ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today provided an 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. Seventeen (17) of twenty (20)
RC holes drilled at the Dipole and Yat targets have intersected
near-surface zones of radioactivity.
“RC drilling success at Dipole and Yat this
season demonstrates the potential for these zones to host
high-grade, near-surface, basement-hosted uranium deposits,” stated
ValOre’s VP of Exploration, Colin Smith. “It is very encouraging
that Lac 50-type uranium mineralization occurs on the opposite side
of the Angikuni Basin, opening up over 60 kilometres of a highly
prospective, yet underexplored trend at Angilak.”
Angilak Property Uranium Project 2022
Dipole and Yat RC Drilling Highlights:
- Twenty RC drill holes in 2,141 metres (“m”) drilled to date
from 10 drill sites at Dipole (17 holes) and Yat targets (3
holes);
- Multiple zones of near-surface radioactivity intersected in 14
of 17 holes at Dipole and 3 of 3 holes at Yat (Table 1);
- RC drilling at Dipole has extended the known strike extent of
the mineralized structure from 150 m to 650 m;
- Radioactive intervals are shallow, with vertical depths of the
intersections ranging from 9 m to 110 m below surface;
- RC drilling continues at the Yat target (“Yat”), located 10
kilometres (“km”) to the northeast;
- Prospecting and trenching at Yat in 2015 and 2016 yielded
high-grade polymetallic (U-Pd-Pt-Au-Cu-Ag) rock samples which
assayed up to 23% U3O8, 58 g/t Pd, 7.8 g/t Pt, 211 g/t Au, 22% Cu,
and 3,200 g/t Ag;
- Yat program has been expanded due to strong preliminary
results, with intervals of anomalous radioactivity intercepted in 3
of 3 holes, up to a maximum of 5,013 counts per second
(“CPS”);
- Total of 315 samples (480 m total) from 17 holes have been
collected for assay, to date;
- Dipole and Yat remain open in both directions and at
depth.
Table 1: 2022 RC Drilling Results to
Date (Scintillometer CPS Radioactivity)
Target |
Hole ID |
EOH (m) |
Samples |
Max CPS |
Zone 1* |
Zone 2* |
Zone 3* |
Zone 4* |
Dipole |
RC22-DP-001* |
100.58 |
2 |
1,020 |
64.01-65.5 m @ 560 CPS |
70.10-71.6 m @ 1,020 CPS |
|
|
Dipole |
RC22-DP-002* |
128.02 |
6 |
5,320 |
36.58-38.10 m @ 2,280 CPS |
73.15-80.77 m @Max CPS: 5,320
Avg CPS: 2,242 |
|
|
Dipole |
RC22-DP-003* |
100.58 |
2 |
590 |
65.53-67.06 m @ 590 CPS |
85.34-86.87 m @ 560 CPS |
|
|
Dipole |
RC22-DP-004* |
120.4 |
2 |
630 |
73.20-77.72 m @ 630 CPS |
97.54-99.06 m @ 520 CPS |
|
|
Dipole |
RC22-DP-005* |
111.25 |
13 |
65,535 |
30.48-35.05 m @Max CPS: 15,380
Avg CPS: 5648 |
47.24-54.86 m @ Max CPS: 65,535
(maxed-out Scint)Avg CPS:
17,270 |
57.91-62.48 m @ Max CPS: 773
Avg CPS: 706 |
68.58-73.15 m @ Max CPS: 722 Avg CPS:
550 |
Dipole |
RC22-DP-006* |
111.25 |
11 |
4,505 |
47.24-50.29 m @ Max CPS:
4,505Avg CPS: 2,518 CPS |
60.96-62.48 m @ 630 CPS 67.06-68.58 m @ 985
CPS |
76.20-82.30 m @ Max CPS: 3110
Avg CPS: 1,246 |
91.44-96.01 m @ Max CPS: 1,750
Avg: CPS 892 |
Dipole |
RC22-DP-007 |
182.88 |
33 |
26,580 |
65.53-70.10 m @ Max CPS:
15,400Avg CPS: 8,486 |
92.96-99.06 m @ Max CPS: 26,580
Avg CPS: 10,080 |
