ValOre Reports Final Assay Results from the Salvador Discovery, Pedra Branca Project
ValOre Reports Final Assay Results from the Salvador Discovery, Pedra Branca Project
Vancouver, British Columbia , November 07 th, 2023 - ValOre Metals Corp. (“ValOre”; TSX ‐V: VO;
OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today reported the remaining core assay results for
the Salvador Target (“Salvador”) at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”,
“2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.
Thiago Diniz, Exploration Manager, ValOre Metals Corp. , stated: “ The 2023 diamond drill program at
Salvador tested 400 m of a 1.3 km trend of mineralization at surface. Drilling intersected palladium-platinum
mineralization in 7 of 7 ultramafic bearing holes, demonstrating significant thickness and continuity at depth.
Salvador remains open along strike and at depth and warrants additional follow-up core drilling in future
programs.”
Click on this link to view a short video (2m53s) about the Salvador discovery.
Salvador Highlights
Assay results received for the remaining three core holes drilled at Salvador include:
⋅ 13.5 metres (“m”) of 0.94 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”)
with mineralization starting from (“from”) 56.5 m, including 5.5 m of 1.39 g/t 2PGE+Au from
56.5 m in drill hole DD23MES06;
⋅ 18.9 m of 0.73 g/t 2PGE+Au from 141.2 m in drill hole DD23MES08.
Rapid acceleration of the target from initial concept to drill discovery was accomplished through c ost-
effective boots-on-the-ground exploration. The f irst mineralized rocks assays were received in January
2023, and Salvador was advanced to a drill-ready stage by late August.
Total exploration expenditures at Salvador of CAD$260,000:
⋅ CAD$20,000 of the total spent on field mapping, rock and soil sampling, Trado® auger drilling and
trenching;
⋅ CAD$240,000 spent on core drilling and assay costs.
Highlights from drill holes released on October 4th and 17th, 2023*, include:
⋅ 43.85 m of 0.76 g/t 2PGE+Au from 45.25 m in DD23MES01;
⋅ 78.95 m of 0.96 g/t 2PGE+Au from 64.00 m in DD23MES02;
⋅ 49.60 m of 1.25 g/t 2PGE+Au from 47.15 m in DD23MES03;
⋅ 46.05 m of 1.96 g/t 2PGE+Au from 77.15 m in DD23MES04.
Follow-up mapping, soil sampling and Trado® auger drilling are in progress, focusing on the open trends to
the north and south of Salvador’s main zone.
“Salvador’s rapid evolution from concept to discovery showcases the excellent prospectivity at Pedra
Branca and demonstrates the team’s ability to successfully and cost-effectively advance previously
untested zones along the regional Troia trend,” added Mr. Diniz.
Table 1: Final PGE Assay Highlights (g/t 2PGE+Au) – Salvador Discovery, Pedra Branca Project
Hole ID1 From (m) To (m) Length
(m)2
2PGE+Au
(g/t) CuS (%)3 NiS (%)3 News Release
Date
DD23MES01 45.25 89.10 43.85 0.76 pending pending October 4, 2023 80.45 86.50 6.05 1.35 pending pending
DD23MES02 64.00 142.95 78.95 0.96 pending pending
October 17, 2023
64.50 106.00 41.50 1.34 pending pending
DD23MES03 47.15 96.75 49.60 1.25 pending pending
55.20 71.00 15.80 2.22 pending pending
DD23MES04
77.15 123.20 46.05 1.96 pending pending
79.90 81.45 1.55 5.23 pending pending
88.65 98.65 10.00 5.02 pending pending
DD23MES06 56.50 70.00 13.50 0.94 n.a. n.a.
Today
56.50 62.00 5.50 1.39 n.a. n.a.
DD23MES07 159.85 170.25 10.40 0.62 n.a. n.a.
166.35 167.10 0.75 3.29 n.a. n.a.
DD23MES08 141.20 160.10 18.90 0.73 n.a. n.a.
148.00 152.00 4.00 1.25 n.a. n.a.
1Assay results reported today: DD23MES06, MES07 and MES08.
2Core assay interval lengths are estimated to represent 80-100% of true width.
3Determination of Ni and Cu sulfides by atomic absorption spectrometry (AAS).
Figure 1: 3D view of the Salvador Target, highlighting diamond drill hole locations and 2PGE+Au
assay results. Salvador remains open along strike and at depth.
Salvador Discovery – Exploration Program Highlights
Click on this link to view a short video (2m53s) about the Salvador discovery.
ValOre identified Salvador as a high caliber target in January of this year, and rapidly advanced it to a
September core drilling discovery through cost-effective, sequential exploration.
