ValOre Validates Exploration Methodology with Drill Discovery of New PGE Zone at Pedra Branca
ValOre Validates Exploration Methodology with Drill Discovery of New PGE Zone at Pedra Branca
C-04 target: 5.29m @ 2.03 g/t within 24.95m @ 0.71 g/t 2PGE+Au from 41.34m
October 27, 2020
Vancouver, B.C. ValOre Metals Corp. (“ValOre”; the “Company”; TSX ‐V: VO; OTC: KVLQF;
Frankfurt: KEQ0) today announced assay results for the C -04, Cana Brava, Cedro, Esbarro East and
Golden Goat drill targets at ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project
in northeastern Brazil.
“Our drill program continues to generate exciting results, including a discovery of the C-04 Zone in addition
to successfully advancing the targets at Cana Brava and Cedro North,” stated ValOre’s Chairman and CEO,
Jim Paterson. “Our efficient and cost-effective exploration methodology has now been validated by the drill
discovery of high-grade, near-surface PGE mineralization.”
Highlights from C-04, Cana Brava, Cedro, Esbarro East and Golden Goat Targets
• C-04 - New PGE-mineralized Zone discovered at the previously undrilled target validates ValOre’s
WorldView-magnetic anomaly targeting methodology (see news release dated December 4, 2019);
• Cana Brava - Shallow mineralization extended with PGE intercepts in three diamond drill holes
(“DDH”);
• Cedro - PGE mineralization drilled from surface in both “Cedro North” drill holes;
• Esbarro East - PGE mineralization drilled from surface;
• Golden Goat - two drill holes target ing a geophysical anomaly intercepted broad intervals (100-
140m) of prospective ultramafic (UM) intrusion.
Target Classes and Locations:
CLICK HERE for Figure 1, a map of Phase 1 drill hole locations and targets.
Table 1: Drill Core Assay Highlights for C-04, Cana Brava, Cedro, Esbarro East and Golden Goat
Target # of
holes
Meters
(m) Notes*
C-04
(Discovery Drilling) 3 252.90
DD20CF01: 18.00m @ 0.58 g/t 2PGE+Au from 0.00m
24.95m @ 0.71 g/t 2PGE+Au from 41.34m
incl. 0.73m @ 5.50 g/t 2PGE+Au from 53.50m
and 5.29m @ 2.03 g/t 2PGE+Au from 61.00m
DD20CF02: 21.60m @ 0.39 g/t 2PGE+Au from 0.00m
and 21.00m @ 0.27 2PGE+Au from 39.00m
DD20CF03: 8.68m @ 0.24 g/t 2PGE+Au from 11.92m
Cana Brava
(Target
Advancement)
4 199.60
DD20CB03: 15.20m @ 0.61 g/t 2PGE+Au from 0.00m
DD20CB04: 14.00m @ 0.83 g/t 2PGE+Au from 10.00m
DD20CB05: 7.67m @ 1.07 g/t 2PGE+Au from 26.30m
Cedro
(Target
Advancement)
4 364.40
DD20CD95: 20.00m @ 0.38 g/t 2PGE+Au from 0.00m
DD20CD96: 15.00m @ 0.49 g/t 2PGE+Au from 0.00m
Esbarro East
(Discovery Drilling) 3 146.40 DD20ES44: 3.65m @ 0.92 g/t 2PGE+Au from 0.00m
Golden Goat
(Discovery Drilling) 2 347.10 DD20GG01: 1.00m @ 0.53 g/t 2PGE+Au from 68.00m
DD20GG02: 0.80m @ 0.57 g/t 2PGE+Au from 35.00m
*Reported assay intervals are estimated to be 90-100% true width
C-04 Drill Target – New PGE Discovery
A new PGE discovery was made at the previously undrilled C-04 WorldView-magnetic anomaly target, with
2PGE+Au mineralization encountered in all three DDHs. CLICK HERE for Figure 2, a cross section of 2020
C-04 drilling. These results are s ignificant, as they validate ValOre’s exploration methodology, namely
pairing WorldView spectral data to characterize the spectral signature of ultramafic rocks with inversion of
the magnetic data to model the 3D geometry and spatial extent of the highly magnetic ultramafic bodies .
