VANCOUVER, British Columbia, Sept. 10, 2024 (GLOBE NEWSWIRE) — ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an update on the ongoing exploration program for the Salvador target (“Salvador”) at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.
“Our ongoing exploration program at the Salvador target has yielded encouraging results, with initial Trado® and rock assays, trenching and field mapping all confirming in-situ PGE mineralization and extending the prospective Salvador PGE trend to 2 km in strike length,” stated ValOre’s VP of Exploration, Thiago Diniz. “Additionally, preliminary ground geophysical data shows consistent magnetic anomalies along strike, which increases our confidence that this program will set the stage for future discoveries and resource expansion drill programs at Salvador.”
2024 Salvador Exploration Program Highlights
Salvador field exploration program is in progress, with Trado® auger drilling, rock sampling and trenching confirming continuity of PGE-bearing ultramafic (“UM”) rocks along trend to the north of the 2023 drill zone:
PGE mineralization reported in 15 of 20 UM-bearing Trado® holes;
High-grade PGE assay results reported from outcropping chromitite:
11.17 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) – Sample 103792;
Trench mapping and sampling is completed, with 108 samples sent for assay analysis;
Ground geophysical survey field work is completed, interpretation ongoing;
Additional field mapping, rock sampling, and Trado® auger drilling following up on new ultramafic occurrences and preliminary magnetic anomalies in the north extension of the target area continues;
Current results and new UM occurrences extend Salvador’s PGE-prospective trend to a total of 2 km in strike-length;
See Figure 1 for a plan view of the Salvador target, and location of the 2024 exploration work; and Table 1 for a summary of the exploration totals for Trado® and trenching programs.
Figure 1: Salvador target plan view, with location of the 2024 exploration work activities.
Table 1: Trado® and trenching exploration totals to date.
Target
Activity
# Holes/Trenches
Total Meters
UM Length (m)
Total
#assays
# Assays
pending
Salvador
Trado Auger Drilling
35
101
77
107
21
Salvador
Trenching
4
95
51
108
108
Trado® auger drilling
Trado® auger drilling has intercepted ultramafic rocks in 25 of 35 Trado® auger drill holes completed to date (77 m of 101 m drilled in total).
Trado® assay results have been received for 20 UM-bearing Trado holes, with PGE mineralization reported in 15 Trado® holes.
Table 2: Trado® auger drilling assay highlights:
Target
Trado hole ID
From (m)
To (m)
Length (m)
2PGE+Au (g/t)
Litho
2PGE+Au Interval Summary
Salvador
AD24MES29
0.0
2.5
2.5
0.20
Ultramafic
2.5 m @ 0.20 g/t 2PGE+Au
Salvador
AD24MES30
0.0
1.6
1.6
0.14
Ultramafic
1.6 m @ 0.14 g/t 2PGE+Au
Salvador
AD24MES32
0.0
6.0
6.0
0.27
Ultramafic
6.0 m @ 0.27 g/t 2PGE+Au
Salvador
AD24MES33
0.0
4.0
4.0
0.48
Ultramafic
4.0 m @ 0.48 g/t 2PGE+Au
Salvador
AD24MES34
0.0
2.0
2.0
0.12
Ultramafic
2.0 m @ 0.12 g/t 2PGE+Au
Salvador
AD24MES37
0.0
1.7
1.7
0.99
Ultramafic and
Chromitite
1.7 m @ 0.99 g/t 2PGE+Au
Salvador
AD24MES38
0.0
4.0
4.0
0.19
Ultramafic
4.0 m @ 0.19 g/t 2PGE+Au
Salvador
AD24MES39
0.0
3.0
3.0
0.12
Ultramafic
3.0 m @ 0.12 g/t 2PGE+Au
Salvador
AD24MES40
0.0
4.0
4.0
0.18
Ultramafic
4.0 m @ 0.18 g/t 2PGE+Au
Salvador
AD24MES44
1.0
2.5
1.5
0.50
Ultramafic
1.5 m @ 0.50 g/t 2PGE+Au
Salvador
AD24MES47
0.0
2.5
2.5
0.14
Ultramafic
2.5 m @ 0.14 g/t 2PGE+Au
Salvador
AD24MES48
0.0
1.5
1.5
0.34
Ultramafic
1.5 m @ 0.34 g/t 2PGE+Au
Salvador
AD24MES49
0.0
5.0
5.0
0.39
Ultramafic
5.0 m @ 0.39 g/t 2PGE+Au
Salvador
AD24MES50
0.0
2.0
2.0
0.29
Ultramafic
2.0 m @ 0.29 g/t 2PGE+Au
Salvador
AD24MES51
0.0
1.0
1.0
0.17
Ultramafic
1.0 m @ 0.17 g/t 2PGE+Au
Trenching
Four trenches were excavated, totalling 95 metres (“m”) in length, with all four exposing UM and UM-derived rocks, including chromitite layers in the central trenches, TR24MES06 and TR24MES07, to the north along strike from the area of 2023 Salvador drill program. Trench assays are pending.
