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Exploration & Drilling

Vancouver, B.C. ValOre Metals Corp. ("ValOre"; the “Company”; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) today announced assay results from the ongoing Phase 1 core drill program at ValOre’s 100%-owned Pedra Branca Platinum Group Elements Project  in northeastern Brazil. Assay results for the final three of five holes drilled at the Trapia 1 target are reported herein.

Highlights from ValOre’s Initial Drilling at Trapia 1:

  • Drill hole DD20TU13
    • Successfully expands Trapia 1 mineralization with 140 metre step-out along strike to the south
    • 9.49 g/t 2PGE+Au (Palladium, Platinum and Gold; Pd, Pt+Au) over 2.45 metres (m) within a broad mineralized ultramafic (“UM”) unit 0.76 g/t 2PGE+Au over 61.85 m from 217.50 m downhole;
  • Drill hole DD20TU14
    • Extends the down-dip mineralization at Trapia 1 in the northern portion of the resource area, and shows a thickening of the mineralized body at depth;
    • 1.27 g/t 2PGE+Au over 5.00 m, within a broader interval of 0.60 g/t 2PGE+Au over 21.55 m from 118.80 m downhole;
  • Initial drill results indicate that the large 3D magnetic inversion target extending approximately 1 kilometre from the Trapia 1 resource represents an intact and mineralized intrusion;
  • Mineralization remains open in all directions, with multiple drill holes planned for immediate follow-up;
  • Trapia 1 orebody has been shown to be thickening with depth across the entire width of the resource, and remains thick (61.85 m) in newly drilled areas south of the resource

ValOre’s Chairman and CEO, Jim Paterson, stated: “Our Phase 1 drilling has successfully identified near surface mineralization in the southern portion of the current Trapia 1 resource area; extended and thickened the easterly down-dip mineralization across the full width of the resource; and proven that the mineralized ultramafic intrusion remains intact and open to expansion along a 1 kilometre geophysical target to the south. We plan to return to Trapia 1 near the end of Phase 1 due to the considerable resource expansion potential.”

Trapia Target Area and the 2019 NI 43-101 Resource

Trapia represents one of the five currently known PGE deposit areas which host NI 43-101 resources at Pedra Branca. ValOre reported a NI 43-101 inferred resource estimate for Pedra Branca in August, 2019, which totalled 1,067,000 ounces 2 PGE+Au contained in 27.2 million tonnes (“Mt”) grading 1.22 g/t 2PGE+Au. PGE mineralization for all five of the resource deposit areas outcrops at surface, making these inferred resources prospective for open pit mining. Figure 1, shows the location of the five NI 43-101 deposit areas and ValOre’s proposed 2020 drill holes.

The Trapia resource is comprised of three separate deposit areas within a 2-kilometre radius: Trapia 1, Trapia 2 and Trapia West. Specifically, Trapia 1 represents 92,000 ounces of the aggregate Trapia resource of 219,000 ounces at 1.1 g/t 2PGE+Au (6.2 Mt). Figure 2 shows the location of the Trapia target areas (Trapia 1, Trapia 2 and Trapia West), proposed and drilled 2020 drill holes, and prospective 3D magnetic inversion drill targets.

Trapia 1 was selected for Phase 1 of the 2020 drill program on the merits of its strong resource expansion potential and high prospectivity along strike to the south, which correlates with a 3D magnetic inversion target extending approximately 1 kilometre from the currently defined resource. A total of 900 metres were drilled in five drill holes, testing both the PGE mineralization open at depth to the east and the 3D magnetic inversion target. Table 1  and Figure 3 present a summary of 2020 Phase 1 drilling at Trapia 1.

Figure 3: Trapia 1 Target with Location of 2020 Drill Holes, Resource and 3D Mag Inversion Target

Trapia 1 Target with Location of 2020 Drill Holes, Resource and 3D Mag Inversion Target

Trapia 1 2020 Drilling Results

Ultramafic rocks were intercepted in all five drill holes at Trapia 1 (DD20TU10 to DD20TU14), with four of the five holes returning strong 2PGE+Au assay results. Drill hole DD20TU13 successfully expanded Trapia 1 mineralization by stepping out 140 metres along strike to the south along a 1 kilometre long 3D magnetic inversion target. This drill hole was also critically important in validating a robust geological and structural model for the southern resource expansion target, demonstrating a ~50 metre down-stepping of the mineralized intrusion. In addition, drill hole DD20TU14 targeted the down-dip extension of mineralization in the northern Trapia 1 resource area, and successfully doubled the thickness of mineralized intrusion from the most proximal up-dip historical drill hole, DD09TU08. See Figure 4 for cross sections through all five Phase 1 drill holes at the Trapia 1 target area.

DD20TU13 targeted the southerly strike extension of Trapia 1 mineralization along the kilometre-scale long 3D magnetic inversion target, 140 metres south of the nearest mineralized intercept, DD20TU12. ValOre geologists identified an Ultramafic “Marker” Horizon in the upper sections of historical Trapia 1 resource holes to the north, as well as in DD20TU12 (from 31.95 to 36.85 metres) and DD20TU14 (from 121.00 to 140.35 metres). This stratigraphically significant marker unit was also encountered in DD20TU12; however, the anticipated target depth was encountered approximately 50 metres deeper down hole than expected. As such, it was interpreted that the entire, intact geological package associated with the Trapia 1 resource to the north had also been stepped down 50 metres. DD20TU13 was accordingly extended past the original planned length, and intersected 61.85 metres of mineralized ultramafic intrusion, grading 0.76 g/t 2PGE+Au from 217.15 m downhole, including 9.49 g/t 2PGE+ Au over 2.45 metres from 221.20 m. The down-stepped structural and geological model for the target area south of the resource was substantiated by the intercept in DD20TU13, which transected a stratigraphically-intact, mineralized, Trapia 1 resource-associated orebody that was approximately 50 metres deeper than the anticipated target depth.

The implications of this geological model are significant for DD20TU11, which aimed to target mineralization immediately south of the Trapia 1 resource, 140 m northwest of DD20TU13, and within the same 1 kilometer long magnetic target. The drilling and analysis of DD20TU11 preceded the now validated down-stepped structural model, and consequently, it is believed that DD20TU11 (the only Phase 1 Trapia 1 drill hole which lacked grade) was stopped short of the target intrusion, and thus remains open to a mineralized intercept at depth.