C-04 was the inaugural test case of pure greenfields targeting for ValOre at Pedra Branca in Q4 2019 ,
whereby investigations of discrete reduced to pole (RTP) magnetic anomalies, derived from the re-
processing of Anglo American’s airborne magnetic survey, were combined with targeting priority classes of
spectral chromitite and ultramafics derived from 2019 WorldView satellite data. The magnetic data was then
inverted to define the potential 3D geometry and spatial extent of the likely ultramafic source body. This
methodology led ValOre geologists directly to a surface showing of mineralized UM intrusion grading up to
7.95 g/t 2PGE+Au in grab sample (see news release dated December 4, 2019).
• Vertical drill hole DD20CF01 collared directly into mineralized UM rocks from surface down to a
depth of 67.22m. The intrusion was dominated by chromite-bearing peridotites and dunites, with a
basal pyroxenite and amphibolite schist. Assay highlights include 5.29m @ 2.03 g/t 2PGE+Au from
61.00m within a broad interval of 24.95m @ 0.71 g/t from 41.34m, and 18.00m @ 0.58 g/t 2PGE+Au
from 0.00m;
• Drill hole DD20CF02 was an inclined hole drilled at -60 degrees to a southern azimuth (180◦) from
the same pad at DD20CF01, to better constrain the intrusion geometry. Mineralized UM rocks were
again encountered from surface to a depth of 76.53m. Assay highlights from DD20CF02 include:
21.60m @ 0.39 g/t 2PGE+Au from 0.00m and 21.00m @ 0.27 2PGE+Au from 39.00m ;
• Drill hole DD20CF03 stepped 4 5m to the east -southeast of DD20CF01 and DD20CF0 2, and
targeted the intrusion with a n additional -60 degree hole drilled to the south, and encountered
intervals of UM intrusion and UM schists from 12.20m to 60.60m depth. Core axis angles suggested
pierce points near to the easterly intrusion margin; however, this could be resulting from localized
structural crenulation, and mineralization and ultramafics remain open to the east .
The exciting results from ValOre’s first three drill holes at C-04 warrant follow-up drilling in 2021, with PGE
mineralization remaining fully open in all strike directions. Field mapping and drill core interpretations
suggest a thickening of the PGE-bearing intrusion to the south and southwest of current drilling, and these
areas will be the focus of drill targeting in 2021. Further, these drill results serve to substantiate ValOre’s
WorldView-magnetic targeting methodology, which is now being applied property wide at large, unexplored
PGE targets (see news releases dated July 7, 2020 and October 19, 2020).
Cana Brava Drill Target – Extension of Mineralization
The Cana Brava target is a n at-surface pre-resource PGE showing situated within a 3km radius of the
Esbarro (394,000oz 2PGE+Au at 1.23 g/t), Curiu (100,000oz 2PGE+Au at 1.93 g/t) and Cedro (151,000oz
2PGE+Au at 1.10 g/t) NI 43-101 PGE deposits, (see ValOre’s July 23, 2019 news release) along the same
structural contact. Historical Cana Brava grab samples grade up to 15.4 g/t 2PGE+Au, and the outcropping
ultramafic and chromitite showings have well -defined PGE -in-soils and magnetic anomalies . Anglo
American drilled two holes at Cana Brava in 2010, and the southern hole (DD10CB02) intercepted
mineralized intrusion from surface to 27.55m, including 2.30 g/t 2PGE+Au over 6.00m from 3.00m depth.
This drill hole did not receive any follow up exploration until ValOre’s 2020 drill program.
ValOre target ed Cana Brava with four vertical DDHs in 2020 spaced 50 -60m apart, stepping out from
DD10CB02 both along strike to the north and south, and down -dip to the east. At - or near-surface PGE
mineralization was encountered in three of four drill holes, and mineralization remains open to the west,
south, southwest, northeast. The ultramafic package is also thickening to the west. CLICK HERE for Figures
3A and 3B, cross sections of 2020 Cana Brava drilling.
• Drill hole DD20CB03 collared into mineralized ultramafic intrusion from surface to 23.30m,
characterized by weathered serpentinites, peridotites and dunites, and basal interlayers of
pyroxenites, schists and country rock. Assay highlight from DD20CB03 includes: 15.20m @ 0.61
g/t 2PGE+Au from 0.00m.
• Drill hole DD20CB04 collared into mineralized ultramafic intrusion from surface to 26. 65m and
drilled a correlative lithological sequence to DD20CB03. Assay highlight from DD20CB04 includes:
14.00m @ 0.83 g/t 2PGE+Au from 10.00m.
