CEO Update – 2020 Summary and Next Steps
CEO Update – 2020 Summary and Next Steps
November 13, 2020
Vancouver, B.C. ValOre Metals Corp. (“ValOre”; the “Company”; TSX ‐V: VO; OTC: KVLQF;
FRANKFURT: KEQ0) today provided a summary of 2020 accomplishments and next steps to advance
ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil.
“So far in 2020, our team has successfully advanced exploration efforts at the Pedra Branca PGE project
on multiple fronts. We have completed 80% of the 6,000 metre two phase drill program, focusing on our
goals of resource expansion, target advancement and discovery drilling,” stated Jim Paterson, ValOre’s
Chairman and CEO. “Assay results are pending from drilling completed at Trapia 1 and Trapia 2; with both
drill rigs now positioned to start drilling at the Santo Amaro area this week. Our work related to mineralogy,
processing and metallurgy has provided very positive initial results and some additional options which
warrant immediate follow up.”
Pedra Branca 2020 Drill Program
Resource Expansion – The bulk of the 6,000 proposed metres to be drilled as part of both the Phase 1
and 2 programs, were aimed at expanding specific zones which form part of the Pedra Branca inferred
resource, namely Trapia (Trapia 1 and Trapia 2) and Santo Amaro:
Trapia 1 – 2,520 metres in 12 holes drilled with assays from 5 holes released Aug 25 and Aug 31.
Assays pending from 7 holes drilled to the south of the area of known resources;
Trapia 2 – 1,098 metres in 8 holes drilled with samples from all holes sent this week to the lab for
assays;
Santo Amaro – two drill rigs now positioned at Santo Amaro to commence drilling this week. We aim
to finish strong with the planned drilling of 960.0 metres in 8 holes.
Target Advancement – 565 metres in 8 holes, were drilled in previously tested target zones, with highly
encouraging results coming from Cana Brava, where shallow mineralization was extended with PGE
intercepts in three of the drill holes (Oct 27 release)
Discovery Drilling – 750 metres in 8 holes tested new targets, with a highlight being a new PGE discovery
at the previously undrilled C-04 WorldView-magnetic anomaly target, with 2PGE+Au mineralization
encountered in all three drill holes (Oct 27 release). These results are significant, as they validate ValOre's
exploration methodology described in the Dec 4, 2019 news release.
Metallurgical Work
For a synopsis of ValOre Nov 2 and Nov 9 releases, please click this LINK to a video presentation by
ValOre’s Colin Smith (New Project Review) and Dustin Zinger (Investor Relations).
Platsol metallurgical test recoveries of 93.4 to 93.6 per cent for palladium (Pd) and 95.3 to 95.7 per
cent for platinum (Pt) achieved;
Hot cyanide metallurgical test recoveries of 84.4 per cent, 88.5 per cent and 91.7 per cent palladium
were achieved;
Falcon UF gravity test work was very effective at concentrating platinum with 82.6 per cent Pt recovered
in 32.1 per cent of the mass.
Next Steps
As we continue with a property-wide exploration program at Pedra Branca, there will be a t steady news
flow in Q4 2020 and Q1 2021, to include results from:
Drilling at Trapia 1 (pending), Trapia 2 (sent recently to lab), and Santo Amaro (drilling to commence
this week);
Assays and reports from targeted exploration programs property wide, including mapping, prospecting,
trenching, rhodium values from historic drill core, and soil sampling (Mendes North);
Platsol™ tests to optimize PGE and gold recoveries;
A comprehensive mineralogical evaluation to characterize the speciation of palladium and platinum in
Pedra Branca mineralization;
Falcon ultrafine (UF) gravity separation testwork continues as a potential preconcentration circuit to
upgrade feed material and improve mass pull;
Steinert sensor-based ore sorting testwork will commence shortly with the shipment of 100
representative chip samples from historic drilling at the Esbarro deposit.
ValOre’s advancement of the Pedra Branca PGE project has been greatly assisted by the support of the
local communities surrounding Pedra Branca, in particular the wonderful people of Capitão Mor. Our highest
priority is to operate safely and make a positive impact on the local community. Over the past year, we have
grown a first-class team, which includes incredibly hard working and competent professionals in Brazil,
Canada, USA and UK.
We thank our shareholders for their patience as we advance this emerging PGE district – we feel the
potential prize is most certainly worth the wait.
On behalf of the Board of Directors,
“Jim Paterson”
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
NOVEMBER 9, 2020 ValOre Reports Further Encouraging Metallurgical Testing Results from Pedra
Branca PGE Project: 91% palladium recoveries in cyanide leach and 82% platinum recovered in 32%
mass in gravity sort
NOVEMBER 2, 2020 ValOre Initiates Multi-faceted Optimization Testwork at Pedra Branca and Receives
Preliminary Platsol™ Metallurgical Recoveries of 93.4% for Palladium and 95.3% for Platinum
OCTOBER 27, 2020 ValOre Validates Exploration Methodology with Drill Discovery of New PGE Zone at
Pedra Branca
OCTOBER 19, 2020 ValOre Provides Pedra Branca Exploration Update; Second Rig Arrives to
Commence Fully Funded Phase 2 Drill Program
SEPTEMBER 21, 2020 ValOre Expands Fully Financed Exploration Program at Pedra Branca with
Additional Drill Rig and New Geological Team Members
AUGUST 31, 2020 ValOre Expands PGE Mineralization at Pedra Branca with Step-Out Drilling;
Intersects 9.49 g/t 2PGE+Au over 2.45 metres
AUGUST 25, 2020 ValOre Announces Initial Drill Results from Pedra Branca; Including 1.0 g/t 2PGE+Au
Over 52.8 Metres from Surface
AUGUST 6, 2020 ValOre Provides Update on Pedra Branca Activities
JULY 9, 2020 ValOre Commences Drilling at Pedra Branca PGE Project
JULY 7, 2020 ValOre Soil Geochemistry Assay Results Identify PGE Anomalies at all Three Mendes
North Targets
JUNE 18, 2020 ValOre Bolsters Technical Team and Provides Update on Pedra Branca PGE Project Drill
Program
JUNE 17, 2020 ValOre Provides Exploration Update for Pedra Branca PGE Project and Initiates
Metallurgical Testwork
APRIL 27, 2020 ValOre Outlines 2020 Exploration Program for Pedra Branca; Secures $1.2 Million
Financing
MARCH 30, 2020 ValOre Continues to Identify New PGE Targets at Pedra Branca; Provides Update
Regarding COVID-19
MARCH 12, 2020 ValOre Reports Rhodium Assays from Pedra Branca PGE Project, Brazil: Initial results
from Esbarro Deposit yield up to 1.44 g/t Rhodium.
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, who
oversees New Project Review for ValOre.
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 38 exploration licenses covering a total area of 38,940 hectares
(96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate,
a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+ Au contained in 27.2 million tonnes grading
1.22 g/t 2PGE+Au (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and
all of the currently known inferred 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 NI 43 ‐101 Inferred Resource
of 2,831,000 tonnes grading 0.69% U 3O8, totaling 43.3 million pounds U 3O8. For disclosure related to the
inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of 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.
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For further information about, ValOre Metals Corp. or this news release, please visit our website
at valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email
ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit:
www.discoverygroup.ca
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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.