ValOre Expands Fully Financed Exploration Program at Pedra Branca with Additional Drill Rig and New Geological Team Members

Nachrichtenquelle: globenewswire
21.09.2020, 13:00  |  159   |   |   

VANCOUVER, British Columbia, Sept. 21, 2020 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (ValOre; the “Company”; TSXV: VO; OTC: KVLQF; Frankfurt: KEQ0) today announced the addition of a second drill rig to accelerate Phase 1 and Phase 2 of the 2020 core drill program on the Company’s 100%-owned Pedra Branca Platinum Group Element (PGE) Project in northeastern Brazil. ValOre has also augmented the on-site technical team to help execute its newly expanded exploration program. With a CAD $500,000 increase to the existing unsecured revolving credit facility, ValOre is completely funded to finish both Phase 1 and Phase 2 drill programs at Pedra Branca.

Pedra Branca Exploration Highlights:

  • Phase 1 drill program has tested six targets with 21 diamond drill holes (“DDH”) to date, totaling 2,210 metres (“m”) of 2,875 m planned. See Table 1 below for details;
  • Significant potential for expansion of current NI 43-101 resources has been corroborated by Phase 1 drilling at the Trapia 1 target;
  • Five new drill holes are planned to follow-up on DD20TU13 that yielded a 61.85 m PGE intercept, including 9.49 g/t 2PGE+Au (Palladium, Platinum and Gold; Pd, Pt+Au) over 2.45 m, adding another 985 m of drilling in September at Trapia 1. The additional drill holes at Trapia 1 will step out along strike of the 1 kilometre (“km”) long magnetic inversion feature located immediately south of the existing NI 43-101 resource;
  • Prospective ultramafic (“UM”) rocks were intercepted in all three holes at C-04, both holes at Golden Goat, four of five holes at Cana Brava, three of four holes at Cedro and one of three holes at Esbarro East (see Tables 1 and 2 below);
  • 1,062 samples have been sent to SGS Vespasiano, with results from five holes (444 samples) at Trapia released (see releases dated August 25 and 31, 2020). Assays are pending from Cedro, Golden Goat, Esbarro East, Cana Brava, and C-04 targets;
  • Phase 2 drill program (3,035 m) is fully-funded with the second drill rig arriving in early October to facilitate follow-up drilling of high-priority targets;
  • Phase 2 completion will be accelerated by at least two months with a reduction in costs due to efficiencies and economies of scale;
  • Additions to geological team to boost property wide exploration and discovery program include:
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