Pedra Branca Archives - Page 8 of 11

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced the appointment of Colin Smith as Vice President of Exploration and has added significant experience to the team responsible for advancing ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”) Project in northeastern Brazil.

“With the recently completed financing, ValOre is in a strong position to ramp up exploration activities to advance the exploration and development of Pedra Branca. We are very lucky to have secured such an experienced, competent and hard-working team to execute our plan,” stated ValOre’s Chairman and CEO, Jim Paterson. “Colin Smith has risen to every challenge thrown at him and has proven himself to be a talented and passionate geologist with an innate ability to bring out the best in all of his team members. We take great pride in Colin’s appointment as ValOre’s Vice President of Exploration.”

Colin Smith is a registered Professional Geologist (P.Geo.) in British Columbia, Saskatchewan, Nunavut and the Northwest Territories with over 16 years experience developing, executing and managing exploration campaigns in North and South America, ranging from early-stage project generation to near-mine resource delineation. Colin’s passion for exploration and discovery has garnered him a technical expertise with structurally hosted gold, ultramafic-associated PGEs, porphyry copper-gold, diamonds, unconformity-related uranium, and coal. Smith started with ValOre in August 2018, overseeing New Project Review for the Company. This followed his role as Senior Exploration Geologist with SSR Mining Inc. at the Seabee Gold Operation in northern Saskatchewan, where he designed and implemented all Seabee-based exploration activities, resulting in multiple auriferous discoveries and resource delineation. Smith holds a B.Sc. degree in Geology from the University of British Columbia (2007), and an M.Sc. degree in Economic Geology from the University of Victoria (2012).

“ValOre has assembled an outstanding team of industry-leading professionals in Brazil and Canada, whose foremost goal is the rapid advancement of our Pedra Branca PGE project to ultimately maximize shareholder value,” stated ValOre’s Vice President of Exploration, Colin Smith. “I am deeply honoured by the appointment and highly motivated to continue adding tangible value to ValOre’s assets in 2021 and beyond.”

Integral to the successful exploration and advancement of the Pedra Branca PGE Project team are:

Thiago Diniz, M.Sc., P.Geo. – Exploration Manager, Exploration Geologist with over 8 years of experience working on early- to advanced-stage fertilizer, base and precious metals projects, both in Brazil and Canada, including three world-class mineral deposits (Troilus Au-Cu, in Quebec, Canada; and Belo Sun – Au, and Brazil Potash, in Brazil). Acquired experience in the development and management of large-scale drilling, field mapping and metallurgical programs. Thiago is a registered P.Geo. in Ontario and Quebec (Géo) and holds a B.Sc. degree in Geology from Universidade Federal de Minas Gerais (2013) and a M.Sc. degree in Economic Geology from Queen’s University, Kingston (2019).

Marina Carvalho – Lead Administrator, over 10 years experience within the mining sector, coordinating finance, accounting, budgeting, planning, HR, contract management and corporate governance for private and publicly traded companies. In Brazil, was directly involved in the development of two world class mineral deposits (Belo Sun – Gold; and Potassio do Brasil – Potash). Marina holds a Bachelor of Business Administration degree from Fundacao Armando Alvares Penteado (Sao Paulo, Brazil), a post grad Certificate in Finance and Business Management from Fundacao Dom Cabral (Minas Gerais, Brazil) and Change Management Certification (PROSCI).

Rodolfo Sena – Senior Exploration Geologist, with over 10 years of experience working on the exploration and development stages of fertilizer, base and precious metals projects. Participated in the development of two world class mineral deposits (Belo Sun – Gold; and Potassio do Brasil – Potash). Rodolfo holds a B.Sc. Degree in Geology from Universidade Federal de Minas Gerais (2009) and is starting a Master’s Degree in Regional Geology in 2021 at UFVJM, Brazil.

