Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced the commencement of a follow-up rhodium (“Rh”) assay program of historical drill core samples (“pulps”, “pulverized rejects”, “coarse rejects”) from ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil.

“Since ValOre acquired the Pedra Branca PGE project in August 2019, the spot price of rhodium has risen from US$16,000 per ounce today,” stated ValOre’s Chairman and CEO, Jim Paterson. “Based on the encouraging initial results from 71 samples previously released in 2020, we have commenced a much larger rhodium re-assaying program, including all samples grading >2.0 g/t 2PGE+Au from historical drill core intercepts of the Esbarro and Curiu deposits.”

Rhodium Assay Program Highlights:

ValOre initially assessed rhodium mineralization at Pedra Branca through the re-assaying of 71 historical drill core pulps (see Rh results presented in ValOre news releases dated March 12 and November 19, 2020);
Rh values considered anomalous were returned in 55% of all submitted pulps (71 total), with a high value of 1.44 g/t Rh and an average grade of 0.27 g/t Rh;
Strong positive correlation between 2PGE+Au grade and Rh grade is observed, with the number of Rh values considered anomalous increasing to 74% of pulps >5.0 g/t 2PGE+Au;
ValOre’s team now increasing the sample set size with a focus on the available historical drill core samples from the Esbarro and Curiu deposits >2.0 g/t 2PGE+Au;
Mineralization at Esbarro and Curiu is shallow in nature, with the average Rh-bearing sample starting at 29 metres (“m”) depth;
212 follow-up historical samples (pulps, pulverized rejects and coarse rejects) have been submitted for Rh assay to SGS Geosol, Minas Gerais, Brazil.

ValOre has commenced a follow-up Rh assaying campaign of all available historical drill core samples (pulps, rejects and coarse rejects) grading >2.0 g/t 2PGE+Au from the Esbarro and Curiu PGE deposits at Pedra Branca. This follow-up campaign is based on strong Rh assay results from the two previous Rh programs conducted by ValOre in 2020 (see news releases dated March 12 and November 19, 2020). These programs returned Rh values in 74% of samples grading >5.0 g/t 2PGE+Au, and 55% of all submitted samples (71 total). A strong positive correlation between 2PGE+Au grade and Rh grade has been identified, and much like Pedra Branca’s 2PGE+Au mineralization, the Rh-bearing samples are situated near-surface with an average sample interval depth starting at 29 m.

212 follow-up samples (pulps, pulverized rejects and coarse rejects) from the Esbarro and Curiu PGE deposits have been submitted for rhodium assay at SGS Geosol, Minas Gerais, Brazil. ValOre will continue to bolster its Rh assay database pending continuing positive results. This will include the consideration of additional Rh assay submissions from the Trapia (6.2 Mt with a grade of 1.11 g/t 2PGE+Au totaling 219,000 ounces) and Cedro (4.2 Mt with a grade of 1.10 g/t 2PGE+Au totaling 151,000 ounces) PGE deposits.

The Esbarro deposit hosts a resource of 9.9 Mt at a grade of 1.23 g/t 2PGE+Au totaling 394,000 ounces, and the Curiu deposit hosts a resource of 1.6 Mt with a grade of 1.93 g/t 2PGE+Au totaling 100,000 ounces (CLICK HERE for a summary table of ValOre’s 2019 NI 43-101 Pedra Branca resource estimate). CLICK HERE for Table 1, showing a summary of ValOre’s 2020 rhodium assay results.

About Rhodium

Rhodium is the rarest of the platinum group elements, only occurring up to one part per 200 million in the Earth's crust. The main use for rhodium is in catalytic converters designed to clean vehicle emissions. Due to its brilliance and resistance to oxidation, it is also used as a finish for jewelry, LCD monitors, and mirrors. In the chemical industry it is used in the production of nitric acid, acetic acid and hydrogenation reactions. Rhodium is found in platinum and nickel ores together with the other PGEs. South Africa is the world’s largest producer of rhodium (~80%), followed by Russia (~10%), Zimbabwe (~5%), Canada (~2%) and the U.S.A. (~2%). The global average resource/reserve grade is 0.281 g/t Rh, with the lowest reported resource/reserve grade of 0.010 g/t Rh (Canadian project) and the highest reported resource/reserve grade of 0.381 g/t Rh (South African project) (source: S&P Global).

Quality Control/Quality Assurance (QA/QC)

Historical Pedra Branca drill core samples were collected from ValOre’s secured core logging and storage facility located in Capitão Mór, Ceará, Brazil. A minimum sample weight of 50 g ensured an adequate sample for assay. Selected pulp samples were sent with an ensured chain of custody to SGS Geosol, Vespasiano, Minas Gerais, Brazil for analysis, which is an accredited mineral analysis laboratory. All samples were analyzed for Rh content using standard 50 g Fire Assay Atomic Absorption ICP-MS. Certified PGE ore reference standards, blanks and field duplicates were inserted as a part of ValOre’s quality control/quality assurance program. No QA/QC issues were noted with the results reported herein.

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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 current 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). All the currently known Pedra Branca inferred PGE 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 current 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 604.653.9464, 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 ValOre 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, “the Company”) today announced assay results for Santo Amaro zone drilling at ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil. Near surface PGE mineralization was intersected in eleven of the twelve core drill holes that intersected the ultramafic (“UM”) intrusion associated with the Santo Amaro NI 43-101 Inferred Resource. This drilling successfully extended near-surface PGE-mineralization along strike to the east and west, which remains open in both directions. In addition, a new, near-surface PGE-bearing zone was drilled 250 metres to the north-northwest of the Santo Amaro resource area.

“This phase of drilling at Santo Amaro was very successful. We intersected PGE mineralization at shallow depths in multiple zones, including an area 250 metres to the north-northwest of the known Santo Amaro resource,” stated ValOre’s Chairman and CEO, Jim Paterson. “Our exploration team identified several previously unmapped ultramafic rock units which extend well beyond the currently defined resource area boundaries. A mapping, soil and rock sampling, and prospecting program is underway in this area, with follow-up drilling planned as soon as practical.”

Highlights from Santo Amaro Drilling:

Shallow PGE mineralization intersected in eleven of twelve 2020 drill holes;
PGE mineralization drilled along-strike to the west of the Santo Amaro resource area in:
- Drill Hole DD20SA23 – 14.65 metres (“m”) grading 1.29 grams per tonne (“g/t”) palladium + platinum + gold (“2PGE+Au”) from surface;
PGE mineralization drilled along-strike to the east of the Santo Amaro resource area in:
- Drill Hole DD20SA18 – 34.91 m grading 0.61 g/t 2PGE+Au from 16.50 m;
An emerging near-surface PGE zone drilled 250 m north-northwest of the Santo Amaro resource area in:
- Drill Hole DD20SA16 – 4.00 m grading 3.10 g/t 2PGE+Au from 67.00 m, including 1.30 m grading 7.95 g/t 2PGE+Au from 67.00 m
- Drill hole DD20SA22 – 11.81 m grading 0.91 g/t 2PGE+Au from surface.

Santo Amaro Target Area and the 2019 NI 43-101 Resource

Santo Amaro is one of five defined PGE deposit areas at Pedra Branca that together host an inferred resource totaling 1,067,000 ounces (“oz”) 2PGE+Au contained in 27.2 million tonnes (“Mt”) grading 1.22 g/t 2PGE+Au; CLICK HERE for the Pedra Branca NI 43-101 Technical Report. PGE mineralization for all five of the resource deposit areas outcrops at surface, giving these inferred resources a reasonable expectation of eventual economic extraction via open pit methods. CLICK HERE for Figure 1A and 1B, showing the location of the five Pedra Branca PGE resource areas and a detailed view of Santo Amaro.

The 2019 Santo Amaro resource totals 203,000 oz 2PGE+Au contained in 5.3 Mt grading 1.19 g/t and represents the most underexplored deposit area at Pedra Branca. Extensive historical PGE-in-soils anomalies, magnetic targets, and newly mapped, untested UM belts make Santo Amaro a compelling resource expansion and PGE discovery region. Geological field mapping preceding the 2020 drill program identified several previously unmapped, prospective ultramafic belts which extend well beyond the area hosting the defined resource. A follow-up mapping, soil sampling, rock sampling, and prospecting program is on-going.

Santo Amaro 2020 Drill Results

During 2020, a total of 1,366 m were drilled in twelve core holes at Santo Amaro. PGE mineralization in the UM intrusion that hosts the Santo Amaro resource was extended along strike to the east and west as shown by at- to near-surface PGE drill intercepts. This zone remains open in both directions. In addition, an emerging shallow PGE body was drilled approximately 250 m north-northwest of the resource area. Table 1 summarizes highlight intervals from 2020 Santo Amaro drilling.

