VANCOUVER, British Columbia, Nov. 24, 2023 (GLOBE NEWSWIRE) — ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today reported diamond drilling assay results from the Santo Amaro target at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.
“2023 drilling at Santo Amaro was a great success, with significant shallow PGE intercepts returned in 16 of 20 holes,” stated ValOre’s VP of Exploration, Colin Smith. “The 127-metre PGE intercept in drill hole DD21SA27, situated 95 metres outside of the resource to the east-southeast, demonstrates the impressive upside potential of this underexplored target area.”
Key Updates on 2023 Santo Amaro Core Drilling:
- 20 holes drilled totaling 2,316 metres (“m”), with a primary focus of resource expansion;
- All 20 completed holes intercepted the target ultramafic (“UM”) intrusion, with assays received in full, and notable PGE intercepts returned in 16 of 20 core holes;
- Newly received near surface PGE interval highlights include:
- 127 m at 0.85 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) from 39 m, incl. 27 m at 2.25 g/t 2PGE+Au from 55 m in drill hole DD21SA42
- 53 m at 1.19 g/t 2PGE+Au from 2.0 m, incl. 20 m at 2.13 g/t 2PGE+Au from 29 m in drill hole DD21SA34
- 22 m at 2.64 g/t 2PGE+Au from 18 m, incl. 6.0 m at 5.32 g/t 2PGE+Au from 29 m in drill hole DD21SA37
- 20 m at 1.67 g/t 2PGE+Au from 40 m in drill hole DD21SA33;
- Drill-confirmed PGE mineralization along the trend has increased in strike length from 215 m to over 600 m;
- Continuity of geology and PGE grade has been established between Northwest Target (“NW”) and resource area, with 8 positive NW drill holes spaced ~60-90 m apart;
- Broad trends of near-surface PGE mineralization remain largely open.
*Reported core assay interval lengths are estimated to represent 80-100% true width
Santo Amaro Target and the 2019 Mineral Resource Domain
Santo Amaro is one of five currently defined PGE deposit areas at Pedra Branca, which together host an inferred resource totalling 1,067,000 ounces (“oz”) of 2PGE+Au contained in 27.2 million tonnes (“Mt”) grading 1.22 g/t 2PGE+Au. Summary Table of the 2019 Inferred Resource and Pedra Branca Resource Estimate NI 43-101 Technical Report, May 2019.
The 2019 Santo Amaro mineral resource was defined by 5 pre-ValOre drill holes spaced 45-60 m apart, along a collective geological trend of 215 m, which together comprise an inferred resource of 203,000 oz at 1.19 g/t 2PGE+Au in 5.3 Mt. To improve geological constraint for the next resource re-estimation, 10 scissor holes were drilled in 2023 from 5 pads (2 holes per pad) to the north of the resource holes, with each pad having 1 vertical hole (-90° dip) and 1 angled hole to the south (-50° dip).
Shallow, well-mineralized intercepts have been returned for all 10 holes, establishing strong geology and PGE grade continuity of the resource area. Highlight PGE intercepts include: 36 m at 2.22 g/t 2PGE+Au from 43 m, incl. 9.1 m at 6.38 g/t 2PGE+Au from 43 m in drill hole DD21SA30, and 53 m at 1.19 g/t 2PGE+Au from 2.0 m, incl. 20 m at 2.13 g/t 2PGE+Au from 29 m in drill hole DD21SA34. See Table 1 below for a summary of significant drill core assays, and Figure 1 below for a plan map of Santo Amaro drilling.
Resource Expansion Potential Along Strike
The easterly resource strike extension exhibits a thickening of the mineralized package and was subsequently targeted with 3 holes in 2023. All three holes intercepted broad intervals of target UMs along trend from the existing resource, including highlight drill hole DD21SA42, which returned 127 m at 0.85 g/t 2PGE+Au from 39 m, including 27 m at 2.25 g/t 2PGE+Au from 55 m. See Table 1 below for a summary of significant drill core assays, and Figure 2 below for a cross section of DD21SA42.