Kleber Souza – Senior Exploration Geologist, with over 10 years of experience working on the exploration and development stages of base and precious metals projects. Participated in the development of a world class mineral gold deposit (Belo Sun). Kleber holds a B.Sc. Degree in Geology from Universidade Federa do Para (2007).

Rafael Diniz – Junior Exploration Geologist, with experience working on the exploration of copper and phosphate projects in southern Brazil. Rafael holds a B.Sc. Degree in Geology from Universidade Federal de Ouro Preto (2018).

Luiz Mauro Martins – Senior Mining Technician, with over 30 years of experience on the exploration of base and precious metals and PGE deposits in Brazil. Work experience with South African Gemcore, Canadian Falconbridge, Anglo-Swiss Xstrata, and Australian Aguia Resources.

Antonio Mota – Senior Mining Technician, with over 30 years of experience, 15 of them working on the Pedra Branca PGE project. Local citizen of Capitao Mor, with great knowledge of the region.

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 39 exploration licenses covering a total area of 39,987 hectares (98,810 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 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.

20 metres grading 1.06 g/t 2PGE+Au in trench and 10 metres grading 1.64 g/t from surface in Trado^® auger hole

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced assay results for 3 trenches and 19 Trado^® auger holes collected from the Santo Amaro South target area at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”) Project in northeastern Brazil.

“We have just begun receiving encouraging assays from Trado^® auger drilling and mechanical trenching, which define a PGE-mineralized trend 800 metres to the south of the Santo Amaro inferred resource,” stated ValOre’s Chairman and CEO, Jim Paterson. “Follow-up work will test continuity and extensions of the undrilled >400 m long PGE-mineralized ultramafic belt at Santo Amaro South.”

Santo Amaro South Trenching and Trado^® Auger Drilling Highlights:

Three trenches returned significant intervals of PGE mineralization, including:
- 20 metres (“m”) grading 1.06 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”), including 7 m grading 1.93 g/t 2PGE+Au
  - Contained within a broader interval of 61 m grading 0.43 g/t 2PGE+Au
  - Individual sample assays as high as 5.07 g/t 2PGE+Au
- 77 m grading 0.20 g/t 2PGE+Au
- 11 m grading 0.35 g/t 2PGE+Au
Trado^® auger drilling assay highlights, from surface, include:
- 10 m grading 1.64 g/t 2PGE+Au
- 4 m grading 1.09 g/t 2PGE+Au
- 3 m grading 0.66 g/t 2PGE+Au
Assay results validate Trado^® auger drilling as an effective exploration technique to confirm near-surface PGE mineralization at Pedra Branca and advance targets to drill-ready stage.

Santo Amaro South 2021 Trado^® Auger Drilling and Trenching Program

Assay results for 3 east-west trenches (194 total samples) and 19 vertical Trado^® auger holes (71 total samples) have been received for the Santo Amaro South target area, with significant PGE assays returned for all 3 trenches and multiple Trado^® auger holes. Trado^® hole logging, trench mapping, and subsequent assay results have defined multiple un-drilled, north-south-trending mineralized UM packages which exceed 400 m in length and remain open along both directions of geological strike. See Table 1 below for a summary of significant trench and Trado^® PGE assay intervals, CLICK HERE for Figure 1, showing a map of the Santo Amaro and Santo Amaro region, CLICK HERE for Figure 2, showing a detailed view of the Santo Amaro South target, and CLICK HERE for Figure 3 showing cross sections of the 3 trenches with coincident Trado^® auger holes.

The northernmost trench, TR21SAS01, totaled 79 m in length, and exposed mineralized ultramafics (peridotites and dunites with subordinate serpentinites) from 17 to 79 m, with localized centimetric chromitite horizons. The trench returned a channel sample assay of 20 m grading 1.06 g/t 2PGE+Au from 18 m, within a broader mineralized interval of 61 m grading 0.43 g/t 2PGE+Au from 18 m.

