ValOre Reports Rhodium Assays from Pedra Branca PGE Project, Brazil: Initial results from Esbarro Deposit yield up to 1.44 g/t Rhodium.
ValOre Reports Rhodium Assays from Pedra Branca PGE Project, Brazil: Initial results from
Esbarro Deposit yield up to 1.44 g/t Rhodium.
March 12, 2020
Vancouver, B.C. ValOre Metals Corp. (TSX‐V: VO) ("ValOre") today announced initial rhodium (Rh)
assay results for 51 historical, pulverized drill core samples (pulps) from the Pedra Branca Platinum
Group Elements and Gold (PGE+Au) project in northeastern Brazil. This is the first-time rhodium has
been assayed in drill core at Pedra Branca.
Key Point Summary:
• Rhodium is a rare and valuable platinum group metal. The spot price of which has risen
dramatically over the past 18 months from below US$4,000 per ounce in mid-2019 to the current
price of US$11,500;
• Rhodium mineralization has not been previously documented in drill core assays from Pedra
Branca;
• A strong correlation was noted between 2PGE+Au grade (palladium + platinum + gold) and
rhodium grade, with the 5 highest-grade 2PGE+Au pulps exhibiting 4 of the highest Rh assay
values;
• The Esbarro deposit returned the best results, with 6 of 8 pulps over the detection limit, including
the highest-grade assay of 1.44 grams Rh/tonne, and the highest average grade (0.35 g Rh/t);
• 21 of the 51 pulps (41%) collected from five deposit areas making up the global NI 43-101
2PGE+Au inferred resource returned rhodium values over detection limit (0.01 g Rh/t).
ValOre’s Chairman and CEO, Jim Paterson stated: “Rhodium was previously undocumented in drilling
related data at Pedra Branca; however, with these results we can see the correlation between the higher
grades of palladium, platinum and rhodium in drill core and our team is excited to utilize this knowledge to
help us in the exploration and discovery process on a regional scale.”
Fifty-one (51) historical Pedra Branca drill core pulp samples were submitted for rhodium assay at SGS
Geosol, Minas Gerais. Batches of approximately 10 pulps from each of the existing five NI 43-101
PGE+Au deposits were selected on the following basis: a range of 2PGE+Au grades (from >2 to >44 g/t)
and intercept depths (from near surface to >86m) to assess trends in rhodium distribution. A strong
positive correlation of Rh grade to 2PGE+Au grade was evident, with the 5 highest-grade 2PGE+Au
samples returning 4 of the highest Rh values. There was no observable trend in Rh grade distribution
based on drill intercept depth.
The Esbarro deposit (394,000oz at a grade of 1.23 g 2PGE+Au/t) returned the best results, with 6 of 8
pulps assaying greater than detection limits, the highest-grade Rh assay (1.44 g Rh/t), and the highest
average grade (0.35 g Rh/t). The Cedro deposit (151,000oz at a grade of 1.10 g 2PGE+Au/t) performed
second-best, with 6 of 11 pulps assaying over detection, and the Curiu (100,000 oz @ 1.93 g 2PGE+Au/t)
and Trapia (219,000 oz @ 1.11 g 2PGE+Au/t) deposits returned 4 of 8 and 4 of 12 pulps over detection,
respectively. The Santo Amaro deposit (203,000oz at a grade of 1.19 g 2PGE+Au/t) returned no assays
over Rh detection limit.
