ValOre Metals Corp. (“ValOre”;
TSX‐V: VO; OTC: KVLQF; Frankfurt:
KEQ0, “the Company”) today provided an exploration update
on the Reverse Circulation (“RC”) drilling and ground geophysics at
ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project
(“Angilak”), located in Nunavut Territory, Canada. Seventeen (17)
of twenty (20) RC holes drilled at the Dipole and Yat targets, as
well as 4 of 5 holes at J4 West (6th hole on-going), have
intersected near-surface zones of radioactivity.
“The spring RC drilling program at Angilak
showcases the potential for zones such as Dipole, Yat and now
J4 West to host high-grade, near-surface,
basement-hosted uranium deposits, with multiple zones of
near-surface radioactivity intersected in 22 of 27 holes with
vertical depths of radioactive intersections ranging between 9 and
110 metres,” stated ValOre’s VP of Exploration, Colin Smith. “Real
time results of radioactivity from RC drilling at J4 West are very
exciting as RC22-J4W-001 returned a peak CPS value of
22,146 at ~36 m vertical depth, within a
broader zone of 12,118 CPS over 4.6 m. J4 West
sits less than 300 metres from, and may be a faulted offset
continuation of, the J4 zone which contributes 14.4 million pounds
to the 43.3 million pound Lac 50 inferred resource.”
Angilak 2022 RC Drilling
Highlights:
- 26 RC drill
holes in 3,063 metres (“m”) drilled to date from 13 drill sites at
Dipole (17 holes), Yat (4 holes) and J4 West (5 holes, 6th hole
on-going) targets;
- Multiple zones
of near-surface radioactivity intersected in 14 of 17 holes at
Dipole, 4 of 4 holes at Yat and 4 of 5 holes at J4 West, with
vertical depths of radioactive intersections ranging from 9 m to
110 m;
- Dipole, Yat and
J4 West remain largely open along strike and at depth;
- Ground VLF-EM
and magnetics program is complete, totaling 1,547 line-kilometres
(“ln-km”) and 15,481 hectares (“ha”);
- Total of 401
samples (611 m) from 22 holes have been collected for assay, to
date;
- Timing and
specific areas of focus for the follow up diamond drill core
program in Q3 will be announced upon receipt and review of assay
results.
J4 West Target
- J4 West target
(“J4W”), located 280 m west of the J4 uranium deposit, which hosts
an inferred resource estimate of 14.4 Mlbs U3O8 grading 0.8%
U3O8;
- 2022 J4W
drilling has tested a strike length of 400 m of a 1-km-long EM
conductor, with 2 RC holes drilled from each of three sites spaced
200 m apart;
-
RC22-J4W-001 returned a peak CPS value of 22,146
at ~36 m vertical depth, within a broader zone of
12,118 CPS over 4.6 m.
The J4 West (“J4W”) target, formerly know as the
J1 Zone, is a 1-km-long EM conductor located between Lac 50’s
Eastern Extension (“EE”) and J4 uranium deposits. The easterly J4
deposit remains open along-strike to the west towards the EE, and
down-plunge. Re-processed ground VLF-EM data highlights a distinct
~150 m sinistral off-set for the J4 conductor to the west of the
deposit, which suggests a displaced continuation of the high-grade
uraniferous structure ~280 m southwest of J4 (Figure 1). This
1-km-long conductor is mostly undrilled, except for 6 drill holes
over a strike length of 150 m. Five of these holes intersected
varying amounts of uranium at depths between 28 and 180 vertical
metres (CLICK HERE for news release dates January 27, 2013).
Mineralization occurs as narrow carbonate veins in sheared,
hematized, sulfide-bearing graphitic tuff within a larger sequence
of basalt and gabbro, similar to the lithological units hosting
mineralization at the Lac 50 Trend resource.
2022 Drilling at J4 West
Drilling to date in 2022 at J4W was conducted
from three sites spaced 200 m apart, with 2 RC holes drilled at
each pad, testing a strike length of 400 m in between the area of
previous drilling and the sinistral structure to the east. All
holes to date have intercepted strong, shallow intervals of
radioactivity, including a peak CPS value of 22,146 in RC22-J4W-001
at ~36 m vertical depth, within a broader zone of 12,118 CPS over
4.6 m (Table 1, Figure 1). A final drill hole is in progress.
Results to date from J4W are highly encouraging,
and support the interpretation of a high-grade, shallow uranium
deposit being off-set from J4, and continuing along the 1-km-long
conductor to the west.
Figure 1: Plan Map of J4 West Target,
and J4-Ray Uranium
Depositshttps://www.globenewswire.com/NewsRoom/AttachmentNg/d9521542-cf83-41ea-b89e-f6ae3cf36c65
2022 RC Drilling at Yat
A total of 4 RC holes (382.52 m) were drilled at
Yat in 2022, with all four holes intercepting between 1 to 4 zones
of near-surface, anomalous radioactivity (Table 1), up to a maximum
value of 5,013 CPS in hole RC22-YAT-002. Three of these holes were
previously released (CLICK HERE for news release dated June 2,
2022).
The final hole, RC22-YAT-004, drilled through 4
distinct radioactive zones within a package of locally graphitic
basaltic, trachytic and andesitic volcanic rocks, locally
mineralized with sulfides (pyrite, chalcopyrite), copper oxides
(malachite, azurite) and native copper.
