ValOre Reports PGM+Gold Mineralization in all Rock Samples at New Exploration Target (“C04”); Successfully Implements Targeting Methodology
ValOre Reports PGM+Gold Mineralization in all Rock Samples at New Exploration
Target (“C04”); Successfully Implements Targeting Methodology
December 4, 2019
Vancouver, B.C. ValOre Metals Corp. (TSX ‐V: VO) (“ValOre ”) today announced
receipt of grab sample assay results from the newly-defined “C04” exploration target, as
well as high -quality 3D magnetic inversion models for all five National Instrument 43-
101 (“NI 43-101”) deposit areas at the Pedra Branca project located in Brazil.
Key Point Summary:
⋅ Exploration targeting methodology successfully implemented;
⋅ Database-wide review of recently reprocessed magnetic anomalies (Anglo
American’s airborne survey, 2013) combined with priority chromitite and ultramafic
targets from satellite imagery (WorldView data, 2019);
⋅ Field identification of chromitite mineralization and other coarse- grained cumulate
ultramafic rocks at the C04 anomaly;
⋅ Four of four grab samples from C04 returned compelling platinum group metals and
gold (“PGM+Gold”) assay results;
⋅ ValOre crew now identifying optimal drill hole locations for a 2020 resource
expansion and exploration drilling program;
⋅ At Pedra Branca, the five distinct PGM deposit areas host ing the NI 43 -101 inferred
resource estimate are road or dirt track accessible. The project area is a 4-hour drive
on paved highways from the city of Fortaleza.
ValOre’s Chairman and CEO, Jim Paterson commented: “ValOre’s technical team has
made tremendous progress in organizing, reviewing, and understanding a literal
‘treasure trove’ of data generated at Pedra Branca by previous exploration groups . It is
very exciting to recognize that, in the case of C04, we have an exploration methodology
that works so efficiently and effectively. We believe Pedra Branca is a target -rich
environment which hosts a ‘discovery pipeline’ with the potential to add significant value
for our shareholders.”
Four grab samples were submitted to SGS Canada for analysis, and all returned
compelling PGM+Gold results of up to 7.945 g/t. Assay results for all submitted samples
are summarized in the following table:
Sample Au (ppb) Pt (ppb) Pd (ppb) PGM+Gold (ppb) PGM+Gold (g/t)
B-C4-11-A 23 7616 306 7945 7.945
B-C4-11-B 13 2039 338 2390 2.390
B-C4-11-C 52 2125 142 2319 2.319
B-C4-11-D 13 2722 301 3036 3.036
Summary of assay results from four submitted grab samples at the C04 exploration target, Pedra Branca project (SGS Canada Inc.)
C04 was the inaugural test case of pure greenfields targeting for ValOre at Pedra
Branca, involving investigations of discrete reduced to pole (RTP) magnetic anomalies ,
derived from re -processing of Anglo American’s airborne magnetic survey, combined
with targeting priority classes of spectral chromitite and ultramafic s, which were derived
from 2019 WorldView satellite data. This led to the field identification of chromitite
mineralization and other coarse- grained cumulate ultramafic rocks at the C04 anomaly
located approximately 5 km north of the Esbarro Deposit (2019 NI 43-101 resource of
394 Koz PGM+Gold; s ee ValOre news release, July 23, 2019) in rolling brush- covered
terrain. The four samples were collected at surface from the center of the C04 magnetic
anomaly which coincided with the multi-class WorldView spectral chromitite targets.
ValOre’s identification of C04 is significant , as there were no mapped ultramafic rocks,
and no historical soil, rock or stream sediment data related to this target area in the
existing database. The chromitite discovery was achieved solely by using ValOre’s re-
processed RTP aeromagnetic and WorldView spectral data, thus successfully
confirming ValOre’s exploration methodology. ValOre geologists encountered evidence
of historical exploration at C04 that predates the existing database: a 2m x 2m x 4m pit,
and adjacent trench. It is likely that this historic al work was performed by Gencor in the
late 1980s, and never incorporated into the existing database. Given the encouraging
assay results returned from C04, it will be added to the list of exploration targets
selected for 3D magnetic inversion modelling and potential subsequent drill testing.