DD20TU14 targeted the down-dip extension of mineralization in the northern Trapia 1 resource area, and successfully doubled the thickness of mineralized intrusion from the proximal up-dip historical drill hole, DD09TU08. DD20TU14 returned 0.60 g/t 2PGE+Au over 21.55 m from 118.80 m downhole, including 1.27 g/t 2PGE+Au over 5.00 m from 132.00 m. For comparison, the up-dip, historical resource drill hole, DD09TU08, intercepted 0.83 g/t 2PGE+Au over 11.30 m. PGE mineralization remains open at depth.

Trapia 1 PGE mineralization remains open down-dip to the east, up-dip to the west along the isoshell, and along strike to the north and south, with multiple drill holes planned for immediate follow-up. 3D magnetic inversion target extending ~1 kilometre from Trapia 1 resource was shown in DD20TU13 to represent an intact, mineralized, down-stepped resource-associated intrusion, previously undrilled and untested. Consequently, DD20TU11 represents a high-priority hole to re-enter and extend, with the 50-metre stepped-down.

In summary, Phase 1 drilling at Trapia 1 has effectively brought mineralization to surface in the southern resource area, extended and thickened the easterly down-dip mineralization across the full width of the resource that remains fully open at depth, and proven that the mineralized ultramafic intrusion remains stratigraphically intact and wide open to expansion at least 140 metres to the south of DD20TU12, within a highly-prospective 1 kilometre long 3D magnetic inversion target. High-priority follow up drill holes have been planned for immediate execution at the end of Phase 1, including stepping further out along strike from DD20TU13, along the 1 kilometer long magnetic target, stepping west of DD20TU13 to target a shallower 2PGE+Au intercept, re-entering and extending DD20TU11 to depth (as directed by the down-stepped model), and further extending the resource mineralization down-dip.

Table 2: Summary of Significant Core Assay Results from DD20TU13 and DD20TU14

Drill Hole Depth From (m) Depth To (m) Interval (m)* 2PGE+Au (g/t)
DD20TU13 217.05 279.00 61.85 0.76
Including 221.20 223.65 2.45 9.49
DD20TU14 118.80 140.35 21.55 0.60
Including 132.00 137.00 5.00 1.27

* Reported assay intervals are estimated to be 90-100% true width

Figure 4: Cross Section Summary of Phase 1 Drilling at Trapia 1

Cross Section Summary of Phase 1 Drilling at Trapia 1

Pedra Branca 2020 Drill Program

Please see ValOre’s news release from August 25, 2020 for detailed information regarding:

  • Pedra Branca 2020 Drill Program (Phase 1 and Phase 2)
  • Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting
  • Analytical Procedures, SGS Geosol
  • About Servitec Foraco Sondagem SA
  • ValOre and Servitec Foraco COVID-19 Protocols

http://valoremetals.com/news-media/news-releases/2020/

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+ Au contained in 27.2 million tonnes grading 1.22 g/t 2PGE+Au (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the currently known inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. ValOre's. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

Qualified Person

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., who oversees New Project Review for ValOre.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Vancouver, B.C. ValOre Metals Corp. ("ValOre"; the “Company”; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) today announced initial assay results from the ongoing Phase 1 core drill program at ValOre’s 100%-owned Pedra Branca Platinum Group Element Project (“PGE”, “2PGE+Au”) in northeastern Brazil. Assay results for two of the five holes drilled at the Trapia 1 target are reported herein. Results for the remaining three drill holes will be released once they are received and reviewed.

Highlights from Initial Drilling at Trapia 1:

  • Drill hole DD20TU10
    • 1.0 g/t 2PGE+Au over 52.8 metres from surface, including 2.14 g/t 2PGE+Au over 9.0 metres*;
    • Successfully extends the up-dip mineralized body to surface in the southern portion of the Trapia 1 resource area;
  • Drill hole DD20TU12
    • 0.69 g/t 2PGE+Au over 100.4 metres from to 93.2 metres depth, including 2.33 g/t 2PGE+Au over 11.0 metres*;
    • Extends the down-dip mineralization at Trapia 1, and shows a thickening of the mineralized body at depth;
  • Trapia 1 mineralization remains open down-dip to the east.

* Reported assay intervals are estimated to be 90-100% true width

“We are extremely pleased with initial results from the Phase 1 drill program at Pedra Branca, including the assays received from these first two holes at the Trapia 1 target area. It is just the beginning of a very exciting period of exploration and discovery at the Pedra Branca project” stated Jim Paterson, Chairman & CEO. “We are also sincerely thankful for the continued safety and health of our employees, contractors, and members of the communities of Capitão Mor and area surrounding Pedra Branca.”

Trapia Target Area and the 2019 NI 43-101 Resource

A NI 43-101 inferred resource estimate for Pedra Branca was reported by ValOre in August, 2019, totaling 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g/t 2PGE+Au”). PGE mineralization for all five deposit areas outcrops at surface, making the inferred resources prospective for open pit mining. Trapia represents one of the five deposit areas which host the NI 43-101 resource at Pedra Branca. CLICK HERE for Figure 1, showing the location of the five NI 43-101 deposit areas and proposed 2020 drill holes

The Trapia resource is comprised of three separate deposit areas within a 2-kilometre radius: Trapia 1, Trapia 2 and Trapia West. Specifically, Trapia 1 represents 92,000 ounces of the aggregate Trapia resource of 219,000 ounces at 1.1 g/t 2PGE+Au (6.2 Mt). CLICK HERE for Figure 2, showing location of Trapia target areas (Trapia 1, Trapia 2 and Trapia West), proposed and drilled 2020 drill holes, and prospective 3D magnetic inversion targets.

Trapia 1 was selected for Phase 1 of the 2020 drill program on the merits of its strong resource expansion potential and high prospectivity along strike to the south, which correlates with a prospective, 3D magnetic inversion target extending approximately 1 kilometre from the defined resource. A total of 899.6 metres were drilled in five drill holes, testing both the PGE mineralization open at depth to the east and the 3D magnetic inversion target. CLICK HERE for Table 1 showing a summary of 2020 Phase 1 drilling at Trapia 1, and see Figure 3 below.

