VANCOUVER, British Columbia, Jan. 15, 2021 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced assay results for Santo Amaro zone drilling at ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil. Near surface PGE mineralization was intersected in eleven of the twelve core drill holes that intersected the ultramafic (“UM”) intrusion associated with the Santo Amaro NI 43-101 Inferred Resource. This drilling successfully extended near-surface PGE-mineralization along strike to the east and west, which remains open in both directions. In addition, a new, near-surface PGE-bearing zone was drilled 250 metres to the north-northwest of the Santo Amaro resource area.
“This phase of drilling at Santo Amaro was very successful. We intersected PGE mineralization at shallow depths in multiple zones, including an area 250 metres to the north-northwest of the known Santo Amaro resource,” stated ValOre’s Chairman and CEO, Jim Paterson. “Our exploration team identified several previously unmapped ultramafic rock units which extend well beyond the currently defined resource area boundaries. A mapping, soil and rock sampling, and prospecting program is underway in this area, with follow-up drilling planned as soon as practical.”
Highlights from Santo Amaro Drilling:
- Shallow PGE mineralization intersected in eleven of twelve 2020 drill holes;
- PGE mineralization drilled along-strike to the west of the Santo Amaro resource area in:
◦ Drill Hole DD20SA23 - 14.65 metres (“m”) grading 1.29 grams per tonne (“g/t”) palladium + platinum + gold (“2PGE+Au”) from surface;
- PGE mineralization drilled along-strike to the east of the Santo Amaro resource area in:
◦ Drill Hole DD20SA18 - 34.91 m grading 0.61 g/t 2PGE+Au from 16.50 m;
- An emerging near-surface PGE zone drilled 250 m north-northwest of the Santo Amaro resource area in:
◦ Drill Hole DD20SA16 - 4.00 m grading 3.10 g/t 2PGE+Au from 67.00 m, including 1.30 m grading 7.95 g/t 2PGE+Au from 67.00 m
◦ Drill hole DD20SA22 - 11.81 m grading 0.91 g/t 2PGE+Au from surface.
Santo Amaro Target Area and the 2019 NI 43-101 Resource
Santo Amaro is one of five defined PGE deposit areas at Pedra Branca that together host an inferred resource totaling 1,067,000 ounces (“oz”) 2PGE+Au contained in 27.2 million tonnes (“Mt”) grading 1.22 g/t 2PGE+Au; CLICK HERE for the Pedra Branca NI 43-101 Technical Report. PGE mineralization for all five of the resource deposit areas outcrops at surface, giving these inferred resources a reasonable expectation of eventual economic extraction via open pit methods. CLICK HERE for Figure 1A and 1B, showing the location of the five Pedra Branca PGE resource areas and a detailed view of Santo Amaro.
The 2019 Santo Amaro resource totals 203,000 oz 2PGE+Au contained in 5.3 Mt grading 1.19 g/t and represents the most underexplored deposit area at Pedra Branca. Extensive historical PGE-in-soils anomalies, magnetic targets, and newly mapped, untested UM belts make Santo Amaro a compelling resource expansion and PGE discovery region. Geological field mapping preceding the 2020 drill program identified several previously unmapped, prospective ultramafic belts which extend well beyond the area hosting the defined resource. A follow-up mapping, soil sampling, rock sampling, and prospecting program is on-going.
Santo Amaro 2020 Drill Results
During 2020, a total of 1,366 m were drilled in twelve core holes at Santo Amaro. PGE mineralization in the UM intrusion that hosts the Santo Amaro resource was extended along strike to the east and west as shown by at- to near-surface PGE drill intercepts. This zone remains open in both directions. In addition, an emerging shallow PGE zone was drilled approximately 250 m north-northwest of the resource area. Table 1 summarizes highlight intervals from 2020 Santo Amaro drilling.