Table 1: Summary of Significant Core Assay Results from 2020 Santo Amaro Drilling:

Hole ID	Depth From (m)	Depth To (m)	Interval (m)	2PGE+Au (g/t)	Interval Summary*
DD20SA13	16.00	40.65	24.65	0.28	24.65m grading 0.28 g/t 2PGE+Au from 16.00m incl. 15.65m grading 0.35 g/t 2PGE+Au from 25.00m
DD20SA13	25.00	40.65	15.65	0.35
DD20SA14	5.60	8.36	2.76	0.40	2.76m grading 0.40 g/t 2PGE+Au from 5.60m
DD20SA15	72.88	77.05	4.17	0.43	4.17m grading 0.43 g/t 2PGE+Au from 72.88m and 2.00m grading 0.31 g/t 2PGE+Au from 113.00m
DD20SA15	113.00	115.00	2.00	0.31
DD20SA16	8.95	12.65	3.70	0.32	3.70m grading 0.32 g/t 2PGE+Au from 8.95m and 4.00m grading 3.10 g/t 2PGE+Au from 67.00m incl. 1.30m grading 7.95 g/t 2PGE+Au from 67.00m
	67.00	71.00	4.00	3.10
	67.00	68.30	1.30	7.95
DD20SA18	16.50	51.41	34.91	0.61	34.91m grading 0.61 g/t 2PGE+Au from 16.50m incl. 3.51m grading 1.88 g/t 2PGE+Au from 37.49m and 3.51m grading 2.21 g/t 2PGE+Au from 66.19m and 5.00m grading 0.97 g/t 2PGE+Au from 108.00m incl. 1.00m grading 3.84 g/t 2PGE+Au from 110.00m
	37.49	41.00	3.51	1.88
	66.19	69.70	3.51	2.21
	108.00	113.00	5.00	0.97
	110.00	111.00	1.00	3.84
DD20SA19	33.60	37.90	4.30	0.45	4.30m grading 0.45 g/t 2PGE+Au from 33.60m
DD20SA20	1.00	20.45	19.45	0.20	19.45m grading 0.20 g/t 2PGE+Au from 1.00m
DD20SA22	0.00	11.81	11.81	0.91	11.81m grading 0.91 g/t 2PGE+Au from 0.00m and 4.93m grading 0.32 g/t 2PGE+Au from 106.45m
DD20SA22	106.45	111.38	4.93	0.32
DD20SA23	0.00	20.00	20.00	0.98	20.00m grading 0.90 g/t 2PGE+Au from 0.00 14.65m grading 1.29 g/t 2PGE+Au from 0.00
DD20SA23	1.10	7.00	5.90	1.79
DD20SA24	49.00	54.61	5.61	0.28	5.61m grading 0.28 g/t 2PGE+Au from 49.00m

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

Drill hole DD20SA23

Drill hole DD20SA23 stepped out 70 m to the west and along strike from the western-most resource hole at Santo Amaro. The target UM intrusion was intersected from surface to 14.65 m depth, characterized by weathered chromite-bearing peridotites and dunites. The drill hole returned an assay highlight of 14.65 m grading 1.29 g/t 2PGE+Au from surface. Mineralization remains open along strike to the west.

Drill hole DD20SA18

Drill hole DD20SA18 stepped out 40 m to the east and along strike from the eastern-most resource hole at Santo Amaro. The target UM intrusion was first intersected from 16.50 m to 51.70 m, with local metre-scale intercalated intervals of amphibolite and gneiss. A second package of PGE-bearing intrusion was intercepted from 100.50 m to 133.60 m depth. Variably weathered peridotites, dunites and local UM schists dominated the target sequence. The drill hole returned an assay highlight of 34.91 m grading 0.61 g/t 2PGE+Au from 16.50 m. Mineralization remains open in all directions.

Drill hole DD20SA16

Drill hole DD20SA16 was collared approximately 250 m north-northwest of the resource area and stepped 80 m to the east-northeast and down-dip of historical drill hole DD02SA04, which produced a historical drill core intercept of 10.30 m grading 1.10 g/t 2PGE+Au from 43.30 m depth.

DD20SA16 drilled into three packages of ultramafic rocks, collectively totaling 60.83 m in thickness. The thickest UM sequence was intersected from 50.00 m to 92.18 m (42.18 m in thickness), dominated by variably weathered peridotites and dunites, with local metre-scale serpentinites and phlogopite schists. A 0.30-metre-thick chromitite reef was intercepted at 67.20 metres depth and produced a peak assay of 11.49 g/t 2PGE+Au. The drill hole retuned an assay highlight of 4.00 m grading 3.10 g/t 2PGE+Au from 67.00 m, including 1.30 m grading 7.95 g/t 2PGE+Au from 67.00 m. Mineralization remains open in all directions.

Drill hole DD20SA22

Drill hole DD20SA22 stepped out 55 m to the southeast and along strike from DD20SA16. The target UM intrusion was intersected from surface to 18.65 m depth, characterized by weathered chromite-bearing peridotites and dunites. The drill hole returned an assay highlight of 11.81 m grading 0.91 g/t 2PGE+Au from surface. Mineralization remains open in all directions.

Pedra Branca 2020 Drill Program

Please see ValOre’s news release of 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/

Qualified Person (QP)

About ValOre Metals Corp.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced encouraging STEINERT ore sorting testwork results for ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil. Results from the ore sorting program, which used a set of 100 re-assayed and catalogued 5-cm samples of historical NQ drill core from the Esbarro PGE deposit, demonstrated distinct density responses for mineralized rock types, as well as barren granites and gneisses.

Sensory-based rock sorting technologies such as STEINERT can concentrate ores, remove waste rock and cut process costs to generate significant positive economic implications for both metallurgy and OPEX.

“STEINERT ore sorting testwork was initiated to assess the sortability of mineralized and non-mineralized rock types at Pedra Branca, with the ultimate goal of improving metallurgical performance and processing economics. As part of this test work, the sample set taken from historic NQ drill core was re-assayed and returned the highest-grade value from a drill core sample in the history of the project, clearly demonstrating the presence of high-grade, near-surface PGEs at Pedra Branca,” stated ValOre’s Chairman and CEO, Jim Paterson. “These results are very encouraging and warrant immediate expansion of this testwork. ValOre geologists are preparing a bulk sample to support a comprehensive, quantitative follow-up sorting test program.”

Highlights from Ore Sorting Testwork at Esbarro Deposit:

Sensor-based ore sorting testwork by STEINERT GmbH demonstrated excellent rock density sortability, evidenced by distinct X-Ray Transmission (“XRT”) responses for both PGE mineralized and barren Pedra Branca rock types;
Chromitite samples returned the most distinct XRT response, demonstrating the greatest potential for ore sorting technology to facilitate a high-grade fraction;
Barren granite and gneiss samples exhibited a unique XRT response, indicating the potential to separate waste rock from PGE-mineralized rock allowing for less process dilution;
PGE-mineralized dunite, peridotite and serpentinite samples displayed strong XRT response groupings, revealing further potential for sensor-based ore sorting;
Re-assaying of historical drill core for STEINERT from the Esbarro PGE deposit returned the highest-grade drill core sample in the history of the project from a 5-centimetre (“cm”) sample of NQ drill core at 30.35 metres (“m”) depth in drill hole DD18ES15A:
- 176.52 grams per tonne (“g/t”) palladium + platinum + gold (“2PGE+Au”)
- Comprising 133.35 g/t Pd, 42.24 g/t Pt, and 0.93 g/t Au
- Also returned 3.30 g/t rhodium (“Rh”), or 179.82 g/t 3PGE+Au;
PGE grades for the major lithologies selected for ore sorting testwork include:
- Chromitites (“Cr”, “Cr-reef”): 0.17-30.44 g/t 2PGE+Au (average 10.33 g/t, excluding sample from DD18ES15A grading 176.52 g/t 2PGE+Au)
- Dunites/peridotites/serpentinites/pyroxenites: 0.07-10.15 g/t 2PGE+Au (average 1.86 g/t)
- Granites/gneisses/amphibolites: barren;
Based on the encouraging initial sortability test results, ValOre will broaden the scope for more thorough quantitative assessment with a 300 kilogram (“kg”) bulk sample to support additional testwork at STEINERT.

Esbarro PGE Deposit Ore Sorting Testwork

The Esbarro PGE deposit hosts an at-surface resource estimate of 9.9 million tonnes (“Mt”) grading 1.23 g/t 2PGE+Au totaling 394,000 ounces (“oz”). CLICK HERE for the Pedra Branca NI 43-101 Technical Report. The resource estimate is supported by 91 drill holes, with an average hole spacing of 45 m and is situated within a 3-kilometre (“km”) radius of additional at-surface PGE resource areas, Cedro (4.2 Mt grading 1.10 g/t 2PGE+Au totaling 151,000 oz) and Curiu (1.6 Mt grading 1.93 g/t 2PGE+Au totaling 100,000 oz). CLICK HERE for Figure 1A and 1B, showing the location of the five Pedra Branca PGE resource areas and a detailed view of Esbarro, respectively.

STEINERT ore sorting testwork was initiated to assess the sortability of PGE mineralized rocks from barren rocks at Pedra Branca, with the ultimate goal of improving metallurgical performance and processing economics. One hundred historical drill core samples from six representative rock types were submitted from the Esbarro deposit, and sensory-based results were compared with assay data from SGS, Vespasiano, Minas Gerais to assess both rock type- and grade-dependent sortability. CLICK HERE for Table 1, showing the full list of samples, assay results, and sensor results.

Density data from STEINERT XRT analyses demonstrated distinct sensory responses for mineralized rock types (chromitites, dunites, peridotites) and barren lithologies (granites and gneisses). The distinct XRT-assessed densities reported herein demonstrate excellent potential sortability of:

high-grade PGE rocks types (chromitite);
low- to medium-grade PGE rock types (dunites, peridotites, serpentinites, pyroxenites); and
barren waste rock types (granites and gneisses).

XRT density data is recorded as Minimum Density (“MD”), which reports the proportion of XRT-defined pixels inside the low-density curve, with lower MD values representing higher rock density. See Figure 2 Table 2 below for a graph of 2PGE+Au (g/t) versus MD, and a summary table of average MD values for each rock type, respectively.

Figure 2: Graph of 2PGE+Au (g/t) versus MD, Demonstrating Excellent Sortability

Table 2: Summary of MD Values, Demonstrating Excellent Sortability

Rock Type	# Samples	Relative Grade	Average MD
Chromitite	30	High (avg. 10 g/t)	0.20
Dunite	15	Medium (avg. 3.5 g/t)	0.53
Peridotite	15	Medium (avg. 1.8 g/t)	0.64
Serpentinite/Pyroxenite	9	Low (avg. 0.4 g/t)	0.60
Serpentinite/Dunite	11	Low (avg. 0.8 g/t)	0.55
Gneiss/Granite/Amphibolite	20	Barren	0.78

Note: MD (Minimum Density) represents XRT proportion of pixels inside the low-density curve, per particle. Lower MD = higher density.