See Figure 2 for trenching program photos, including chromitite and chromite-rich rocks intercepted in trenches TR24MES06 and 07.
Figure 2: 2024 Salvador trenching program. Mapping and sampling of trench TR24MES06 (left), and centimetric chromitite layer (CR) within serpentinized ultramafics (UMD) and phlogopite (PHL) (right).
Ground geophysical survey
50-line kilometres (“km”) of ground magnetics and gamma spectrometry data have been acquired, covering the entire strike-length of the Salvador target and its extensions.
A 3D inversion modeling and structural interpretation is in progress.
Field mapping and rock sampling
To date, 25 rock samples have been sent to SGS lab, with assay results received for 6 samples, including high-grade PGE mineralization in two chromitite occurrences located near the 2024 trench TR24MES08, and remaining 4 samples with anomalous PGE grades; Highlights:
11.17 g/t 2PGE+Au – Chromitite outcrop, sample 103792;
6.24 g/t 2PGE+Au – Chromitite grab sample 103795.
Quality Assurance/Quality Control (“QA/QC”)
CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.
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 Thiago Diniz, P.Geo., ValOre’s QP and Vice President of Exploration.
About ValOre Metals Corp.
ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a team aiming 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 and innovation.
ValOre’s Pedra Branca Platinum Group Elements Project comprises 45 exploration licenses covering a total area of 51,096 hectares (126,260 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au. ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential. (CLICK HERE to download 2022 technical report* and CLICK HERE for news release dated March 24, 2022).
*The 2022 Technical Report is entitled “Independent Technical Report –Mineral Resource Update on the Pedra Branca PGE Project, Ceará State, Brazil” was prepared as a National Instrument 43-101 Technical Report on behalf of ValOre Metals Corp. with an effective date of March 08, 2022. The 2022 Technical Report by Independent qualified persons, Fábio Valério (P.Geo.) and Porfirio Cabaleiro (P.Eng.), of GE21, commissioned to complete the mineral resource estimate while Chris Kaye of Mine and Quarry Engineering Services Inc. (MQes), was commissioned to review the metallurgical information. The Mineral Resource estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical, plus economic and mining parameters appropriate to the deposit. Mineral Resources, which are not mineral reserves, do not have demonstrated economic viability, and may be materially affected by environmental, permitting, legal, marketing, and other relevant issues. Mineral Resources are based upon a cut-off grade of 0.4 g/t PGE+Au, correlated to Pd_eq grade of 0.35 g/t, and were limited by an economic pit built in Geovia Whittle 4.3 software and following the geometric and economic parameters as disclosed in the 2022 NI 43-101 Technical Report,
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 at 604.646.4527, or by email at contact@valoremetals.com.
ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: http://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 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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e21004dc-62fb-41f2-bbe6-3c5019e059e8
https://www.globenewswire.com/NewsRoom/AttachmentNg/9d874caf-c5f5-477d-9247-45c530b5456f
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