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

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. CLICK HERE for Figure 1A and Figure 1B, showing composite geological, geochemical, and sampling maps of the Mendes North exploration target area.

Phase 1 Drill Program Completed

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 (see release dated August 31 and September 21, 2020). 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 in two weeks. Below is Table 1, summarizing Phase 1 drilling to date.

Table 1: Phase 1 Drill Program Summary

TARGET	DDHs	METERS	NOTES
Trapia 1	9*	1872.85*	Assays received for first 5 DDHs, released Aug 31 and Sept 21; to date, 4 of 7 follow-up holes have been drilled up-dip to west and along strike to south, results pending; Resource Expansion target
Cedro	4	364.40	Three separate targets drilled in mid-August; assays pending; Resource Expansion target
Golden Goat	2	347.10	Drilled in late August; Assays pending; New target – previously undrilled
Esbarro East	3	146.40	Drilled in late August; Assays pending; New target - previously undrilled
Cana Brava	4	199.60	Drilled in early September; Assays pending; Target advancement; previously drilled with mineralized intercepts
C-04	3	252.90	Dilled in mid-September; Assays pending; New target - previously undrilled
6 Targets	21* DDH	3,183* m	*Includes 4 holes and 907.50 m from Trapia 1 ongoing drilling follow-up

Phase 2 Drilling and Exploration Program Commences