Figure 3: Trapia 1 Target Area with Location of 2020 Drill Holes, Resource, and 3D Mag Inversion Target

Figure 1

Initial Trapia 1 2020 Drilling Results

Target ultramafic rocks were intercepted in all five drill holes at Trapia 1 (DD20TU10  DD20TU14), and assay results for DD20TU10 and DD20TU12 extend the mineralization up-dip to surface in the south of the resource area, and extend the mineralization at depth to the east, respectively. Table 2 below summarizes the most significant core assay results for these first two drill holes. Figure 4 shows a cross section of Trapia 1 with DD20TU10, DD04TU06 (historical) and DD20TU12.

DD20TU10 aimed to target a historical drill intercept (BR-18) which was found in the geological database but not included in ValOre’s 2019 NI 43-101 resource estimate due to the lack of existing drill core. PGE-bearing ultramafic rocks were intercepted from surface to 52.8 metres and again from 63.7 to 64.6 metres (total of 53.1 metres).

DD20TU12 targeted the down-dip easterly extension of Trapia 1 mineralization and intercepted mineralized ultramafic rocks from 93.1 to 193.6 metres (total of 100.4 metres). PGE Mineralization remains open at depth and is thickening with depth.

Initial results and interpretations from 2020 Trapia 1 drilling have enabled ValOre geologists to develop, corroborate and fine-tune a robust geological and structural model to facilitate immediate, highly prospective follow-up drilling within the Phase 1 drill campaign.

Table 2: Summary of Significant Core Assay Results from DD20TU10 and DD20TU12

Drill Hole Depth From (m) Depth To (m) Interval (m) 2PGE+Au (g/t)
DD20TU10 0.0 52.8 52.8 1.01
Including 6.0 15.0 9.0 2.14
DD20TU12 93.2 193.6 100.4 0.69
Including 171.8 182.7 11.0 2.33

Figure 4: Cross-section A-A’ of Trapia 1 along DD20TU10, DD04TU06 (historical) and DD20TU12

Figure 2

Pedra Branca 2020 Drill Program

The 2020 drill program at Pedra Branca is comprised of two fully-permitted phases totaling 6,000 metres,  2,875 metres (“Phase 1”) and 3,035 metres (“Phase 2”), respectively, with an estimated completion of Phase 1 by the end of September, 2020. Both Phases are designed to test three target classes: resource expansion to grow the NI 43-101 resource estimate, target advancement to follow-up positive historical drill intercepts at pre-resource targets, and new discovery to test undrilled ValOre-generated targets.

ValOre has engaged Servitec Foraco Sondagem SA for the Phase 1 drill program at Pedra Branca, which will test seven distinct target areas with 23 diamond drill core drill holes. The Phase 2 drill program will test 4 distinct target areas with 24 diamond drill core drill holes.

Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting

As part of ValOre’s QA/QC protocol, a total of seven quality control samples are inserted in each batch of 50 samples. These include the insertion of blanks, standards, and duplicates according to a logical sequence that follows strict industry standards. The seven quality control samples comprise: (i) two coarse blanks sampled from barren quartz vein outcrops in the area (4% of the batch); (ii) three certified reference materials (“CRMs”, 4% of the batch) with pre-determined PGE and Au grades produced by CDN Resource Laboratories; (iii) and three duplicate samples (2% of the batch each), including one coarse reject duplicate and one pulp duplicate (both prepared at SGS laboratory following ValOre’s instructions) and one ¼ core duplicate, prepared at ValOre’s core logging facility in Capitão Mor. Assay results are systematically checked upon receipt and a specific batch is accepted if results are in accordance with a QA/QC failure chart. All samples are sent with an ensured chain of custody to SGS Geosol Laboratórios Ltda. (“SGS  Geosol”, an accredited mineral analysis laboratory) in Vespasiano, Minas Gerais, Brazil for analysis.

Grading intervals are reported from continuous drill intersections of favorable ultramafic intrusion that return anomalous 2PGE+Au values throughout, with sample widths averaging 1.0 metres in length throughout the mineralized zone.

Analytical Procedures, SGS Geosol

Once a core sample consignment is received and verified by SGS Geosol, all core samples undergo density calculation by water immersion method on the raw samples wrapped in PVC film. The samples are subsequently prepared for analyses by means of drying, crushing (with 75% passing 3 mm), homogenization, quartering and pulverizing 250 – 300 g of sample in a 95% steel mill at 150 mesh. Multielement analyses is then performed by Sodium Peroxide Fusion followed by a multielement combined ICP-OES and ICP-MS scan for base metals, trace, and lithological elements. Chromium values that exceeded 5% are redirected to ore-grade pyrosulfate fusion and XRF techniques to determine %Cr2O3. Samples are then analyzed for 2PGE+Gold (Pd, Pt, Au) content using standard Fire Assay techniques.

Certified PGE ore reference standards, blanks and field duplicates were inserted as a part of ValOre’s QA/QC protocol.  No QA/QC issues were noted with the results reported herein.

SGS Geosol is an accredited mineral analysis laboratory founded in Brazil from a joint venture between SGS do Brasil and Geosol Geologia e Sondagens. It concentrates its activities on geochemical analysis of soils, rocks, ores, concentrates and metallurgical tests, as well as environmental analyzes of water, effluents, and industrial waste.

SGS Geosol is internationally recognized by its extensive experience throughout industry, with technical teams formed by highly qualified professionals. SGS Geosol’s Integrated Management System ensures an excellent level of quality, safety, occupational health, respect for the environment and social responsibility.

The lab is Certified ISO 9001, which provides quality services in analytical chemistry, in compliance with all applicable environmental requirements, and so it is also certified ISO 14001. SGS Geosol has advanced laboratories and the latest technological equipment, which enables its supply of analytical services with security and excellent quality control.

About Servitec Foraco Sondagem SA

Servitec Foraco is a Brazilian company based in the State of Goiás that started operating as Servitec in 2000, and through innovation, investment, and continuous improvement, emerged as one of the pioneers of drilling in Brazil. With a prominent position on the national scene, Servitec was acquired in 2012 by one of the global drilling leaders, Foraco International, forming Servitec Foraco.

