Valorem Acquires Wing Shear Property in Newfoundland
Figure 1: Map showing property geology and
mineral occurrences/showing
Valorem Acquires Wing Shear Property in Newfoundland
Vancouver, British Columbia - (January 5, 2021 ) – VALOREM RESOURCES INC. ("VALU" or the
"Company") (CSE: VALU) (Frankfurt: 1XW1) is pleased to announce that further to its news release dated
December 17, 2020, it has entered into and closed a definitive mineral property option agreement dated
January 4, 2021 (the “ Option Agreement ”) with WBN Prospecting Group , an arm’s length party (the
“Optionor”) to acquire a 100% interest in the Wing Shear property (the “Property”) located in central
Newfoundland, Canada.
The terms of the Option Agreement call for cash payments of $45,000 within five days of signing the
agreement, $3,000,000 work commitments over 3 years , reimbursement of $13,130 in staking fees and
the issuance of 4.5 million shares of the Company over a period of one year , plus a 10% finder’s fee
payable in cash and shares . The Property is subject to a 2% royalty (NSR) with an option to buy back
1.5% for $1 million.
The P roperty is comprised of 280 claim units covering 7 ,000 hectares; it covers a 1 km long untested
gold trend located 32 km northeast of the town of Gander, Newfoundland and Labrador and is located
approximately 27 km east of the Newfound Gold Inc.’s Queensway Project . The gold trend is shear
zone hosted (the Wing ’s Pond Shear Zone) and previous historic sampling is reported with assay results
up to 12.2 g/t Au from grab samples. There has been no previous drilling in this area.
Highlights
Regional scale land package covering deep seated structural zone
parallel to the structural trend underlying Newfound Gold’s
Queensway Project.
Greenfield project with drill targets identified
No prior drilling completed on the showing.
The Wings Shear Property has values from grab samples of up to
12.2 g/t Au.
The Wing’s Pond mineralized trend has been traced for a strike
length of 1.0 km and c hannel sampling retuned values of up to 9.8
g/t Au over 1.0 meters from the main Wing’s Pd showing
Additional g old mineralization was found associated with
brecciated quartz veins within the Indian Bay -Big Pond Formation.
This formation is 14 km long and 1.2 km wide.
Channel sample from this area assayed up to 1.49 g/t Au, and 0.92 g/t Au over 1.0 m
Note: The data reported here is historic in nature and has not yet been verified by a Qualified
Person. Valorem has relied on the information supplied in the NL govt filed assessment reports and from
information found in MODS (Mineral Occurrence Data Syst em) published by the Newfoundland
Department of Natural Resources. The surface grab samples described in this news release are selective
by nature and are unlikely to represent average grades of the property.
Geology
Situated in the Gander Tectono-Stratigraphic Geological Zone,
the Property is underlain by the Indian Bay Big Pond and the
Johnathan’s Pond formations. It hosts the regionally
significant Wing’s Pond shear zone which extends for 40-km
in a north northeast direction a nd is associ ated with a
number of historic gold showings. The gold is generally
associated with arsenopyrite, stibnite, and base metal
sulphides hosted in quartz/breccia veins.
Figure 2: Residual Mag of Prospect area, the eastern mag high
boundary is on the property
Wayne Reid, P. Geo., a qualified person as defined in National Instrument 43 -101, is responsible for this
release and supervised the preparation of the information forming the basis for this release.
All securities to be issued pursuant to the Option Agreement are subject to a four -month hold period
from issuance under applicable Canadian securities laws.
About Valorem Resources Inc.
Valorem explores and develops precious metal properties in the Americas.
For further details and maps, please see:
https://valoremresources.com/
ON BEHALF OF THE BOARD - Valorem Resources Inc.
(signed) Tony Louie, Director
Email: [email protected]
Phone: 604-283-6110
This news release includes certain statements that may be deemed "forward -looking
statements". All statements in this release, other than statements of historical facts,
including the likelihood of commercial mining and possible future financings are forwa rd-
looking statements. Although the Company believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions, such statements are not
guarantees of future performance and actual results or developments may differ m aterially
from those in the forward -looking statements. Factors that could cause actual results to
differ materially from those in forward -looking statements include unsuccessful exploration
results, changes in metals prices, changes in the availability of funding for mineral
exploration, unanticipated changes in key management personnel and general economic
conditions. Mining is an inherently risky business. Accordingly, the actual events may differ
materially from those projected in the forward -looking statements. For more information on
the Company and the risks and challenges of its business, investors should review the
Company's annual filings which are available at www.sedar.com