ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today reported an updated independent
National Instrument 43-101 (“NI 43-101”) inferred mineral resource
estimate for ValOre’s 100%-owned Pedra Branca Platinum Group
Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in
northeastern Brazil.
ValOre’s CEO, Jim Paterson stated, “We are very
pleased to announce the doubling of ValOre’s Pedra Branca inferred
mineral resource estimate, which was expanded to 2.2
million ounces of palladium, platinum, and gold at 1.08 g/t
2PGE+Au. Several of the zones which form part of the
resource estimate remain wide open for expansion in future drill
programs.
ValOre’s technical team has demonstrated their
ability to expand known resource zones and to convert exploration
targets into resource ounces in a very cost effective manner. We
spent $6.1M CAD on exploration, administration and development at
Pedra Branca since the 2019 acquisition and resource estimate,
which equates to under CAD$6 per ounce of 2PGE+Au added to the
resource inventory.
With the initial metallurgical results recently
reported, today’s announcement on the resource expansion, and a
discovery pipeline of exploration targets laid out property-wide,
we very excited about the future potential of ValOre’s Pedra Branca
Project.”
Highlights of the 2022 NI 43-101 Pedra
Branca Inferred Mineral Resource Estimate:
- 2,198 thousand ounces (“Koz”) palladium + platinum +
gold (“2PGE+Au”) in 63.6 million tonnes (“Mt”) grading 1.08 g/t
2PGE+Au;
- 106% increase to 2019 inferred mineral resource;
- $6.1M CAD spent on exploration and development since 2019
resource, equating to $5.40 per ounce 2PGE+Au added;
- 17,434 metres (“m”) have been drilled since the 2019 resource,
with approximately 11,500 m allocated to resource expansion;
- Extensive resource growth potential remains at Massapê, Santo
Amaro, Trapia, and Cedro, in addition to advanced exploration
targets property-wide;
- Regional exploration by Trado® drilling continues to advance
new prospects to RC or core drill targets.
2022 Inferred Mineral Resource
Estimate
The updated Pedra Branca mineral resource
estimate was completed by independent Brazilian consultancy GE21
Consultoria Mineral (“GE21”), in accordance with Canadian Institute
of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards
incorporated, by reference, in NI 43-101 Standards of Disclosure
for Mineral Projects, and has been reviewed internally by ValOre.
The 2022 resource estimate is the result of over 17,000 metres of
new drilling between July 2020 and December 2021 and comprises 7
distinct deposit areas which host, in aggregate, an inferred
resource of 2,198 Koz 2PGE+Au in 63.6 Mt grading 1.08 g/t 2PGE+Au
(see Table 1 below). Mineralization outcrops at surface in all
zones, and all the inferred resources are potentially open
pittable.
The Pedra Branca inferred resource estimate has
doubled in its palladium, platinum, and gold endowment since the
2019 NI 43-101 technical report (CLICK HERE ValOre news release
dated July 23, 2019, for a summary of the 2019 inferred mineral
resource estimate). Compelling growth potential remains at multiple
deposit areas, including Massapê, Santo Amaro, Trapia, and
Cedro.
The inferred mineral resource estimate for the
Trapia deposit increased by a factor of over 4 times, and now
represents the largest contributor to the global resource at 885
Koz 2PGE+Au grading 0.96 g/t in 28.8 Mt). The Cedro deposit
inferred mineral resource estimate also tripled in size to 453 Koz
2PGE+Au grading 1.03 g/t in 13.6 Mt. Both the Trapia and Cedro
deposits were the subject of 2020-2021 resource expansion
drilling.
Massapê and Cana Brava represent two new zones
added to the 2022 resource, accounting for 154 Koz ounces 2PGE+Au
in 4.0 Mt at grades of 1.21 and 1.18 g/t 2PGE+Au, respectively.
Massapê remains wide open along in all directions. CLICK HERE for
news release dated December 20, 2021, for a summary of 2021
drilling at Massapê.
Table 1: 2022 Inferred Mineral Resource
Summary Table – Effective Date: March 08, 2022
Target |
Weathering |
|
Grade |
Contained Metal |
Mass |
Au |
Pd |
Pt |
PdEq |
PGE+Au |
Au |
Pd |
Pt |
PdEq |
PGE+Au |
kt |
g/t |
g/t |
g/t |
g/t |
g/t |
000 oz |
000 oz |
000 oz |
000 oz |
000 oz |
|
|
|
|
|
|
|
|
|
|
|
|
|
Trapia |
Weathered |
4,547 |
0.02 |
0.53 |
0.30 |
0.69 |
0.85 |
3 |
77 |
45 |
101 |
125 |
Fresh |
24,239 |
0.04 |
0.63 |
0.31 |
0.85 |
0.98 |
30 |
488 |
242 |
662 |
760 |
Total |
28,786 |
0.04 |
0.61 |
0.31 |
0.82 |
0.96 |
34 |
565 |
286 |
763 |
885 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cedro |
Weathered |
3,024 |
0.01 |
0.71 |
0.34 |
0.88 |
1.06 |
1 |
69 |
33 |
86 |
103 |
Fresh |
10,610 |
0.01 |
0.65 |
0.37 |
0.88 |
1.03 |
5 |
220 |
125 |
299 |
350 |
Total |
13,634 |
0.01 |
0.66 |
0.36 |
0.88 |
1.03 |
6 |
290 |
158 |
384 |
453 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Esbarro |
Weathered |
4,713 |
0.05 |
0.79 |
0.41 |
1.02 |
1.25 |
8 |
120 |
62 |
154 |
189 |
Fresh |
6,071 |
0.01 |
0.72 |
0.36 |
0.94 |
1.09 |
2 |
140 |
