ValOre Provides Pedra Branca Exploration Update; Second Rig Arrives to Commence Fully Funded Phase 2 Drill Program
ValOre Provides Pedra Branca Exploration Update; Second Rig Arrives to Commence Fully
Funded Phase 2 Drill Program
October 19, 2020
Vancouver, B.C. ValOre Metals Corp. ("ValOre"; the “Company”; TSX ‐V: VO; OTC: KVLQF;
Frankfurt: KEQ0) today provided an update on the exploration program underway at ValOre’s 100% -
owned Pedra Branca Platinum Group Element Project in northeastern Brazil , including the completion of
the: Phase 1 drill program ; follow-up soil sampling, mapping and prospecting at the Mendes North
exploration target area ; mapping and sampling of two historical trenches north of the Trapia 1 resource ;
and commencement of the fully funded Phase 2 drill program with the addition of a second drill rig.
“Our exploration program at Pedra Branca is gaining significant momentum with the commencement of
Phase 2 drilling and the addition of a second drill rig ,” stated ValOre’s Chairman and CEO, Jim Paterson.
“Within the next two weeks, we expect receipt of assays from Phase 1 drilling at the C-04, Cana Brava,
Cedro, Esbarro East and Golden Goat zones and the recently completed follow-up soil sampling campaign
at Mendes North . In addition, we imminently expect receipt of rhodium assay results from historical drill
core samples, as well as preliminary metallurgical results utilizing the PLATSOL™ leaching process.”
Highlights from 2020 Exploration Program at Pedra Branca
775 core samples from 12 drill holes have been submitted for assays from the Cedro, Golden Goat,
Esbarro East, Cana Brava, and C-04 targets;
Seven additional high priority follow-up drill holes are in process or have been completed at the Trapia
1 zone;
Fully funded Phase 2 drill program, planned for 3,035 metres (“m”), has commenced with the arrival of
a second drill rig;
Two drill rigs will complete Trapia 1 follow -up drilling, followed by mobilization to test resource
expansion of the Trapia 2 and Santo Amaro zones;
ValOre geologists have opened, mapped, and sampled two historical trenches in the highly anomalous
area north of the Trapia 1 resource;
532 soil samples and 37 rock samples from the follow-up Mendes North prospecting program have
been submitted for assay.
Mendes North Follow-Up Exploration Program
In Q2 2020, ValOre identified three WorldView+magnetic anomaly PGE targets each >1 km in extent
(collectively termed, “Mendes North”) and conducted immediate reconnaissance soil sampling, mapping,
and prospecting. The initial 598 soil samples defined multiple well -defined, NE -SW-trending PGE
anomalies, each >750 metres in length, spanning all three targets (see releases dated March 12 and July
7, 2020). The anomalies remain open between targets, suggesting potential continuity of a newly
discovered PGE-bearing belt >3km in length.
Results of the initial program warranted the execution of immediate follow -up sampling, mapping, and
prospecting to expand and delineate the unconstrained PGE -in-soil anomalies. As such, 532 soil samples
and 37 rock samples were collected and have been received by SGS Vespasiano, Minas Gerais, for assay.
Analytical results are expected within one month. CLICK HERE for Figure 1A and Figure 1B, showing
composite geological, geochemical, and sampling maps of the Mendes North exploration target area.
Phase 1 Drill Program Completed
Highly favorable results from the first five 2020 drill holes at the Trapia 1 resources expansion target
warranted the planning and commencement of seven high priority follow -up drill holes, targeting PGE
mineralization open both up-dip to west and along strike to south. The PGE -bearing ultramafic intrusion
also remains open and is thickening at depth (see release dated August 31 and September 21, 2020).
Trapia 1 follow-up drilling represents the final target to be drilled in Phase 1.
All additional Phase 1 targets (Cedro, Esbarro East, Golden Goat, Cana Brava and C-04) have been drilled,
logged, sampled, and submitted for assay to SGS Vespasiano, Minas Gerais. Analytical results for these
775 drill core samples are expected in two weeks. Below is Table 1, summarizing Phase 1 drilling to date.
Table 1: Phase 1 Drill Program Summary
TARGET DDHs METERS NOTES
Trapia 1 9* 1872.85*
Assays received for first 5 DDHs, released Aug 31 and Sept 21; to
date, 4 of 7 follow-up holes have been drilled up-dip to west and along
strike to south, results pending; Resource Expansion target
Cedro 4 364.40 Three separate targets drilled in mid-August; assays pending;
Resource Expansion target
Golden Goat 2 347.10 Drilled in late August; Assays pending; New target – previously
undrilled
Esbarro East 3 146.40 Drilled in late August; Assays pending; New target - previously
undrilled
Cana Brava 4 199.60 Drilled in early September; Assays pending; Target advancement;
previously drilled with mineralized intercepts
C-04 3 252.90 Dilled in mid-September; Assays pending; New target - previously
undrilled
6 Targets 21* DDH 3,183* m
*Includes 4 holes and 907.50 m from Trapia 1 ongoing drilling
follow-up
Phase 2 Drilling and Exploration Program Commences
Drilling has commenced for the Phase 2 drill program at Pedra Branca with the arrival of a second drill rig,
which will serve to double productivity and expedite completion of ValOre’s 2020 drill program. Both drill
rigs will work in tandem to maximize efficiency, first completing follow -up drilling at Trapia 1, and then
mobilizing to resource e xpansion targets Trapia 2 and Santo Amaro. Phase 2 drilling is slated to be
completed by the end of November, with all core logging, sampling, and sample shipments to be concluded
before year’s end.
Metallurgical results from the on -going PLATSOL™ leaching testwork are expected within 2 weeks, with
the study aimed at corroborating historical findings of this metallurgical processing technique at the Pedra
Branca project.
Rhodium assay results from samples using historical Pedra Branca drill core pulps are also expected within
2 weeks. This study is aimed at broadening ValOre’s understanding of the distribution and concentration of
this valuable precious metal at the Pedra Branca project.
Trapia 1 North Trench Mapping and Sampling
Two historical trenche s in the highly anomalous area north of the Trapia 1 resource have been mapped
and sampled to better understand the geological environment and potential for a northern extension.
Favorable easterly-dipping 10-12m intervals of ultramafic rocks were encountered towards the west end of
both trenches, suggesting continuity of favorable geology north of the Trapia 1 resource area. A total of 187
samples were submitted for assay to SGS Vespasiano, Minas Gerais. CLICK HERE for Figure 2 to view
the geological trench cross sections for the two re-mapped and re-sampled Trapia 1 North trenches.
Pedra Branca 2020 Drill Program
Please see ValOre’s news release from August 25, 2020 for detailed information regarding:
Pedra Branca 2020 Drill Program (Phase 1 and Phase 2)
Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting
Analytical Procedures, SGS Geosol
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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 o unces 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% U3O8, totaling 43.3 million pounds U 3O8. ValOre's. 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 sharehold er value while adhering to high levels of environmental and safety
standards and proactive local community engagement.
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. Susan Lomas, P.Geo., of LGGC is the Qualified Person, as defined in NI 43 -
101, responsible for the Pedra Branca mineral resource estimates as reported herein. Sh e has read and
approved the relevant technical portions of this news release related to the mineral resource estimates for
which she is responsible.
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
valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at
ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit:
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 inform ation 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 even ts 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.