The southernmost trench, TR21SAS03 was excavated approximately 400 m south of TR21SA01, totaled 85 m in length, and exposed mineralized peridotites (with minor serpentinites) from 0 to 81 m. The trench returned a channel sample assay of 77 m grading 0.20 g/t 2PGE+Au from 49 m, including 44 m grading 0.25 g/t 2PGE+Au and 4 m grading 0.61 g/t 2PGE+Au from 53 m.

Trench TR21SAS02 was opened approximately 200 m northwest of TR21SAS03 and 250 m southwest of TR21SAS01, totaled 77 m in length, and exposed mineralized ultramafic derived rocks from 51.6 to 58.3 m. The trench returned a channel sample assay of 11 m grading 0.35 g/t 2PGE+Au from 49 m.

Trado^® auger drilling proved highly effective at locating prospective UM rocks beneath overburden and confirming the presence of shallow (10 m or less) associated PGE mineralization. Trado^® hole AD21SAS12, situated 160 m west (up-dip) of trench TR21SAS03, drilled 10 m of highly magnetic pale-green to light-brown soil with UM rock fragments from surface, and returned an assay of 10 m grading 1.64 g/t. Sixty metres to the northeast, Trado^® hole AD21SAS08, drilled a correlative sequence from surface to 4 m depth which returned a 2PGE+Au assay of 1.09 g/t. Trado^® hole AD21SAS29 tested the sequence 260 m to the northeast of AD21SAS08, and returned an assay of 3 m grading 0.66 g/t from surface. These results validate the use of Trado^® auger drilling to identify shallow PGE mineralization at Pedra Branca, and the use of this exploration technique will be implemented property-wide to advance targets to drill-ready stage.

Table 1: Santo Amaro South Trado^® Auger Drilling and Trenching Assay Highlights

2021 Trenching Highlights
Trench	Channel From (m)	Channel To (m)	Length (m)	2PGE+Au (g/t)
TR21SAS01	18	38	20	1.06
TR21SAS01	18	79	61	0.43
TR21SAS03	4	81	77	0.2
TR21SAS02	49	60	11	0.35
2021 Trado^® Auger Drilling Highlights
Trado^®Hole	Depth From (m)	Depth To (m)	Length (m)	2PGE+Au (g/t)
AD21SAS12	0	10	10	1.64
AD21SAS08	0	4	4	1.09
AD21SAS29	0	3	3	0.66

About Trado^® Auger Drilling

The Trado^® is a portable machine-powered auger drill specifically designed for mineral exploration. The device is capable of drill up to 30 meters depth through soil and saprolite rock, and most holes terminate at the onset of competent bedrock. Overburden is typically shallow at Pedra Branca (< 5 m), and thus ValOre’s average Trado^® hole depth is approximately 3 m, with a maximum depth of 10 m, to date. The tool is manufactured by the Brazilian company Trado^® Equipment and Services, founded in 1978, and has been widely used by junior and major companies throughout Brazil. ValOre’s Trado^® auger hole locations were captured by handheld GPS, and auger hole samples were continuously collected in one-meter intervals from surface to end of hole. The first 20 centimeters (“cm”) interval of every hole is discarded to avoid contamination by colluvium material. Auger holes were drilled with 4” diameter bits, and material is recovered from inside the auger bit, which can accommodate up to 20 to 30 cm of material per run. Approximately 7 to 10 runs are necessary to complete a one-meter sample. At the drill site, the material from each run is removed from the bit and collected in plastic bins. Once the metre-long interval has been drilled, the sample is homogenized over clean plastic sheets, and a representative aliquot poured into plastic sample bags. Samples are subsequently transported to ValOre’s logging facility, in Capitão Mor, Ceará, Brazil, where magnetic susceptibility and portable-XRF readings are taken for each sample. An identification tag is inserted in each bag, and samples are sent with an ensured chain of custody to SGS Geosol Vespasiano, an accredited mineral analysis laboratory in Minas Gerais, for geochemical analyses. All samples are analyzed for PGE+Au (Pd, Pt, Au) content using standard 50g Fire Assay and ICP-AES techniques. Certified PGE ore reference standards, blanks and field duplicates are inserted as a part of ValOre’s QA/QC program. No QA/QC issues were noted with the results reported herein.

