ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today provided a preliminary update
on the Reverse Circulation (“RC”) drilling at ValOre’s 100% owned
59,483-hectare Angilak Property Uranium Project (“Angilak”),
located in Nunavut Territory, Canada. All seven RC holes drilled at
the Dipole target have intersected multiple, shallow zones of
radioactivity.
“Dipole was first drilled in 2015, where 9 of 9
ValOre diamond drill holes intersected multiple zones of near
surface uranium mineralization in rocks analogous to those found in
the Lac 50 Trend deposits,” stated ValOre’s VP of Exploration,
Colin Smith. “2022 RC drilling at Dipole confirms that U3O8
mineralization remains open at depth and along strike in both
directions coincident to a 3.4-km-long, coincident, VLF-EM
conductor and uranium-in-soils anomaly.”
Angilak Property Uranium Project 2022
Dipole RC Drilling Highlights:
- Seven RC drill
holes in 778.76 metres (“m”) drilled to date from 3 drill sites at
Dipole, out of a planned 16 holes (1,865 m);
- Multiple zones
of near-surface radioactivity intersected in 7 of 7 holes (Table
1), with all holes returning scintillometer counts per second
(“CPS”) measurements over 500 CPS, with a maximum of 65,535
CPS in drill hole RC22-DP-005;
- RC drilling to
date has expanded the prospective structure along strike by 150 m
to the northeast, doubling the historical trend to 300 m in length
and wide open in both directions, and at depth;
- Total of 43
samples (65.53 m total) from 7 holes have been submitted for assay
to date;
- RC drilling
continues at Dipole, with significant U3O8 intercepts to be
followed-up in the summer core drilling program.
CLICK HERE for ValOre’s May 9, 2022 video
summarizing this news release.
Table 1: Preliminary 2022 RC Drilling
Results (Scintillometer CPS Radioactivity)
Hole ID |
EOH (m) |
Max CPS |
Zone 1* |
Zone 2* |
Zone 3* |
Zone 4* |
RC22-DP-001 |
100.58 |
1,020 |
64.01-65.5 m @ 560 CPS |
70.10-71.6 m @ 1,200 CPS |
- |
- |
RC22-DP-002 |
128.02 |
5,320 |
36.58-38.10 m @ 2,280 CPS |
73.15-80.77 m @ 2,242 CPS (avg) and 5,320 CPS
(max) |
- |
- |
RC22-DP-003 |
100.58 |
590 |
65.53-67.06 m @ 590 CPS |
85.34-86.87 m @ 560 CPS |
- |
- |
RC22-DP-004 |
120.40 |
630 |
73.20-77.72 m @ 630 CPS |
97.54-99.06 m @ 520 CPS |
- |
- |
RC22-DP-005 |
111.25 |
65,535 |
30.48-35.05 m @ 5,648 CPS (avg) and 15,380
(max) |
47.24-54.86 m @ 17,270 CPS (avg) and 65,535 CPS (maxed out
scintillometer) |
57.91-62.48 m @ 706 CPS (avg) and 773 CPS (max) |
68.58-73.15 m @ 550 CPS (avg) and 722 CPS (max) |
RC22-DP-006 |
111.25 |
4,505 |
47.24-50.29 m @ 2,518 CPS (avg) and 4,505 CPS
(max) |
60.96-62.48 m @ 630 CPS and 67.06-68.58 m @ 985 CPS |
76.20-82.30 m @ 1,246 CPS (avg) and 3,110 CPS
(max) |
91.44-96.01 m @ 892 CPS (avg) and 1,750 CPS
(max) |
RC22-DP-007 |
drilling |
26,580 |
65.53-70.10 m @ 8,486 CPS (avg) and 15,400 CPS
(max) |
92.96-99.06 m @ 10,080 CPS (avg) and 26,580 CPS
(max) |
Drilling ongoing |
Drilling ongoing |
* All zone interval
measurements are metres (“m”) down-hole, and true widths are yet to
be determined
2015 Core Drilling Success at
Dipole
Nine of nine core holes drilled in 2015
intercepted multiple stacked zones of U3O8 mineralization at
vertical depths ranging from 15 m to 110 m and along 150 m of
strike length (Figure 1). Assay highlights include:
- 2.34%
U3O8
and 44 g/t Ag over 1.3 m from 28.3 m, within a zone of
0.88%
U3O8,
0.46% Mo and 17.6 g/t Ag over 3.5 m from 28.3 m, and a second
separate zone of 0.21%
U3O8
over 6.7 m from 46.6 m in drill hole
15-DP-009;
- 0.17%
U3O8
over 8.0 m from 27.9 m in drill hole
15-DP-005;
- 0.18%
U3O8
over 6.7 m from 35.5 m in drill hole
15-DP-006;
- 0.14%
U3O8
over 2.1 m from 75.5 m in drill hole
15-DP-002.
2022 RC Drilling at Dipole
Exploration drilling at Dipole in 2022 will
follow-up the high-grade U3O8 core intercepts from 2015, which
outlined a 25 m to 48 m wide zone of multiple, steeply dipping
mineralized intervals hosted in a sequence of structurally weak
pyroclastic horizons. The 150 m of U3O8-bearing strike length
drilled in 2015 will be further tested along 1.5 km of prospective
trend, characterized by a strong VLF-EM conductor and coincident
uranium-in-soil anomaly (Figure 2). It was the pairing of VLF-EM
and soil data that led ValOre geologists to the Dipole drilling
discovery in 2015.
