Second Rig Arrives To Commence Fully Funded Phase 2 Drill Program

VANCOUVER - ValOre Metals Corp. reported on the exploration program underway at ValOre’s 100%-owned Pedra Branca Platinum Group Element Project in northeastern Brazil, including the completion of the: Phase 1 drill program; follow-up soil sampling, mapping and prospecting at the Mendes North exploration target area; mapping and sampling of two historical trenches north of the Trapia 1 resource; and commencement of the fully funded Phase 2 drill program with the addition of a second drill rig.

“Our exploration program at Pedra Branca is gaining significant momentum with the commencement of Phase 2 drilling and the addition of a second drill rig,” stated ValOre’s Chairman and CEO, Jim Paterson. “Within the next two weeks, we expect receipt of assays from Phase 1 drilling at the C-04, Cana Brava, Cedro, Esbarro East and Golden Goat zones and the recently completed follow-up soil sampling campaign at Mendes North. In addition, we imminently expect receipt of rhodium assay results from historical drill core samples, as well as preliminary metallurgical results utilizing the PLATSOL™ leaching process.”

Highlights from 2020 Exploration Program at Pedra Branca: 775 core samples from 12 drill holes have been submitted for assays from the Cedro, Golden Goat, Esbarro East, Cana Brava, and C-04 targets; Seven additional high priority follow-up drill holes are in process or have been completed at the Trapia 1 zone; Fully funded Phase 2 drill program, planned for 3,035 meters (“m”), has commenced with the arrival of a second drill rig; Two drill rigs will complete Trapia 1 follow-up drilling, followed by mobilization to test resource expansion of the Trapia 2 and Santo Amaro zones; ValOre geologists have opened, mapped, and sampled two historical trenches in the highly anomalous area north of the Trapia 1 resource; and 532 soil samples and 37 rock samples from the follow-up Mendes North prospecting program have been submitted for assay.

In Q2 2020, ValOre identified three WorldView+magnetic anomaly PGE targets each >1 km in extent (collectively termed, “Mendes North”) and conducted immediate reconnaissance soil sampling, mapping, and prospecting. The initial 598 soil samples defined multiple well-defined, NE-SW-trending PGE anomalies, each >750 meters in length, spanning all three targets. The anomalies remain open between targets, suggesting potential continuity of a newly discovered PGE-bearing belt >3km in length.

Results of the initial program warranted the execution of immediate follow-up sampling, mapping, and prospecting to expand and delineate the unconstrained PGE-in-soil anomalies. As such, 532 soil samples and 37 rock samples were collected and have been received by SGS Vespasiano, Minas Gerais, for assay. Analytical results are expected within two weeks.

Highly favorable results from the first five 2020 drill holes at the Trapia 1 resources expansion target warranted the planning and commencement of seven high priority follow-up drill holes, targeting PGE mineralization open both up-dip to west and along strike to south. The PGE-bearing ultramafic intrusion also remains open and is thickening at depth. Trapia 1 follow-up drilling represents the final target to be drilled in Phase 1.

All additional Phase 1 targets (Cedro, Esbarro East, Golden Goat, Cana Brava and C-04) have been drilled, logged, sampled, and submitted for assay to SGS Vespasiano, Minas Gerais. Analytical results for these 775 drill core samples are expected.

Drilling has commenced for the Phase 2 drill program at Pedra Branca with the arrival of a second drill rig, which will serve to double productivity and expedite completion of ValOre’s 2020 drill program. Both drill rigs will work in tandem to maximize efficiency, first completing follow-up drilling at Trapia 1, and then mobilizing to resource expansion targets Trapia 2 and Santo Amaro. Phase 2 drilling is slated to be completed by the end of November, with all core logging, sampling, and sample shipments to be concluded before year’s end.

Metallurgical results from the on-going PLATSOL™ leaching testwork are expected within 2 weeks, with the study aimed at corroborating historical findings of this metallurgical processing technique at the Pedra Branca project.

Rhodium assay results from samples using historical Pedra Branca drill core pulps are also expected within 2 weeks. This study is aimed at broadening ValOre’s understanding of the distribution and concentration of this valuable precious metal at the Pedra Branca project.

Two historical trenches in the highly anomalous area north of the Trapia 1 resource have been mapped and sampled to better understand the geological environment and potential for a northern extension. Favorable easterly-dipping 10-12m intervals of ultramafic rocks were encountered towards the west end of both trenches, suggesting continuity of favorable geology north of the Trapia 1 resource area. A total of 187 samples were submitted for assay to SGS Vespasiano, Minas Gerais.