Assaying of the 100 core samples used for STEINERT testwork returned the highest-grade drill core sample in the history of the Pedra Branca project: 176.52 g/t 2PGE+Au (133.35 g/t Pd, 42.24 g/t Pt and 0.93 g/t Au), in addition to 3.30 g/t Rh (179.82 g/t 3PGE+Au). This sample was collected from a 5-cm sample of NQ drill core at 30.35 m depth in drill hole DD18ES15A. This clearly demonstrates the presence of high-grade, near-surface PGEs at Pedra Branca. See Table 3 below for the 3PGE+Au assay results.

Table 3: Assay Results for Core Sample 99035

Drill Hole	Sample	Depth (m)	Au (g/t)	Pd (g/t)	Pt (g/t)	2PGE+Au (g/t)	Rh (g/t)	3PGE+Au (g/t)
DD18ES15A	99035	30.4	0.93	133.35	42.24	176.52	3.30	179.82

About STEINERT Ore Sorting

STEINERT GmbH supplies sensory-based rock sorting technologies to operating mining projects around the world. Sorting waste rock from ore at an early processing stage has significant positive economic implications for reducing both metallurgy and operating costs.

XRT is ideally suited for ore sorting because the x-ray radiation can penetrate stones with particle sizes up to 100 mm. In addition to XRT, STERINERT offers further sensors that can be combined with one another in a multi-faceted sensory approach. X-Ray Fluorescence (“XRF”) can be used to determine and sort individual chemical elements very precisely. Further, optical sorting and lasers are very well suited to the detection of ores with different colours, such as copper oxide, or crystalline structures in quartz.

Further information about STEINERT ore sorting can be found in the link below:
https://steinertglobal.com/

Qualified Person (QP)

About ValOre Metals Corp.

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 604.653.9464, or by email at [email protected].

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

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced assay results for eight Trapia 2 core drill holes at ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil. The target ultramafic (“UM”) Trapia 2 intrusion was intercepted in all eight core holes drilled, establishing geological continuity well beyond the currently defined resource area. Near surface mineralization was intersected along strike to the northeast and southwest of this existing resource, and mineralization remains open in all directions.

“Today’s results, demonstrating near-surface mineralization at Trapia 2, build on the recent drilling success at Trapia 1 and should expand the known resource at Trapia, currently at 219,000 ounces grading 1.10 g/t 2PGE+Au in 6.2 Mt,” stated ValOre’s Chairman and CEO, Jim Paterson. “The extension of mineralized intersections to both the Trapia 1 and Trapia 2 deposits suggest the potential of a much larger ultramafic system, warranting additional resource expansion drilling in 2021.”

Highlights from Trapia 2 Drill Holes and Program Update:

All eight 2020 drill holes into the Trapia 2 target intercepted continuous, broad PGE-bearing UM intrusion over a strike length of 825 metres (“m”);
Near-surface PGE mineralization was intercepted outside of the currently defined NI 43-101 resource area:
- Drill Hole DD20TD13 intercepted 45.62 m grading 0.54 grams per tonne (“g/t”) 2PGE+Au (palladium + platinum + gold) from 9.10 m, including 6.10 m grading 2.71 g/t 2PGE+Au from 10.90 m
- Drill Hole DD20TD07 intercepted 52.15 m grading 0.49 g/t 2PGE+Au from 4.85 m
- Reported interval widths are estimated to represent 90-100% true thickness;
PGE mineralization hosted by the UM intrusion remains open along strike to the northeast and southwest, and down-dip to the southeast;
A 600-metre-long 3D magnetic inversion geophysical target with coincident up-dip soil anomaly remains un-tested north of the Trapia 2 resource area;
A 3D magnetic target extends for 700 m to the southeast of Trapia 2, and has only been drill tested for 200 m along strike;
In-fill drill hole coverage with the view to potentially upgrade resources from inferred to indicated;
Twelve core drill holes at the Santo Amaro target (resource expansion and target advancement) have been logged, sampled and shipped to SGS Vespasiano, Minas Gerais, for assay. This marks the conclusion of ValOre’s 2020 Pedra Branca drill program.

Trapia Target Area and the 2019 NI 43-101 Resource

Trapia is one of five currently defined PGE deposit areas at Pedra Branca that together host an inferred resource totalling 1,067,000 ounces 2PGE+Au contained in 27.2 million tonnes (“Mt”) grading 1.22 g/t 2PGE+Au; refer to ValOre’s news release dated July 23, 2020. PGE mineralization for all five of the resource deposit areas outcrops at surface, making these inferred resources prospective for open pit mining. CLICK HERE for Figure 1, which shows the location of the five resource areas and the location of ValOre’s 2020 drill holes.

The Trapia resource comprises three separate UM intrusive clusters within a 2-kilometre radius: Trapia 1, Trapia 2 and Trapia West. Specifically, Trapia 2 represents 62,000 ounces of the aggregate Trapia inferred resource of 219,000 ounces at 1.10 g/t 2PGE+Au (6.2 Mt). CLICK HERE for Figure 2, which shows the location of the 2020 drill holes within the Trapia target areas (Trapia 1, Trapia 2 and Trapia West), and prospective 3D magnetic inversion drill targets.

Geological field mapping preceding the 2020 drill program demonstrated a fully continuous ultramafic intrusion at surface, which extended well beyond the defined Trapia 2 resource. The target areas correlate with prospective 3D magnetic inversion bodies, much like the mag feature successfully drilled at Trapia 1 in 2020 (see news releases dated August 25, August 31, and December 1, 2020). This presented an excellent opportunity for resource expansion drilling at Trapia 2.

Trapia 2 2020 Drill Results

A total of 1,097 m were drilled in eight 2020 core holes at Trapia 2. PGE-mineralized UMs were intercepted in all eight holes and remain open along strike to the northeast and southwest, and down dip to the southeast. CLICK HERE Table 1 and Figure 3, which show a summary of 2020 drilling at Trapia 2, and see Table 2 below for a summary of Trapia 2 drill core assay highlights reported herein.

Table 2: Summary of Significant Core Assay Results from 2020 Trapia 2 Drilling:

Drill Hole	Depth From (m)	Depth To (m)	Interval (m)	2PGE+Au (g/t)	Interval Summary*
DD20TD06	63.55	90.00	26.45	0.40	26.45m at 0.40 g/t 2PGE+Au from 63.55m
DD20TD07	4.85	57.00	52.15	0.49	52.15m at 0.49 g/t 2PGE+Au from 4.85m
DD20TD08	102.50	142.14	39.64	0.61	39.64m at 0.61 g/t 2PGE+Au from 102.50m
DD20TD09	90.55	93.02	2.47	0.37	2.47m at 0.37 g/t 2PGE+Au from 90.55m
DD20TD09	111.50	126.34	14.84	0.81	14.84m at 0.81 g/t 2PGE+Au from 111.50m
DD20TD10	29.60	34.75	5.15	0.57	5.15m at 0.57 g/t 2PGE+Au from 29.60m incl. 1.40m at 1.43 g/t 2PGE+Au from 29.60m
DD20TD10	29.60	31.00	1.40	1.43
DD20TD12	131.33	139.61	8.28	1.14	8.28m at 1.14 g/t 2PGE+Au from 131.33m
DD20TD13	9.10	54.72	45.62	0.54	45.62m at 0.54 g/t 2PGE+Au from 9.10m incl. 18.30m at 1.05 g/t 2PGE+Au from 9.10m incl. 6.10m at 2.71 g/t 2PGE+Au from 10.90m
	9.10	27.40	18.30	1.05
	10.90	17.00	6.10	2.71
	96.00	108.28	12.28	0.40	12.28m at 0.40 g/t 2PGE+Au from 96.00m

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

Northern Target Area

Four 2020 drill holes (DD20TD06, DD20TD07, DD20TD08, DD20TD09) were drilled approximately 500 m northeast of the current resource area to follow-up historical drill hole DD09TD05, which intersected 58.8 m grading 0.45 g/t 2PGE+Au from surface.

Drill hole DD20TD06 twinned historical drill hole BR-24, which was found in the geological database with 2PGE+Au grades up to 3.2 g/t, but not considered for ValOre’s 2019 resource estimate due to the lack of existing drill core. DD20TD06 intercepted PGE-bearing peridotites and dunites from 63.6 to 88.9 m (25.4 m in thickness), with a secondary intrusion intercepted from 56.9 to 59.2 m. The ultramafic package retuned an assay intercept of 26.45 m grading 0.40 g/t 2PGE+Au from 63.5 m. CLICK HERE for Figure 4, showing a cross section of DD20TD06 and BR-24.

Drill hole DD20TD07 stepped 90 m to the west-southwest from DD20TU06, seeking to extend the mineralized interval to surface. DD20TD07 intercepted highly altered ultramafic rocks totalling 53.3 m in thickness, from 2.7 m depth. Weathered peridotites returned an assay interval of 52.15 m grading 0.49 g/t 2PGE+Au from 4.85 m.

Drill hole DD20TD08 tested the geological down-dip extension of mineralization, stepping 90 m east southeast of DD20TU07. The PGE-bearing ultramafic intrusion was intercepted for 36.6 meters, from 105.5 metres-depth, characterized by locally serpentinized peridotites and dunites. An increase in sulphide mineralization (pyrrhotite + pyrite ± chalcopyrite) ranging from trace to 1% was exhibited locally. DD20TU08 returned a mineralized interval of 39.64 m grading 0.61 g/t 2PGE+Au from 102.50 m. CLICK HERE for Figure 5, showing a cross section of DD20TD07 and DD20TD08.

