ValOre Provides Pedra Branca Exploration Update; Second Rig Arrives to Commence Fully Funded Phase 2 Drill Program

VANCOUVER, British Columbia, Oct. 19, 2020 (GLOBE NEWSWIRE) -- ValOre Metals Corp. ("ValOre"; the “Company”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0) today provided an update 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 metres (“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;
• 532 soil samples and 37 rock samples from the follow-up Mendes North prospecting program have been submitted for assay.

Mendes North Follow-Up Exploration Program

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 metres in length, spanning all three targets (see releases dated March 12 and July 7, 2020). The anomalies remain open between targets, suggesting potential continuity of a newly discovered PGE-bearing belt >3km in length.