Servitec Foraco has more than 700 employees and 90 drill rigs, and operates throughout Brazil with clients such as Nexa, Anglo American, Yamana Gold, Vale and AngloGold Ashanti. Servitec Foraco is committed to conducting drill programs with high levels of productivity, safety and respect for the environment and legislation.

ValOre and Servitec Foraco COVID-19 Protocols

ValOre and Servitec Foraco are closely monitoring impacts on the companies’ operations and business preparedness plans, as the health and safety of employees, contractors and associated communities is a top priority.

As part of the safety protocol, the companies have implemented daily screening procedures, temperature monitoring, self-assessment checklists and issued directives regarding social distancing to ensure a safe environment for operations. Servitec Foraco has an extensive procedural guide on hygiene and conduct to be adopted daily during and after work hours.

These decisions reinforce the companies’ objective of preventing the transmission of COVID-19 among its employees, contractors, and the communities proximal to drilling activities.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g/t 2PGE+Au”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s 105,280-hectare Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Vancouver, B.C. ValOre Metals Corp. ("ValOre"; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) today announced the commencement of Phase 1 diamond drilling at the Company’s 100%-owned Pedra Branca Platinum Group Element Project (“PGE”, “2PGE+Au”) in northeastern Brazil.

Highlights of the 2020 Drill Program:

  • ValOre has started the fully funded Phase 1 drill program at Pedra Branca
  • Phase 1 will test seven distinct target areas with 23 core drill holes totaling 2,875 metres
  • The Trapia 1 deposit area is the first target being drilled with the goals of resource expansion and new discoveries
  • Phase 2 drill program is planned to test 4 distinct target areas with 24 drill holes totaling 3,035 metres
  • The average hole length of 125m for both phases of drilling reflects the shallow nature of Pedra Branca PGE mineralization

“We have now safely mobilized a drill rig and personnel to our Pedra Branca property. With our previously announced $1.2 million funding package, we have significantly ramped up our exploration activities at Pedra Branca and have now started Phase 1 drilling at this highly compelling PGE project,” stated Jim Paterson, Chairman & CEO. “Our comprehensive review of the extensive Pedra Branca geological database has identified many high-priority targets to be drill-tested as part of our two-phase drill program, which is designed to expand the current resources, advance historical targets which host mineralized drill intercepts, and test undrilled areas.”

2020 Drill Program

ValOre has engaged Brazilian drilling company Servitec Foraco Sondagem SA for the Phase 1 drill program at Pedra Branca, which will test seven distinct target areas with 23 diamond drill core drill holes totaling 2,875 metres. The Phase 2 drill program will test 4 distinct target areas with 24 diamond drill core drill holes totaling 3,035 metres. Three target classes will be tested: resource expansion, advancing pre-resource zones, and new discovery targets.

Please CLICK HERE to see Table 1 and Figure 1 which provide a summary of the 2020 drill program at Pedra Branca.

About Servitec Foraco Sondagem SA

Servitec Foraco is a Brazilian company based in the State of Goiás that started operating as Servitec in 2000, and through innovation, investment, and continuous improvement, emerged as one of the pioneers of drilling in Brazil. With a prominent position on the national scene, Servitec was acquired in 2012 by one of the global drilling leaders, Foraco International, forming Servitec Foraco.

Servitec Foraco has more than 700 employees and 90 drill rigs, and operates throughout Brazil with clients such as Nexa, Anglo American, Yamana Gold, Vale and AngloGold Ashanti. Servitec Foraco is committed to conducting drill programs with high levels of productivity, safety and respect for the environment and legislation.

ValOre and Servitec Foraco COVID-19 Protocols

ValOre and Servitec Foraco are closely monitoring impacts on the companies’ operations and business preparedness plans, as the health and safety of employees, contractors and associated communities is a top priority.

As part of the safety protocol, the companies have implemented daily screening procedures, temperature monitoring, self-assessment checklists and issued directives regarding social distancing to ensure a safe environment for operations. Servitec Foraco has an extensive procedural guide on hygiene and conduct to be adopted daily during and after work hours.

These decisions reinforce the companies’ objective of preventing the transmission of COVID-19 among its employees, contractors, and the communities proximal to drilling activities.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s 89,852-hectare Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8U3O8. ValOre's. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Update on Mendes North Geochemical Program Review – July 7, 2020

Vancouver, B.C. ValOre Metals Corp. ("ValOre"; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) ValOre today announced results from 565 soil samples and 4 rock samples from the recently completed geochemical sampling program at the Mendes North exploration target at ValOre’s 100%-owned Pedra Branca Platinum Group Elements Project (“PGE”, “2PGE+Au”) in northeastern Brazil.

Key Updates on 2020 Exploration Programs:

  • Coincident magnetic and WorldView satellite spectral imaging targets now corroborated by soil sampling, provides support for exploration methodology
  • Soil sample assays from all three Mendes North targets returned significant PGE results
  • All three anomalies remain open, indicating potential continuity of a >3 km PGE-bearing belt
  • Follow-up geological mapping, prospecting and geochemical sampling to be executed immediately

“The Pedra Branca PGE assay results announced today have greatly increased our confidence in the exploration methodology developed and implemented successfully by ValOre’s technical team. The three Mendes North targets have now been corroborated as prospective by three separate exploration technologies: geophysics, remote sensing and geochemistry,” stated Jim Paterson, Chairman & CEO. “The targets exhibit significant scale and strike length, benefit from an excellent location with respect to access, power, and proximity to our other delineated PGE deposits, and importantly remain open for expansion through further geological mapping, prospecting and soil sampling programs prior to drill testing.”

Mendes North Geochemical Program Update

A total of 565 soil sample assays from the three >1 km Mendes North WorldView-magnetic targets have been received, and all three targets returned well-defined, regional (each >750 metres in length) NE-SW-trending linear PGE anomalies. The anomalies remain open between targets, suggesting potential continuity of a >3 km PGE-bearing belt.

