Drill Holes, Resource and 3D Mag Inversion
Target is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/ac0d78e8-b869-4de4-94a1-4d6e76d23974
Trapia 1 2020 Drilling
Results
Ultramafic rocks were intercepted in all five
drill holes at Trapia 1 (DD20TU10 to DD20TU14), with four of the
five holes returning strong 2PGE+Au assay results. Drill hole
DD20TU13 successfully expanded Trapia 1 mineralization by stepping
out 140 metres along strike to the south along a 1 kilometre long
3D magnetic inversion target. This drill hole was also critically
important in validating a robust geological and structural model
for the southern resource expansion target, demonstrating a ~50
metre down-stepping of the mineralized intrusion. In addition,
drill hole DD20TU14 targeted the down-dip extension of
mineralization in the northern Trapia 1 resource area, and
successfully doubled the thickness of mineralized intrusion from
the most proximal up-dip historical drill hole, DD09TU08. See
Figure 4 for cross sections through all five Phase 1 drill holes at
the Trapia 1 target area.
DD20TU13 targeted the southerly strike extension
of Trapia 1 mineralization along the kilometre-scale long 3D
magnetic inversion target, 140 metres south of the nearest
mineralized intercept, DD20TU12. ValOre geologists identified an
Ultramafic “Marker” Horizon in the upper sections of historical
Trapia 1 resource holes to the north, as well as in DD20TU12 (from
31.95 to 36.85 metres) and DD20TU14 (from 121.00 to 140.35 metres).
This stratigraphically significant marker unit was also encountered
in DD20TU12; however, the anticipated target depth was encountered
approximately 50 metres deeper down hole than expected. As such, it
was interpreted that the entire, intact geological package
associated with the Trapia 1 resource to the north had also been
stepped down 50 metres. DD20TU13 was accordingly extended past the
original planned length, and intersected 61.85 metres of
mineralized ultramafic intrusion, grading 0.76 g/t 2PGE+Au from
217.15 m downhole, including 9.49 g/t 2PGE+ Au over 2.45 metres
from 221.20 m. The down-stepped structural and geological model for
the target area south of the resource was substantiated by the
intercept in DD20TU13, which transected a stratigraphically-intact,
mineralized, Trapia 1 resource-associated orebody that was
approximately 50 metres deeper than the anticipated target
depth.
The implications of this geological model are
significant for DD20TU11, which aimed to target mineralization
immediately south of the Trapia 1 resource, 140 m northwest of
DD20TU13, and within the same 1 kilometer long magnetic target. The
drilling and analysis of DD20TU11 preceded the now validated
down-stepped structural model, and consequently, it is believed
that DD20TU11 (the only Phase 1 Trapia 1 drill hole which lacked
grade) was stopped short of the target intrusion, and thus remains
open to a mineralized intercept at depth.
DD20TU14 targeted the down-dip extension of
mineralization in the northern Trapia 1 resource area, and
successfully doubled the thickness of mineralized intrusion from
the proximal up-dip historical drill hole, DD09TU08. DD20TU14
returned 0.60 g/t 2PGE+Au over 21.55 m from 118.80 m downhole,
including 1.27 g/t 2PGE+Au over 5.00 m from 132.00 m. For
comparison, the up-dip, historical resource drill hole, DD09TU08,
intercepted 0.83 g/t 2PGE+Au over 11.30 m. PGE mineralization
remains open at depth.
Trapia 1 PGE mineralization remains open
down-dip to the east, up-dip to the west along the isoshell, and
along strike to the north and south, with multiple drill holes
planned for immediate follow-up. 3D magnetic inversion target
extending ~1 kilometre from Trapia 1 resource was shown in DD20TU13
to represent an intact, mineralized, down-stepped
resource-associated intrusion, previously undrilled and untested.
Consequently, DD20TU11 represents a high-priority hole to re-enter
and extend, with the 50-metre stepped-down.
In summary, Phase 1 drilling at Trapia 1 has
effectively brought mineralization to surface in the southern
resource area, extended and thickened the easterly down-dip
mineralization across the full width of the resource that remains
fully open at depth, and proven that the mineralized ultramafic
intrusion remains stratigraphically intact and wide open to
expansion at least 140 metres to the south of DD20TU12, within a
highly-prospective 1 kilometre long 3D magnetic inversion target.
High-priority follow up drill holes have been planned for immediate
execution at the end of Phase 1, including stepping further out
along strike from DD20TU13, along the 1 kilometer long magnetic
target, stepping west of DD20TU13 to target a shallower 2PGE+Au
intercept, re-entering and extending DD20TU11 to depth (as directed
by the down-stepped model), and further extending the resource
mineralization down-dip.
Table 2: Summary of Significant Core
Assay Results from DD20TU13 and DD20TU14
Drill Hole |
Depth From (m) |
Depth To (m) |
Interval (m)* |
2PGE+Au (g/t) |
DD20TU13 |
217.05 |
279.00 |
61.85 |
0.76 |
Including |
221.20 |
223.65 |
2.45 |
9.49 |
DD20TU14 |
118.80 |
140.35 |
21.55 |
0.60 |
Including |
132.00 |
137.00 |
5.00 |
1.27 |
* Reported assay intervals are estimated to be
90-100% true width
Figure 4: Cross Section Summary of Phase
1 Drilling at Trapia 1 is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/1f6dafab-94d5-4c82-932b-31cb2a89e118
Pedra Branca 2020 Drill
Program
Please see ValOre’s news release from August 25,
2020 for detailed information regarding:
- Pedra Branca 2020 Drill Program (Phase 1 and Phase
2)
- Quality Control/Quality Assurance (“QA/QC”) and Grade
Interval Reporting
- Analytical Procedures, SGS Geosol
- About Servitec Foraco Sondagem SA
- ValOre and Servitec Foraco COVID-19
Protocols
http://valoremetals.com/news-media/news-releases/2020/
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+ Au contained in 27.2 million
tonnes grading 1.22 g/t 2PGE+Au (see ValOre’s July 23, 2019 news
release). PGE mineralization outcrops at surface and all of the
currently known inferred 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 NI 43‐101 Inferred Resource of 2,831,000 tonnes grading
0.69% U3O8, totaling 43.3 million pounds U3O8. ValOre's. 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.
Qualified Person
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.
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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