Drill hole DD20TD09 stepped 95 m southwest along strike from DD20TD08, and 90 m down-dip from historical hole DD09TU05. A broad ultramafic sequence, comprising ultramafic and ultramafic derived rocks, was intercepted for 36.4 meters, from 90.5 to 127.0 m, with the main mineralized horizon intercepted from 113.2 to 127.0 m. DD20TU09 returned a grade interval highlight of 14.84 m grading 0.81 g/t 2PGE+Au from 111.50 m, characterized by serpentinized peridotites and dunites, with sulphide enrichment observed towards the intrusion bottom (trace to 1% pyrrhotite + pyrite). CLICK HERE for Figure 6, showing a cross section of DD20TD09 and historical hole DD09TD05.

Southern Resource Extension

The Trapia 2 resource is delineated by four historical drill holes. Re-processing and 3D inversion modeling of the historical geophysics defined a 700-metre-long 3D mag inversion target which extended to the southeast from the resource. Two 2020 drill holes targeted the southern resource expansion potential of Trapia 2, testing a prospective 3D mag inversion body, similar in orientation to mineralized mag target successfully drilled at Trapia 1 in 2020.

Drill hole DD20TD13 twinned historical drill hole BR-21, which was found in the geological database with near-surface 2PGE+Au grades up to 2.4 g/t, but not included in ValOre’s 2019 NI 43-101 resource estimate due to the lack of existing drill core. DD20TD13 intercepted 94.50 m of mineralized peridotites, dunites and subordinate serpentinites from 10.9 to 105.4 m, with a 10 cm-thick magnetite ± chromite reef at 51.8 m depth. The drill hole returned an assay highlight of 45.62 m grading 0.54 g/t 2PGE+Au from 9.10 m, including 6.10 m grading 2.71 g/t 2PGE+Au from 10.90 m.

Drill hole DD20TU12 stepped 180 m southeast from DD20TU13, testing the 3D mag target strike potential. A correlative mineralized ultramafic intrusion was intercepted for 10.73 meters, from 128.02 to 138.75 m, grading 1.14 g/t 2PGE+Au over 8.28 m from 131.33 m. Mineralization remains open in all directions. CLICK HERE for Figure 7, showing a cross section of DD20TD13, DD20TD12 and historical drill hole BR-21.

Continuity Target

Two 2020 drill holes targeted the 500 m gap between the resource and the northern target area to establish geological continuity of the PGE-bearing ultramafic intrusion across Trapia 2.

The northern hole, DD20TD10, twinned historical drill hole BR-22, which was not considered for ValOre’s 2019 NI 43-101 resource estimate due to the lack of existing drill core. The main mineralized ultramafic intrusion was intercepted for 130.60 m, from 29.45 to 160.05 m, and returned a mineralized interval of 5.15 m grading 0.57 g/t 2PGE+Au from 29.60 m. CLICK HERE for Figure 8, showing a cross section of DD20TD10, historical drill hole BR-22.

Drill hole DD20TD11 stepped 150 m along strike to the southwest from DD20TD10, and geologically down-dip from historical drill hole DD09TD04. The UM intrusion was intercepted for 89.12 m, from 96.50 to 185.62 m, and characterized by serpentinized peridotites and dunites, with local bands of granite and amphibolite. Broad intervals of DD20TD11 returned anomalous 2PGE+Au values up to 0.40 g/t. CLICK HERE for Figure 9, showing a cross section of DD20TD11 and historical drill hole DD09TD04.

The 2020 drill program at Trapia 2 successfully intersected the PGE-bearing UM intrusion over a strike length of 850 m, 600 m of which is outside of the currently define resource. Mineralization remains open along strike to the northeast and southwest, and down-dip to the southeast.

Pedra Branca 2020 Drill Programs

Please see ValOre’s news release of 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/

Qualified Person (QP)

About ValOre Metals Corp.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced assay results for the final eight Trapia 1 drill holes at ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil. The PGE-bearing ultramafic (“UM”, “UMs”) Trapia 1 intrusion was intercepted in all eight core holes drilled to the south of the current NI 43-101 resource area and PGE mineralization remains open along strike and down-dip.

“The 2020 drilling at Trapia 1 was a great success, delivering a very strong finish with the assay results received from hole DD20TU20,” stated ValOre’s Chairman and CEO, Jim Paterson. “Importantly, for future recalculations of mineral resource estimates, the drilling results suggest that the ore body thickens at depth and also that mineralization remains open in all directions.”

Highlights from Newly Released Trapia 1 Drill Holes and Program Update:

All eight drill holes reported in this release from Trapia 1 intercepted continuous, mineralized ultramafic intrusion with significant 2PGE+Au assay results, including drill hole DD20TU20 which:
- extended and thickened down-dip high-grade mineralization outside and to the south of the Trapia 1 resource area
- intersected 76.74 metres (“m”) at 1.25 grams per tonne (“g/t”) 2PGE+Au (palladium + platinum + gold) from 176.81 m, this represents a 96.00 gram*metre intercept
  incl. 30.55m at 2.33 g/t 2PGE+Au, 0.49% Ni and 0.18% Cu from 223.00 m
  incl. 15.00m at 4.19 g/t 2PGE+Au, 0.63% Ni and 0.25% Cu from 226.00 m
- encountered the highest grade nickel, copper and gold values to date in the 2020 drill program;
Trapia 1 remains open in all directions;
2020 drilling shows the Trapia 1 deposit to be thickening with depth as evidenced by drill holes DD20TU12, DD20TU14, DD20TU13 and DD20TU20 (see Table 2);
Successfully re-entered, extended, and intercepted mineralized UMs in both a prematurely ended historical drill hole (DD04TU05) which formerly truncated the resource on the south, and in DD20TU11, corroborating a fully intact and down-stepped resource-associated intrusion south of Trapia 1;
Drill hole spacing of 55 to 70 m will facilitate a future resource re-calculation;
At the Trapia 2 deposit area, situated 2 km to the northwest of Trapia 1, eight core holes (totalling 1,096.80 m) targeting resource expansion potential have been drilled, logged and sampled. Samples have been received by SGS Vespasiano, Minas Gerais and ValOre awaits assay results;
At the Santo Amaro deposit area, situated 35 km to the north-northeast of Trapia 1, a ten hole drill program is under way (resource expansion and target advancement). Santo Amaro is the final target of ValOre’s 2020 drill program.

Trapia Target Area and the 2019 NI 43-101 Resource

Trapia is one of five currently defined PGE deposit areas at Pedra Branca, which together host an NI 43-101 inferred resource totalling 1,067,000 ounces 2PGE+Au contained in 27.2 million tonnes (“Mt”) grading 1.22 g/t 2PGE+Au; refer to ValOre’s news release dated July 23, 2020. PGE mineralization for all five of the resource deposit areas outcrops at surface, making these inferred resources prospective for open pit mining. CLICK HERE for Figure 1, which shows the location of the five NI 43-101 resource areas and the location of ValOre’s 2020 drill holes.

The Trapia resource comprises three separate ultramafic intrusive clusters within a 2-kilometre radius: Trapia 1, Trapia 2 and Trapia West. Specifically, Trapia 1 represents 92,000 ounces of the aggregate Trapia inferred resource of 219,000 ounces at 1.10 g/t 2PGE+Au (6.2 Mt). CLICK HERE for Figure 2, which shows the location of the 2020 drill holes within the Trapia target areas (Trapia 1, Trapia 2 and Trapia West), and prospective 3D magnetic inversion drill target.

Trapia 1 was selected for 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 2,520 metres were drilled in twelve 2020 drill holes. PGE-mineralized UMs were intercepted in all twelve core holes, and the intrusion remains open in all directions. CLICK HERE Table 1 CLICK HERE Figure 3, which show a summary of 2020 drilling at Trapia 1.

Trapia 1 2020 Follow-Up Drill Results

The planning and execution of eight new follow-up drill holes south of the Trapia 1 resource was aided by the successful reinterpretation and realization that the mineralized intrusion was not cut off by the barren historical drill hole DD04TU05, but rather remained fully intact and just down-stepped by ~50 m, and extending to the south along a 1 kilometre (“km”) long 3D magnetic inversion target. This geological and structural model was developed through the identification of a stratigraphic marker horizon present in the resource and 2020 drill holes to the north and validated by the re-entry and extension of DD20TU13 past its original planned length. DD20TU13 intersected 61.85 metres of mineralized ultramafic intrusion, grading 0.76 g/t 2PGE+Au from 217.15 m, including 9.49 g/t 2PGE+Au over 2.45 metres from 221.20 m (see news release dated August 31, 2020).

All eight follow-up drill holes at Trapia 1 intercepted continuous, PGE-mineralized ultramafic intrusion that remains open in all directions. 2020 drilling indicates that the orebody is thickening at depth across the entire width of the resource and resource expansion area to the south. A drill hole spacing of 55 to 70 m was maintained to facilitate resource upgrading in Q1 2021. Table 2 below presents Trapia 1 follow-up drill core assay highlights reported herein.

