ValOre Provides Pedra Branca Update
VANCOUVER, British Columbia, Oct. 31, 2019 (GLOBE NEWSWIRE) — ValOre Metals Corp. (TSX‐V: VO) (“ValOre”) today provided an update on exploration activities related to the Pedra Branca Project located in Brazil.
The Pedra Branca Project 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.ValOre’s Chairman and CEO, Jim Paterson commented: “ValOre’s efforts to maximize the tremendous database generated by previous owners of the Pedra Branca PGM Project began prior to the August 2019 closing of our acquisition and as we learn more, our excitement level for the project grows by the day. We’ll announce our 2020 exploration plans once we’ve assessed results from our initial on-site exploration visit conducted in October together with the additional knowledge gained from our review of the historical exploration activities.”Please visit ValOre’s website to view an updated corporate presentation and project summary: http://www.valoremetals.com/investors/presentations-downloads/ValOre is currently leveraging the considerable existing project database to: generate targets to expand known inferred PGM resources; upgrade targets having known PGM-mineralization; and make new “greenfields” discoveries:Ground-truthing: a comprehensive review of the database has resulted in the identification of approximately 100 historical trenches excavated by previous exploration groups; an increased understanding of geology and PGM mineralization; and thus more confidence in potential opportunities to expand known resources and make new discoveries.WorldView: acquisition of enhanced and modeled digital satellite imagery from the highest resolution commercial satellite in the world, focused on supporting exploration fieldwork with mineral modeling targeted to define host ultramafic intrusions, as well as providing high-spatial resolution true-color imagery for the project area.Geophysics: re-processing the district-scale, detailed (50 m line-spacing) 2013 aeromagnetic survey collected by Anglo American by means of a 3D magnetic-susceptibility model to help define the geometry, dip and approximate dimensions of the target ultramafic intrusions. High-priority target areas have been selected for subsequent detailed 3D inversion modelling to further refine drill targeting.HIVE: consultancy performing a full drillhole database verification program and supporting ValOre in the development and refinement of an accurate, organized and synthesized exploration database.Data compilation: upon completion of the above-mentioned database verification and organization, authenticated historical data will be synchronized with newly acquired exploration data to facilitate and accelerate the path to discovery and resource expansion.Our first two test cases of pure greenfields targeting, involving investigations of discrete reduced to pole (RTP) magnetic anomalies (from re-processing of Anglo American’s airborne magnetic survey), combined with targeting various classes of spectral chromitite and ultramafic picks (from WorldView data) has resulted in the field identification of chromitite mineralization and other coarse-grained cumulate ultramafic rocks at the C04 anomaly located approximately 5 km north of Esbarro in rolling brush-covered terrain, and the identification of extensive boulders and possible subcrop of coarse cumulate pyroxenite to peridotite at anomaly C11 located 500m southeast of Cedro within a steep talus- and debris flow-covered slope. Samples collected in the field have been sent to SGS labs, Canada, for assay analyses.Importantly, there were no mapped ultramafic rocks, and no historical soil, rock or stream sediment data over either target, so target confirmation has been achieved solely by using the RTP aeromagnetic and WorldView spectral data.This sets the stage for follow-up of numerous other pure greenfields targets in the region, with significant implications for expanding the exploration and development potential of the Pedra Branca Project.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 high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.ValOre recently acquired an exciting Platinum Group Metals (“PGM”) property, Pedra Branca, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.The 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 distinct 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% U3O8, totaling 43.3 million pounds U3O8. 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 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, 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 CEOValOre 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.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.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.