This sets the stage for the follow-up of numerous other pure greenfields targets in the
region, with significant implications for expanding the exploration and de velopment
potential of Pedra Branca. ValOre is acquiring WorldView data for 643 km 2 of highly-
prospective terrain – a dataset that is now proven effective at PGM+Gold discovery
when paired with the recently re-processed 652 km2 airborne magnetic data.
Further, ValOre broadened its geophysical dataset by procuring and re-processing raw
data from 39 historical ground magnetics surveys. This includes multiple target areas
outside of the airborne block, and facilitates the merging of airborne and ground
magnetic datasets to yield a highly-refined geophysical targeting product.
ValOre has also just received detailed 3D magnetic inversion models for all five NI 43-
101 PGM+Gold deposit areas. High-quality merged airborne and ground magnetic data
facilitated modeling and interpretation to a 10m x 10m x 10m cell size, and multiple un-
drilled resource expansion targets have been identified at all five deposits. Fifteen
additional high- priority exploration targets ( external to the NI 43-101 resource) have
been selected and submitted for detailed 3D magnetic inversion modelling.
A ValOre crew is currently on site with a goal of identifying optimal drill hole locations for
a 2020 resource expansion and exploration drilling program. Details on the drill program
size and budget will be announced in Q1 2020.
The Pedra Branca p roject is a Platinum Group Metals (“PGM”) District located in
northeastern Brazil covering a total area of 38,940 hectares (96,223 acres) that includes
38 exploration licenses. The independent NI 43- 101 resource estimate (See ValOre
news release July 23, 2019) 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 known
inferred resources are potentially mineable by open pit methods.
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.
Grab samples are collected from field sites with coordinate data captured by handheld
GPS and subsequently stored in a secure ValOre facility in Capitão Mór, Ceara, Brazil.
The samples are thereafter sent with an ensured chain of custody to SGS Canada Inc.
in Lakefield, Ontario for analysis, which is accredited mi neral analysis laboratory. All
samples are analyzed for PGM+Gold (Pd, Pt, Rh, Au) content using standard 50g Fire
Assay and ICP-AES techniques. If Pt and/or Pd is over 1%, the sample is analyzed for
Rh using NiS Fire Assay -ICP-MS techniques. Cr values that exceed 5% are redirected
to ore grade pyrosulfate fusion and XRF techniques. Certified PGM ore reference
standards, blanks and field duplicates are inserted as a part of ValOre’s quality
control/quality assurance program (QAQC). No QAQC issues were noted with the
results reported herein.
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.
Please visit ValOre’s website to view an updated corporate presentation and project
summary: http://www.valoremetals.com/investors/presentations-downloads/
About ValOre Metals Corp.
ValOre Metals Corp. (TSX ‐V: VO) is a Vancouver based 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 hi gh-value mineralization on a large scale, and the possibility of adding
tangible value through exploration, process improvement, and innovation.
ValOre recently acquired an exciting PGM property, Pedra Branca, in Brazil, to bolster
its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in
Canada.
Pedra Branca project is a PGM District located in northeastern Brazil that comprises 38
exploration licenses covering a total area of 38,940 hectares (96,223 acres). At Pedra
Branca, five di stinct PGM deposit areas host, in aggregate, a NI 43- 101 inferred
resource estimate 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”) (see ValOre news release July 23, 2019). PGM mineralization outcrops at
surface and all of the inferred resources are potentially mineable by open pit.
ValOre’s 89,852-hectare 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% U 3O8, totaling
43.3 million pounds U 3O8. ValOre's comprehensive exploration programs have
demonstrated the “ District Scale ” 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.
ValOre’s team has forged strong relationships with sophisticated resource sec tor
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, 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 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 visit: www.discoverygroup.ca.
Cautionary Statement on Forward-Looking Statements
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, uncertainties and
other factors that c ould 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 t he
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.