Target 1 returned a >820 metre long PGE anomaly which remains open to the northeast. An oblique, 250-metre-long NW-SE-trending gold (Au) anomaly was also defined at Target 1, returning a peak assay of 660 ppb Au. Target 2 comprises two anomalies: one >830 metres in length and open to the NE, and another ~300 metres in length and open to the NE, SE and SW. At Target 3, a >750-metre-long PGE anomaly was delineated which remains open to the SW, NE and E. The four rock samples submitted from Mendes North returned no anomalous PGE grades. See Table 1 below for a summary of 2PGE- and Au-in-soils results, and CLICK HERE to view all figures related to this news release.

Table 1: Summary Table Soil Sample Assays

2PGE+Au Range (ppb) Number of Samples
51 – 660 3
21 – 50  19
11 – 20  41
5 – 10  55
< detection limit  446

Follow-up geological mapping, prospecting, and geochemical sampling will be immediately undertaken to extend and delineate the Mendes North PGE- and Au-in-soils anomalies. The program will test potential continuity between anomalies in Targets 1, 2 and 3, which comprise a cumulative strike length of >3 km.

ValOre’s 2020 3D magnetic inversion modelling of historical ground geophysical data defined multiple compelling near surface >1 km targets. Mendes North is undrilled and has seen no historical geochemical sampling or geological mapping. An additional 2.0 km by 1.2 km WorldView-magnetic anomaly is situated approximately 1 km to the northwest of the three Mendes North targets.

Access to the Mendes North target area is excellent, with all three targets being situated adjacent to or within 200 metres of a main roadway.

Background 2PGE+Au levels of country rock throughout the three target areas returned values below detection limits (<5 ppb) for Pd, Pt and Au.

Assay Methodology & Quality Control/Quality Assurance (QA/QC)

Soil samples were collected from field sites spaced 20 metres apart on lines spaced 100 metres apart, with coordinate data captured by handheld GPS. These samples are subsequently stored in a secure ValOre facility in Capitão Mor, Ceará, Brazil and thereafter sent with an ensured chain of custody to SGS Geosol Vespasiano, Minas Gerais. All samples are analyzed for PGE+Au (Pd, Pt, Au) content using standard 50g Fire Assay and ICP-AES techniques. Certified PGE ore reference standards, blanks and field duplicates are inserted as a part of ValOre’s Quality Control/Quality Assurance program (“QA/QC”). All samples associated with the gold anomaly in Target 2 (samples 81808-81818) were re-analyzed to ensure accuracy. No QA/QC issues were noted with the results reported herein.

Grab samples are collected from field sites with coordinate data captured by handheld GPS and subsequently stored in a secure ValOre facility in Capitão Mór, Ceará, Brazil. The samples are thereafter sent with an ensured chain of custody to SGS Vespasiano, Minas Gerais for analysis, which is accredited mineral analysis laboratory. All samples are analyzed for PGE+Gold (Pd, Pt, Au) content using standard Fire Assay and ICP techniques. Cr values that exceed 5% are redirected to ore grade pyrosulfate fusion and XRF techniques to determine % Cr2O3. is if Pt and/or Pd is over 1ppm, the sample is analyzed for Rh using NiS Fire Assay-ICP-MS techniques. Certified PGE ore reference standards, blanks and field duplicates are inserted as a part of ValOre’s quality control/quality assurance program (QA/QC).  No QA/QC issues were noted with the results reported herein.

Qualified Person

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., who oversees New Project Review for ValOre.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, five distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s 89,852-hectare Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. ValOre's. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Vancouver, B.C. ValOre Metals Corp. ("ValOre"; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) ValOre today announced a significant strengthening of the Company’s technical team and an update on the 2020 core drill program for ValOre’s 100%-owned Pedra Branca Platinum Group Element Project (“PGE”, “2PGE+Au”) in northeastern Brazil.

Key Updates on ValOre’s 2020 PGE Exploration Programs:

  • ValOre’s technical team grows to include technical advisors Robert A. Brozdowski, Ph.D., P.Geo., Robert Carpenter, Ph.D., P.Geo., and in-country Project Geologist, Thiago Diniz, P.Geo.;
  • Selection of Servitec Foraco for upcoming drill program, with mobilization of drill rig and crews initiated immediately, with an expected drill-ready timeline of three weeks;
  • For overview of the proposed 2020 exploration program at Pedra Branca, please see ValOre news release from April 27, 2020

“We are very proud of the technical team ValOre has now assembled, including the great minds and highly relevant experience of Dr. Robert Brozdowski and one of ValOre’s founders, Dr. Robert Carpenter. Colin Smith has effectively quarterbacked a world class team of in-house professionals and external consultants that have systematically extracted significant value from the Pedra Branca data set to-date. With the recent addition of the Brazilian expertise of Thiago Diniz, the team is now in the position to deploy a carefully constructed, high impact exploration program at Pedra Branca,” stated Jim Paterson, Chairman & CEO. “We look forward to a productive and safe working relationship with Servitec-Foraco as we commence our highly anticipated drill program at Pedra Branca – a district scale palladium/platinum project in north-eastern Brazil.”

ValOre Bolsters Technical Team

ValOre has added significant strength to the Company’s technical team with consulting exploration geologists and technical/corporate advisors Robert A. Brozdowski, Ph.D., P. Geo., and Robert Carpenter, Ph.D., P. Geo., bringing a combined 55+ years of exploration experience, direct expertise with PGE-enriched ultramafic systems, and a track record of significant discoveries. In addition, ValOre has hired an in-country Project Geologist, Thiago Diniz, M.Sc., P.Geo., to assist in the execution and management of upcoming 2020 exploration programs. They join Colin Smith, M.Sc., P.Geo., who oversees New Project Review for ValOre. See About ValOre’s Technical Team below.

2020 Drill Program Update

ValOre has an agreement with drilling company Servitec Foraco Sondagem SA (“Servitec-Foraco”)  to complete a 6,000 metre core drill program at Pedra Branca. Mobilization of a drill rig and crews will commence immediately, with an expected start of drilling in 3 weeks for the fully permitted, two-Phase program (Phase 1 and Phase 2 totaling 2,875m and 3,035m, respectively).

About Servitec-Foraco Sondagem SA

Servitec-Foraco is a Brazilian company based in the State of Goiás that started operating as Servitec in 2000 and through innovation, investment, and continuous improvement, emerged as one of the pioneers of drilling in Brazil. With a prominent position on the national scene, Servitec was acquired in 2012 by one of the global drilling leaders, Foraco International, forming Servitec-Foraco.