Trenching Methodology

Trenches at Santo Amaro South were mechanically opened perpendicular to the local structural trend, along an east-west azimuth. Trenches vary from 70 to 90 m in length, and 60 to 80 cm in width, reaching up to 3 m depth. After detailed geological mapping of trench walls and floor, a channel is marked on the north wall, with wood markers placed at “from” and “to” positions for each sample interval. Average sample interval length is 1 m, while respecting geological contacts, observed mineralization, and alteration features. Samples were taken with a chisel-like tool and dropped to plastic bins placed underneath the channel. The material was then identified and bagged at trench site, prior to transport to ValOre’s logging facility, where portable XRF and magnetic susceptibility measurements are taken. All samples are sent with an ensured chain of custody to SGS Geosol Vespasiano, an accredited mineral analysis laboratory in Minas Gerais, for geochemical analyses. All samples are analyzed for PGE+Au (Pd, Pt, Au) content using standard 50g Fire Assay and ICP-AES techniques. Certified PGE ore reference standards, blanks and field duplicates are inserted as a part of ValOre’s QA/QC program. No QA/QC issues were noted with the results reported herein.

Qualified Person (QP)

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., ValOre’s QP, who oversees New Project Review for ValOre.

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 valoremetals.com or contact Investor Relations 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

60% of samples anomalous in follow-up program, with a high value of 0.25 g/t Rh

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

“The first three phases of resampling for rhodium assay at Pedra Branca have been highly encouraging,” stated ValOre’s Chairman and CEO, Jim Paterson. “ValOre’s team has commenced an expanded program to include all historic samples grading over 1 g/t 2PGE+Au from the Esbarro, Curiu, Cedro, Trapia and Santo Amaro NI 43-101 deposits, including all 2020 drilling, and pre-resource targets C-04 and Cana Brava.”

Rhodium Assay Program Highlights:

ValOre has conducted three phases of Rh assay programs to date, totaling 283 samples;
59% (166) of the samples assayed to date have returned anomalous Rh, with a high of 1.44 g/t Rh and an average of 0.12 g/t Rh in the 166 samples with detectable Rh;
Phase 3 assayed 212 samples; 111 from the Esbarro and 101 from the Curiu PGE deposits;
Anomalous Rh assay values occur in 60% (127) of the samples, with a high of 0.25 grams per tonne (“g/t”) Rh and an average of 0.07 g/t Rh in the 127 samples with detectable Rh;
A positive correlation between 2PGE+Au (palladium + platinum + gold) grade and Rh grade is observed;
Rh mineralization established to date is shallow in nature, with the average Rh-bearing sample starting at 27 metres (“m”) drill hole depth.

ValOre received follow-up Rh assay results for 212 samples (pulps, pulverized rejects and coarse rejects of historical drill core) from the Esbarro and Curiu PGE deposits, selected on the basis of historical 2PGE+Au assays grading over 2.0 g/t. This third phase of Rh assaying was initiated based on the 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).

A positive correlation between 2PGE+Au grade and Rh grade is observed, with 89% of samples with 2PGE+Au grades of ≥5.00 g/t producing anomalous Rh; however, Phase 3 demonstrated that strong Rh mineralization is present throughout the 2PGE grade profile sampled to date, with two of the three highest Phase 3 Rh values (0.25 and 0.23 g/t Rh) coming from two of the lower 2PGE+Au grade samples (2.22 and 2.21 g/t 2PGE+Au).

A Phase 4 Rh assay program has commenced and will comprise all samples grading over 1 g/t 2PGE+Au from the Esbarro, Curiu, Cedro Trapia and Santo Amaro NI 43-101 deposits, including all 2020 drilling, as well as pre-resource targets C-04 and Cana Brava.

