ValOre Provides Update on 2023 Core Drilling Program at Pedra Branca PGE Project, Brazil

VANCOUVER, British Columbia, June 29, 2023 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an update on the fully-funded first phase of the 2023 core drilling program at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

2023 Drill Program Underway with Two Core Rigs Drilling at Galante Target:

• Fully-funded and permitted 5,000-metre (“m”) core drilling program started in early June;
• Two drill rigs are testing four PGE targets (Galante, Tróia, Nambi and Ipueiras), which were advanced through 2022 exploration but not included in the 2022 NI 43-101 Resource Estimate;
• Total of 9 diamond drill holes (“DDHs”) now completed at the northern portion of Galante target, with PGE hosting ultramafic rocks (“UM”) intersected in 8 holes drilled this year;
• Selected intervals from 8 holes sent to SGS Geosol Laboratórios Ltda. (“SGS Geosol”) in Vespasiano, Minas Gerais, Brazil with assay results expected in approximately 4 weeks.

“The 2023 core drilling program is off to a great start. We have now met our initial goal of increasing the Galante target strike length, with target geology intersected in 8 of 9 holes this year, and establishing a contiguous ultramafic package of over 515 metres in length which is open along strike in both directions,” stated ValOre’s VP of Exploration, Colin Smith. “Drilling production will now double with the commencement of a second core rig, as we continue to test 7 kilometres of predominantly undrilled mineralized trend at Pedra Branca.”

Galante Drill Program PGE Targets

Drilling commenced in early June at the Galante target area, the longest and most prospective undrilled trend at Pedra Branca, as evidenced by the 3-kilometre-long cumulative palladium-platinum soil anomaly, multiple high-grade Trado auger holes and assays from selected rock sampling at surface, in addition to 7 mineralized trenches excavated throughout the trend (Figure 1).

This spring, nine diamond drill holes have been completed at the northern portion of Galante target. Selected intervals from 8 holes were sent to SGS Geosol in Vespasiano, Minas Gerais, Brazil.

Both rigs have now commenced drilling a portion of the Galante target located immediately south of the BR-226 highway to follow-up ValOre 2022 trenches TR22GE06: 19 m grading 0.31 g/t 2PGE+Au (DD23GE10) and TR22GE07: 90 m grading 0.55 g/t 2PGE+Au incl. 17 m grading 1.17 g/t 2PGE+Au (DD23GE11).