ValOre Announces Option Agreement on Hatchet Lake Uranium Project, Athabasca Basin, Saskatchewan
ValOre Announces Option Agreement on Hatchet Lake Uranium Project, Athabasca Basin,
Saskatchewan
Vancouver, B.C. – November 10, 2021 – ValOre Metals Corp. (“ValOre”, or the “Company”) (TSX -
V:VO, OTC:KVLQF, Frankfurt: KEQ) today announced that it has entered into a definitive property option
agreement with Azincourt Energy Corp (the “Optionee”, “Azincourt”) (TSX.V: AAZ, OTC: AZURF), an
arms-length party, pursuant to which the Optionee has been granted the option (the “ Option”) to acquire
up to a seventy -five percent interest in the Hatchet Lake Uranium Project (the “ Project”). The Project
consists of a series of six mineral claims located in the province of Saskatchewan.
ValOre’s Chairman & CEO Jim Paterson stated: “Azincourt boasts a team of highly experienced and well
capitalized Saskatchewan-focused uranium explorers. We are excited to work together with Azincourt to
explore the Hatchet Lake Uranium Project and allocate the time and resources that Hatchet Lake merits in
this rapidly improving uranium pricing environment.”
Hatchet Lake is a 13,711-hectare uranium exploration project adjacent to the northeastern margin of the
Athabasca Basin, situated along the underexplored northeast extension of the Western Wollaston Domain
(“WWD”) and Wollaston-Mudjatik Transition Zone (“WMTZ”). This highly-prospective belt hosts the majority
of known Canadian uranium deposits and all of Canada’s operating uranium mines (Figures 1 and 2).
Located 39 kilometres (“ km”) along-trend from the Roughrider uranium deposit and within 29 km of
Cameco’s Eagle Point uranium mine, Hatchet Lake features multiple, s hallow, unconformity -related
basement uranium targets based on previous work by both Hathor Exploration Ltd., Rio Tinto, and ValOre
(formerly Kivalliq Energy), including geophysics, and boulder, soil, lake sediment and bio -geochemical
sampling. The project contains substantial historic exploration datasets with extensive uranium anomalism
and showings to help guide exploration programs.
Two high-priority zones on the property have been defined: the Upper Manson and SW Scrimes zones.
Previous work includes 140 line- km ground geophysics and a 2007 VTEM survey that identified 30
conductive targets with a combined 53 line-km of strike length. Total samples include 1583 soil, 2404 bio-
geochemical, and 24 radioactive rock samples with assay results up to 2.43% U 3O8. Geochemical
anomalies highlight a variety of uraniferous host rock s that are coincident with conductive geophysical
targets.
Terms and Considerations
Pursuant to the terms of the Option, Azincourt can acquire a seventy -five percent interest in the Project by
completing a series of cash payments and share issuances to ValOre, and incurring certain expenditures on
the Project, as follows:
Cash Payments Common Shares Exploration
Expenditures
Upon the grant of the Option $100,000 $250,000 Not Applicable
Within 12 Months $250,000 $500,000 $1,000,000
Within 24 Months $250,000 $500,000 $1,000,000
Within 36 Months $250,000 $500,000 $2,000,000
All common shares issuable to ValOre will be calculated and issued at a deemed price equivalent to the
volume-weighted average closing price of the common shares of Azincourt on the TSX Venture Exchange in
the twenty trading days immediately prior to issuance, subject to a minimum price of $0.05.
Following completion of these requirements Azincourt will hold a seventy -five percent interest in the Project.
In the event Azincourt does not complete the final cash payment ($250,000) and share issuance ($250,000),
and incur the final expenditures ($2,000,000), the Optionee will hold a fifty percent interest in the Project.
All securities issued in connection with the Option will be subject to a four -month-and-one-day statutory
hold period. The Option remains subject to the approval of the TSX Venture Exchange. In connection with
the grant of the Option, a cash fee of $105,000 is owing by Azincourt to an arms-length party who assisted
with the introduction of transaction.
Figure 1: Location of Hatchet Lake project, among uranium deposits, mines and showings, NE Athabasca
Basin, Saskatchewan, Canada
Figure 2: Hatchet Lake uranium project, in relation to nearby uranium deposits, mines and showings, NE
Athabasca Basin, Saskatchewan, Canada
About Azincourt Energy Corp
Azincourt Energy is a Canadian- based resource exploration and development company focused on the
alternative fuels/alternative energy sector. Azincourt’s core projects are in the clean energy space, with
uranium exploration projects in the prolific Athabasca Basin, Saskatchewan, Canada, and lithium/uranium
projects on the Picotani Plateau, Peru. https://www.azincourtenergy.com/
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% U 3O8, totaling 43.3 million pounds U 3O8. 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
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.