Rh mineralization established to date is situated near-surface, much like Pedra Branca’s 2PGE+Au mineralization, with an average Rh-bearing sample interval depth starting at 27 m. To date, the Esbarro and Curiu PGE deposits have exhibited the most significant Rh potential, with 75% and 66% of samples returning anomalous Rh values, respectively. See Table 1 below for a summary of Rh assays on a deposit basis and CLICK HERE for Table 2 for the complete dataset of anomalous Rh samples to date.

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).

Table 1: Summary of Rhodium Assays on a Deposit Basis, Pedra Branca

NI 43-101 Deposit	Samples Assayed for Rh	Samples with Anomalous Rh	%	Average Rh Grade (g/t)
Esbarro	166	124	75	0.12
Curiu	127	84	66	0.09
Cedro	12	6	50	0.38
Trapia	11	4	36	.0.12
Santo Amaro	9	0	0	0

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.

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 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.

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 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

19.1 g/t 2PGE+Au and 10.2 g/t 2PGE+Au rock samples collected outside Santo Amaro resource area and new PGE-in-soils trends identified

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today announced assay results for 562 soil and 56 rock samples collected from the Santo Amaro target area at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”) Project in northeastern Brazil.

“The Santo Amaro region has moved up our exploration priority list as impressive PGE results were generated through rock and soil sampling, geological mapping, and 2020 diamond core drilling,” stated ValOre’s Chairman and CEO, Jim Paterson. “ValOre’s team continues to unlock more value at Santo Amaro with targeted Trado^® auger drilling and trenching programs prior to the return of the drill rigs this season.”

Santo Amaro PGE Assay Highlights:

Multiple high-grade PGE assay results from rock samples collected outside current Santo Amaro NI 43-101 inferred resource area, including:
- 19.1 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”), sampled 190 metres (“m”) northwest of Santo Amaro resource
- 10.2 g/t 2PGE+Au, sampled 290 m northwest of Santo Amaro resource
- 7.10 g/t 2PGE+Au, sampled 50 m northwest of Santo Amaro resource
- 2.12 g/t 2PGE+Au, sampled 400 m northwest of Santo Amaro resource
- 2.10 g/t 2PGE+Au, sampled 425 m northwest of Santo Amaro resource
- 1.76 g/t 2PGE+Au, sampled 360 m southeast of Santo Amaro resource
- 1.16 g/t 2PGE+Au, sampled 800 m north of Santo Amaro resource;
Multiple new, undrilled anomalies established outside of NI 43-101-defined resource area:
- North-south trending PGE-in-soils anomalies (500 and 600 m trends)
- Northwest trend of high to medium grade PGE rock samples (450 m trend);
PGE anomalies remain open to the north and south of current surface sampling coverage;
A north-south trending PGE-in-soils anomaly may connect Santo Amaro resource to the Santo Amaro South target, situated 1.5 kilometres (“km”) to the south;
High-priority follow-up Trado^® auger drilling and trenching program has commenced to further define these multiple PGE anomalies.

Santo Amaro 2021 Soil and Rock Sampling Program

Assay results for 562 soil and 56 rock samples have been received for the Santo Amaro target area and significant PGE-in-soil anomalies have been identified. Geochemical enrichment of PGEs in soils has defined multiple new undrilled areas of north-south trending PGE anomalies extending to the east (~250 m) and west (~370 m) of the current Santo Amaro NI 43-101 resource area. These anomalies remain open from the northern and southern limits of sampling and are coincident with prospective near-surface 3D magnetic inversion targets.

Additionally, potential continuity exists between the southernmost soil anomaly at Santo Amaro and the largely unexplored Santo Amaro South target, situated 1.5 km to the south. This suggests the presence of a contiguous ≥2.5 km long ultramafic (“UM”) belt which may be associated with the Santo Amaro resource that has only been drill tested over 600 m of this total prospective geological trend.