Geological mapping, soil sampling and Trado ® auger drilling were completed over a strike length of
approximately 1.5 kilometres (“km”), with a total of 245 soil samples and 47 rock samples collected, and 98
m of Trado ® auger drilled in 23 holes . H igh-grade surface palladium-platinum mineralization was
established along 1.3 km of undrilled trend.
Four trenches were excavated along Salvador’s main zone which exposed and defined chromite-bearing
ultramafic rocks (“UMs”), with PGE mineralization reported in all trenches, spanning 400 m of strike length.
Eight core drill holes, totaling 1,056 m were subsequently completed to test the depth potential of surface
PGE mineralization at Salvador over the full 400 m trend, with chromite-bearing ultramafic rocks intercepted
in 7 of 8 holes, including chromitite reefs, a lithology typically associated with high-grade palladium-platinum
values at Pedra Branca. D isseminated base metal sulfide mineralization, typically associated with high-
grade Ni and Cu mineralization, was also drilled . Nickel and copper sulfide assays by atomic absorption
spectrometry remain pending.
The mineralized UM package at Salvador has demonstrated significant thickness and continuity at depth
and warrants additional follow-up core drilling in future programs. The evolution of Salvador from concept
to discovery showcases the excellent prospectivity at Pedra Branca and demonstrates the team’s ability to
successfully advance previously untested zones along the regional Troia trend.
Leveraging the Company’s strong understanding of the regional and local geology has mov ed Salvador
from concept to the drill-ready stage for less than CAD$20,000, including geological mapping, soil and rock
sampling, Trado auger drilling and trenching. Costs for the drill program, including drilling and assay costs
for 8 core drill holes, totalled CAD$240,000, highlighting the deployment of a cost effective and successful
exploration program at Pedra Branca property (Figure 2).
Figure 2: Salvador Target – Timeline to Discovery and Exploration Costs.
2023 Drill Program Highlights
PGE assay results have now been received from the entire 2023 Phase 1 drill program consisting of 49 drill
holes totaling 6,152 metres, including 154 core assay samples from 6 drill holes at Salvador and Ipueiras
reported herein (Tables 2 and 3). Still pending are copper (“Cu”) and nickel (“Ni”) assays from 274 samples
from 4 holes at Salvador.
Table 2: 2023 Pedra Branca Drilling Totals and Final PGE Assay Status by Zone
Target Total Drilled
(m) # Holes # Holes w/
UMs
Total UMs
(m)
Core
Samples
PGE Assays
Received
PGE Assays
Pending
Galante 790 11 11 190 384 384 0
Tróia 1,029 9 6 72 188 188 0
Nambi 665 6 6 74 203 203 0
Ipueiras 228 4 4 27 83 83 0
Massapê 380 4 3 19 48 48 0
Cedro 545 2 1 4 14 14 0
Trapiá 1 1,326 4 4 175 272 272 0
Trapiá South 133 1 1 4 36 36 0
Salvador 1,056 8 7 265 397 397 0
Total 6,152 49 43 830 1,625 1,625 0
Table 3: Final 2023 Core Assay Highlights by Zone
Target Hole ID1 From (m) To (m) Length
(m)2
2PGE+Au
(g/t) CuS (%)3 NiS (%)3 News Release
Date
Galante
DD23GE01 56.00 56.63 0.63 0.99 n.a. n.a.
September 5, 2023
DD23GE02 10.25 19.30 9.05 0.35 n.a. n.a.
DD23GE03 31.50 32.35 0.85 0.57 n.a. n.a.
35.00 38.02 3.02 0.15 n.a. n.a.
DD23GE04 26.65 56.60 29.95 0.33 n.a. n.a.
DD23GE05 35.60 48.70 13.10 0.30 n.a. n.a.
DD23GE06 33.00 35.55 2.55 0.63 n.a. n.a.
DD23GE07 15.00 23.60 8.60 3.18 n.a. n.a.
17.90 20.00 2.10 5.26 n.a. n.a.
DD23GE08 16.70 31.50 14.80 0.15 n.a. n.a.
DD23GE09 24.55 29.65 5.10 0.49 n.a. n.a.
DD23GE10 12.20 19.25 7.05 0.16 n.a. n.a.
12.20 13.25 1.05 0.39 n.a. n.a.
DD23GE11
10.60 22.70 12.10 0.25 n.a. n.a.
43.00 46.90 3.90 0.43 n.a. n.a.
55.00 59.00 4.00 0.22 n.a. n.a.
75.30 85.40 10.10 0.60 n.a. n.a.
Tróia
DD23TR05 22.25 26.83 4.58 0.75 n.a. n.a.
September 5, 2023
DD23TR06 23.10 42.90 19.80 0.71 n.a. n.a.
DD23TR07 31.15 47.50 16.35 1.03 n.a. n.a.
43.25 45.85 2.60 4.03 n.a. n.a.