• Drill hole DD20CB05 collared into mineralized ultramafic intrusion from surface to 32.42m.
Ultramafic rocks consisted of weathered UM schists and serpentinites, underlain by lower
pyroxenites, schists with a basal banded iron formation (“BIF”) before enter ing basement at
33.97m. Assay highlight from DD20CB05 includes: 7.67m @ 1.07 g/t 2PGE+Au from 26.30m.
• Drill hole DD20CB06 did not intersect ultramafic rock.
The shallow mineralized drill intercepts from three of four 2020 holes at Cana Brava warrant additional drill
testing of the ultramafic intrusion which seems to thicken to the west. An additional showing, characterized
by high-grade historical rock samples and a PGE -in-soils anomaly, is situated approximately 385m to the
north-northwest. This target remains un-drilled.
Cedro Drill Target – At-Surface PGE Mineralization
Four 2020 drill holes were completed at the Cedro deposit area (151,000oz 2PGE+Au at 1.10 g/t), targeting
both historical DDH (non-resource) PGE intercepts, and untested 3D magnetic inversion model targets.
The northern two drill holes, DD20CD95 and DD20CD96, are situated 150m east of an existing NI 43-101
resource and were designed to follow up historical drill hole DD07CD26, which inter sected PGE-bearing
UMs from surface to 35.00m (including 3.9 g/t over 1.6m from 19.40m). CLICK HERE for Figure 4, a cross
section of the two northern 2020 drill holes at Cedro.
• Both DD20CD95 and DD20CD96, collared into weathered mineralized ultramafic rocks (peridotites,
serpentinites, and amphibolites) from surface to 25.75m and 17.00m, respectively.
• Drill hole DD20CD95 returned an assay of 20.00m @ 0.38 g/t 2PGE+Au from 0.00m.
• Drill hole DD20CD96 retuned an assay of 15.00m @ 0.49 g/t 2PGE+Au from 0.00m.
• The mineralized ultramafic remains open and is thickening to the south, with the three positive drill
holes (two 2020 holes and one historical hole) exhibiting intrusion thicknesses of 17.00m, 25.75m
and 35.00m, from north to south.
Two additional holes (DD20CD97 and DD20CD98) were drilled at Cedro, targeting large (400m x 120m),
north-northwest south-southeast trending 3D magnetic isoshell bodies, one situated in central Cedro and
the other in southern Cedro. Coarse-grained granites and gneisses were intersected from surface to end
of hole s (“EOHs”), with DD20CD98 transecting a thin (~3m), barren interval of UM -derived rock from
78.00m depth.
Esbarro East Drill Target – At-Surface PGE Mineralization
The Esbarro East target is a surface chromitite showing situated 500m due east of the Esbarro deposit
(394,000oz 2PGE+Au at 1.23 g/t ). This previously un -drilled target hosts historical and ValOre grab
samples that grade d up to 5.10 g/t 2PGE+Au, collected from a subcrop of chromitite and weathered
ultramafic rocks, with a coincident at -surface 3D magnetic inversion anomaly . Three DDHs were drilled in
2020, with one of the three returning an at-surface PGE intercept (DD20ES44). CLICK HERE for Figure 5,
a cross section of 2020 drilling at Esbarro East.
• Drill hole DD20ES44 collared directly into the chromitite showing and 3D magnetic inversion target,
and intersected mineralized weathered ultramafic rocks from surface to 2.95m , and returned an
assay of 3.65m @ 0.92 g/t 2PGE+Au . Coarse -grained granites with local pegmatitic textures
ensued until EOH.
• Drill holes DD20ES45 and DD20ES46 sought to test the southerly down-dip and westerly on-strike
extensions. No UM rocks were encountered in either hole.
Golden Goat Target – Broad (>100m) Ultramafic Drill Intercepts Encountered
The previously un-drilled Golden Goat target is situated approximately 1km east-southeast of the Esbarro
deposit (394,000oz 2PGE+Au at 1.23 g/t), and is characterized by a strong magnetic anomaly (480m x
370m), historical spectral serpentinization data, and highly anomalous Au - and Cr -in-stream sediment
samples situated on a drainage that flows from the mag hig h. Two vertical 2020 drill holes were targeted
into the core of the geophysical anomaly, and both holes intersected broad (100 -140m) intervals of
prospective ultramafic rocks. CLICK HERE for Figure 6, a cross section of the 2020 drilling at Golden Goat.