2022 RC Drilling at Dipole
A total of 17 RC holes (2,141.21 m) were drilled
at Dipole in 2022, with all 14 of 17 holes intercepting between 2
to 4 zones of near-surface, anomalous radioactivity (Table 1), up
to a maximum value of 65,535 CPS in RC22-DP-005. All 2022 Dipole RC
holes are summarized in news releases dated May 9, 2022 (CLICK
HERE) and June 2, 2022 (CLICK HERE).
Table 1: 2022 RC Drilling Results to
Date (Scintillometer CPS Radioactivity)
Target |
Hole ID |
EOH (m) |
Samples |
Max CPS |
Zone 1* |
Zone 2* |
Zone 3* |
Zone 4* |
Yat |
RC22-YAT-004 |
109.73 |
71 |
1,964 |
9.14-24.38 m @Max CPS: 1,146
Avg CPS: 762 |
24.38-25.91 m @ 375 CPS |
33.53-44.20 m @ Max CPS: 1,964
Avg CPS: 1,100 |
56.39-65.53 m @Max CPS: 384
Avg CPS: 371 |
J4W |
RC22-J4W-001 |
109.73 |
6 |
22,146 |
4.57-6.10 m @ 1015 CPS |
48.77-53.34 m @Max CPS: 22,146
Avg CPS: 12,118 |
64.01-67.06 m @ Max CPS:
371Avg CPS: 351 |
|
J4W |
RC22-J4W-002 |
129.54 |
5 |
13,929 |
50.29-51.82 m @ 1297 CPS |
56.39-60.96 m @ Max CPS: 13,929
Avg CPS: 4,899 |
91.44-92.96 m @ 355 CPS |
|
J4W |
RC22-J4W-003 |
80.77 |
3 |
4,788 |
56.39-60.96 m @Max CPS: 4,788
Avg CPS: 1,893 |
|
|
|
J4W |
RC22-J4W-004 |
109.73 |
1 |
2,248 |
73.15-74.68 m @ 2248 CPS |
|
|
|
J4W |
RC22-J4W-005 |
109.73 |
0 |
Background |
|
|
|
|
J4W |
RC22-J4W-006 |
On-going |
TBD |
TBD |
|
|
|
|
TOTALS (to date) |
2302.75 |
315 |
|
|
|
|
|
* All zone interval measurements are metres (“m”) down-hole, and
true widths are yet to be determined
2022 Ground VLF-EM and
Magnetics
A total of 1,547 line-km covering 15,481 ha of
prospective area was surveyed in the 2022 ground geophysics
campaign. The VLF-EM and magnetics data have been compiled and
processed, which included the generation of 3D inversion models to
aid in future drill targeting (Figure 2).
The program was planned for 2,400 line-km but
was cut short due to reduced snow and deteriorating ice conditions.
The remaining un-surveyed area will be considered for a spring 2023
ground geophysics program.
Figure 2: Regional Map of Angilak
Property, Summarizing 2022 Exploration to
Datehttps://www.globenewswire.com/NewsRoom/AttachmentNg/eeaf71d8-7231-46c5-ac6f-0dffd5c40ad0
About Angilak
The 59,483-hectare Angilak Property is situated
in the mining- and exploration-friendly Nunavut Territory, Canada,
and has district-scale potential for uranium, precious and base
metals. Since acquisition, ValOre has invested over CAD$55 million
on resource delineation and exploration drilling (89,572 metres in
589 drill holes), metallurgy, geophysics, geochemistry, and
logistics across the large land package. This work supported the
development of the significant Lac 50 Trend NI 43-101 inferred
uranium resource estimate (“Lac 50”).
The Lac 50 NI 43-101 Technical Report (effective
date March 1, 2013) defined an inferred resource estimate which
represents Canada’s highest-grade uranium resource outside of
Saskatchewan, and one of highest-grade uranium resources on a
global basis. Highlights include:
- 43.3
Mlbs
U3O8 in
2,831,000 tonnes grading 0.69% U3O8. CLICK HERE for a summary table
of the Lac 50 Trend inferred resource estimate;
- Supported by 351
resource delineation drill holes totaling 62,023 metres (“m”);
- Metallurgical
results for Lac 50 demonstrate high uranium recoveries and rapid
leach kinetics. See news releases: February 28, 2013, September 11,
2013 and February 27, 2014;
- Lac 50 Trend is
a 15 kilometre (“km”) by 3 km area with excellent potential for
resource growth and new discoveries;
- Uranium
mineralization starts at surface, and has been drilled to 380 m
vertical depth;
CLICK HERE for ValOre’s May 6, 2021 video
summarizing the highlights of Angilak.
CLICK HERE for ValOre’s May 6, 2021 video
reviewing the 2021 focus for Angilak.
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 and Vice President of
Exploration.
Information related to the independent Angilak
mineral resource estimate has been approved by Michael Dufresne,
M.Sc. P.Geo., President of Apex Geoscience Ltd., Robert Sim, P.Geo.
of SIM Geological Inc. and Bruce Davis, FAusIMM of BD Resources
Consulting Inc., who are independent QPs as defined under NI
43‐101.
Information related to the independent Pedra
Branca mineral resource estimate has been approved by Fábio
Valério, P.Geo., and Porfirio Cabaleiro, P.Eng., of GE21.
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 (CLICK HERE for news release dated March 24, 2022). 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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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.
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