The resource strike potential also remains open to the west and northwest, as evidenced by western-most 2020 drill hole DD20SA23, which returned 20 m at 0.98 g/t 2PGE+Au from surface (CLICK HERE for news release dated January 15, 2023), and 2023 drill hole DD21SA37, situated 220 m to the northwest (NW Target), which returned 22 m at 2.64 g/t 2PGE+Au from 18 m.
Northwest Target Area
The NW Target represents an emerging shallow PGE body approximately 250 m north-northwest of the resource area, targeted with 6 holes totaling 729 m in 2023, with the goal of incorporating the zone into a future inferred resource estimate. All 6 holes intercepted the target shallow UM intrusion, with 4 holes returning significant near-surface PGE intercepts, building strong geological continuity between the 200 m by 300 m zone, and the resource area (250 m to the south-southeast). Highlight drill hole DD21SA37 returned 22 m at 2.64 g/t 2PGE+Au from 18 m, incl. 6.0 m at 5.32 g/t 2PGE+Au from 29 m. See Table 1 below for a summary of significant drill core assays.
Table 1: Significant Core 2PGE+Au Assays from 2023 Santo Amaro Drilling
| Target | Hole ID | From (m) |
To (m) |
Length (m) |
Au (g/t) |
Pd (g/t) |
Pt (g/t) |
2PGE+Au (g/t) |
Summary Interval** | Gram x metre |
| Scissor Target | DD21SA25* | 41.90 | 99.76 | 57.86 | 0.01 | 0.29 | 0.30 | 0.60 | 59 m at 0.60 g/t 2PGE+Au from 42 m | 35 |
| Scissor Target | DD21SA26* | 34.02 | 62.60 | 28.58 | 0.04 | 0.54 | 0.26 | 0.83 | 29 m at 0.83 g/t 2PGE+Au from 34 m incl. 12 m at 1.12 g/t 2PGE+Au from 43 m |
24 |
| 43.00 | 55.00 | 12.00 | 0.02 | 0.73 | 0.37 | 1.12 | ||||
| NW Target | DD21SA27* | 8.50 | 13.00 | 4.50 | 0.01 | 0.12 | 0.12 | 0.26 | 4.5 m at 0.26 g/t 2PGE+Au from 8.5 m and 31 m at 0.26 g/t 2PGE+Au from 88 m incl. 4.0 m at 0.99 g/t 2PGE+Au from 88 m |
9 |
| 88.00 | 119.00 | 31.00 | 0.01 | 0.17 | 0.08 | 0.26 | ||||
| 88.00 | 92.00 | 4.00 | 0.02 | 0.73 | 0.25 | 0.99 | ||||
| Scissor Target | DD21SA28* | 19.95 | 27.60 | 7.65 | 0.05 | 1.30 | 1.60 | 2.96 | 7.7 m at 2.96 g/t 2PGE+Au from 20 m incl. 3.0 m at 5.24 g/t 2PGE+Au from 22 m |
23 |
| 22.00 | 25.00 | 3.00 | 0.08 | 2.55 | 2.60 | 5.24 | ||||
| Scissor Target | DD21SA29* | 22.55 | 51.42 | 28.87 | 0.14 | 0.89 | 0.38 | 1.41 | 29 m at 1.41 g/t 2PGE+Au from 23 m | 41 |
| Scissor Target | DD21SA30* | 42.55 | 78.15 | 35.60 | 0.02 | 1.16 | 1.05 | 2.22 | 36 m at 2.22 g/t 2PGE+Au from 43 m incl. 9.1 m at 6.38 g/t 2PGE+Au from 43 m |
79 |
| 42.55 | 51.67 | 9.12 | 0.03 | 3.28 | 3.07 | 6.38 | ||||
| Scissor Target | DD21SA31 | 49.22 | 95.00 | 45.78 | 0.01 | 0.42 | 0.38 | 0.81 | 46 m at 0.81 g/t 2PGE+Au from 49 m incl. 16 m at 1.22 g/t 2PGE+Au from 52 m |
37 |
| 52.00 | 68.00 | 16.00 | 0.02 | 0.61 | 0.65 | 1.27 | ||||
