ValOre Provides Update for Angilak Property, Uranium Project, Nunavut
2021 Acquisition of regional WorldView spectral data, re-processing of geophysical and geochemical datasets
VANCOUVER, British Columbia, May 10, 2021 (GLOBE NEWSWIRE) -- ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the
Company”) today provided an exploration update for ValOre’s 100%-owned Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada.
“Angilak represents a world-class advanced uranium exploration project with tremendous upside potential,” stated ValOre’s Vice President Exploration, Colin Smith. “Hosting one of the world’s highest-grade uranium resources with favorable metallurgy, and in a vastly-underexplored uranium-rich district, we aim to add tangible value to future exploration programs through the acquisition and interpretation of WorldView spectral data, re-processing the substantial geophysical and geochemical datasets, and a subsequent integrated targeting review for the entire project.”
Angilak Uranium Project Highlights
The 49,619-hectare Angilak Property is situated in the mining- and exploration-friendly Nunavut Territory, Canada, and has district-scale potential for uranium, precious and base metals. Since acquisition, ValOre has invested over C$55 million on resource delineation and exploration drilling (89,572 metres in 589 drill holes), metallurgy, geophysics, geochemistry, and logistics across the large land package. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred resource estimate (“Lac 50”).
The Lac 50 NI 43-101 Technical Report (effective date March 1, 2013) defined an inferred resource estimate which represents Canada’s highest-grade uranium resource outside of Saskatchewan, and one of highest-grade uranium resources on a global basis. Highlights include:
- 43.3 million pounds U3O8 in 2,831,000 tonnes grading 0.69% U3O8. CLICK HERE for a summary table of the Lac 50 Trend inferred resource estimate;
- Supported by 351 resource delineation drill holes totaling 62,023 metres (“m”);
- Metallurgical results for Lac 50 demonstrate high uranium recoveries and rapid leach kinetics. See news releases: February 28, 2013, September 11, 2013 and February 27, 2014;
- Lac 50 Trend is a 15 kilometre (“km”) by 3 km area with excellent potential for resource growth and new discoveries;
- Uranium mineralization starts at surface, and has been drilled to 400 m vertical depth;
- Upside exploration potential includes 11 pre-resource targets with high-grade uraniferous drill intercepts on parallel structures outside the current resource area.
The broader Angilak Property represents a district-scale opportunity, with ValOre’s land position covering 55 km of the margin of the highly prospective Angikuni Basin. The planned targeting work in 2021 could have significant impact on future exploration, discovery, and resource expansion programs.