The 1,865 m of proposed RC drilling will be
conducted from approximately 7 drill sites, with an average of 2
holes per pad. Given the steep orientation (~70 to 75°) of Dipole’s
uraniferous structures, the first hole from each pad will be
drilled at a -45° dip to ensure a maximum thickness of target
stratigraphy is tested, and that drilling intercepts are as close
to true widths as possible. Subsequent drill hole(s) from the same
pad will be drilled at steeper dips, in 10 to 15° increments, with
a maximum of 3 holes at each pad.
Drill hole spacing proximal to the area of 2015
drilling will be 50 m, which is the average collar spacing at Lac
50. Subsequent step-outs along the regional strike will
progressively increase to a collar spacing 100 m and 150 m (all
divisible by 50 m), with a final regional step-out of 800 m along
strike to the northeast, testing a strong geochemical anomaly.
Favorable results on 100, 150, and 800 m step-outs may be followed
up with infill drilling, to establish an overall spacing of 50 m
between collars.
Preliminary RC drilling results indicate a
strong continuity of the target uraniferous structure in all holes,
with multiple zones of radioactivity encountered in 7 of 7 holes
(7th hole, RC22-DP-007, is ongoing). This suggests a doubling of
the drill-confirmed Dipole zone from 150 to 300 m, with expansion
potential wide open in both directions of strike, and at depth,
along a 3.4-km-long geochemically anomalous conductor. Furthermore,
while the current soil sampling coverage spans 3.4 km of strike,
strong uranium-in-soil anomalies are truncated on both ends of the
grid, with the target conductor extending for approximately 9 km.
Extensional EL soil sampling is warranted to assess the uranium
potential of this regional target.
Upon receipt of continued favorable results, an
expansion to the 2022 RC and/or core drilling program at Dipole
will reviewed and considered.
Dipole Trend
Dipole is located approximately 27 km southwest
of the Lac 50 Trend deposits (“Lac 50” - 43.3 Mlbs U3O8 in
2,831,000 tonnes grading 0.69% U3O8) in a northeast-trending belt
of Archean metavolcanic rocks analogous to those that host Lac 50.
In 2011, a ValOre prospecting crew uncovered highly mineralized (up
to 2.24% U3O8 and 116 g/t Ag) angular boulders on the shore of a
small lake proximal to and immediately down-ice from the southwest
portion of a ~3.4-km-long VLF-EM conductor anomaly. Subsequent
enzyme leach (“EL”) soil sampling in 2014 defined a coincident
uranium anomaly, which was drill tested by 9 core holes (958 m) in
2015. All 9 holes intercepted multiple stacked zones of U3O8
mineralization at vertical depths ranging from 15 m to 110 m and
along 150 m of strike length. At Dipole, U3O8 mineralization
remains open at depth and along strike in both directions along a
3.4-km-long, coincident, VLF-EM conductor and uranium-in-soils
anomaly.
CLICK HERE for news release dated October 19,
2015 and see Figure 1 below for a summary of Dipole.
Additional EL soil sampling in 2016 defined a
new 600-m-long uranium anomaly that overlies a parallel EM
conductor 1.5 km to 2.1 km northeast of the Dipole drilling. This
extended the prospective trend to over 3.4 km, with both the VLF-EM
and soil anomalies remaining open along strike in both
directions.
Mineralization at Dipole is associated with
sheared and brecciated hematite-carbonate-chlorite altered
graphitic tuff units, mineralized with pitchblende and sulphides,
within a sequence of mafic to intermediate tuffs and massive to
pillowed basalt. Much like Lac 50, molybdenum and silver occur
with, and adjacent to, the uranium mineralization at Dipole.
Figure 1: Dipole target summary,
showcasing historical core drilling, high-grade near surface
U3O8
intercepts, and strong regional exploration
upside.https://www.globenewswire.com/NewsRoom/AttachmentNg/4b96d0b2-59b3-406b-9ea5-469490862db4
Figure 2: Dipole target map, showing
locations of historical (2015) core holes, proposed and drilled RC
holes (2022), prospective VLF-EM conductor and uranium-in-soils
anomalism.https://www.globenewswire.com/NewsRoom/AttachmentNg/dfaa1b3c-dce5-41ab-91ef-1d6b0b710edf
Figure 3: Regional setting of Angilak
Property Uranium Project, in relation to operating and
past-producing mines, advanced exploration projects, and
communities.https://www.globenewswire.com/NewsRoom/AttachmentNg/0c08211d-25fc-4e8e-809c-c221355935d3
About Angilak
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 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 across the large land package. 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. Highlights include:
- 43.3
Mlbs
U3O8 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”);
- 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;
- Lac 50 Trend is
a 15 kilometre (“km”) by 3 km area with excellent potential for
resource growth and new discoveries;
- Uranium
mineralization starts at surface, and has been drilled to 380 m
vertical depth;
CLICK HERE for ValOre’s May 6, 2021 video
summarizing the highlights of Angilak.
CLICK HERE for ValOre’s May 6, 2021 video
reviewing the 2021 focus for Angilak.
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 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.
Information related to the independent Pedra
Branca mineral resource estimate has been approved by Fábio
Valério, P.Geo., and Porfirio Cabaleiro, P.Eng., of GE21.
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.
ValOre Metals (TSXV:VO)
Historical Stock Chart
From Jun 2024 to Jul 2024
ValOre Metals (TSXV:VO)
Historical Stock Chart
From Jul 2023 to Jul 2024