Servitec-Foraco has more than 700 employees and 90 drill rigs, and operates throughout Brazil with clients such as Nexa Resources S.A., NX Gold S.A., Lundin Mining Corporation, CMOC Brasil. Servitec-Foraco is committed to conducting drill programs with high levels of productivity, safety and respect for the environment and legislation.

ValOre and Servitec-Foraco COVID-19 Protocols

ValOre and Servitec-Foraco are closely monitoring impacts on the companies’ operations and business preparedness plans, as the health and safety of employees, contractors and associated communities is a top priority.

As part of the safety protocol, the companies have implemented screening procedures, daily temperature monitoring, self-assessment checklist and issued directives regarding social distancing to ensure a safe environment for operations.

Servitec-Foraco has an extensive procedural guide on hygiene and conduct to be adopted on a daily basis during and after work hours.

These decisions reinforce the companies’ objective of preventing the transmission of COVID-19 among its employees, contractors and the communities proximal to drilling activities.

About ValOre’s Technical Team

Robert A. Brozdowski, Ph.D., P. Geo., Consulting Exploration Geologist

Dr. Brozdowski has more than 30 years of diverse exploration experience emphasizing Ni-Cu-PGE in magmatic conduits, zoned and layered intrusions, but also including orogenic gold, uranium, VMS, SEDEX, and IOCG deposits. He worked for Callahan Mining Corp. from 1983-1991 and subsequently with Western Mining Corporation (later WMC) from 1992-1998 with a focus on generative and early stage exploration. As a consulting exploration geologist since 1998, Bob has been involved in regional project generation, integrated regional field programs, and property-scale exploration projects for major, junior and private clients in North and South America, Asia and Europe and was granted hisPh.D. Geology from Western University, London, ON, his M.A. Geology fromTemple University, Philadelphia, PA), and a B.S. Geosciences from Pennsylvania State University.

Robert Carpenter, Ph.D., P. Geo., Consulting Exploration Geologist

With over 25 years of technical and executive experience for junior and major mining companies, Dr. Carpenter was co-founder and President and CEO of Kaminak Gold Corporation from 2005 to 2013 and led the company through the acquisition, discovery and maiden resource of the 5 million ounce Coffee Gold Project, located in the White Gold District, Yukon. This project was subsequently acquired by Goldcorp Inc. in 2016. Rob was also a founder of ValOre’s predecessor company “Kivalliq Energy Corporation”, when Kivalliq Energy was spun out of Kaminak via a plan of arrangement in 2008; thus his history with ValOre and his significant executive experience make him a trusted corporate advisor.

Dr. Carpenter has received awards from the Association for Mineral Exploration of British Columbia for excellence in mineral exploration (2013) and social and environmental stewardship (2008). In 2004, he completed his Ph.D. at Western University, London, Ontario where he worked on the newly discovered Meliadine Lake gold deposits that are currently owned by Agnico Eagle Mines Limited.

Thiago Diniz, M.Sc., P.Geo., Project Geologist

Mr. Diniz is a Brazilian exploration geologist with 7 years of experience working on the exploration and development stages of fertilizer, base and precious metals projects, both in Brazil and Canada. Thiago holds a B.Sc. degree in Geology from Universidade Federal de Minas Gerais (2013) and obtained a M.Sc. degree in Economic Geology at Queen’s University, Kingston, in 2019. Former Geologist for the Canadian Forbes & Manhattan Group in Brazil, he participated on the resource delineation of the world-class Autazes Potash deposit, in the Amazon region, and the carbonatite-hosted Três Estradas phosphate deposit, in southern Brazil. Most recently, he has actively been involved on the resource expansion of the Troilus Au-Cu deposit, hosted in the Archean Frotet-Evans greenstone belt, in Quebec, Canada. Thiago has acquired extensive experience in field mapping and core logging, development and management of drilling, QA/QC and geochemical sampling programs, as well as metallurgical and geotechnical sampling for pre-feasibility and feasibility studies. He is a practicing member (P.Geo.) of the Professional Geoscientists of Ontario.

Colin M. Smith, M.Sc., P.Geo., New Project Review

Mr. Smith is a P.Geo. in British Columbia, Saskatchewan, and the Northwest and Nunavut Territories with over 15 years’ experience developing, executing, and managing exploration campaigns ranging from green-fields target generation to near-mine resource delineation. He has developed a technical expertise in structurally controlled gold deposits, PGEs, porphyry Cu-Au systems, kimberlites, unconformity-hosted uranium and coal-bed methane. Colin obtained his B.Sc. in Geology from the University of British Columbia, his M.Sc. in Geology from the University of Victoria. His most recent role was Senior Exploration Geologist with SSR Mining Inc. at their Seabee Gold Operation in northern Saskatchewan, where he designed and advanced green- to brown-fields exploration programs, resulting in multiple auriferous discoveries and definitive resource delineation.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., who oversees New Project Review for ValOre.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s 89,852-hectare Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8.For disclosure related to the inferred resource of ValOre's Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Vancouver, B.C. ValOre Metals Corp. ("ValOre"; TSX‐V: VO; OTCQX: KVLQF; FRANKFURT: KEQ0) today announced results from 54 grab samples, provided an update on the Mendes North geochemical sampling program, and commenced the initiation of a metallurgical testwork program for ValOre’s 100%-owned Pedra Branca Platinum Group Elements Project (“PGE”), located near the community of Capitão Mór in northeastern Brazil.

Key Updates on ValOre’s 2020 Pedra Branca PGE Exploration Program:

  • “2PGE+Au” (being palladium (Pd), platinum (Pt) and gold (Au)) assay results have been received for 54 property-wide rock samples, with the highest grade sample exceeding 26 g 2PGE+Au/t, 4 samples >10 g 2PGE+Au/t, 6 samples ranging from 5-10 g 2PGE+Au/t, and an additional 27 samples returning anomalous 2PGE+Au grades;
  • 598 soil samples from the Mendes North geochemical program have been received by the lab with analytical results expected within 2 weeks;
  • SGS Lakefield, Ontario will be conducting metallurgical testing on select mineralized samples from 43-101 deposit areas at Pedra Branca, testing the amenability of Falcon UF gravity separation and PLATSOL™ leaching.

