ValOre Metals launches a diamond drilling program on the dipole uranium target of the Angilak property
VANCOUVER, British Columbia, July 27, 2022 (GLOBE NEWSWIRE) — ValOre Metals Corp. (“ValOre”; TSX–V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced the start of a 4,500 meter (“m”) diamond drilling program on the 59,483 hectare Angilak property (“Angilak”) uranium project, 100% owned by ValOre , located in the territory of Nunavut, Canada.
“The 2022 RC drilling on the Dipole and J4 West targets intersected high-grade, near-surface, subsurface-hosted uranium, and immediate follow-up is warranted in the core drilling program,” said ValOre’s vice president of exploration, Colin Smith. “Two diamond drill rigs are at Dipole, with the first already drilling and the second due to start within the week. Core holes down dip and along strike will test extensions of highly radioactive RC intersections, including 65,535 CPS at ~30m vertical depth (dipole) and 22,146 SCS at ~36 m vertical depth (J4 West)”.
Highlights of the 2022 Angilak Diamond Drill Program:
- Core drilling program of 4,500 m to be carried out with 2 diamond drilling rigs;
- Dipole target – 3,000m planned in 16 holes;
- Target J4 West – 1,500 m planned in 14 holes;
- The objective of the program is to incorporate drilling results into future resource estimates.
The 2022 reverse circulation (“RC”) drill program intersected near-surface radioactivity in 22 of 27 holes, with vertical depths of radioactive zones ranging from 7 to 110 meters, at the Dipole, Yat and J4 West targets . First assay results from the completed RC drilling program are expected in the first half of August 2022.
For more information regarding the 2022 RC drill program, CLICK HERE for the May 9, 2022 press release, CLICK HERE for the June 2, 2022 press release and CLICK HERE for the June 15, 2022 press release.
The 59,483 hectare Angilak Property is located in the mining and exploration-friendly Nunavut Territory, Canada, and has district-scale potential for uranium, precious metals and minerals. base metals. Since its acquisition, ValOre has invested over C$55 million in resource delineation and exploration drilling (89,572 meters in 589 drill holes), metallurgy, geophysics, geochemistry and logistics on the entire vast territory. This work supported the development of the significant uranium inferred resource estimate for Lake 50, NI 43-101 trend (“Lake 50”).
The Lac 50 Technical Report NI 43-101 (effective date March 1, 2013) has defined an Inferred Resource estimate that represents Canada’s highest-grade uranium resources outside of Saskatchewan, and one of the highest-grade uranium resources in the world. Highlights include:
- 43.3 Mlb U3O8 in 2,831,000 tonnes at 0.69% U3O8. CLICK HERE for a summary table of the Lac 50 axis inferred resource estimate;
- Backed by 351 resource delineation drill holes totaling 62,023 meters (“m”);
- The metallurgical results from Lac 50 demonstrate high uranium recoveries and fast leaching kinetics. See press releases: February 28, 2013, September 11, 2013 and February 27, 2014;
- Lac 50 Trend is a 15 kilometer (“km”) by 3 km area with excellent potential for resource growth and new discoveries;
- Uranium mineralization begins at surface and has been drilled to 380m vertical depth;
CLICK HERE for ValOre’s video from May 6, 2021 summarizing the highlights of Angilak.
CLICK HERE for ValOre’s video from May 6, 2021 reviewing the 2021 focus for Angilak.
Qualified Person (“QP”)
The technical information contained in this press release has been prepared in accordance with the Canadian regulatory requirements set forth in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., QP and Vice President of Exploration of ValOre.
Angilak’s independent mineral resource estimate information 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 Qualified Persons within the meaning of NI 43-101.
The Pedra Branca Independent Mineral Resource Estimate information 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. The ValOre team aims to deploy capital and knowledge on projects that benefit from substantial up-front investments by previous owners, the existence of large-scale high-value mineralization and the potential to add 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 strengthen 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 northeast Brazil. At Pedra Branca, 7 distinct areas of PGE+Au deposits host a total of a 2022 NI 43-101 Inferred Resource of 2.198 Moz 2PGE+Au hosted in 63.6 Mt grading 1.08 g/t 2PGE+Au ( CLICK HERE for the press release dated March 24, 2022). All currently known inferred PGE resources at Pedra Branca are potentially open pit mineable.
Comprehensive exploration programs have demonstrated the “district-scale” potential of ValOre’s Angilak property in Nunavut Territory, Canada, which hosts the Lac 50 trend with a current inferred resource of 2,831,000 tonnes at a content of 0.69% U3O8, totaling 43.3 million lbs U3O8. For inferred resource information from the Lac 50 Trend uranium deposits, please CLICK HERE for ValOre’s press release dated March 1, 2013.
The ValOre team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on the Angilak and Baffin gold properties. ValOre was the first company to sign a comprehensive agreement for uranium exploration on Inuit Owned Lands in the Nunavut Territory and is committed to creating shareholder value while meeting environmental and safety standards high levels and proactive engagement of the local community.
On behalf of the Board of Directors,
James R. Paterson, President and CEO
ValOre Metals Corp.
ValOre Metals Corp. is a proud member of the 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 press 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, these statements are based on factors and assumptions regarding future events that may prove to be inaccurate. These factors and assumptions are based on information currently available to ValOre. These 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 expressed, anticipated or implied in forward-looking statements. A number of important factors, including those set forth in other public documents, could cause actual results to differ materially from those expressed in such forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements include ValOre’s future business and economic factors. Readers are cautioned not to place undue reliance on forward-looking statements. The statements contained in this press release are made as of the date of this release and, except as required by applicable law, ValOre undertakes no obligation to publicly update or revise any of the forward-looking statements included, whether as a result of new information, future events or otherwise. ValOre assumes no obligation to comment on analyses, expectations or statements made by third parties regarding ValOre, or its financial or operational results or (if applicable), their securities.