DD23TR08 22.45 32.95 10.50 0.57 n.a. n.a.
DD23TR09 52.42 59.43 7.01 1.09 n.a. n.a.
53.10 56.10 3.00 1.61 n.a. n.a.
DD23TR11 62.00 62.80 0.80 0.17 n.a. n.a.
Nambi
DD23NB02 48.64 50.33 1.69 0.56 n.a. n.a.
September 5, 2023 DD23NB03 40.00 42.05 2.05 0.22 n.a. n.a.
DD23NB04 32.94 56.57 23.63 1.56 n.a. n.a.
34.10 42.00 7.90 2.80 n.a. n.a.
DD23NB05 238.44 243.60 5.16 0.23 n.a. n.a.
September 21,
2023 DD23NB06 62.00 66.50 4.50 0.48 n.a. n.a.
DD23NB07 22.80 24.65 1.85 0.43 n.a. n.a.
Massapê
DD23MS18 102.95 103.45 0.50 0.20 n.a. n.a.
September 21,
2023 DD23MS19 26.00 33.90 7.90 0.27 n.a. n.a.
56.00 58.00 2.00 2.50 n.a. n.a.
Ipueiras
DD23IP04 0.00 11.85 11.85 0.55 n.a. n.a. September 25,
2023 2.65 3.55 0.90 1.58 n.a. n.a.
DD23IP05 5.00 8.05 3.05 0.22 n.a. n.a.
Today DD23IP06 6.40 7.90 1.50 0.45 n.a. n.a.
DD23IP07 11.60 13.25 1.65 0.28 n.a. n.a.
Trapiá
DD23TU32
283.20 296.75 13.55 0.10 0.06 0.32
October 30, 2023 283.70 286.80 3.10 0.22 0.21 0.95
294.50 295.90 1.40 0.15 0.05 0.52
DD23TU33
235.90 307.70 71.80 1.59 0.02 0.10
September 25,
2023 258.85 267.00 8.15 10.54 0.11 0.37
259.50 260.10 0.60 46.07 0.02 0.01
DD23TU34 276.30 277.15 0.85 0.25 n.a. n.a. October 30, 2023 DD23TU35 241.20 329.45 88.25 0.42 n.a. n.a.
Salvador
DD23MES01 45.25 89.10 43.85 0.76 pending pending October 4, 2023 80.45 86.50 6.05 1.35 pending pending
DD23MES02 64.00 142.95 78.95 0.96 pending pending
October 17, 2023
64.50 106.00 41.50 1.34 pending pending
DD23MES03 47.15 96.75 49.60 1.25 pending pending
55.20 71.00 15.80 2.22 pending pending
DD23MES04
77.15 123.20 46.05 1.96 pending pending
79.90 81.45 1.55 5.23 pending pending
88.65 98.65 10.00 5.02 pending pending
DD23MES06 56.50 70.00 13.50 0.94 n.a. n.a.
Today
56.50 62.00 5.50 1.39 n.a. n.a.
DD23MES07 159.85 170.25 10.40 0.62 n.a. n.a.
166.35 167.10 0.75 3.29 n.a. n.a.
DD23MES08 141.20 160.10 18.90 0.73 n.a. n.a.
148.00 152.00 4.00 1.25 n.a. n.a.
1Core assay interval lengths are estimated to represent 80-100% of true width.
2Determination of Ni and Cu sulfides by atomic absorption spectrometry (AAS).
Figure 3: Pedra Branca project property map, highlighting location s of the 2023 drill targets and
current resource zones.
Quality Assurance/Quality Control (“QA/QC”)
CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval
reporting.
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 Thiago Diniz , P.Geo., ValOre’s QP and
Exploration Manager.
About ValOre Metals Corp.
ValOre Metals Corp. (TSX ‐V: VO) is a Canadian company with a team aiming 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
and innovation.
ValOre’s Pedra Branca Platinum Group Elements 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. ValOre’s team believes the Pedra Branca project has significant
exploration discovery and resource expansion potential. (CLICK HERE to download 2022 technical report*
and CLICK HERE for news release dated March 24, 2022).
*The 2022 Technical Report is entitled “Independent Technical Report –Mineral Resource Update on the
Pedra Branca PGE Project, Ceará State, Brazil” was prepared as a National Instrument 43- 101 Technical
Report on behalf of ValOre Metals Corp. with an effective date of March 08, 2022. The 2022 Technical
Report by Independent qualified persons, Fábio Valério (P.Geo.) and Porfirio Cabaleiro (P.Eng.), of GE21,
commissioned to complete the mineral resource estimate while Chris Kaye of Mine and Quarry Engineering
Services Inc. (MQes), was commissioned to review the metallurgical information.
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 [email protected].
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,