Table 2: Summary of Significant Core Assay Results from 2020 Trapia 1 Follow-Up Drilling:

Drill Hole	Depth From (m)	Depth To (m)	Interval (m)	2PGE+Au (g/t)	Interval Summary*
DD20TU20	176.81	253.55	76.74	1.25	76.74m at 1.25 g/t 2PGE+Au from 176.81m incl. 6.10m at 2.03 g/t 2PGE+Au from 202.00m and 30.55m at 2.33 g/t 2PGE+Au, 0.49% Ni and 0.18% Cu from 223.00m. incl.15.00m at 4.19 g/t 2PGE+Au, 0.63% Ni and 0.25% Cu from 226.00m.
	202.00	208.10	6.10	2.03
	223.00	253.55	30.55	2.33
	226.00	241.00	15.00	4.19
DD20TU11	155.69	190.00	34.31	0.96	34.31m at 0.96 g/t 2PGE+Au from 155.69m incl. 13.50m at 1.54 g/t 2PGE+Au from 160.50m.
DD20TU11	160.50	174.00	13.50	1.54
DD20TU05A	115.05	135.75	20.70	0.63	20.70m at 0.63 g/t 2PGE+Au from 115.05m incl. 1.69m at 2.05 g/t 2PGE+Au from 115.76m.
DD20TU05A	115.76	117.45	1.69	2.05
DD20TU15	182.30	235.10	52.80	0.47	52.80m at 0.47 g/t 2PGE+Au from 182.30m incl. 21.70m at 0.95 g/t 2PGE+Au from 182.30m incl. 4.70m at 2.63 g/t 2PGE+Au from 182.30m.
	182.30	204.00	21.70	0.95
	182.30	187.00	4.70	2.63
DD20TU16	195.85	243.20	47.35	0.54	47.35m at 0.54 g/t 2PGE+Au from 195.85m
DD20TU17	225.35	227.65	2.30	0.93	2.30m at 0.93 g/t 2PGE+Au from 225.35m.
DD20TU18	184.50	189.75	5.25	0.29	5.25m at 0.29 g/t 2PGE+Au from 184.50m.
DD20TU19	156.16	174.28	18.12	0.27	18.12m at 0.27 g/t 2PGE+Au from 156.16m.

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

Drill Hole DD20TU20

Drill hole DD20TU20, the highlight of the 2020 Trapia 1 drill campaign, was completed as a stepout hole ~70 metres along strike from 2020 drill holes DD20TU12 (0.69 g/t 2PGE+Au over 100.4 m from to 93.2 m) and DD20TU13 (9.49 g/t 2PGE+Au over 2.45 m within 0.76 g/t 2PGE+Au over 61.85 m from 217.50 m). The main mineralized ultramafic intrusion, characterized by chromite-rich peridotites and dunites, which exhibited localized serpentinization, was intercepted in DD20TU20 from 176.80 to 253.60 m. DD20TU20 was concluded at 258.60m depth in basement gneiss. Figure 4 below shows a cross-section of DD20TU20 with up-dip holes DD20TU11, DD20TU05A and DD04TU05 (historical). CLICK HERE for Figure 5a and CLICK HERE for Figure 5b, which show core photographs of the high grade mineralized interval.

The 76.80 m-thick ultramafic interval retuned 76.74 m grading 1.25 g/t 2PGE+Au from 176.81 m, including 6.10m grading 2.03 g/t 2PGE+Au from 202.00 m, and 30.55 m grading 2.33 g/t 2PGE+Au from 223.00 m which included 15.00 m grading 4.19 g/t 2PGE+Au from 226.00 m. This is interpreted to represent a true thickness intercept as evidenced by the orthogonal core axis angles.

The broad 76.74 m grade interval from DD20TU20 exceeds the Trapia 1 NI 43-101 resource grade of 1.10 g/t 2PGE+Au, and hosts compelling thicknesses of high-grade PGEs, all of which remain open at depth. In addition, 2020 drilling has demonstrated that the mineralized ultramafic intrusion is thickening with depth, as evidenced by the following up-dip and down-dip comparison DDHs (Table 2):

Table 2: Down-Dip Thickening of Mineralized UM Intrusion Demonstrated by 2020 Drilling

Up-Dip DDH	UM Interval (m)	Down-Dip DDH	UM Interval (m)	Thickening (m)
DD09TU08*	11.02	DD20TU14	21.55	+10.52
DD04TU06*	80.90	DD20TU12	100.40	+19.50
DD20TU11	34.31	DD20TU20	76.74	+42.43
DD20TU16	47.35	DD20TU13	61.85	+14.50

*historical DDH

Figure 4: Cross Section of DD20TU20, with Up-Dip Drill Holes DD20TU11, DD20TU05A and Historical Drill Hole DD04TU05

Drill Hole DD20TU11

Drill hole DD20TU11 was originally shut down at 150.60 m depth at a time that preceded ValOre’s understanding of the 50 m down-stepped structural model. As a result of model validation through the intercept seen in DD20TU13, drill hole DD20TU11 was re-entered and extended to 216.35 m, and mineralized peridotites and dunites were intercepted from 155.92 to 193.67 m, further substantiating ValOre’s newly interpreted structural model. DD20TU11 was concluded at 216.35 m in basement gneiss. See Figure 4 above, showing a cross-section of DD20TU11, up-dip holes DD20TU05A and DD04TU05 (historical), and down-dip hole DD20TU20.

The 37 m-thick interval hosted up to 2% disseminated and intercumulate chromite within a serpentinized groundmass, and returned an assay highlight of 34.31 m grading 0.96 g/t 2PGE+Au from 155.69m, including 13.50 m grading 1.54 g/t 2PGE+Au from 160.50m.

Drill Hole DD20TU05A

Drill hole DD20TU05A was designed to further corroborate the down-stepped structural model by twinning and extending the barren historical drill hole DD04TU05, which was shut down at 69.50 m shortly after the upper and nonmineralized marker horizon. DD20TU05A successfully intercepted the mineralized ultramafic intrusion at depth, transecting chromite-bearing peridotites and dunites from 112.90 m to 139.50 m. The hole was concluded at 160.60 m in basement gneiss. See Figure 4 above, showing a cross-section of DD20TU05A with historical DD04TU05, and down-dip holes DD20TU11 and DD20TU20.

The 26.60 m-thick interval returned an assay highlight of 20.70 m grading 0.63 g/t 2PGE+Au from 115.05 m, including 1.69 m grading 2.05 g/t 2PGE+Au from 115.76 m. The successful reinterpretation and favorable assay results of DD20TU05A are significant from a resource expansion and continuity point of view: The prematurely-ended DD04TU05 truncated the southern extent of Trapia 1’s resource. The mineralized intercepts in drill holes DD20TU05A, DD20TU11, and DD20TU20 (all situated at the southern resource margin), as well as the six mineralized follow-up holes to the south demonstrate that a fully continuous and mineralized intrusion remains intact to the south.

Drill Hole DD20TU15

Drill hole DD20TU15 targeted the extension of mineralization encountered in DD20TU11 by stepping 60 m to the SSW, down the strike of the 1 km long 3D magnetic inversion target. The typical upper marker unit was drilled from 115.80 to 121.20 m and 124.00 to 127.30 m, followed by the main mineralized ultramafic intrusion from 182.30 to 235.10 m. DD20TU15 was concluded at 241.05 m in basement gneiss. CLICK HERE for Figure 6, which shows a cross section of DD20TU15, up-dip hole DD20TU19 and down-dip hole DD20TU13.

The 52.80 m mineralized intrusion was characterized by chromite-bearing dunites, peridotites and pyroxenites, and returned an assay highlight of 52.80 m grading 0.47 g/t 2PGE+Au from 182.30 m, including 21.70 m grading 0.95 g/t 2PGE+Au from 182.30m and 4.70m grading 2.63 g/t 2PGE+Au from 182.30 m.

Drill Hole DD20TU16

Drill hole DD20TU16 was designed to target the up-dip extension of DD20TU13 by stepping 55 m to the west. The main mineralized ultramafic intrusion was intercepted from 195.85 to 243.7m, characterized again by chromite-bearing dunites, peridotites and pyroxenites before a final EOH of 249.75 m in basement gneiss. CLICK HERE for Figure 7, showing a cross section of DD20TU16, with up-dip hole DD20TU18 and down-dip hole DD20TU13.

The 47.85 m mineralized intrusion returned an assay highlight of 47.35 m grading 0.54 g/t 2PGE+Au from 195.85 m, and further demonstrates the excellent geological and mineralogical continuity south of the Trapia 1 resource.

Drill Hole DD20TU17

Drill hole DD20TU17 stepped 55 m to the SSE of DD20TU16, targeting the down-strike extension of mineralization. The main mineralized ultramafic intrusion was intercepted from 225.35 to 234.05 m, characterized by serpentinites and highly serpentinized peridotites before a final EOH of 256.10 m in basement gneiss.

The 8.70 m interval returned an assay highlight of 2.30 m grading 0.93 g/t 2PGE+Au from 225.35 m. While DD20TU17 returned a thinner UM intrusion transect that encountered in other follow-up holes, mineralization remains open along strike to the south, up-dip to the west, and down-dip to the east, the latter representing the most prospective target direction, as it coincides with the 3D magnetic inversion core.

Drill Hole DD20TU18

Drill hole DD20TU18 targeted the geological up-dip extension of DD20TU16 by stepping 65 m to the WNW. The main mineralized ultramafic intrusion was intercepted from 184.50 to 202.20 m, transecting serpentinized peridotites and pyroxenites before a final EOH of 204.90 m in basement gneiss. CLICK HERE for Figure 7, showing a cross section of DD20TU18, with down-dip holes DD20TU16 and DD20TU13.

The 17.70 m interval returned an assay highlight of 5.25 m grading 0.29 g/t 2PGE+Au from 184.50 m, with mineralization remaining open up-dip to the west.

Drill Hole DD20TU19

Drill hole DD20TU19 targeted the geological up-dip extension of DD20TU15 by stepping 70 m to the WNW. Chromite-bearing dunites, peridotites and serpentinized pyroxenites were intercepted from 155.80 to 174.30 m depth, before a final EOH of 183.95 m in basement gneiss. CLICK HERE for Figure 6, showing a cross section of DD20TU19, down-dip holes DD20TU15 and DD20TU13.

The 18.50 m interval returned an assay highlight of 18.12 m grading 0.27 g/t 2PGE+Au from 156.1 6 m.

Pedra Branca 2020 Drill Program

Please see ValOre’s news release of 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/

Qualified Person (QP)

About ValOre Metals Corp.

