ValOre Provides Update on Pedra Branca Activities
ValOre Provides Update on Pedra Branca Activities
August 6, 2020
Vancouver, B.C. ValOre Metals Corp. ("ValOre" or the “Company” ; TSX ‐V: VO ; OTC: KVLQF;
FRANKFURT: KEQ0) today provided an update on the ongoing exploration activities at the Company’s
100%-owned Pedra Branca Platinum Group Elements Project (“PGE”, “2PGE+Au”) in northeastern Brazil
since the August 14, 2019 closing of the acquisition.
“We are proud of the advanc es we have made at Pedra B ranca since closing the acquisition in August of
last year,” stated Jim Paterson, Chairman & CEO. “ Since that time, we have successfully implemented a n
exploration targeting methodology that has yielded many high-priority PGE targets, bolstered our technical
team and started metallurgical test work. Most importantly, from a news flow perspective, we have started
core drilling at Pedra Branca and look forward to report ing preliminary results from our Phase 1 program
soon.”
2020 Drill Program Underway
In April, ValOre announced key details of the proposed 2020 Pedra Branca drill program, comprised of two
phases totaling 5,910 metres, with 2,875 metres in Phase 1 and 3,035 metres in Phase 2. The drill program
will test three target classes at 11 property-wide exploration areas:
• Resource expansion;
• New discovery (undrilled targets); and
• Target advancement (follow-up on historical intercepts at pre-resource targets).
On July 9, 2020, ValOre announced that the Pedra Branca core drill program had started. Phase 1 is
targeting 7 distinct target areas with 23 core drill holes totaling 2,875 metres. The first target drilled was the
Trapia 1 deposit area, with the goals of resource expansion and new discovery. Logging and sampling o f
core from Trapia 1 has been completed and 444 drill core samples from 5 holes have been sent to SGS
Vespasiano, Minas Gerais for assay. Assay results will be released upon receipt and review of data. CLICK
HERE for Figure 1, which provides a summary map of the 2020 drill program at Pedra Branca.
Servitec Foraco Sondagem SA, a Brazilian drilling company based in the State of Goiás, is conducting the
drilling at Pedra Branca. It has more than 700 employees, 90 drill rigs and operates throughout Brazil with
clients including Nexa Resources S.A., NX Gold S.A., Lundin Mining Corporation and CMOC Brasil.
Successful Implementation of Targeting Methodology
In December 2019, ValOre reported that it had identified PGE+Au mineralization in all rock samples from
the “C04” exploration target. Importantly, this new discovery followed the successful implementation of an
exploration targeting methodology which combines airborne magnetic data with high resolution , multi-
spectral WorldView satellite imagery.
Following the success of ValOre’s WorldView -mag targeting methodology at C04, in March, 2020 ValOre
subsequently identified three new, unexplored, large-scale PGE targets (>3 km of total strike) collectively
called “Mendes North ”. The targets are characterized by three >1 km large magnetic anomal ies with
coincident ultramafic and chromitite WorldView spectral classes.
A geochemical soil sampling and prospecting program of the three Mendes North targets was immediately
initiated and assay results from the 598 collected soils served to delineate distinct PGE -in-soil anomalies
at all three targets (see July 7, 2020 press release). Furthermore, the PGE geochemical anomalies remain
open at all three Mendes North targets, indicating potential continuity of this PGE-bearing belt.
Technical Team Strengthened
In June, ValOre announced it had added significant strength to its technical team with the addition of
consulting exploration geologists and technical/corporate advisors Robert A. Brozdowski, Ph.D., P.Geo.
and Robert Carpenter, Ph.D., P.Geo. Together they bring over 55 years of exploration experience, including
direct experience with PGE -enriched ultramafic systems and a track record of signifi cant discoveries. In
addition, ValOre welcomed in-country Project Geologist, Thiago Diniz, P.Geo., to assist in the execution of
the 2020 exploration programs at Pedra Branca.
Initiation of Metallurgical Testwork Program
ValOre announced the start of metallurgical testwork by SGS Canada Inc. of Lakefield, Ontario in June.
Preliminary metallurgical test work utilizing Falcon UF gravity separation as well as PLATSOL TM leaching
on samples obtained from ValOre’s NI 43-101 deposit areas has been initiated. This metallurgical test work
will help to accelerate the advancement of Pedra Branca.
Secured $1.2M Financing
ValOre secured a $1.2 million funding package in April by entering into an unsecured revolving credit facility.
This funding arrangement will finance ValOre’s corporate and exploration activities for the coming year,
including fully funding the Phase 1 drill program.
Qualified Person (“QP”)
The technical information in this news release has been prepared in accordance with Canadian regulatory
requirements set forth in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., who oversees New
Project Review for ValOre.
ValOre and Servitec Foraco COVID-19 Protocols
ValOre and Servitec Foraco are closely monitoring impacts on operations and business preparedness
plans, as the health and safety of employees, contractors and associated communities is a top priority both
companies.
As part of the safety protocol, the companies have implemented daily screening procedures, temperature
monitoring, self-assessment checklists and issued directives regarding social distancing to ensure a safe
environment for operations. Servitec Foraco has an extensive procedural guide on hygiene and conduct to
be adopted daily during and after work hours.
These decisions, by both ValOre and Servitec, reinforce the shared objective of preventing the transmission
of COVID-19 among employees, contractors, and the communities proximal to drilling activities.
About ValOre Metals Corp.
ValOre Metals Corp. (TSX ‐V: VO) is a Canadian company with a portfolio of high ‐quality explor ation
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+Gold (Palladium, Platinum and Gold; Pd, Pt+Au)
contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see
ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred
resources are potentially open pittable.
Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s 89,852-
hectare 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 h as 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
valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email
at [email protected] .
ValOre Metals Corp. is a proud member of Discovery Group. For more information please vis it:
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, uncertainti es 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 the Company 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.