• Drill hole DD20GG01 entered ultramafic intrusion at 9.12m depth and remained in the intrusion
until 154.54m. Coarse to medium grained pyroxenites dominated the sequence before ending the
hole in a laminated and schistose metasedimentary package. DD20GG01 returned thin, weakly
anomalous assays, including: 1.00m @ 0.53 g/t 2PGE+Au from 68.00m.
• Drill hole DD20GG02 entered ultramafic intrusion at 33.45m depth and remained in the intrusion
until 132.40m. The geology was correlative to DD20GG01, with coarse to medium grained
pyroxenites dominating the sequence before ending the hole in metasedimentary rocks.
DD20GG02 returned thin, weakly anomalous assays, including: 0.80m @ 0.57 g/t 2PGE+Au from
35.00m.
Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting
As part of ValOre’s QA/QC protocol, a total of seven quality control samples are inserte d in each batch of
50 samples. These include the insertion of blanks, standards, and duplicates according to a logical
sequence that follows strict industry standards. The seven quality control samples comprise: (i) two coarse
blanks sampled from barren quartz vein outcrops in the area (4% of the batch); (ii) three certified reference
materials (“CRMs”, 4% of the batch) with pre-determined PGE and Au grades produced by CDN Resource
Laboratories; (iii) and three duplicate samples (2% of the batch each), including one coarse reject duplicate
and one pulp duplicate (both prepared at SGS laboratory following ValOre’s instructions) and one ¼ core
duplicate, prepared at ValOre’s core logging facility in Capitão Mor. Assay results are systematically
checked upon re ceipt and a specific batch is accepted if results are in accordance with a QA/QC failure
chart. All samples are sent with an ensured chain of custody to SGS Geosol Laboratórios Ltda. (“ SGS
Geosol”, an accredited mineral analysis laboratory) in Vespasiano, Minas Gerais, Brazil for analysis.
Grading intervals are reported from continuous drill intersections of favorable ultramafic intrusion that return
anomalous 2PGE+Au values throughout, with sample widths averaging 1.0 metres in length throughout the
mineralized zone.
Analytical Procedures, SGS Geosol
Once a core sample consignment is received and verified by SGS Geosol, all core samples undergo density
calculation by water immersion method on the raw samples wrapped in PVC film. The samples are
subsequently prepared for analyses by means of drying, crushing (with 75% passing 3 mm),
homogenization, quartering and pulverizing 250 – 300 g of sample in a 95% steel mill at 150 mesh.
Multielement analyses is then performed by Sodium Peroxide Fusion followed by a multielement combined
ICP-OES and ICP -MS scan for base metals, trace, and lithological elements. Chromium values that
exceeded 5% are redirected to ore -grade pyrosulfate fusion and XRF techniques to determine %Cr2O3.
Samples are then analyzed for 2PGE+Gold (Pd, Pt, Au) content using standard Fire Assay techniques.
Certified PGE ore reference standards, blanks and field duplicates were inserted as a part of ValOre’s
QA/QC protocol. No QA/QC issues were noted with the results reported herein.
SGS Geosol is an accredited mineral analysis laboratory founded in Brazil from a joint venture between
SGS do Brasil and Geosol Geologia e Sondagens. It concentrates its activities on geochemical analysis of
soils, rocks, ores, concentrates and metallurgical t ests, as well as environmental analyzes of water,
effluents, and industrial waste.
SGS Geosol is internationally recognized by its extensive experience throughout industry, with technical
teams formed by highly qualified professionals. SGS Geosol’s Integrated Management System ensures an
excellent level of quality, safety, occupational health, respect for the environment and social responsibility.
The lab is Certified ISO 9001, which provides quality services in analytical chemistry, in compliance with all
applicable environmental requirements, and so it is also certified ISO 14001. SGS Geosol has advanced
laboratories and the latest technological equipment, which enables its supply of analytical services with
security and excellent quality control.
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)
About Servitec Foraco Sondagem SA
ValOre and Servitec Foraco COVID-19 Protocols
http://valoremetals.com/news-media/news-releases/2020/
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 1,0 67,000 ounces 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 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 and
is committed to build ing shareholder 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.
On behalf of the Board of Directors,
"Jim Paterson"
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
For further information about, ValOre M etals 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 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
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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 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.