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). All the currently known Pedra Branca inferred PGE 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. 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.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

ValOre Reports Anomalous Rhodium Assay Values in 18 of 21 Historical Drill Core Pulps;

High Value of 0.72 g/t Rh, with Average Grade of 0.25 g/t Rh

November 19, 2020

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced rhodium (“Rh”) assay results for twenty-one historical drill core pulps from ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil. Anomalous rhodium values, ranging from <0.01 grams per tonne rhodium (“g/t Rh”) to 0.72 g/t Rh, with an average grade of 0.25 g/t Rh, are reported in 18 of the 21 pulp samples submitted.

“Rhodium mineralization may become a significant value driver for our Pedra Branca PGE project,” stated ValOre’s Chairman and CEO, Jim Paterson. “Based on the encouraging results released today, as well as those released by the Company in March, we have commenced a broad rhodium re-assaying program for all historical pulps grading >2.0 g/t 2PGE+Au.”

Rhodium Assay Highlights of Historical Drill Core Pulps from Pedra Branca

Spot price of rhodium has risen dramatically since ValOre acquired the Pedra Branca project in August 2019 from US$12,000;
ValOre is the first exploration group to assess rhodium mineralization at Pedra Branca; see initial Rh results presented in ValOre news release dated March 12, 2020;
Anomalous rhodium values reported in 18 of 21 historical drill core pulps from the Curiu (16), Esbarro (4) and Santo Amaro (1) deposits;
Assays returned a high value of 0.72 g/t Rh with an average grade of 0.25 g/t Rh;
Substantiates positive correlation between 2PGE+Au grade and Rh grade, and warrants a broadening of scope to include all historical drill core samples that grade over >2.0 g/t 2PGE+Au;
Further demonstrates Pedra Branca’s potential as a 3PGE+Au (palladium, platinum, rhodium and gold) mineral system.

Twenty-one Pedra Branca historical drill core pulp samples were submitted for rhodium assay analyses at SGS Geosol, Minas Gerais. The pulps were collected, weighed and packaged in ValOre’s secured core logging and storage facility in Capitão Mór, Brazil. A minimum sample weight of 50 grams ensured an adequate sample for assay. This is a follow-up program to the inaugural rhodium assaying campaign, which entailed the collection of fifty-one historical drill core pulps, or approximately 10 pulps from each of the five NI 43-101 deposits (see news release dated March 12, 2020).

To further test the grade relationship between rhodium and 2PGE+Au, the 21 pulps were selected on the basis of high-grade 2PGE+Au historical core assays, i.e. those with a threshold of ≥10 g/t 2PGE+Au (with minor exceptions). Sixteen pulps were submitted from the Curiu deposit, which hosts a resource of 1.6 million tonnes (“Mt”) with a grade of 1.93 g/t 2PGE+Au for approximately 100,000 ounces; four pulps from the Esbarro deposit, which hosts a resource of 9.9 Mt at a grade of 1.23 g/t 2PGE+Au for 394,000 ounces; and one pulp from the Santo Amaro deposit, which hosts a resource of 5.3 Mt at a grade of 1.19 g/t 2PGE+Au for 203,000 ounces (see news release dated July 23, 2019 for full summary of ValOre’s NI 43-101 resource statement for Pedra Branca). See Table 1 for a summary of rhodium results reported herein.

Table 1: Rhodium Assay Results from historical drill core pulps, Pedra Branca PGE Project:

Deposit	DDH	Sample	Au (g/t)	Pd (g/t)	Pt (g/t)	2PGE+Au (g/t)	Rh (g/t)	3PGE+Au (g/t)
Curiu	DD03CU07	99001	0.54	22.99	8.24	31.77	0.72	32.49
Esbarro	DD99ES01	99003	0.04	12.53	5.27	17.84	0.52	18.36
Esbarro	DD99ES04	99014	<0.02	2.88	3.06	5.94	0.52	6.46
Curiu	DD03CU07	99010	0.2	10.09	5.26	15.55	0.30	15.85
Curiu	DD03CU11	99016	0.18	6.76	4.05	10.99	0.28	11.27
Curiu	DD03CU10	99006	0.19	9.67	5.80	15.66	0.25	15.91
Curiu	DD03CU12	99021	0.17	6.58	3.69	10.44	0.25	10.69
Curiu	DD03CU07	99009	0.24	8.67	6.90	15.81	0.23	16.04
Curiu	DD03CU08	99012	0.13	7.99	4.32	12.44	0.23	12.67
Curiu	DD03CU09	99011	0.15	7.56	4.77	12.48	0.22	12.70
Curiu	DD03CU12	99020	0.24	6.77	3.56	10.57	0.21	10.78
Curiu	DD04CU16	99005	0.7	8.38	6.15	15.23	0.19	15.42
Curiu	DD03CU12	99017	0.13	6.18	3.54	9.85	0.19	10.04
Curiu	DD04CU18	99008	0.47	8.04	5.46	13.97	0.14	14.11
Curiu	DD03CU03	99004	0.06	8.35	7.41	15.82	0.11	15.93
Curiu	DD01CU01	99015	0.27	6.71	4.56	11.54	0.08	11.62
Curiu	DD01CU01	99019	0.42	5.2	4.05	9.67	0.06	9.73
Esbarro	RW005	99002	0.06	14.64	4.23	18.93	0.02	18.95
Curiu	DD04CU15	99007	0.12	9.34	4.17	13.63	<0.01	13.63
Esbarro	RW005	99013	0.03	8.05	4.05	12.13	<0.01	12.13
Santo Amaro	DD04SA08	99018	0.19	7.15	3.47	10.81	<0.01	10.81

Based on these encouraging results, an additional pulp re-assaying program is being undertaken, whereby all historical pulp samples grading >2.0 g/t 2PGE+Au will be analyzed for Rh content.

ValOre has now re-assayed a total of 72 historical drill core pulp samples and the results substantiate the strong potential of Pedra Branca as a 3PGE+Au district and exhibit a high correlation between 2PGE+Au grades and Rh grades.

About Rhodium

Quality Control/Quality Assurance (QA/QC)

Historical Pedra Branca drill core pulps were collected from ValOre’s secured core logging and storage facility located in Capitão Mór, Ceará, Brazil. Selected pulp samples were sent with an ensured chain of custody to SGS Geosol, Vespasiano, Minas Gerais, Brazil for analysis, which is accredited mineral analysis laboratory. All pulp samples were analyzed for Rh content using standard 50g Fire Assay Atomic Absorption ICP-MS. Certified PGE ore reference standards, blanks and field duplicates were inserted as a part of ValOre’s quality control/quality assurance program. No QA/QC issues were noted with the results reported herein.

Qualified Person (QP)

About ValOre Metals Corp.

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. 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.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

C-04 target: 5.29m @ 2.03 g/t within 24.95m @ 0.71 g/t 2PGE+Au from 41.34m

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; the “Company”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0) today announced assay results for the C-04, Cana Brava, Cedro, Esbarro East and Golden Goat drill targets at ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil.

“Our drill program continues to generate exciting results, including a discovery of the C-04 Zone in addition to successfully advancing the targets at Cana Brava and Cedro North,” stated ValOre’s Chairman and CEO, Jim Paterson. “Our efficient and cost-effective exploration methodology has now been validated by the drill discovery of high-grade, near-surface PGE mineralization.”

Highlights from C-04, Cana Brava, Cedro, Esbarro East and Golden Goat Targets

C-04 – New PGE-mineralized Zone discovered at the previously undrilled target validates ValOre’s WorldView-magnetic anomaly targeting methodology (see news release dated December 4, 2019);
Cana Brava – Shallow mineralization extended with PGE intercepts in three diamond drill holes (“DDH”);
Cedro – PGE mineralization drilled from surface in both “Cedro North” drill holes;
Esbarro East – PGE mineralization drilled from surface;
Golden Goat – two drill holes targeting a geophysical anomaly intercepted broad intervals (100-140m) of prospective ultramafic (UM) intrusion.

Target Classes and Locations:

CLICK HERE for Figure 1, a map of Phase 1 drill hole locations and targets.

Table 1: Drill Core Assay Highlights for C-04, Cana Brava, Cedro, Esbarro East and Golden Goat

Target	# of holes	Meters (m)	Notes*
C-04 (Discovery Drilling)	3	252.90	DD20CF01: 18.00m @ 0.58 g/t 2PGE+Au from 0.00m 24.95m @ 0.71 g/t 2PGE+Au from 41.34m incl. 0.73m @ 5.50 g/t 2PGE+Au from 53.50m and 5.29m @ 2.03 g/t 2PGE+Au from 61.00m
			DD20CF02: 21.60m @ 0.39 g/t 2PGE+Au from 0.00m and 21.00m @ 0.27 2PGE+Au from 39.00m
			DD20CF03: 8.68m @ 0.24 g/t 2PGE+Au from 11.92m
Cana Brava (Target Advancement)	4	199.60	DD20CB03: 15.20m @ 0.61 g/t 2PGE+Au from 0.00m
			DD20CB04: 14.00m @ 0.83 g/t 2PGE+Au from 10.00m
			DD20CB05: 7.67m @ 1.07 g/t 2PGE+Au from 26.30m
Cedro (Target Advancement)	4	364.40	DD20CD95: 20.00m @ 0.38 g/t 2PGE+Au from 0.00m
			DD20CD96: 15.00m @ 0.49 g/t 2PGE+Au from 0.00m
Esbarro East (Discovery Drilling)	3	146.40	DD20ES44: 3.65m @ 0.92 g/t 2PGE+Au from 0.00m
Golden Goat (Discovery Drilling)	2	347.10	DD20GG01: 1.00m @ 0.53 g/t 2PGE+Au from 68.00m
			DD20GG02: 0.80m @ 0.57 g/t 2PGE+Au from 35.00m

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

C-04 Drill Target – New PGE Discovery

A new PGE discovery was made at the previously undrilled C-04 WorldView-magnetic anomaly target, with 2PGE+Au mineralization encountered in all three DDHs. CLICK HERE for Figure 2, a cross section of 2020 C-04 drilling. These results are significant, as they validate ValOre’s exploration methodology, namely pairing WorldView spectral data to characterize the spectral signature of ultramafic rocks with inversion of the magnetic data to model the 3D geometry and spatial extent of the highly magnetic ultramafic bodies. C-04 was the inaugural test case of pure greenfields targeting for ValOre at Pedra Branca in Q4 2019, whereby investigations of discrete reduced to pole (RTP) magnetic anomalies, derived from the re-processing of Anglo American’s airborne magnetic survey, were combined with targeting priority classes of spectral chromitite and ultramafics derived from 2019 WorldView satellite data. The magnetic data was then inverted to define the potential 3D geometry and spatial extent of the likely ultramafic source body. This methodology led ValOre geologists directly to a surface showing of mineralized UM intrusion grading up to 7.95 g/t 2PGE+Au in grab sample (see news release dated December 4, 2019).

