ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today announced assay results for
Santo Amaro zone drilling at ValOre’s 100%-owned Pedra Branca
Platinum Group Element (“PGE”) Project in northeastern Brazil. Near
surface PGE mineralization was intersected in eleven of the twelve
core drill holes that intersected the ultramafic (“UM”) intrusion
associated with the Santo Amaro NI 43-101 Inferred Resource. This
drilling successfully extended near-surface PGE-mineralization
along strike to the east and west, which remains open in both
directions. In addition, a new, near-surface PGE-bearing zone was
drilled 250 metres to the north-northwest of the Santo Amaro
resource area.
“This phase of drilling at Santo Amaro was very
successful. We intersected PGE mineralization at shallow depths in
multiple zones, including an area 250 metres to the north-northwest
of the known Santo Amaro resource,” stated ValOre’s Chairman and
CEO, Jim Paterson. “Our exploration team identified several
previously unmapped ultramafic rock units which extend well beyond
the currently defined resource area boundaries. A mapping, soil and
rock sampling, and prospecting program is underway in this area,
with follow-up drilling planned as soon as practical.”
Highlights from Santo Amaro
Drilling:
- Shallow PGE
mineralization intersected in eleven of twelve 2020 drill
holes;
- PGE
mineralization drilled along-strike to the west of the Santo Amaro
resource area in:◦ Drill Hole
DD20SA23 - 14.65 metres (“m”) grading 1.29 grams per tonne
(“g/t”) palladium + platinum + gold (“2PGE+Au”) from surface;
- PGE
mineralization drilled along-strike to the east of the Santo Amaro
resource area in:◦ Drill Hole
DD20SA18 - 34.91 m grading 0.61 g/t 2PGE+Au from 16.50
m;
- An emerging
near-surface PGE zone drilled 250 m north-northwest of the Santo
Amaro resource area in:◦ Drill Hole
DD20SA16 - 4.00 m grading 3.10 g/t 2PGE+Au from 67.00 m,
including 1.30 m grading 7.95 g/t 2PGE+Au from 67.00
m◦ Drill hole DD20SA22 -
11.81 m grading 0.91 g/t 2PGE+Au from surface.
Santo Amaro Target Area and the 2019 NI
43-101 Resource
Santo Amaro is one of five defined PGE deposit
areas at Pedra Branca that together host an inferred resource
totaling 1,067,000 ounces (“oz”) 2PGE+Au contained in 27.2 million
tonnes (“Mt”) grading 1.22 g/t 2PGE+Au; CLICK HERE
for the Pedra Branca NI 43-101 Technical Report. PGE mineralization
for all five of the resource deposit areas outcrops at surface,
giving these inferred resources a reasonable expectation of
eventual economic extraction via open pit methods. CLICK
HERE for Figure 1A and 1B, showing the location of the
five Pedra Branca PGE resource areas and a detailed view of Santo
Amaro.
The 2019 Santo Amaro resource totals 203,000 oz
2PGE+Au contained in 5.3 Mt grading 1.19 g/t and represents the
most underexplored deposit area at Pedra Branca. Extensive
historical PGE-in-soils anomalies, magnetic targets, and newly
mapped, untested UM belts make Santo Amaro a compelling resource
expansion and PGE discovery region. Geological field mapping
preceding the 2020 drill program identified several previously
unmapped, prospective ultramafic belts which extend well beyond the
area hosting the defined resource. A follow-up mapping, soil
sampling, rock sampling, and prospecting program is on-going.
Santo Amaro 2020 Drill
Results
During 2020, a total of 1,366 m were drilled in
twelve core holes at Santo Amaro. PGE mineralization in the UM
intrusion that hosts the Santo Amaro resource was extended along
strike to the east and west as shown by at- to near-surface PGE
drill intercepts. This zone remains open in both directions. In
addition, an emerging shallow PGE zone was drilled approximately
250 m north-northwest of the resource area. Table 1 summarizes
highlight intervals from 2020 Santo Amaro drilling.
