ValOre Expands Pedra Branca Inferred Mineral Resource by 106% to 2.2 Million Ounces at 1.08 g/t 2PGE+Au
ValOre Expands Pedra Branca Inferred Mineral Resource by 106% to 2.2 Million Ounces at 1.08 g/t
2PGE+Au
Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX ‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the
Company”) today reported an updated independent National Instrument 43- 101 (“NI 43- 101”) inferred
mineral resource estimate for ValOre’s 100% -owned Pedra Branca Platinum Group Element s (“PGE”,
“2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.
ValOre’s CEO, Jim Paterson stated, “We are very pleased to announce the doubling of ValOre’s Pedra
Branca inferred mineral resource estimate, which was expanded to 2.2 million ounces of palladium,
platinum, and gold at 1.08 g/t 2PGE+Au. Several of the zones which form part of the resource estimate
remain wide open for expansion in future drill programs.
ValOre’s technical team has demonstrated their ability to expand known resource zones and to convert
exploration targets into resource ounces in a very cost effecti ve manner. We spent $6.1M CAD on
exploration, administration and development at Pedra Branca since the 2019 acquisition and resource
estimate, which equates to under CAD$6 per ounce of 2PGE+Au added to the resource inventory.
With the initial metallurgical results recently reported, today’s announcement on the resource expansion,
and a discovery pipeline of exploration targets laid out property -wide, we very excited about the future
potential of ValOre’s Pedra Branca Project.”
Highlights of the 2022 NI 43-101 Pedra Branca Inferred Mineral Resource Estimate:
• 2,198 thousand ounces (“Koz”) palladium + platinum + gold (“2PGE+Au”) in 6 3.6 million
tonnes (“Mt”) grading 1.08 g/t 2PGE+Au;
• 106% increase to 2019 inferred mineral resource;
• $ 6.1M CAD spent on exploration and development since 2019 resource, equating to $5.40 per
ounce 2PGE+Au added;
• 17,434 metres (“m”) have been drilled since the 2019 resource, with approximately 11,500 m
allocated to resource expansion;
• Extensive resource growth potential remains at Massapê, Santo Amaro, Trapia, and Cedro, in
addition to advanced exploration targets property-wide;
• Regional exploration by Trado® drilling continues to advance new prospects to RC or core drill
targets.
2022 Inferred Mineral Resource Estimate
The updated Pedra Branca mineral resource estimate was completed by independent Brazilian consultancy
GE21 Consultoria Mineral (“GE21”), in accordance with Canadian Institute of Mining, Metallurgy and
Petroleum (“CIM”) Definition Standards incorporated, by reference, in NI 43- 101 Standards of Disclosure
for Mineral Projects, and has been reviewed internally by ValOre. The 2022 resource estimate is the result
of over 17,000 metres of new drilling between July 2020 and December 2021 and comprises 7 distinct
deposit areas which host, in aggregate, an inferred resource of 2,198 K oz 2PGE+Au in 63.6 Mt grading
1.08 g/t 2PGE+Au (see Table 1 below). Mineralization outcrops at surface in all zones, and all the inferred
resources are potentially open pittable.
The Pedra Branca inferred resource estimate has doubled in its palladium, platinum, and gold endowment
since the 2019 NI 43-101 technical report (CLICK HERE ValOre news release dated July 23, 2019, for a
summary of the 2019 inferred mineral resource estimate). Compelling growth potential remains at multiple
deposit areas, including Massapê, Santo Amaro, Trapia, and Cedro.
The inferred mineral resource estimate for the Trapia deposit increased by a factor of over 4 times, and
now represents the largest contributor to the global resource at 885 Koz 2PGE+Au grading 0.96 g/t in 28.8
Mt). The Cedro deposit inferred mineral resource estimate also tripled in size to 453 Koz 2PGE+Au grading
1.03 g/t in 13.6 Mt. Both the Trapia and Cedro deposits were the subject of 2020-2021 resource expansion
drilling.
Massapê and Cana Brava represent two new zones added to the 2022 resource, accounting for 15 4 Koz
ounces 2PGE+Au in 4.0 Mt at grades of 1.21 and 1.18 g/t 2PGE+Au, respectively. Massapê remains wide
open along in all directions. CLICK HERE for news release dated December 20, 2021, for a summary of
2021 drilling at Massapê.