109.73-124.97 m @ Max CPS: 24,550
Avg CPS: 3,561 |
129.54-153.92 m @Max CPS: 4,755
Avg CPS: 2,689 |
Dipole |
RC22-DP-008 |
100.58 |
16 |
865 |
47.24-54.86 m @ Max CPS: 865Avg CPS: 570 |
57.91-73.15 m @ Max CPS: 685 Avg CPS: 484. |
86.87-88.39 m @ 477 CPS |
|
Dipole |
RC22-DP-009 |
120.4 |
21 |
1,465 |
53.34-82.30 m @ Max CPS:
1,465Avg CPS: 528 |
88.39-91.44 m @ Max CPS: 455
Avg CPS: 303 |
|
|
Dipole |
RC22-DP-010 |
100.58 |
8 |
915 |
74.68-82.30 m @ Max CPS: 485 Avg CPS: 380 |
91.44-96.01 m @ Max CPS: 915 Avg CPS: 633 |
|
|
Dipole |
RC22-DP-011 |
121.92 |
4 |
484 |
80.77-82.30 m @ Max CPS: 435 Avg CPS: 366 |
97.54-100.58 m @ Max CPS 484 and Avg CPS: 384 |
|
|
Dipole |
RC22-DP-012 |
103.63 |
3 |
375 |
22.86-24.38 m @ CPS: 351 |
91.44-92.96 m @ Max CPS: 375 Avg CPS: 372 |
|
|
Dipole |
RC22-DP-013 |
137.16 |
0 |
175 |
|
|
|
|
Dipole |
RC22-DP-014 |
160.02 |
6 |
6,500 |
48.77-50.29 m @ 455 CPS |
80.77-85.34 m @ Max CPS: 6,500
Avg CPS:2,500 |
126.49-129.54 m @ Max CPS: 2690
Avg CPS:1578 |
|
Dipole |
RC22-DP-015 |
201.17 |
16 |
3,300 |
76.20-77.72 m @ 3,300 CPS |
85.34-89.92 m @ Max CPS: 2,600
Avg CPS:1,200 |
121.92-134.11 m @ Max CPS: 1,957
Avg CPS: 864 |
170.69-181.36 m @Max CPS: 1,223
Avg CPS: 600 |
Dipole |
RC22-DP-016 |
100.58 |
0 |
120 |
|
|
|
|
Dipole |
RC22-DP-017 |
140.21 |
0 |
179 |
|
|
|
|
Yat |
RC22-YAT-001 |
80.77 |
50 |
1,236 |
15.24-22.86 m @ Max CPS: 1,236
Avg CPS:756 |
41.15-42.67 m @ 355 CPS |
|
|
Yat |
RC22-YAT-002 |
80.77 |
50 |
5,013 |
9.14-10.67 m @ 467 CPS |
19.81-21.34 m @ 467 CPS |
28.96-32.00 m @ Max CPS: 5,013
(with 356 shoulder) |
44.20-45.72 m @ 356 CPS |
Yat |
RC22-YAT-003 |
111.25 |
72 |
392 |
67.06-68.58 m @ 392 CPS |
|
|
|
TOTALS (to date) |
2302.75 |
315 |
|
|
|
|
|
* Previously release hole, CLICK HERE for news release dated May
9, 2022** All zone interval measurements are metres (“m”)
down-hole, and true widths are yet to be determined
2022 RC Drilling at Dipole
The main zone at Dipole was tested with 15 RC
drill holes over 650 m of strike length in 2022, with 14 of 15
holes intersecting anomalous radioactivity (>350 CPS), 10 holes
with intervals exceeding 1,000 CPS and 7 holes over 3,300 CPS
(Figure 1). A maximum of 65,535 CPS was drilled in hole
RC22-DP-005, a reading which maxed-out the handheld scintillometer.
Assays for the 143 Dipole samples (217 m) remain pending.
All main zone drill pad locations produced a
minimum of 2 and a maximum of 4 intervals of radiation, including
the following highlight from hole RC22-DP-007 (Figure 2):
- Zone
1: 4.57 m
averaging 8,486 CPS from 65.53 m (max 15,400 CPS)
- Zone
2: 6.64 m
averaging 10,080 CPS from 92.96 m (max 26,580 CPS)
- Zone
3: 15.24 m
averaging 3,561 CPS from 109.73 m (max 24,550 CPS)
- Zone
4: 24.38 m
averaging 2,689 CPS from 129.54 m (max 4,755 CPS)
2022 VLF-EM ground surveys have delineated the
target Dipole conductor for approximately 9 km, with strong
uranium-in-soil anomalies remaining open in both directions of
strike. Soil sampling along-trend will commence in July, and the
core drill rig will further test the high-grade Dipole structure at
depth and along strike in both directions.