Vertical drill hole DD20CF01 collared directly into mineralized UM rocks from surface down to a depth of 67.22m. The intrusion was dominated by chromite-bearing peridotites and dunites, with a basal pyroxenite and amphibolite schist. Assay highlights include 5.29m @ 2.03 g/t 2PGE+Au from 61.00m within a broad interval of 24.95m @ 0.71 g/t from 41.34m, and 18.00m @ 0.58 g/t 2PGE+Au from 0.00m;
Drill hole DD20CF02 was an inclined hole drilled at -60 degrees to a southern azimuth (180^◦) from the same pad at DD20CF01, to better constrain the intrusion geometry. Mineralized UM rocks were again encountered from surface to a depth of 76.53m. Assay highlights from DD20CF02 include: 21.60m @ 0.39 g/t 2PGE+Au from 0.00m and 21.00m @ 0.27 2PGE+Au from 39.00m;
Drill hole DD20CF03 stepped 45m to the east-southeast of DD20CF01 and DD20CF02, and targeted the intrusion with an additional -60 degree hole drilled to the south, and encountered intervals of UM intrusion and UM schists from 12.20m to 60.60m depth. Core axis angles suggested pierce points near to the easterly intrusion margin; however, this could be resulting from localized structural crenulation, and mineralization and ultramafics remain open to the east.

The exciting results from ValOre’s first three drill holes at C-04 warrant follow-up drilling in 2021, with PGE mineralization remaining fully open in all strike directions. Field mapping and drill core interpretations suggest a thickening of the PGE-bearing intrusion to the south and southwest of current drilling, and these areas will be the focus of drill targeting in 2021. Further, these drill results serve to substantiate ValOre’s WorldView-magnetic targeting methodology, which is now being applied property wide at large, unexplored PGE targets (see news releases dated July 7, 2020 and October 19, 2020).

Cana Brava Drill Target – Extension of Mineralization

The Cana Brava target is an at-surface pre-resource PGE showing situated within a 3km radius of the Esbarro (394,000oz 2PGE+Au at 1.23 g/t), Curiu (100,000oz 2PGE+Au at 1.93 g/t) and Cedro (151,000oz 2PGE+Au at 1.10 g/t) NI 43-101 PGE deposits, (see ValOre’s July 23, 2019 news release) along the same structural contact. Historical Cana Brava grab samples grade up to 15.4 g/t 2PGE+Au, and the outcropping ultramafic and chromitite showings have well-defined PGE-in-soils and magnetic anomalies. Anglo American drilled two holes at Cana Brava in 2010, and the southern hole (DD10CB02) intercepted mineralized intrusion from surface to 27.55m, including 2.30 g/t 2PGE+Au over 6.00m from 3.00m depth. This drill hole did not receive any follow up exploration until ValOre’s 2020 drill program.

ValOre targeted Cana Brava with four vertical DDHs in 2020 spaced 50-60m apart, stepping out from DD10CB02 both along strike to the north and south, and down-dip to the east. At- or near-surface PGE mineralization was encountered in three of four drill holes, and mineralization remains open to the west, south, southwest, northeast. The ultramafic package is also thickening to the west. CLICK HERE for Figures 3A and 3B, cross sections of 2020 Cana Brava drilling.

Drill hole DD20CB03 collared into mineralized ultramafic intrusion from surface to 23.30m, characterized by weathered serpentinites, peridotites and dunites, and basal interlayers of pyroxenites, schists and country rock. Assay highlight from DD20CB03 includes: 15.20m @ 0.61 g/t 2PGE+Au from 0.00m.
Drill hole DD20CB04 collared into mineralized ultramafic intrusion from surface to 26.65m and drilled a correlative lithological sequence to DD20CB03. Assay highlight from DD20CB04 includes: 14.00m @ 0.83 g/t 2PGE+Au from 10.00m.
Drill hole DD20CB05 collared into mineralized ultramafic intrusion from surface to 32.42m. Ultramafic rocks consisted of weathered UM schists and serpentinites, underlain by lower pyroxenites, schists with a basal banded iron formation (“BIF”) before entering basement at 33.97m. Assay highlight from DD20CB05 includes: 7.67m @ 1.07 g/t 2PGE+Au from 26.30m.
Drill hole DD20CB06 did not intersect ultramafic rock.

The shallow mineralized drill intercepts from three of four 2020 holes at Cana Brava warrant additional drill testing of the ultramafic intrusion which seems to thicken to the west. An additional showing, characterized by high-grade historical rock samples and a PGE-in-soils anomaly, is situated approximately 385m to the north-northwest. This target remains un-drilled.

Cedro Drill Target – At-Surface PGE Mineralization

Four 2020 drill holes were completed at the Cedro deposit area (151,000oz 2PGE+Au at 1.10 g/t), targeting both historical DDH (non-resource) PGE intercepts, and untested 3D magnetic inversion model targets.

The northern two drill holes, DD20CD95 and DD20CD96, are situated 150m east of an existing NI 43-101 resource and were designed to follow up historical drill hole DD07CD26, which intersected PGE-bearing UMs from surface to 35.00m (including 3.9 g/t over 1.6m from 19.40m). CLICK HERE for Figure 4, a cross section of the two northern 2020 drill holes at Cedro.

Both DD20CD95 and DD20CD96, collared into weathered mineralized ultramafic rocks (peridotites, serpentinites, and amphibolites) from surface to 25.75m and 17.00m, respectively.

Drill hole DD20CD95 returned an assay of 20.00m @ 0.38 g/t 2PGE+Au from 0.00m.
Drill hole DD20CD96 retuned an assay of 15.00m @ 0.49 g/t 2PGE+Au from 0.00m.
The mineralized ultramafic remains open and is thickening to the south, with the three positive drill holes (two 2020 holes and one historical hole) exhibiting intrusion thicknesses of 17.00m, 25.75m and 35.00m, from north to south.

Two additional holes (DD20CD97 and DD20CD98) were drilled at Cedro, targeting large (400m x 120m), north-northwest south-southeast trending 3D magnetic isoshell bodies, one situated in central Cedro and the other in southern Cedro. Coarse-grained granites and gneisses were intersected from surface to end of holes (“EOHs”), with DD20CD98 transecting a thin (~3m), barren interval of UM-derived rock from 78.00m depth.

Esbarro East Drill Target – At-Surface PGE Mineralization

The Esbarro East target is a surface chromitite showing situated 500m due east of the Esbarro deposit (394,000oz 2PGE+Au at 1.23 g/t). This previously un-drilled target hosts historical and ValOre grab samples that graded up to 5.10 g/t 2PGE+Au, collected from a subcrop of chromitite and weathered ultramafic rocks, with a coincident at-surface 3D magnetic inversion anomaly. Three DDHs were drilled in 2020, with one of the three returning an at-surface PGE intercept (DD20ES44). CLICK HERE for Figure 5, a cross section of 2020 drilling at Esbarro East.

Drill hole DD20ES44 collared directly into the chromitite showing and 3D magnetic inversion target, and intersected mineralized weathered ultramafic rocks from surface to 2.95m, and returned an assay of 3.65m @ 0.92 g/t 2PGE+Au. Coarse-grained granites with local pegmatitic textures ensued until EOH.
Drill holes DD20ES45 and DD20ES46 sought to test the southerly down-dip and westerly on-strike extensions. No UM rocks were encountered in either hole.

Golden Goat Target – Broad (>100m) Ultramafic Drill Intercepts Encountered

The previously un-drilled Golden Goat target is situated approximately 1km east-southeast of the Esbarro deposit (394,000oz 2PGE+Au at 1.23 g/t), and is characterized by a strong magnetic anomaly (480m x 370m), historical spectral serpentinization data, and highly anomalous Au- and Cr-in-stream sediment samples situated on a drainage that flows from the mag high. Two vertical 2020 drill holes were targeted into the core of the geophysical anomaly, and both holes intersected broad (100-140m) intervals of prospective ultramafic rocks. CLICK HERE for Figure 6, a cross section of the 2020 drilling at Golden Goat.

Drill hole DD20GG01 entered ultramafic intrusion at 9.12m depth and remained in the intrusion until 154.54m. Coarse to medium grained pyroxenites dominated the sequence before ending the hole in a laminated and schistose metasedimentary package. DD20GG01 returned thin, weakly anomalous assays, including: 1.00m @ 0.53 g/t 2PGE+Au from 68.00m.
Drill hole DD20GG02 entered ultramafic intrusion at 33.45m depth and remained in the intrusion until 132.40m. The geology was correlative to DD20GG01, with coarse to medium grained pyroxenites dominating the sequence before ending the hole in metasedimentary rocks. DD20GG02 returned thin, weakly anomalous assays, including: 0.80m @ 0.57 g/t 2PGE+Au from 35.00m.

