ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today provided an update on target
pipeline exploration activities at ValOre’s 100%-owned Pedra Branca
Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”)
in northeastern Brazil.
"The two Trado® augers give ValOre’s team
tremendous mobility to identify shallow mineralization and
prospective geology under cover throughout the Pedra Branca
district, serving to rapidly advance prospective anomalies into
compelling drill targets,” stated ValOre’s VP of Exploration, Colin
Smith. “Our productivity levels have risen dramatically as we
utilize two Trado® crews to systematically test targets in the
discovery pipeline. This method is demonstrating tangible dividends
as shown in the recent 106% growth in inferred resources to 2.2 Moz
2PGE+Au, announced early in March.”
Q1 2022 Discovery Pipeline Exploration
Highlights:
- Ipueiras
target, 10 kilometres (“km”) south of the Trapia deposit
area, (885,000 oz 2PGE+Au grading 0.96 g/t in 28.8 Mt) tested with
35 Trado® auger holes in 105 metres (“m”) and 4 trenches (189 m);
- Target
ultramafic rocks (“UM”) encountered in 16 Trado® holes (59m of the
105 m augered) and all 4 trenches, over geological trend of
approximately 2.5 km in strike length;
- Trado® auger drilling returned PGE
mineralization in assay results in 11 of 35 holes, including:
- 8 m grading 1.13
g/t 2PGE+Au from surface, including 1 m at 5.48 g/t 2PGE+Au from
surface;
- 8 m grading 1.29
g/t 2PGE+Au from surface, including 1 m at 4.22 g/t 2PGE+Au from 7
m;
- 7 m grading 1.37
g/t 2PGE+Au from surface;
- 4 m grading 1.03
g/t 2PGE+Au from surface;
- Galante
East target, 5 km south of Santo Amaro deposit area
(153,000 oz 2PGE+Au grading 1.11 g/t in 4.3 Mt), tested with 86
Trado® auger holes (243 m)
- UM encountered
in 32 Trado® holes (95m of the 243 m augered) along geological
trend of approximately 2.8 km in strike length, assays
pending;
- Extensive soil
survey program completed (1,070 soil samples in ~20 km of soil
lines), assays pending;
- Two new
zones defined for regional exploration targeting
methodology, with geological, geochemical and geophysical
signatures similar to known PGE deposits:
- Troia, located 5
km north of Massapê, (129,000 oz 2PGE+Au grading 1.21 g/t in 3.3
Mt)
- Catingueiro,
located approximately 5 km south of Trapia;
- Soil and Trado®
assays from Galante East target, and Trench assays from Ipueiras
target are pending.
Ipueiras and Galante East Target 2022
Exploration: Trenching, Trado®
Auger Drilling, Rock and Soil Sampling
Compilation and review of historical data from
Ipueiras and Galante East targets revealed considerable
geochemical, geophysical, and geological similarities to the PGE
deposits which comprise ValOre’s current NI 43-101 inferred
resource, and consequently these targets were designated as high
priority. The application of ValOre’s proven and effective
systematic exploration methodology is being deployed and will serve
to rapidly advance Ipueiras and Galante East to drill-ready stage
(CLICK HERE for news release dated July 12, 2021).
Ipueiras
The Ipueiras target area is characterized by
strong historical PGE-in-soil anomalies, high-grade historical and
ValOre surface grab samples (including several samples >10 g/t
2PGE+Au over 2.5 km of geological trend), a compelling
>2-km-long magnetic anomaly, and PGE mineralization in 2 of 6
historical core drill holes.
ValOre conducted detailed geological mapping and
prospecting of the 2.5 km-long trend and followed-up with 35 Trado®
auger holes (105 m total, equating to 111 samples). At-surface,
PGE-bearing UM or UM-derived rocks were intercepted in 11 of 35
Trado® holes, confirming the presence of in-situ surface PGE
mineralization along a geological trend of approximately 2.5 km.
See below for a plan map of the Ipueiras target (Figures 1a and
1b).