One regional reconnaissance RC drill pad was
located 1,250 m to the northwest of the main zone, where two 2022
holes were drilled. Both RC22-DP-016 and -017 only returned
background radioactivity values, and thus will not receive
follow-up. For more information regarding the Dipole target, CLICK
HERE for news release dated May 9, 2022, and CLICK HERE for news
release dated October 19, 2015.
Figure 1: Dipole target map, showing locations of the
2015 core holes, 2022 RC holes, prospective VLF-EM conductor, and
uranium-in-soils samples.
Figure 1 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c6da78ee-29b4-458b-a27c-e6a1db986cd7
Figure 2: Cross Section A-A’, Dipole
Target
Figure 2 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0edac4a9-4afa-4303-886d-424d89607f39
Yat Target
Yat is located near the northern margin of the
Angikuni Basin, approximately 15 km southwest of the Lac 50 Trend
uranium deposits (43.3 Mlbs U3O8 grading 0.69%) and 10 km northeast
of Dipole. The target is characterized by a strong 250 m wide
magnetic low with coincident high-grade polymetallic
U-Pd-Pt-Au-Cu-Ag mineralized zones (Figure 3).
Work by ValOre between 2007 and 2012 included
ground gravity, Mag-VLF surveys, and four shallow reconnaissance RC
holes that did not intersect significant uranium mineralization.
Subsequent soil sampling and prospecting in 2015 served to
delineate uranium and silver soil anomalies running parallel to a
discreet 1.6-km-long EM conductor that strikes northeast through
the centre of the magnetic low.
A 2015 grab sample from brecciated
quartz-carbonate veined glacial float collected on the southeast
margin of the Yat magnetic response returned the highest precious
metal assays ever reported from the Angilak Property with
1.82%
U3O8,
6.8% Cu, 211 g/t Au, 80,900 g/t Ag, 3.1 g/t Pt and 6.7 g/t
Pd (CLICK HERE for news release November 10, 2015).
In July 2016, a trenching program was conducted
proximal to the high-grade polymetallic boulder samples.
Radioactive brecciated carbonate veining with sulphides, secondary
yellow uranium staining and malachite were identified in several
trench areas (CLICK HERE for news release dated November 8, 2016),
including the following highlights (Figure 4):
- Channel sample 18924 from Trench KIV-16-T03: 2.50%
U3O8,
16.2% Cu, 417 g/t Ag and 1.3 g/t Au over a width of 0.5
m
- Channel sample A00560 from Trench KIV-PO-T05: 0.32%
U3O8,
0.10% Cu, 373 g/t Ag, 2.9 g/t Au and 6.4 g/t Pd across a width of
0.65 m
- Grab sample A00619: 23.6%
U3O8,
22.7% Cu, 879 g/t Ag and 5.3 g/t Au
- Grab sample 18939: 3.0%
U3O8,
1.3% Cu, 3200 g/t Ag, 43.3 g/t Au, 7.8 g/t Pt and 56.3 g/t
Pd
2022 RC Drilling at Yat
The main Yat zone which produced the high-grade
polymetallic boulder and trench channel samples has been tested
with 3 RC holes (273 m) from 2 drill sites to date in 2022, with
all holes intersecting zones of anomalous radioactivity. Highlight
drill hole 22RC-YAT-002 returned 3 discrete radioactive zones
between 15.25 to 32.00 m depth, with a maximum CPS value of 5,013
from 28.96-30.00 m (Table 1). A fourth drill hole is in
process.
2022 RC holes are designed to drill under the
high-grade trench assays, testing for continuity of mineralization
at depth. Given the potential for Pd-Pt-Au mineralization being
unassociated with radioactivity, every metre from the 2022 Yat RC
holes will be sampled for assay.
Figure 3: Plan map regional Yat target area, showing
uranium-in-soils anomaly, coincident VLF-EM conductor, high-grade
rock samples, and drilling.
Figure 3 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/66483014-8e4b-46f3-a96c-56c947a55ed0
Figure 4: Plan map of main zone at Yat, with assay
results from 2015 prospecting and 2016 trenching programs, and
locations of historical and 2022 RC drill holes.
Figure 4 is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/fce73610-2978-4e9f-a8e2-e03b448416f2
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
uranium 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.
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