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.

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)
About Servitec Foraco Sondagem SA
ValOre and Servitec Foraco COVID-19 Protocols

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

About ValOre Metals Corp.

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.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

Vancouver, B.C. ValOre Metals Corp. ("ValOre"; the “Company”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0) today provided an update on the exploration program underway at ValOre’s 100%-owned Pedra Branca Platinum Group Element Project in northeastern Brazil, including the completion of the: Phase 1 drill program; follow-up soil sampling, mapping and prospecting at the Mendes North exploration target area; mapping and sampling of two historical trenches north of the Trapia 1 resource; and commencement of the fully funded Phase 2 drill program with the addition of a second drill rig.

“Our exploration program at Pedra Branca is gaining significant momentum with the commencement of Phase 2 drilling and the addition of a second drill rig,” stated ValOre’s Chairman and CEO, Jim Paterson. “Within the next two weeks, we expect receipt of assays from Phase 1 drilling at the C-04, Cana Brava, Cedro, Esbarro East and Golden Goat zones and the recently completed follow-up soil sampling campaign at Mendes North. In addition, we imminently expect receipt of rhodium assay results from historical drill core samples, as well as preliminary metallurgical results utilizing the PLATSOL™ leaching process.”

Highlights from 2020 Exploration Program at Pedra Branca

775 core samples from 12 drill holes have been submitted for assays from the Cedro, Golden Goat, Esbarro East, Cana Brava, and C-04 targets;
Seven additional high priority follow-up drill holes are in process or have been completed at the Trapia 1 zone;
Fully funded Phase 2 drill program, planned for 3,035 metres (“m”), has commenced with the arrival of a second drill rig;
Two drill rigs will complete Trapia 1 follow-up drilling, followed by mobilization to test resource expansion of the Trapia 2 and Santo Amaro zones;
ValOre geologists have opened, mapped, and sampled two historical trenches in the highly anomalous area north of the Trapia 1 resource;
532 soil samples and 37 rock samples from the follow-up Mendes North prospecting program have been submitted for assay.

Mendes North Follow-Up Exploration Program

In Q2 2020, ValOre identified three WorldView+magnetic anomaly PGE targets each >1 km in extent (collectively termed, “Mendes North”) and conducted immediate reconnaissance soil sampling, mapping, and prospecting. The initial 598 soil samples defined multiple well-defined, NE-SW-trending PGE anomalies, each >750 metres in length, spanning all three targets (see releases dated March 12 and July 7, 2020). The anomalies remain open between targets, suggesting potential continuity of a newly discovered PGE-bearing belt >3km in length.

Results of the initial program warranted the execution of immediate follow-up sampling, mapping, and prospecting to expand and delineate the unconstrained PGE-in-soil anomalies. As such, 532 soil samples and 37 rock samples were collected and have been received by SGS Vespasiano, Minas Gerais, for assay. Analytical results are expected within two weeks. CLICK HERE for Figure 1A and Figure 1B, showing composite geological, geochemical, and sampling maps of the Mendes North exploration target area.

Phase 1 Drill Program Completed

Highly favorable results from the first five 2020 drill holes at the Trapia 1 resources expansion target warranted the planning and commencement of seven high priority follow-up drill holes, targeting PGE mineralization open both up-dip to west and along strike to south. The PGE-bearing ultramafic intrusion also remains open and is thickening at depth (see release dated August 31 and September 21, 2020). Trapia 1 follow-up drilling represents the final target to be drilled in Phase 1.

All additional Phase 1 targets (Cedro, Esbarro East, Golden Goat, Cana Brava and C-04) have been drilled, logged, sampled, and submitted for assay to SGS Vespasiano, Minas Gerais. Analytical results for these 775 drill core samples are expected in two weeks. Below is Table 1, summarizing Phase 1 drilling to date.

Table 1: Phase 1 Drill Program Summary

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

Phase 2 Drilling and Exploration Program Commences

Drilling has commenced for the Phase 2 drill program at Pedra Branca with the arrival of a second drill rig, which will serve to double productivity and expedite completion of ValOre’s 2020 drill program. Both drill rigs will work in tandem to maximize efficiency, first completing follow-up drilling at Trapia 1, and then mobilizing to resource expansion targets Trapia 2 and Santo Amaro. Phase 2 drilling is slated to be completed by the end of November, with all core logging, sampling, and sample shipments to be concluded before year’s end.

Metallurgical results from the on-going PLATSOL™ leaching testwork are expected within 2 weeks, with the study aimed at corroborating historical findings of this metallurgical processing technique at the Pedra Branca project.

Rhodium assay results from samples using historical Pedra Branca drill core pulps are also expected within 2 weeks. This study is aimed at broadening ValOre’s understanding of the distribution and concentration of this valuable precious metal at the Pedra Branca project.

Trapia 1 North Trench Mapping and Sampling

Two historical trenches in the highly anomalous area north of the Trapia 1 resource have been mapped and sampled to better understand the geological environment and potential for a northern extension. Favorable easterly-dipping 10-12m intervals of ultramafic rocks were encountered towards the west end of both trenches, suggesting continuity of favorable geology north of the Trapia 1 resource area. A total of 187 samples were submitted for assay to SGS Vespasiano, Minas Gerais. CLICK HERE for Figure 2 to view the geological trench cross sections for the two re-mapped and re-sampled Trapia 1 North trenches.

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.

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.

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. Susan Lomas, P.Geo., of LGGC is the Qualified Person, as defined in NI 43-101, responsible for the Pedra Branca mineral resource estimates as reported herein. She has read and approved the relevant technical portions of this news release related to the mineral resource estimates for which she is responsible.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; the “Company”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0) today announced the addition of a second drill rig to accelerate Phase 1 and Phase 2 of the 2020 core drill program on the Company’s 100%-owned Pedra Branca Platinum Group Element (PGE) Project in northeastern Brazil. ValOre has also augmented the on-site technical team to help execute its newly expanded exploration program. With a CAD $500,000 increase to the existing unsecured revolving credit facility, ValOre is completely funded to finish both Phase 1 and Phase 2 drill programs at Pedra Branca.

Pedra Branca Exploration Highlights:

Phase 1 drill program has tested six targets with 21 diamond drill holes (“DDH”) to date, totaling 2,210 metres (“m”) of 2,875 m planned. See Table 1 below for details;
Significant potential for expansion of current NI 43-101 resources has been corroborated by Phase 1 drilling at the Trapia 1 target;
Five new drill holes are planned to follow-up on DD20TU13 that yielded a 61.85 m PGE intercept, including 9.49 g/t 2PGE+Au (Palladium, Platinum and Gold; Pd, Pt+Au) over 2.45 m, adding another 985 m of drilling in September at Trapia 1. The additional drill holes at Trapia 1 will step out along strike of the 1 kilometre (“km”) long magnetic inversion feature located immediately south of the existing NI 43-101 resource;
Prospective ultramafic (“UM”) rocks were intercepted in all three holes at C-04, both holes at Golden Goat, four of five holes at Cana Brava, three of four holes at Cedro and one of three holes at Esbarro East (see Tables 1 and 2 below);
1,062 samples have been sent to SGS Vespasiano, with results from five holes (444 samples) at Trapia released (see releases dated August 25 and 31, 2020). Assays are pending from Cedro, Golden Goat, Esbarro East, Cana Brava, and C-04 targets;
Phase 2 drill program (3,035 m) is fully-funded with the second drill rig arriving in early October to facilitate follow-up drilling of high-priority targets;
Phase 2 completion will be accelerated by at least two months with a reduction in costs due to efficiencies and economies of scale;
Additions to geological team to boost property wide exploration and discovery program include:
- Three new experienced Brazilian geologists and one Brazilian mining technician;
- Focused on property wide discovery pipeline, the bolstered team will execute soil sampling, prospecting, and mapping campaigns at Trapia, Mendes North, and Santo Amaro and trenching select areas near existing resource zones;
Metallurgical test work continues at SGS Lakefield and timing of results will be staged throughout Q4, 2020.

“Phase 1 drilling at Pedra Branca has successfully demonstrated the potential to expand the currently defined Trapia 1 resource area and assays are still pending from drilling at five additional target zones,” stated ValOre’s Chairman and CEO, Jim Paterson. “With Phase 2 fully-funded and now benefiting from the addition of new team members and a second drill rig, our productivity should increase dramatically and the receipt of assay results and related news flow will be greatly accelerated. We look forward to sharing further exploration successes from the project with our shareholders and we are proud to note the continued high levels of vigilance maintained by our employees and contractors to keep everyone safe in Capitão Mor and the communities surrounding the Pedra Branca project.”

Table 1: Summary of Phase 1 Drill Program (To Date)

Trapia and Cedro represent two 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 totaled 1,067,000 ounces 2PGE+Au contained in 27.2 million tonnes 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, ValOre’s proposed 2020 drill holes, and the Phase 1 drill totals (to date).

Figure 1: Summary Map of Phase 1 Drill Program (To Date)

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/

Increase and Extension to Financing

As announced April 27, 2020, ValOre entered into an unsecured revolving credit facility, allowing the Company to borrow up to CAD $1.2 million from Jim Paterson, ValOre’s Chairman and CEO. Mr. Paterson has now agreed to advance an additional CAD $500,000 to ValOre on similar terms, and ValOre has agreed to use commercially reasonable efforts to complete an equity financing prior to March 31, 2021 (vs December 31, 2020 as previously agreed) in an amount sufficient to repay amounts borrowed under the loan facility.

About ValOre Metals Corp.

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 2PGE+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 2PGE+Au/t (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 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.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

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 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 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

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.

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.

Qualified Person

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

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.