“Our team continues to demonstrate the widespread and high-grade mineralization at ValOre’s 100% owned Pedra Branca PGE project,” stated Jim Paterson, Chairman & CEO. “In combination with the planned drill program, the initiation of metallurgical test work will greatly increase our understanding and help us accelerate the advancement of this exciting project.”

Property-Wide Grab Sample Results

Assay results for 54 rock samples collected from property-wide exploration targets and resource areas have been received. A total of 37 samples returned anomalous 2PGE+Au grades, with a peak grade of 26.66 g 2PGE+Au/t from a grab sample in the Trapia West deposit area.

Multiple high-grade rock samples were collected from widely spaced exploration targets spanning the project, including Trapia 1 North, Massapê, and Esbarro West. In addition, several target areas slated for 2020 core drilling returned strong 2PGE+Au results, including Esbarro East, Cana Brava and Santo Amaro. See Table 1 below for a summary of 2PGE+Au results, CLICK HERE for the full list of assays, and CLICK HERE to view all figures related to this news release.

Table 1: Summary of Grab Sample 2PGE+Au Assays

2PGE+Au Range Number of Samples
>10 g/t 4
5.0 – 10 g/t 6
*1.22 – 5.0 g/t 12
0.03-1.22* g/t 15
barren 16
*1.22 is the average 43-101 resource grade – See ValOre news release July 23, 2019

Selective rock grab samples were collected from field sites with coordinate data captured by handheld GPS and subsequently stored in a secure ValOre facility in Capitão Mór, Ceará, Brazil. The samples were  sent with an ensured chain of custody to SGS Geosol Laboratórios Ltda. (“SGS Geosol”, an accredited mineral analysis laboratory) in Vespasiano, Minas Gerais, Brazil for analysis. All samples were analyzed for 2PGE+Gold (Pd, Pt, Au) content using standard Fire Assay and ICP techniques. Chromium values that exceeded 5% were redirected to ore-grade pyrosulfate fusion and XRF techniques to determine %Cr2O3. Certified PGM ore reference standards, blanks and field duplicates were inserted as a part of ValOre’s Quality Control/Quality Assurance program (QA/QC).  No QA/QC issues were noted with the results reported herein.

Mendes North Geochemical Program Update

All 598 soil samples from the three >1km Mendes North WorldView-magnetic anomaly targets have been received by SGS Geosol and assaying has commenced. Analytical results are expected within 2 weeks.

Soil samples were collected from field sites spaced 20 metres apart on lines spaced 100 metres apart, with coordinate data captured by handheld GPS. These samples were subsequently stored in a secure ValOre facility in Capitão Mor, Ceará, Brazil and thereafter sent with an ensured chain of custody to SGS Geosol. All samples are being analyzed for 2PGE+Au (Pd, Pt, Au) content using standard 50g Fire Assay and ICP-AES techniques. Certified PGE ore reference standards, blanks and field duplicates are inserted as a part of ValOre’s Quality Control/Quality Assurance program (“QA/QC”).

Upcoming Metallurgical Test Work Program Initiated

ValOre has engaged SGS Canada Inc. of Lakefield, Ontario to conduct preliminary metallurgical tests on mineralized samples from designated 43-101 deposit areas. Falcon UF gravity separation test work will be performed to characterize the metallurgical balance relating PGE mass recoveries. In addition, PLATSOL™ leaching will be tested to follow up and corroborate previous findings of this metallurgical processing technique. Further information about PLATSOL™ and Falcon UF can be found in the links below:

PLATSOL™: https://www.sgs.ca/en/mining/metallurgy-and-process-design/unit-operations-and-metallurgical-services/pressure-and-ambient-leaching/platsol

Falcon UF: https://minerals.seprosystems.com/equipment/falcon-uf-gravity-concentrators/

Sampling of historical mineralized drill core from the Esbarro and Curiu deposits, and outcrop sampling of the Curiu and Trapia West deposits is now complete, and samples have been shipped for preliminary analytical work to the SGS facility Vespasiano, Minas Gerais prior to shipment to SGS Canada.

Qualified Person

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., who oversees New Project Review for ValOre.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s 89,852-hectare Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource of ValOre's Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Targeting Methodology at Pedra Branca

Vancouver, B.C. ValOre Metals Corp. ("ValOre" or the “Company”; TSX‐V: VO) today announced board approval for the proposed 2020 core drilling exploration program at ValOre’s 100%-owned Pedra Branca Platinum Group Element Project (“PGE”, “2PGE+Au”) in northeastern Brazil. ValOre also announced that it has entered into a C$1.2 million unsecured revolving credit facility to fully fund the first phase of the proposed drill program at Pedra Branca.

“We are excited to begin drilling Pedra Branca and to really showcase the compelling potential of our PGE project,” stated Jim Paterson, Chairman & CEO. “We have identified many new high-priority targets in our two-phase program, which is designed to expand the current resource, advance existing targets and test undrilled areas. With $1.2 million in funding now committed, we can ramp up exploration activities at Pedra Branca and begin the process of safely mobilizing drill rigs and personnel to Pedra Branca.”

Pedra Branca 2020 Drill Program

The proposed fully-permitted drill program is comprised of two phases, with 2,875 metres in (“Phase 1”) and 3,035 metres in (“Phase 2”), and a scheduled start of Phase 1 in June.  Details of each phase, including targets, total meters and number of drill holes are summarized in Figure 1 and Table 1 below.

Highlights of the Proposed 2020 Pedra Branca PGE Drill Program:

  • Comprised of two successive, fully permitted phases, totaling approximately 2,875 m and 3,035 m, respectively, for a total of 5,910 m;
  • Focused on three target classes:
    • Resource Expansion;
    • New Discovery (undrilled targets); and
    • Target Advancement (following-up historical drill intercepts at pre-resource targets)
  • Phase 1 (fully funded) is planned to test 7 distinct target areas with 23 total core drill holes, and Phase 2 is planned to test 4 distinct target areas with 24 total drill holes, with an average hole length of 125m for both phases, reflecting the shallow nature of Pedra Branca PGE mineralization;
  • All access and drill hole locations have been visited by a registered Brazilian environmental consultancy (SSA Consultoria) and classified as “without need for vegetation suppression” by re-activating existing access routes, utilizing pre-existing drill pad sites and the presence of extensive agricultural development in the region;
  • Access to, and approval for drill water supply from local reservoirs has been secured;
  • ValOre continues to receive full support from the local community of Capitão Mor, as well as Ceará State and federal governmental agency, ANM (Agência Nacional de Mineração) for on-going exploration of the Pedra Branca PGE Project.