| Scissor Target | DD21SA32 | 18.14 | 41.00 | 22.86 | 0.03 | 0.84 | 0.20 | 1.07 | 23 m at 1.07 g/t 2PGE+Au from 18 m incl. 8.0 m at 2.13 g/t 2PGE+Au from 22 m |
24 |
| 22.00 | 30.00 | 8.00 | 0.06 | 1.71 | 0.36 | 2.13 | ||||
| Scissor Target | DD21SA33 | 1.35 | 4.00 | 2.65 | 0.01 | 0.19 | 0.19 | 0.40 | 2.7 m at 0.40 g/t 2PGE+Au from 1.4 m and 20 m at 1.67 g/t 2PGE+Au from 40 m |
34 |
| 40.00 | 59.70 | 19.70 | 0.02 | 1.02 | 0.63 | 1.67 | ||||
| Scissor Target | DD21SA34 | 2.00 | 55.00 | 53.00 | 0.02 | 0.55 | 0.63 | 1.19 | 53 m at 1.19 g/t 2PGE+Au from 2 m incl. 19.9 m at 2.13 g/t 2PGE+Au from 29 m |
63 |
| 29.00 | 48.90 | 19.90 | 0.01 | 0.76 | 1.35 | 2.13 | ||||
| Scissor Target | DD21SA35 | 46.45 | 49.00 | 2.55 | 0.01 | 0.27 | 0.32 | 0.60 | 2.6 m at 0.60 g/t 2PGE+Au from 47 m | 2 |
| NW Target | DD21SA36 | 0.00 | 8.00 | 8.00 | 0.01 | 0.17 | 0.05 | 0.23 | 8.0 m at 0.23 g/t 2PGE+Au from surface and 15 m at 0.22 g/t 2PGE+Au from 119 m |
5 |
| 118.50 | 133.75 | 15.25 | 0.01 | 0.10 | 0.10 | 0.22 | ||||
| NW Target | DD21SA37 | 17.90 | 39.50 | 21.60 | 0.01 | 0.88 | 1.75 | 2.64 | 22 m at 2.64 g/t 2PGE+Au from 18 m incl. 5.95 m at 5.32 g/t 2PGE+Au from 29 m |
57 |
| 29.00 | 34.95 | 5.95 | 0.01 | 1.84 | 3.47 | 5.32 | ||||
| NW Target | DD21SA40 | 35.08 | 58.85 | 23.77 | 0.01 | 0.36 | 0.23 | 0.59 | 24 m at 0.59 g/t 2PGE+Au from 35 m incl. 4.5 m at 1.33 g/t 2PGE+Au from 54 m |
14 |
| 54.35 | 58.85 | 4.50 | 0.01 | 0.85 | 0.47 | 1.33 | ||||
| East Strike Extension | DD21SA41 | 0.00 | 28.00 | 28.00 | 0.01 | 0.27 | 0.23 | 0.51 | 28 m at 0.51 g/t 2PGE+Au from surface incl. 5.2 m at 1.30 g/t 2PGE+Au from 3.9 m |
14 |
| 3.90 | 9.05 | 5.15 | 0.01 | 0.53 | 0.76 | 1.30 | ||||
| East Strike Extension | DD21SA42 | 39.00 | 165.85 | 126.85 | 0.02 | 0.42 | 0.41 | 0.85 | 127 m at 0.85 g/t 2PGE+Au from 39 m incl. 27 m at 2.25 g/t 2PGE+Au from 55 m |
108 |
| 55.00 | 82.05 | 27.05 | 0.04 | 1.04 | 1.17 | 2.25 |
*Released October 20, 2023
**Reported core assay interval lengths are estimated to represent 80-100% true width
Figure 1: Plan Map of Santo Amaro Drilling is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e2174993-5186-4a44-819e-0f88a142ac67
Figure 2: Cross Section of Drill Hole DD21SA42 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/598a27f5-2333-4402-bcea-cb1a9e8a3d84
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 51 exploration licenses covering a total area of 55,984 hectares (138,339 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 (CLICK HERE for 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 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 [email protected].
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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.