Rhodium assay results (SGS Geosol, Minas Gerais) from historical Pedra Branca drill core pulps are
summarized in the following table:
Deposit Drill Hole Sample Depth From (m) Depth To (m) Historical Pd+Pt+Au (g/t) Rh (g/t)
Esbarro
DD04ES35 90643 5.60 6.10 44.24 1.44
DD03ES15 89715 33.00 34.00 6.01 0.39
DD03ES31 90544 46.60 48.07 7.68 0.34
DD99ES05 89210 49.46 50.30 10.39 0.31
DD03ES11 89486 29.24 30.11 2.78 0.24
DD04ES35 90644 6.10 8.10 10.16 0.04
DD03ES21 90071 2.30 4.00 3.34 <0.01
DD03ES31 90541 43.00 44.90 2.16 <0.01
Cedro
DD10CD86 87290 42.41 43.38 15.75 1.27
DD10CD89 87354 25.30 26.00 20.12 0.87
DD04CD18 91595 24.21 25.09 2.64 0.07
DD01CD04 90996 22.14 23.00 11.16 0.05
DD01CD03 90971 54.00 56.00 2.67 0.01
DD01CD05 91071 83.40 83.90 9.32 <0.01
DD10CD89 87345 14.30 16.00 5.39 <0.01
DD10CD79 87203 21.60 23.60 4.87 <0.01
DD01CD05 91082 95.41 96.64 3.29 <0.01
DD01CD05 91073 84.90 86.28 2.31 <0.01
Trapia
DD09TU09 86012 42.81 43.53 5.76 0.27
DD04TU04 92565 85.57 86.50 3.25 0.16
DD01TW10 92891 42.46 43.46 3.17 0.04
DD09TW16 86054 36.29 36.79 7.69 0.01
DD99TW03 92779 19.81 20.39 5.56 <0.01
DD01TU03 92631 116.45 117.23 4.41 <0.01
DD99TW01 92678 11.45 12.42 3.30 <0.01
DD99TW07 92832 35.35 37.00 3.11 <0.01
DD07TW12 82405 14.65 15.31 2.81 <0.01
DD01TU02 92482 84.23 85.57 2.71 <0.01
DD01TU02 92481 82.79 84.23 2.25 <0.01
DD99TW04 92734 51.43 52.73 2.06 <0.01
Curiu
DD04CU16 93313 1.74 3.00 7.89 0.17
DD03CU13 93207 7.79 9.19 20.45 0.08
DD03CU10 93122 67.40 68.00 3.35 0.03
DD04CU15 93283 1.25 3.11 3.63 0.02
DD03CU12 93180 38.33 39.33 6.90 <0.01
DD03CU10 93124 69.53 70.24 4.14 <0.01
DD03CU12 93186 44.88 45.81 3.80 <0.01
DD03CU11 93134 19.00 21.00 2.54 <0.01
Santo
Amaro
DD02SA02 93385 26.70 27.86 18.02 <0.01
DD04SA08 93532 109.75 110.25 8.66 <0.01
DD02SA02 93386 27.86 29.70 6.64 <0.01
DD02SA02 93393 39.00 40.40 3.80 <0.01
DD04SA08 93544 132.00 133.20 3.66 <0.01
DD02SA06 93601 55.00 55.58 2.18 <0.01
DD02SA02 93387 29.70 31.00 2.13 <0.01
DD02SA02 93433 87.65 89.15 2.05 <0.01
Further supporting ValOre’s initial review of Rh at Pedra Branca is an independent petrographic and x-ray
diffraction (XRD) study conducted by Pathor Geological Consulting Ltd. at the University of Western
Ontario in September, 2019. Pathor’s research identified As-Rh-bearing mineral inclusions and Bi-Pd
tellurides occurring as anhedral or stringy inclusions within rims and cores of chromite, pyrite, and
pentlandite (Banerjee and Botor, 2019).
While Rh in drill core or in soils has not been previously analyzed at Pedra Branca, there are some
historical rock assay datasets that reported rhodium values. The historical Rh-in-rock data exhibits the
positive correlation to high-grade 2PGE+Au rock samples, as illustrated in Figure 1.
Figure 1: Rhodium-in-Rock Sampling Data in the Central Pedra Branca PGE+Au District
About Rhodium
Rhodium is the rarest of the platinum group metals, only occurring up to one part per 200 million in the
Earth's crust. The main use for rhodium is in catalytic converters designed to clean vehicle emissions.
Due to its brilliance and resistance to oxidation, it is also used as a finish for jewelry, LCD monitors, and
mirrors. In the chemical industry it is used in the production of nitric acid, acetic acid and hydrogenation
reactions. Rhodium is found in platinum and nickel ores together with the other PGEs. South Africa is the
world’s largest producer of rhodium (~80%) followed by Russia (~10%), Zimbabwe (~4%), Canada and
the U.S.A.
The technical information in this news release has been prepared in accordance with Canadian regulatory
requirements as set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., New Project
Review, ValOre Metals Corp.
Historical Pedra Branca drill core pulps were collected from the secured core logging and storage facility
located in Capitão Mór, Ceará, Brazil. Selected pulp samples were sent with an ensured chain of custody
to SGS Geosol, Vespasiano, Minas Gerais (Brazil) for analysis, which is accredited mineral analysis
laboratory. All pulp samples were analyzed for Rh content using standard 50g Fire Assay Atomic
Absorption ICP-MS. Certified PGE ore reference standards, blanks and field duplicates were inserted as
a part of ValOre’s quality control/quality assurance program (QA/QC). No QA/QC 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 Pedra Branca project
summary: http://www.valoremetals.com/investors/presentations-downloads/
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 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% U3O8, totaling 43.3 million pounds U3O8.
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 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
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, 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 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.