Table 1: Summary of Significant Core Assay Results from 2020 Santo Amaro Drilling:
|Hole ID||Depth From
|DD20SA13||16.00||40.65||24.65||0.28||24.65m grading 0.28 g/t 2PGE+Au from 16.00m
incl. 15.65m grading 0.35 g/t 2PGE+Au from 25.00m
|DD20SA14||5.60||8.36||2.76||0.40||2.76m grading 0.40 g/t 2PGE+Au from 5.60m|
|DD20SA15||72.88||77.05||4.17||0.43||4.17m grading 0.43 g/t 2PGE+Au from 72.88m
and 2.00m grading 0.31 g/t 2PGE+Au from 113.00m
|DD20SA16||8.95||12.65||3.70||0.32||3.70m grading 0.32 g/t 2PGE+Au from 8.95m
and 4.00m grading 3.10 g/t 2PGE+Au from 67.00m
incl. 1.30m grading 7.95 g/t 2PGE+Au from 67.00m
|DD20SA18||16.50||51.41||34.91||0.61||34.91m grading 0.61 g/t 2PGE+Au from 16.50m
incl. 3.51m grading 1.88 g/t 2PGE+Au from 37.49m
and 3.51m grading 2.21 g/t 2PGE+Au from 66.19m
and 5.00m grading 0.97 g/t 2PGE+Au from 108.00m
incl. 1.00m grading 3.84 g/t 2PGE+Au from 110.00m
|DD20SA19||33.60||37.90||4.30||0.45||4.30m grading 0.45 g/t 2PGE+Au from 33.60m|
|DD20SA20||1.00||20.45||19.45||0.20||19.45m grading 0.20 g/t 2PGE+Au from 1.00m|
|DD20SA22||0.00||11.81||11.81||0.91||11.81m grading 0.91 g/t 2PGE+Au from 0.00m
and 4.93m grading 0.32 g/t 2PGE+Au from 106.45m
|DD20SA23||0.00||20.00||20.00||0.98||20.00m grading 0.90 g/t 2PGE+Au from 0.00
14.65m grading 1.29 g/t 2PGE+Au from 0.00
|DD20SA24||49.00||54.61||5.61||0.28||5.61m grading 0.28 g/t 2PGE+Au from 49.00m|
* Reported assay intervals are estimated to be 90-100% true width
Drill hole DD20SA23
Drill hole DD20SA23 stepped out 70 m to the west and along strike from the western-most resource hole at Santo Amaro. The target UM intrusion was intersected from surface to 14.65 m depth, characterized by weathered chromite-bearing peridotites and dunites. The drill hole returned an assay highlight of 14.65 m grading 1.29 g/t 2PGE+Au from surface. Mineralization remains open along strike to the west.
Drill hole DD20SA18
Drill hole DD20SA18 stepped out 40 m to the east and along strike from the eastern-most resource hole at Santo Amaro. The target UM intrusion was first intersected from 16.50 m to 51.70 m, with local metre-scale intercalated intervals of amphibolite and gneiss. A second package of PGE-bearing intrusion was intercepted from 100.50 m to 133.60 m depth. Variably weathered peridotites, dunites and local UM schists dominated the target sequence. The drill hole returned an assay highlight of 34.91 m grading 0.61 g/t 2PGE+Au from 16.50 m. Mineralization remains open in all directions.
Drill hole DD20SA16
Drill hole DD20SA16 was collared approximately 250 m north-northwest of the resource area and stepped 80 m to the east-northeast and down-dip of historical drill hole DD02SA04, which produced a historical drill core intercept of 10.30 m grading 1.10 g/t 2PGE+Au from 43.30 m depth.
DD20SA16 drilled into three packages of ultramafic rocks, collectively totaling 60.83 m in thickness. The thickest UM sequence was intersected from 50.00 m to 92.18 m (42.18 m in thickness), dominated by variably weathered peridotites and dunites, with local metre-scale serpentinites and phlogopite schists. A 0.30-metre-thick chromitite reef was intercepted at 67.20 metres depth and produced a peak assay of 11.49 g/t 2PGE+Au. The drill hole retuned an assay highlight of 4.00 m grading 3.10 g/t 2PGE+Au from 67.00 m, including 1.30 m grading 7.95 g/t 2PGE+Au from 67.00 m. Mineralization remains open in all directions.
Drill hole DD20SA22
Drill hole DD20SA22 stepped out 55 m to the southeast and along strike from DD20SA16. The target UM intrusion was intersected from surface to 18.65 m depth, characterized by weathered chromite-bearing peridotites and dunites. The drill hole returned an assay highlight of 11.81 m grading 0.91 g/t 2PGE+Au from surface. Mineralization remains open in all directions.
Pedra Branca 2020 Drill Program
Please see ValOre’s news release of August 25, 2020 for detailed information regarding:
- Pedra Branca 2020 Drill Program (Phase 1 and Phase 2)
- Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting
- Analytical Procedures, SGS Geosol
- About Servitec Foraco Sondagem SA
- ValOre and Servitec Foraco COVID-19 Protocols
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 Colin Smith, P.Geo., ValOre’s QP, who oversees New Project Review for ValOre.
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 current Inferred Resource of 1,067,000 ounces 2PGE+Au contained in 27.2 million tonnes grading 1.22 g/t 2PGE+Au (see ValOre’s July 23, 2019 news release). All the currently known Pedra Branca inferred PGE 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 current Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. 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,
James R. Paterson, Chairman and CEO
ValOre Metals Corp.
ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: 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 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.