ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today initiated a process to evaluate
potential strategic alternatives (the “Strategic Review”) to
maximize the value of the Company’s primary project holdings,
including ValOre’s 100% owned Angilak Property Uranium Project
(“Angilak”), located in Nunavut Territory, Canada, and the
100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”)
Project (“Pedra Branca”) in northeastern Brazil.
ValOre’s board of directors has formed a special
committee to lead the Strategic Review and has engaged Canaccord
Genuity Corp. as ValOre's exclusive financial advisor to evaluate a
range of alternatives, which could include the sale of part or all
of the Company or its assets; a merger or other business
combination with another party; the forming of a separate company
to hold Pedra Branca or other strategic initiatives.
“The timing to launch this process is very
exciting, with interest levels in both our uranium and
palladium/platinum assets at decade highs based on the global
geopolitical landscape and associated commodity supply chain
crunch,” stated Jim Paterson, Chairman & CEO of ValOre. “We
will work closely with our advisor Canaccord, our major
shareholders and the broader mining investment community to
maximize value for all ValOre shareholders.”
ValOre’s Diversified Core Asset Portfolio
Angilak Property Uranium Project (Nunavut Territory,
Canada)
The 59,483-hectare Angilak Property is situated
in the mining- and exploration-friendly Nunavut Territory, Canada,
and has district-scale potential for uranium, precious and base
metals. Since its acquisition, ValOre has invested over CAD$55
million on resource delineation and exploration drilling (89,572
metres in 589 drill holes), metallurgy, geophysics, geochemistry,
and logistics. This work supported the development of the
significant Lac 50 Trend NI 43-101 inferred resource estimate (“Lac
50”).
The Lac 50 NI 43-101 Technical Report (effective
date March 1, 2013) defined an inferred resource estimate which
represents Canada’s highest-grade uranium resource outside of
Saskatchewan, and one of highest-grade uranium resources on a
global basis. Lac 50 highlights include:
- 43.3 million pounds (“Mlbs”) U3O8
contained in 2,831,000 tonnes grading 0.69% U3O8 (CLICK HERE for a
summary table of the Lac 50 Trend inferred resource estimate);
- Supported by 351 resource
delineation drill holes totaling 62,023 metres (“m”);
- Uranium mineralization starts at
surface, and has been drilled to 380 m vertical depth;
- Metallurgical results for Lac 50
demonstrate high uranium recoveries and rapid leach kinetics. See
news releases: February 28, 2013, September 11, 2013 and February
27, 2014;
ValOre has commenced a board approved and fully
funded CAD$11 million 2022 exploration program at Angilak, as
announced on April 7, 2022 (CLICK HERE for news release). A total
of 300 holes were drilled in areas outside Lac 50 resource, with
anomalous radioactivity encountered in 230 holes (77%) evidenced by
counts per second values >200, and 170 holes (57%) returned
counts per second values >1000.
Angilak is located 200 km south of the Kiggavik
uranium deposit (133 Mlbs U3O8 grading 0.47% U3O8), 240 km
southwest of producing Meadowbank gold mine (2.888 Moz Au) and 330
km west of producing Meliadine gold mine (4.025 Moz Au), all
located in Nunavut Territory.
Pedra Branca Palladium-Platinum-Gold (Ceará State,
Brazil)
The Pedra Branca platinum group elements project
comprises 52 exploration licences covering a total area of 56,852
hectares (140,484 acres) in northeastern Brazil. At Pedra Branca,
seven distinct PGE+Au deposit areas host, in aggregate, a 2022 NI
43-101 inferred resource of 2,198,000 ounces 2PGE+Au contained in
63.6 million tonnes grading 1.08 g/t 2PGE+Au (CLICK HERE for news
release). All currently known Pedra Branca inferred resource zones
are near surface and thus potentially open pittable.
Highlights, as reported on March 24, 2022:
- 2,198,000 ounces 2PGE+Au in 63.6
million tonnes grading 1.08 g/t 2PGE+Au (1,862,000 ounces PdEq
grading 0.91 g/t PdEq);
- 106% increase to 2019 inferred mineral resource;
- CAD$6.1M spent on exploration and development since 2019
resource, equating to CAD$5.40 per ounce 2PGE+Au added;
- 17,434 m have been drilled since the 2019 resource, with
approximately 11,500 m allocated to resource expansion;
- 2021 infill resource and metallurgy hole from Esbarro: 77 m
grading 2.95 g/t 2PGE+Au from surface, including 6.4 m at 16.92 g/t
2PGE+Au and 0.52 g/t Rh from 30 m;
- Metallurgical recoveries of 82.9% for platinum, 71% for
palladium and 85.2 % for gold were achieved by the first locked
cycle flotation test on a fresh, unweathered 30-kilogram sample
composited from Curiu PGE deposit drill core.
Extensive resource growth potential remains at Massapê, Santo
Amaro, Trapia and Cedro, in addition to advanced exploration
targets property-wide. Regional exploration by Trado® and trenching
continues to advance new prospects to RC or core drill targets. An
excellent example of this is the recently announced Ipueiras trench
results, including 64 m grading 2.68 g/t 2PGE+Au, including 25 m
grading 4.65 g/t 2PGE+Au. CLICK HERE for news release dated April
5, 2022, for more information on the Ipueiras target.
ValOre has not made any decisions related to any
specific strategic alternatives at this time and there can be no
assurance that the Strategic Review will result in any transaction.
The Company does not intend to provide announcements or updates
unless, or until, it determines that further disclosure is
appropriate or necessary.
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.
Information in this presentation related to the
independent Angilak mineral resource estimate has been approved by
Michael Dufresne, M.Sc. P.Geo., President of Apex Geoscience Ltd.,
Robert Sim, P.Geo. of SIM Geological Inc. and Bruce Davis, FAusIMM
of BD Resources Consulting Inc., who are independent QPs as defined
under NI 43‐101.
Independent consultants, Fábio Valério (P.Geo.)
and Porfirio Cabaleiro (P.Eng.), of GE21 were commissioned to
complete the mineral resource estimate and the technical report on
behalf of ValOre, and Chris Kaye of Mine and Quarry Engineering
Services Inc., was commissioned to review the metallurgical
information and contribute to the NI 43-101 technical report.
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/
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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