Trado® auger assay highlights include holes
AD22IP04, which returned 8 m at 1.13 g/t 2PGE+Au from surface,
including 1 m at 5.48 g/t 2PGE+Au from surface, and hole AD22IP05
which returned 8 m at 1.29 g/t 2PGE+Au including 1 m at 4.22 g/t
2PGE+Au from 7 m depth. End-of-hole depths typically represent the
onset of impenetrable unweathered to less weathered bedrock,
indicating that mineralization and UMs remain fully open at depth
and require follow-up core or Reverse Circulation (“RC”) drilling.
See Table 1 below for a summary of significant Trado® assay
results.
Table 1: Trado®
Auger Drilling Highlights for Ipueiras Target
Hole ID |
From (m) |
To (m) |
Length (m) |
2PGE+Au (g/t) |
2PGE+Au Interval Summary |
AD22IP04 |
0.00 |
8.00 |
8.00 |
1.13 |
8 m grading 1.13 g/t 2PGE+Au from
surfaceincl. 1 m grading 5.48 g/t 2PGE+Au from
surface |
0.00 |
1.00 |
1.00 |
5.48 |
AD22IP05 |
0.00 |
8.00 |
8.00 |
1.29 |
8 m grading 1.29 g/t 2PGE+Au from
surfaceincl. 1 m grading 4.22 g/t 2PGE+Au from 7
m |
7.00 |
8.00 |
1.00 |
4.22 |
AD22IP06 |
0.00 |
4.00 |
4.00 |
1.06 |
4 m grading 1.06 g/t 2PGE+Au from surface |
AD22IP07 |
0.00 |
1.00 |
1.00 |
0.86 |
1 m grading 0.86 g/t 2PGE+Au from surface |
AD22IP09 |
0.00 |
1.00 |
1.00 |
0.47 |
1 m grading 0.47 g/t 2PGE+Au from surface |
AD22IP10 |
0.00 |
2.00 |
2.00 |
0.37 |
2 m grading 0.37 g/t 2PGE+Au from surface |
AD22IP10A |
0.00 |
7.00 |
7.00 |
1.37 |
7 m grading 1.37 g/t 2PGE+Au from surface |
AD22IP14 |
0.00 |
3.00 |
3.00 |
1.07 |
3 m grading 1.07 g/t 2PGE+Au from surface |
AD22IP21 |
2.00 |
3.00 |
1.00 |
0.26 |
1 m grading 0.26 g/t 2PGE+Au from 2 m |
AD22IP31 |
1.00 |
4.00 |
3.00 |
0.47 |
3 m grading 0.47 g/t 2PGE+Au from 1 m |
AD22IP33 |
0.00 |
8.50 |
8.50 |
0.39 |
8.5 m grading 0.39 g/t 2PGE+Au from surface |
Based on the main PGE assays reported from
Trado® auger drilling, follow up trenching was defined to a
priority area spanning 300 m along geological trend, to confirm the
presence of in-situ PGE mineralization. Total of 4 trenches were
excavated (189 m total) with trenches confirming UM and UM-derived
rocks continuity along strike, with significant thickness of
chromitites and chromitite-rich UMs in the northernmost two
trenches (TR22IP01 and TR22IP02 – see below for detailed plan map
of the Ipueiras target priority area of interest, Figures 1a and
1b). Trench assays are pending.
Figure 1a: Ground Mag Anomaly and Trado®
Drilling at Ipueiras Target is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/3fcd87b1-2b23-4f61-8063-0d841f4f19de
Figure 1b : Detailed Target Map of
Ipueiras, with Trado® Drilling
Results and Trenching is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/54b2eb62-6743-48b8-84f1-002b67079955
Galante East
Galante East is an undrilled pipeline target
located approximately 5 km south of Santo Amaro area. The target is
characterized by several chromite-bearing ultramafic occurrences
over a geological trend of approximately 3 km, deposit-signature
historical PGE-in-soil anomaly, and multiple grab samples >1.0
g/t 2PGE+Au (high of 18.8 g/t 2PGE+Au).