Table 1: Summary of Significant Core Assay Results from
2020 Santo Amaro Drilling:
Hole ID |
Depth From(m) |
Depth To(m) |
Interval(m) |
2PGE+Au(g/t) |
Interval Summary* |
DD20SA13 |
16.00 |
40.65 |
24.65 |
0.28 |
24.65m grading 0.28 g/t 2PGE+Au from 16.00mincl. 15.65m grading
0.35 g/t 2PGE+Au from 25.00m |
25.00 |
40.65 |
15.65 |
0.35 |
DD20SA14 |
5.60 |
8.36 |
2.76 |
0.40 |
2.76m grading 0.40 g/t 2PGE+Au from 5.60m |
DD20SA15 |
72.88 |
77.05 |
4.17 |
0.43 |
4.17m grading 0.43 g/t 2PGE+Au from 72.88mand 2.00m grading 0.31
g/t 2PGE+Au from 113.00m |
113.00 |
115.00 |
2.00 |
0.31 |
DD20SA16 |
8.95 |
12.65 |
3.70 |
0.32 |
3.70m grading 0.32 g/t 2PGE+Au from
8.95mand 4.00m grading 3.10 g/t 2PGE+Au from
67.00mincl. 1.30m grading 7.95 g/t 2PGE+Au from
67.00m |
67.00 |
71.00 |
4.00 |
3.10 |
67.00 |
68.30 |
1.30 |
7.95 |
DD20SA18 |
16.50 |
51.41 |
34.91 |
0.61 |
34.91m grading 0.61 g/t 2PGE+Au from
16.50mincl. 3.51m grading 1.88 g/t 2PGE+Au from
37.49mand 3.51m grading 2.21 g/t 2PGE+Au from
66.19mand 5.00m grading 0.97 g/t 2PGE+Au from
108.00mincl. 1.00m grading 3.84 g/t 2PGE+Au from
110.00m |
37.49 |
41.00 |
3.51 |
1.88 |
66.19 |
69.70 |
3.51 |
2.21 |
108.00 |
113.00 |
5.00 |
0.97 |
110.00 |
111.00 |
1.00 |
3.84 |
DD20SA19 |
33.60 |
37.90 |
4.30 |
0.45 |
4.30m
grading 0.45 g/t 2PGE+Au from 33.60m |
DD20SA20 |
1.00 |
20.45 |
19.45 |
0.20 |
19.45m grading 0.20 g/t 2PGE+Au from 1.00m |
DD20SA22 |
0.00 |
11.81 |
11.81 |
0.91 |
11.81m grading 0.91 g/t 2PGE+Au from
0.00mand 4.93m grading 0.32 g/t 2PGE+Au from
106.45m |
106.45 |
111.38 |
4.93 |
0.32 |
DD20SA23 |
0.00 |
20.00 |
20.00 |
0.98 |
20.00m grading 0.90 g/t 2PGE+Au from
0.0014.65m grading 1.29 g/t 2PGE+Au from
0.00 |
1.10 |
7.00 |
5.90 |
1.79 |
DD20SA24 |
49.00 |
54.61 |
5.61 |
0.28 |
5.61m grading 0.28 g/t 2PGE+Au from 49.00m |
* Reported assay intervals are estimated to be 90-100% true
width
Drill hole DD20SA23
Drill hole DD20SA23 stepped out 70 m to the west
and along strike from the western-most resource hole at Santo
Amaro. The target UM intrusion was intersected from surface to
14.65 m depth, characterized by weathered chromite-bearing
peridotites and dunites. The drill hole returned an assay highlight
of 14.65 m grading 1.29 g/t 2PGE+Au from surface. Mineralization
remains open along strike to the west.
Drill hole DD20SA18
Drill hole DD20SA18 stepped out 40 m to the east
and along strike from the eastern-most resource hole at Santo
Amaro. The target UM intrusion was first intersected from 16.50 m
to 51.70 m, with local metre-scale intercalated intervals of
amphibolite and gneiss. A second package of PGE-bearing intrusion
was intercepted from 100.50 m to 133.60 m depth. Variably weathered
peridotites, dunites and local UM schists dominated the target
sequence. The drill hole returned an assay highlight of 34.91 m
grading 0.61 g/t 2PGE+Au from 16.50 m. Mineralization remains open
in all directions.
Drill hole DD20SA16
Drill hole DD20SA16 was collared approximately
250 m north-northwest of the resource area and stepped 80 m to the
east-northeast and down-dip of historical drill hole DD02SA04,
which produced a historical drill core intercept of 10.30 m grading
1.10 g/t 2PGE+Au from 43.30 m depth.
DD20SA16 drilled into three packages of
ultramafic rocks, collectively totaling 60.83 m in thickness. The
thickest UM sequence was intersected from 50.00 m to 92.18 m (42.18
m in thickness), dominated by variably weathered peridotites and
dunites, with local metre-scale serpentinites and phlogopite
schists. A 0.30-metre-thick chromitite reef was intercepted at
67.20 metres depth and produced a peak assay of 11.49 g/t 2PGE+Au.
The drill hole retuned an assay highlight of 4.00 m grading 3.10
g/t 2PGE+Au from 67.00 m, including 1.30 m grading 7.95 g/t 2PGE+Au
from 67.00 m. Mineralization remains open in all directions.
Drill hole DD20SA22
Drill hole DD20SA22 stepped out 55 m to the
southeast and along strike from DD20SA16. The target UM intrusion
was intersected from surface to 18.65 m depth, characterized by
weathered chromite-bearing peridotites and dunites. The drill hole
returned an assay highlight of 11.81 m grading 0.91 g/t 2PGE+Au
from surface. Mineralization remains open in all directions.
Pedra Branca 2020 Drill
Program
Please see ValOre’s news release of 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/
Qualified Person (QP)
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., ValOre’s QP, who oversees New Project Review
for ValOre.
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 current 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). All the currently known Pedra Branca inferred PGE
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 current 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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Although ValOre believes that the expectations reflected in its
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financial or operating results or (as applicable), their
securities.
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