ValOre Metals Corp. (“ValOre”; TSX
‐V: VO;
OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today
announced the commencement of a follow-up rhodium (“Rh”) assay
program of historical drill core samples (“pulps”, “pulverized
rejects”, “coarse rejects”) from ValOre’s 100%-owned Pedra Branca
Platinum Group Element (“PGE”) Project in northeastern Brazil.
“Since ValOre acquired the Pedra Branca PGE
project in August 2019, the spot price of rhodium has risen from
<US$3,700 per ounce to a price of >US$16,000 per ounce
today,” stated ValOre’s Chairman and CEO, Jim Paterson. “Based on
the encouraging initial results from 71 samples previously released
in 2020, we have commenced a much larger rhodium re-assaying
program, including all samples grading >2.0 g/t 2PGE+Au from
historical drill core intercepts of the Esbarro and Curiu
deposits.”
Rhodium Assay Program
Highlights:
- ValOre initially assessed rhodium
mineralization at Pedra Branca through the re-assaying of 71
historical drill core pulps (see Rh results presented in ValOre
news releases dated March 12 and November 19, 2020);
- Rh values considered anomalous were
returned in 55% of all submitted pulps (71 total), with a high
value of 1.44 g/t Rh and an average grade of 0.27 g/t Rh;
- Strong positive correlation between
2PGE+Au grade and Rh grade is observed, with the number of Rh
values considered anomalous increasing to 74% of pulps >5.0 g/t
2PGE+Au;
- ValOre’s team now increasing the
sample set size with a focus on the available historical drill core
samples from the Esbarro and Curiu deposits >2.0 g/t
2PGE+Au;
- Mineralization at Esbarro and Curiu
is shallow in nature, with the average Rh-bearing sample starting
at 29 metres (“m”) depth;
- 212 follow-up historical samples
(pulps, pulverized rejects and coarse rejects) have been submitted
for Rh assay to SGS Geosol, Minas Gerais, Brazil.
ValOre has commenced a follow-up Rh assaying
campaign of all available historical drill core samples (pulps,
rejects and coarse rejects) grading >2.0 g/t 2PGE+Au from the
Esbarro and Curiu PGE deposits at Pedra Branca. This follow-up
campaign is based on strong Rh assay results from the two previous
Rh programs conducted by ValOre in 2020 (see news releases dated
March 12 and November 19, 2020). These programs returned Rh values
in 74% of samples grading >5.0 g/t 2PGE+Au, and 55% of all
submitted samples (71 total). A strong positive correlation between
2PGE+Au grade and Rh grade has been identified, and much like Pedra
Branca’s 2PGE+Au mineralization, the Rh-bearing samples are
situated near-surface with an average sample interval depth
starting at 29 m.
212 follow-up samples (pulps, pulverized rejects
and coarse rejects) from the Esbarro and Curiu PGE deposits have
been submitted for rhodium assay at SGS Geosol, Minas Gerais,
Brazil. ValOre will continue to bolster its Rh assay database
pending continuing positive results. This will include the
consideration of additional Rh assay submissions from the Trapia
(6.2 Mt with a grade of 1.11 g/t 2PGE+Au totaling 219,000 ounces)
and Cedro (4.2 Mt with a grade of 1.10 g/t 2PGE+Au totaling 151,000
ounces) PGE deposits.
The Esbarro deposit hosts a resource of 9.9 Mt
at a grade of 1.23 g/t 2PGE+Au totaling 394,000 ounces, and the
Curiu deposit hosts a resource of 1.6 Mt with a grade of 1.93 g/t
2PGE+Au totaling 100,000 ounces (CLICK HERE for a summary table of
ValOre’s 2019 NI 43-101 Pedra Branca resource estimate). CLICK HERE
for Table 1, showing a summary of ValOre’s 2020 rhodium assay
results.
About Rhodium
Rhodium is the rarest of the platinum group
elements, only occurring up to one part per 200 million in the
Earth's crust. The main use for rhodium is in catalytic converters
designed to clean vehicle emissions. Due to its brilliance and
resistance to oxidation, it is also used as a finish for jewelry,
LCD monitors, and mirrors. In the chemical industry it is used in
the production of nitric acid, acetic acid and hydrogenation
reactions. Rhodium is found in platinum and nickel ores together
with the other PGEs. South Africa is the world’s largest producer
of rhodium (~80%), followed by Russia (~10%), Zimbabwe (~5%),
Canada (~2%) and the U.S.A. (~2%). The global average
resource/reserve grade is 0.281 g/t Rh, with the lowest reported
resource/reserve grade of 0.010 g/t Rh (Canadian project) and the
highest reported resource/reserve grade of 0.381 g/t Rh (South
African project) (source: S&P Global).
Quality Control/Quality Assurance
(QA/QC)
Historical Pedra Branca drill core samples were
collected from ValOre’s secured core logging and storage facility
located in Capitão Mór, Ceará, Brazil. A minimum sample weight of
50 g ensured an adequate sample for assay. Selected pulp samples
were sent with an ensured chain of custody to SGS Geosol,
Vespasiano, Minas Gerais, Brazil for analysis, which is an
accredited mineral analysis laboratory. All samples were analyzed
for Rh content using standard 50 g Fire Assay Atomic Absorption
ICP-MS. Certified PGE ore reference standards, blanks and field
duplicates were inserted as a part of ValOre’s quality
control/quality assurance program. No QA/QC issues were noted with
the results reported herein.
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 604.653.9464, 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 ValOre 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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