ValOre Identifies High-Priority Targets for Fully Funded 2022 Exploration Program at Angilak Property - Seite 3

Figure 4: Plan Map of Blaze Target is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e2c83566-d13c-4d88 ...

New Discovery Target (RIB - Example)

The RIB target (Figure 5) was identified as a basement conductor by Noranda Exploration Ltd. in 1976. During 1977-78, 14 of 25 diamond drill holes over a 1.2-km trend intersected uranium mineralization at shallow depths (less than 35 m), with the two best intercepts being 0.19% U₃O₈ over 9.3 m, including 0.52% U₃O₈ over 2.6 m and 1.61% U₃O₈ over 0.7 m. Exploration by ValOre in 2014 confirmed the RIB conductor using airborne VTEM geophysics. EL soil samples also outlined a corresponding 4-km-long uranium geochemical trend extending northeast, southwest and south of the historic Noranda drilling. Cobbles discovered south of the historic Noranda drilling near the anomalous EL soil geochemical samples assayed 5.34% U and lie on a parallel geophysical conductive trend approximately 500 m southeast of the conductor tested by the Noranda drilling. Planned ground magnetic and VLF-EM coverage will assist in better correlating the EL uranium anomalies with specific conductor targets prior to drilling.

Figure 5: Plan Map of RIB Target is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a084a500-18ca-4e80 ...

About Angilak

The 59,483-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 Mlbs 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 380 m vertical depth;