High-grade PGE assays were returned for selected rock grab samples collected from prospective zones outside of the existing resource area, including a 19.1 g/t 2PGE+Au rock sample 190 m northwest of the resource, and a 10.2 g/t 2PGE+Au sample 290 m northwest of resource. A 7.51 g/t 2PGE+Au sample was also collected near the collar location of 2020 drill hole DD20SA24. Three additional rock samples situated 400 to 450 northwest of the resource returned 2PGE+Au grades of 2.12 g/t, 2.10 g/t and 1.45 g/t, and an additional sample located 800 m north of the resource returned a grade of 1.16 g/t 2PGE+Au. To the southeast of the resource, a 1.78 g/t 2PGE+Au sample was returned from a newly discovered tremolite (+chromitite) schist outcrop (360 m to the southeast of the easternmost historical resource drill hole). See Table 1 below for a summary of rock sample PGE assays, and CLICK HERE for Figure 1, showing a location map for soil and rock assay results reported herein.

Table 1: Santo Amaro Rock Assay Highlights

Sample ID	Lithology	Easting	Northing	2PGE+Au (g/t)
100527	Chromitite	409016	9407775	19.10
100587	Chromitite	408925	9407831	10.18
100524	Serpentinized Ultramafic	409149	9407651	7.51
102340	Peridotite	408858	9407906	2.12
102341	Peridotite	408826	9407916	2.10
100585	Serpentinized Ultramafic	409592	9407287	1.78
100588	Serpentinized Ultramafic	408925	9407831	1.58
102342	Peridotite	408812	9407934	1.45
102330	Peridotite	409327	9408308	1.16
100591	Peridotite	409082	9407819	0.92
100593	Peridotite	409129	9407810	0.78
100586	Peridotite	409079	9407629	0.57
100594	Peridotite	409223	9407785	0.34

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

Santo Amaro is one of five defined PGE deposits at Pedra Branca that together host an inferred resource totaling 1,067,000 ounces (“oz”) of 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. At Pedra Branca, PGE mineralization for all five of the inferred resource deposit areas outcrops at surface, giving these a reasonable expectation of eventual economic extraction by open pit mining methods. CLICK HERE for Figure 2A and 2B, showing the location of the five Pedra Branca PGE resource areas and a detailed view of the Santo Amaro target area.

The 2019 Santo Amaro inferred resource estimate totals 203,000 oz 2PGE+Au contained in 5.3 Mt grading 1.19 g/t 2PGE+Au and represents the most underexplored deposit target area at Pedra Branca. Extensive historical PGE-in-soils anomalies, magnetic targets, and newly mapped, untested UM rock belts make Santo Amaro a compelling target area for resource expansion and new PGE discoveries. Geological mapping preceding the 2020 drill program identified several prospective UM 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.

2020 Drilling, Santo Amaro Target

In 2020, a total of 1,366 metres 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-surface and near-surface PGE drill intercepts. Mineralization remains open in both directions. In addition, a newly identified, shallow PGE-enriched zone was drilled approximately 250 m north-northwest of the Santo Amaro resource area (see ValOre’s news release dated January 15, 2021).

Quality Control/Quality Assurance (“QA/QC”)

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

Selected rock grab samples are collected from field sites with coordinate data captured by handheld GPS and subsequently stored in a secure ValOre facility in Capitão Mór, Ceará, Brazil. The samples were then sent with an ensured chain of custody to SGS Geosol Vespasiano, Minas Gerais for fire assay analysis. All samples were analyzed for PGE+Gold (Pd, Pt, Au) content using standard Fire Assay and ICP techniques. Cr values that exceed 5% are redirected to ore grade pyrosulfate fusion and XRF techniques to determine % Cr₂O₃. Certified PGE ore reference standards, blanks and field duplicates are inserted as a part of the QA/QC. No QA/QC issues were noted with the results reported herein.

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 valoremetals.com or contact Investor Relations 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

Innovation and progress improvement driving value at Pedra Branca PGE project – Jan 29, 2021

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.

About Rhodium

Quality Control/Quality Assurance (QA/QC)

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 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 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