Table 1: 2022 Inferred Mineral Resource Summary Table – Effective Date: March 08, 2022
Target Weathering
Grade Contained Metal
Mass Au Pd Pt PdEq PGE+Au Au Pd Pt PdEq PGE+Au
kt g/t g/t g/t g/t g/t 000 oz 000 oz 000 oz 000 oz 000 oz
Trapia
Weathered 4,547 0.02 0.53 0.30 0.69 0.85 3 77 45 101 125
Fresh 24,239 0.04 0.63 0.31 0.85 0.98 30 488 242 662 760
Total 28,786 0.04 0.61 0.31 0.82 0.96 34 565 286 763 885
Cedro
Weathered 3,024 0.01 0.71 0.34 0.88 1.06 1 69 33 86 103
Fresh 10,610 0.01 0.65 0.37 0.88 1.03 5 220 125 299 350
Total 13,634 0.01 0.66 0.36 0.88 1.03 6 290 158 384 453
Esbarro
Weathered 4,713 0.05 0.79 0.41 1.02 1.25 8 120 62 154 189
Fresh 6,071 0.01 0.72 0.36 0.94 1.09 2 140 71 184 213
Total 10,784 0.03 0.75 0.38 0.98 1.16 10 260 133 338 403
Santo Amaro
Weathered 2,105 0.02 0.56 0.47 0.80 1.06 2 38 32 54 71
Fresh 2,169 0.04 0.63 0.49 0.96 1.16 3 44 34 67 81
Total 4,274 0.03 0.60 0.48 0.88 1.11 4 82 66 121 153
Curiu
Weathered 1,148 0.06 1.64 1.07 2.20 2.77 2 60 40 81 102
Fresh 974 0.05 0.91 0.56 1.30 1.53 2 29 18 41 48
Total 2,122 0.06 1.30 0.84 1.79 2.20 4 89 57 122 150
Massapê
Weathered 601 0.03 0.88 0.33 1.05 1.23 1 17 6 20 24
Fresh 2,710 0.02 0.85 0.33 1.07 1.20 2 74 29 93 105
Total 3,312 0.02 0.86 0.33 1.06 1.21 2 91 35 113 129
Cana Brava
Weathered 524 0.04 0.63 0.44 0.87 1.12 1 11 7 15 19
Fresh 134 0.02 0.84 0.59 1.20 1.44 0 4 3 5 6
Total 657 0.04 0.68 0.47 0.94 1.18 1 14 10 20 25
All Targets
Weathered 16,661 0.03 0.73 0.42 0.95 1.18 17 392 225 512 634
Fresh 46,908 0.03 0.66 0.35 0.90 1.04 44 999 521 1,351 1,564
Total 63,568 0.03 0.68 0.36 0.91 1.08 61 1,391 746 1,862 2,198
1. The Mineral Resource estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using
geostatistical, plus economic and mining parameters appropriate to the deposit.
2. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
3. Mineral Resources are reported with effective date March 08, 2022.
4. Mineral Resources were classified as Inferred. An Inferred Mineral Resource has a lower level of confidence than that
applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that
most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
5. Mineral Resources, which are not mineral reserves, do not have demonstrated economic viability. The Mineral Resources
may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.
6. Mineral Resources are based upon a cut-off grade of 0.4 g/t PGE+Au, correlated to Pd_eq grade of 0.35 g/t.
7. Mineral Resources were limited by an economic pit built in Geovia Whittle 4.3 software and following the geometric and
economic parameters:
• Pit slope angles: 55°;
• Price: Pd=US$2000/oz, Pt=US$1000/oz and Au=US$1800/oz;
• Costs: Mining costs=US$2.00/t; Milling=US$12.00/t; G&A=US$1.50/t.
• Metallurgical Recoveries:
o Weathered rock: 68% for Pd, 67% for Pt and 40% for Au;
o Fresh rock: 71% for Pd, 82.9% for Pt and 85.2% for Au.
8. Blocks estimated by Ordinary Kriging at support of:
• Trapia, Massapê, Esbarro: 40m x 40m x 4m with sub-block 5m x 5m x 2m;
• Santo Amaro, Cedro, Cana Brava: 20m x20m x 4m with sub-block 5m x 5m x 2m;
• Curiu: 10m x 10m x 4m with sub-block 5m x 5m x 2m.
9. PGE+Au grade = Pt g/t + Pd g/t + Au g/t.
GE21 Consultoria Mineral
GE21 is a n independent mineral consulting company whose team is comprised of professionals with
extensive technical and operational experience in project development, exploration, and mineral consulting
in Brazil since the 1980s . GE21’s experience covers the entire m ining cycle, including target generation,
exploration, mining, project development, geological assessments, resource estimation and international
standard reserves.
CLICK HERE for more information on GE21.
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)
Independent consultants, Fábio Valério (P.Geo.) and Porfirio Cabaleiro (P.Eng.), of GE21 were
commissioned to complete the mineral resource estimate and the technical report on behalf of ValOre, and
Chris Kaye of Mine and Quarry Engineering Services Inc. (“MQes”), was commissioned to review the
metallurgical information and contribute to the NI 43-101 technical report.
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 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. 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/
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