Figure 1: Location of Proposed Phase 1 and Phase 2 Drill Targets; Mendes North

Location of Proposed Phase 1 and Phase 2 Drill Targets; Mendes North

Table 1: Summary Table of Phase 1 and Phase 2 Drill Programs

Summary Table of Phase 1 and Phase 2 Drill Programs

Mendes North Update

Soil sampling at the three Mendes North PGE targets (“Mendes North”) is on-going and near-completion, with Targets 1 and 2 sampled in full, and Target 3 to be completed by the end of next week.  As announced in ValOre’s March 30, 2020 press release, these three >1km PGE targets were identified using WorldView True-Colour imagery, WorldView spectral data and re-processed ground magnetic geophysical data. Further, ValOre generated a 3D magnetic inversion model of the Mendes North target area which delineated the WorldView-mag anomalies as compelling near surface targets. Approximately 600 samples will be collected (with a total of 453 collected to date) and consigned to SGS Geosol Laboratórios Ltda. (“SGS Geosol” an accredited mineral analysis laboratory) in Vespasiano, Minas Gerais for assay.

Soil samples were collected from field sites spaced 20 metres apart on lines spaced 100 metres apart, with coordinate data captured by handheld GPS. These samples are subsequently stored in a secure ValOre facility in Capitão Mor, Ceará, Brazil and thereafter sent with an ensured chain of custody to SGS Geosol. All samples are analyzed for PGE+Au (Pd, Pt, Au) content using standard 50g Fire Assay and ICP-AES techniques. Certified PGE ore reference standards, blanks and field duplicates are inserted as a part of ValOre’s Quality Control/Quality Assurance program (“QA/QC”).

Financing

To finance its corporate and exploration activities for the coming year, ValOre has entered into an unsecured revolving credit facility with Jim Paterson, the Company’s Chairman and CEO, pursuant to which the Company may borrow up to $1.2 million on a revolving basis. ValOre will pay to Mr. Paterson a standby fee of $24,000 (2% of the committed facility) and interest of 10% per annum on amounts drawn down under the facility. ValOre has agreed to use commercially reasonable efforts to complete an equity financing prior to December 31, 2020 in an amount sufficient to repay amounts borrowed under the facility.

Qualified Person

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements as set out in NI 43-101 and this news release has been reviewed and approved by Colin Smith, P.Geo., who oversees New Project Review for ValOre.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. ValOre's. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.

Vancouver, B.C. ValOre Metals Corp. ("ValOre"; TSX‐V: VO) ValOre today provided an update to shareholders. ValOre’s team continues to leverage its extensive database for its 100%-owned Pedra Branca Platinum Group Elements Project (“PGE”, “2PGE+Au”) and has uncovered additional significant exploration targets and opportunities.

ValOre’s team have identified three separate, large-scale PGE targets collectively called “Mendes North” (see Figure1 below), which warrant immediate geochemical soil sampling and prospecting programs prior to drill testing.

Highlights of the new Mendes North PGE Targets:

  • Three newly identified large-scale PGE targets, all >1 km in strike length;
  • Excellent access – all three are located within a 4.0 by 2.5 km area and are adjacent to, or within 200 meters of, a main road;
  • 2020 3D magnetic inversion modelling of historical ground geophysical data has defined multiple compelling near-surface PGE targets;
  • All magnetic anomalies are situated in a broad area of radiometric low, indicative of prospective regional mafic to ultramafic Troia Unit;
  • WorldView spectral data bolsters prospectivity of the targets by indicating probable ultramafic intrusions – all 4 ultramafic and chromitite spectral classes coincide with the mag high anomalies, and the prospective ultramafic areas are evident as anomalously dark brown-coloured areas in the true-color WorldView imagery;
  • There is no known historical geochemical sampling or geological mapping in the Mendes North area, and this is the first 3D magnetic inversion preformed on the Mendes North dataset;
  • All three targets contained within the Mendes North area warrant a rapid and low-cost soil sampling and prospecting campaign to further refine the specific targets prior to drill testing;
  • An additional 2.0 by 1.2 km magnetic anomaly is situated approximately 1 km to the northwest of the 3 previously described targets and warrants reconnaissance exploration as well.

ValOre also announces that it has been closely monitoring developments of the novel coronavirus pandemic (“COVID-19”). ValOre considers health and safety a top priority for its people and in the communities in which it works.

ValOre is encouraging its employees, contractors, and partners to work remotely and follow the World Health Organization and Public Health Agency of Canada best practices to avoid catching the virus.

ValOre has initiated the following health and business precautions:

  • Vancouver office: employees and consultants are working remotely and the corporate office in Vancouver has been temporarily closed;
  • Brazil: cancelled all non-essential travel from Fortaleza into site in favour of video conferencing. To date, there have been no confirmed cases in Capitão Mor (nearest town to ValOre’s Pedra Branca project) at this time; however, while conducting any fieldwork, ValOre personnel will be encouraged to follow and exceed Brazil’s government health and safety policies and guidelines;
  • Nunavut and Saskatchewan: no planned activities given the season, but will monitor the situation closely going forward and follow government health and safety recommendations.

ValOre is committed to reducing the health risk to its stakeholders and will continue to work proactively through these tumultuous times. ValOre, as part of Discovery Group, has great access to capital and strong support from insiders and major shareholders.

Figure 1: Summary of Mendes North Exploration Targets, with comparison to the NI 43-101 2PGE+Au Esbarro Deposit

Summary of Mendes North Exploration Targets, with comparison to the NI 43-101 2PGE+Au Esbarro Deposit

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., who oversees New Project Review for ValOre.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s 89,852-hectare Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at www.valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: www.discoverygroup.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.