ValOre Files Technical Report for Pedra Branca PGM project

ValOre Files Technical Report for Pedra Branca PGM project

July 23, 2019

Vancouver, B.C. ValOre Metals Corp. (TSX‐V: VO) (" ValOre") has today filed a technical report (the

“Technical Report”) for the Pedra Branca Project located in Brazil. The Technical Report, entitled “Pedra

Branca Project May 2019 Resource Estimate Technical Report. Pedra Branca Project, Ceara State, Brazil”

has been prepared in accordance with National Instrument 43‐101‐ Standards of Disclosure for Mineral

Projects (“NI 43‐101”) and can be found at www.sedar.com.

Pedra Branca Platinum Group Metals District

ValOre has entered into a definitive agreement to acquire 100% of the Pedra Branca Project from

Jangada Mines plc; see ValOre news releases dated July 16, 2019.

The Pedra Branca Project is a Platinum Group Metals (“PGM”) District located in north ‐eastern Brazil

covering a total area of 38,940 hectares (96,223 acres) that comprises 38 exploration licenses. T he

independent NI 43‐101 resource estimate (the “Mineral Resources Estimates”) is comprised of 5 distinct

deposit areas which host, in aggregate, an inferred resource of 1,067,000 ounces PGM+Gold (Palladium,

Platinum and Gold; Pd, Pt+Au) in 27.2 million tonnes (“Mt”) grading 1.22 grams PGM+Gold per tonne (“g

PGM+Au/t”). PGM mineralization outcrops at surface and all of the inferred resources are potentially

open pittable.

Independent consultants , Susan Lomas, P.Geo. and Ali Shahkar, P.Eng., of Lions Gate Geological

Consulting Inc. (“LGGC”) were commissioned to complete the mineral resource estimate and the

Technical Report on behalf of ValOre and Bert Huls P.Eng. of Huls Consulting Inc., was commissioned to

review the metallurgical information and contribute to the Technical Report. Ms. Lomas supervised the

overall preparation of the Technical Report.

Table 1 Estimate of Inferred Mineral Resource reported at 0.65 gpt PGM+Au Cut‐off

Zone Oxidation Tonnes Pt

g/t

Pd

g/t

Au

g/t

PGM+Au

g/t

Pt Oz Pd Oz Au Oz PGE+Au

Oz

Santo Amaro Oxide 400,000 0.66 0.71 0.02 1.38 9,000 10,000 ‐ 19,000

Transition 2,000,000 0.43 0.71 0.02 1.15 27,000 45,000 1,000 73,000

Sulphide 2,900,000 0.48 0.70 0.01 1.19 44,000 65,000 1,000 110,000

All 5,300,000 0.47 0.71 0.02 1.19 80,000 120,000 3,000 203,000

Curiu Oxide 1,000,000 0.88 1.28 0.07 2.23 29,000 43,000 2,000 74,000

Transition 300,000 0.54 1.04 0.05 1.62 5,000 10,000 ‐ 15,000

Sulphide 300,000 0.38 0.73 0.05 1.16 3,000 6,000 ‐ 9,000

All 1,600,000 0.73 1.14 0.06 1.93 38,000 59,000 3,000 100,000

Esbarro Oxide 4,600,000 0.43 0.84 0.02 1.29 65,000 125,000 3,000 193,000

Transition 2,400,000 0.35 0.79 0.02 1.15 26,000 60,000 1,000 87,000

Sulphide 2,900,000 0.35 0.84 0.02 1.21 33,000 79,000 1,000 113,000

All 9,900,000 0.39 0.83 0.02 1.23 124,000 264,000 6,000 394,000

Cedro Oxide 1,700,000 0.43 0.78 0.01 1.22 24,000 43,000 1,000 68,000

Transition 300,000 0.30 0.60 0.01 0.91 3,000 5,000 ‐ 8,000

Sulphide 2,300,000 0.36 0.65 0.02 1.03 26,000 48,000 2,000 76,000

All 4,200,000 0.38 0.70 0.02 1.10 52,000 96,000 3,000 151,000

Trapia Oxide 600,000 0.43 0.48 0.02 0.93 8,000 9,000 ‐ 17,000

Transition 500,000 0.32 0.58 0.03 0.93 5,000 9,000 1,000 15,000

Sulphide 5,100,000 0.37 0.74 0.03 1.15 61,000 122,000 5,000 188,000

All 6,200,000 0.37 0.71 0.03 1.11 73,000 140,000 6,000 219,000

All Zones Oxide 8,400,000 0.50 0.85 0.02 1.37 135,000 230,000 6,000 371,000

Transition 5,400,000 0.38 0.74 0.02 1.15 66,000 129,000 3,000 198,000

Sulphide 13,400,000 0.39 0.74 0.02 1.15 167,000 320,000 9,000 496,000

All 27,200,000 0.42 0.77 0.02 1.22 367,000 679,000 21,000 1,067,000

Notes:

1. Resource Estimate is reported using a PGM+Au cut‐off of 0.65 gpt

2. Only blocks within a pitshell are reported as Mineral Resources

3. Prices used were Pd=US$1000/ounce, Pt=US$860/ounce, Au=US$1250/ ounce, operating costs (ore and

waste) =US$1.50/tonne, G+A and milling=US$13.50/tonne

4. Recoveries used were 68% for Pd, 67% for Pt and 40% for Au

5. PGE+Au grade = Pt g/t + Pd g.t + Au g/t

6. Mineral resources are not mineral reserves because the economic viability has not been demonstrated.

The ValOre news release dated May 28, 2019, reported an inferred resource of 1,165,500 ounces

PGM+Gold in 28.8 Mt grading 1.26 g PGM+Au/t. During the preparation of the Technical Report, LGGC

identified an error in the grade restriction procedures it had employed for the original estimate. When

implemented as intended, LGGC’s capping/restricted outlier strategy removed 11% of the total metal.

During database validation, t he QPs also found a transposition error in the assay database , the

correction of which was in effect additive to the Pt, Pd and Au values in the Curiu and Trap ia databases.

Both errors were fixed and the results for the corrected mineral resource estimate are being restated i n

this press release and in the Technical Report for the project.

Susan Lomas, P.Geo., of LGGC is the Qualified Person, as defined in NI 43‐ 101, responsible for the

mineral resource estimates as reported herein. She has read and approved the relevant technical

portions of this news release related to the mineral resource estimates for which she is responsible.

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., who

oversees New Project Review for ValOre.

About ValOre

ValOre Metals Corp. (TSX‐V: VO) is a Vancouver based company with a portfolio of high‐quality uranium

and precious metal exploration projects in Canada. In addition to the Baffin Gold Property, ValOre holds

Canada's highest‐grade uranium resource outside of Saskatchewan. ValOre’s 89,852 he ctare Angilak

Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43‐101 Inferred Resource of 2,831,000

tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. ValOre's comprehensive exploration

programs have demonstrated the "District Sc ale" potential of the Angilak Property. 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.

In Saskatchewan, ValOre holds a 100% interest in the 13,711 hectare Hatchet Lake Property and a 50%

interest in the 131,412 hectare Genesis Property, both located northeast of the north‐eastern margin of

the uranium‐producing Athabasca Basin.

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 uraniu m on Inuit Owned Lands in Nunavut

Territory, Canada 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 Rel ations toll free at 1.888.331.2269, at 604.646.4527, or

by email at [email protected].

ValOre Metals Corp. is a member of Discovery Group, for more information please

visit: www.discoverygroup.ca

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news

release.

Forward-Looking Statements

Certain statements within this news release, other tha n statements of historical fact relating to ValOre,

are to be considered forward-looking statements with respect to the terms and the timing of the the

Acquisition, ValOre’s intentions for the Pedra Branca Project in Brazil, the exploration potential of the

Pedra Branca Project, the Technical Report, the Mineral Resources Estimates, and the terms and timing

of the proposed Acquisition financing,. Forward -looking statements include statements that are

predictive in nature, are reliant on future events or conditions, or include words such as "expects",

"potential", "anticipates", "plans", "believes", "considers", "significant", "intends", "targets",

"estimates", "seeks", attempts", "assumes", and other similar expressions.

The forward -looking statements are based on assumptions which, while considered reasonable by

ValOre, are, by their nature, subject to inherent risks and uncertainties and are not guarantees of future

performance. Factors that could cause actual results to differ materially from those in forw ard-looking

statements include, but are not limited to: the receipt of and timing of any required approvals, the

interpretation of previous and current results, the accuracy of exploration results, the anticipated results

of future exploration, the forgoing ability to finance further exploration, delays in the completion of

exploration, the future prices of platinum group metals, and other metals, and general economic, market

and/or business conditions. There can be no assurances that such statements and assumptions will prove

accurate and, therefore, readers of this news release are advised to rely on their own evaluation of the

information contained within.

Although ValOre has attempted to identify important risks, uncertainties and other factors that could

cause actual performance, achievements, actions, events, results or conditions to differ materially from

those expressed in or implied by the forward-looking statements, there may be other risks, uncertainties

and other factors that cause future performance to differ from what is anticipated, estimated or

intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date

hereof and ValOre does not assume any obligation to update any forward-looking statements after the

date on which such statements were made, except as required by applicable law.