71 |
184 |
213 |
Total |
10,784 |
0.03 |
0.75 |
0.38 |
0.98 |
1.16 |
10 |
260 |
133 |
338 |
403 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Santo Amaro |
Weathered |
2,105 |
0.02 |
0.56 |
0.47 |
0.80 |
1.06 |
2 |
38 |
32 |
54 |
71 |
Fresh |
2,169 |
0.04 |
0.63 |
0.49 |
0.96 |
1.16 |
3 |
44 |
34 |
67 |
81 |
Total |
4,274 |
0.03 |
0.60 |
0.48 |
0.88 |
1.11 |
4 |
82 |
66 |
121 |
153 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Curiu |
Weathered |
1,148 |
0.06 |
1.64 |
1.07 |
2.20 |
2.77 |
2 |
60 |
40 |
81 |
102 |
Fresh |
974 |
0.05 |
0.91 |
0.56 |
1.30 |
1.53 |
2 |
29 |
18 |
41 |
48 |
Total |
2,122 |
0.06 |
1.30 |
0.84 |
1.79 |
2.20 |
4 |
89 |
57 |
122 |
150 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Massapê |
Weathered |
601 |
0.03 |
0.88 |
0.33 |
1.05 |
1.23 |
1 |
17 |
6 |
20 |
24 |
Fresh |
2,710 |
0.02 |
0.85 |
0.33 |
1.07 |
1.20 |
2 |
74 |
29 |
93 |
105 |
Total |
3,312 |
0.02 |
0.86 |
0.33 |
1.06 |
1.21 |
2 |
91 |
35 |
113 |
129 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cana Brava |
Weathered |
524 |
0.04 |
0.63 |
0.44 |
0.87 |
1.12 |
1 |
11 |
7 |
15 |
19 |
Fresh |
134 |
0.02 |
0.84 |
0.59 |
1.20 |
1.44 |
0 |
4 |
3 |
5 |
6 |
Total |
657 |
0.04 |
0.68 |
0.47 |
0.94 |
1.18 |
1 |
14 |
10 |
20 |
25 |
|
|
|
|
|
|
|
|
|
|
|
|
|
All Targets |
Weathered |
16,661 |
0.03 |
0.73 |
0.42 |
0.95 |
1.18 |
17 |
392 |
225 |
512 |
634 |
Fresh |
46,908 |
0.03 |
0.66 |
0.35 |
0.90 |
1.04 |
44 |
999 |
521 |
1,351 |
1,564 |
Total |
63,568 |
0.03 |
0.68 |
0.36 |
0.91 |
1.08 |
61 |
1,391 |
746 |
1,862 |
2,198 |
- 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.
- All figures have been rounded to the relative accuracy of the
estimates. Summed amounts may not add due to rounding.
- Mineral Resources are reported with effective date March 08,
2022.
- Mineral Resources were classified
as Inferred. An Inferred Mineral Resource has a lower level of
confidence than that applying to an Indicated Mineral Resource and
must not be converted to a Mineral Reserve. It is reasonably
expected that most of the Inferred Mineral Resources could be
upgraded to Indicated Mineral Resources with continued
exploration.
- Mineral Resources, which are not
mineral reserves, do not have demonstrated economic viability. The
Mineral Resources 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.
- Mineral Resources were limited by an economic pit built
in Geovia Whittle 4.3 software and following the
geometric and economic parameters:
- Pit slope angles: 55°;
- Price: Pd=US$2000/oz, Pt=US$1000/oz and Au=US$1800/oz;
- Costs: Mining costs=US$2.00/t; Milling=US$12.00/t;
G&A=US$1.50/t.
- Metallurgical Recoveries:
- Weathered rock: 68% for Pd, 67% for Pt and 40% for Au;
- Fresh rock: 71% for Pd, 82.9% for Pt and 85.2% for Au.
- Blocks estimated by Ordinary Kriging at support of:
- Trapia, Massapê, Esbarro: 40m x 40m x 4m with
sub-block 5m x 5m x 2m;
- Santo Amaro, Cedro, Cana Brava: 20m x20m x 4m with sub-block 5m
x 5m x 2m;
- Curiu: 10m x 10m x 4m with sub-block 5m x 5m x 2m.
- PGE+Au grade = Pt g/t + Pd g/t + Au g/t.
GE21 Consultoria Mineral
GE21 is an independent mineral consulting
company whose team is comprised of professionals with extensive
technical and operational experience in project development,
exploration, and mineral consulting in Brazil since the 1980s.
GE21’s experience covers the entire mining cycle, including target
generation, exploration, mining, project development, geological
assessments, resource estimation and international standard
reserves.
CLICK HERE for more information on GE21.
Quality Control/Quality Assurance
(“QA/QC”) and Grade Interval Reporting
CLICK HERE for a summary of ValOre’s policies
and procedures related to QA/QC and grade interval reporting.
Qualified Person (QP)
Independent consultants, Fábio Valério (P.Geo.)
and Porfirio Cabaleiro (P.Eng.), of GE21 were commissioned to
complete the mineral resource estimate and the technical report on
behalf of ValOre, and Chris Kaye of Mine and Quarry Engineering
Services Inc. (“MQes”), was commissioned to review the
metallurgical information and contribute to the NI 43-101 technical
report.
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 and Vice President of
Exploration.
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 52
exploration licenses covering a total area of 56,852 hectares
(140,484 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. 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 CLICK HERE for ValOre's news release dated 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 at 604.653.9464,
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/
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statements” within the meaning of applicable securities laws.
Although ValOre believes that the expectations reflected in its
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statements made by third parties in respect of ValOre, or its
financial or operating results or (as applicable), their
securities.
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