Galante East exploration was initiated with a
2022 soil sampling campaign of more than 1,000 samples collected
along 20 km of soil lines covering the 3 km prospective geological
trend. A subsequent Trado® auger program, currently in progress,
accounts for 86 Trado® auger holes (243 m) drilled to date. Target
UMs were encountered in 32 Trado® holes (95 of the 243 m augered).
Both the soils and Trado® assays are pending.
Upon receipt and review of Trado® and soils
assay data, priority areas at Galante East will be evaluated by
trenching (channel sampling) and/or RC drilling to confirm the
presence of in-situ PGE mineralization along trend and at depth.
See below for a plan map of the Galante East target (Figure 3).
Figure 2 : Soil Survey and
Trado® Auger Drilling at Galante
East Target is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/15348c0e-b989-4600-9e2d-71bb05166b77
Regional exploration employing
Trado® drilling and trenching
continues to advance new prospects to the stage where they become
RC or core drill targets: Troia and Catingueiro
targets
Given the continued success of ValOre’s
sequential exploration methodology, district-wide target generation
and assessment has been being accelerated. In addition to the
Galante East and Ipueiras target areas, ValOre’s exploration team
has initiated prospecting at two new target areas: Troia, located
approximately 5 km north of Massapê, and Catingueiro, located 5 km
south of Trapia region. See below for a property map highlighting
all the main target areas (Figure 3). Massapê and Trapia have
importantly contributed to the recently completed Pedra Branca
inferred mineral resource estimate update, which comprised an
aggregate of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08
g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022).
Figure 3: Pedra Branca Regional Map,
with Exploration Targets and Known PGE Deposits is
available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a617fa4c-7e76-4aa9-9ca2-b91b518b6ab3
Trado®
Auger Exploration at Pedra Branca
ValOre has completed 323 auger holes since
February 2021, totaling 1071.4 m, testing 10 property-wide targets.
In total, 540.2 m of target UMs rocks have been augered under
cover, with 1045 samples submitted for assay. See Table 2 below for
a summary of Trado® auger exploration at Pedra Branca to date.
Table 2: Summary of
Trado® Auger Drilling to Date
(Feb 2021 - Mar 2022)
Target |
Total Holes (#) |
Total Drilled (m) |
UMs Drilled (m) |
Samples Assayed (#) |
Santo Amaro South |
46 |
173.55 |
76.65 |
177 |
Santo Amaro |
27 |
69.10 |
40.55 |
77 |
Esbarro NW |
19 |
64.70 |
47.90 |
69 |
Cana Brava |
23 |
69.05 |
35.90 |
76 |
Trapia 2 |
5 |
9.10 |
5.00 |
10 |
Massape |
36 |
169.00 |
115.40 |
178 |
Pitombeiras |
22 |
60.50 |
7.70 |
64 |
Trapia South |
24 |
107.75 |
56.75 |
112 |
Ipueiras |
35 |
105.40 |
59.00 |
111 |
Galante East |
86 |
243.20 |
95.30 |
171 |
Total |
323 |
1071.35 |
540.15 |
1045 |
About the
Trado® Auger
The Trado® auger is a portable soil drilling
device developed and manufactured in Brazil by Trado® Equipamentos
e Serviços Ltda, specially designed for mineral exploration,
environmental monitoring, structural engineering, and installation
of lightweight artesian wells. They are designed to drill up to 30
m in depth, have a collapsible structure (easily transportable),
and offer extremely low cost of operation and maintenance. The
Trado® drills through vegetation cover, preserving a very low
ecological footprint to the survey.
CLICK HERE for more information regarding
Trado®.
Quality Control/Quality Assurance
(“QA/QC”) and Grade Interval Reporting
CLICK HERE for a summary of ValOre’s policies
and procedures related to QA/QC and grade interval reporting.
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 and Vice President of
Exploration.
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 52
exploration licenses covering a total area of 56,852 hectares
(140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct
PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred
resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t
2PGE+Au (CLICK HERE for news release dated March 24, 2022). 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 CLICK HERE for ValOre's news release dated 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
www.valoremetals.com or contact Investor Relations 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:
http://www.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 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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