Pedra Branca Archives - Page 9 of 11

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; the “Company”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0) today announced preliminary metallurgical results for cyanide leach and Falcon Ultra-Fine (“UF”) testwork for ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil.

“We are extremely pleased with both the high palladium recoveries achieved with cyanidation tests and the gravity concentration tests which showed more than 80% of the platinum recovered in 32% of the mass,” stated ValOre’s Chairman and CEO, Jim Paterson. “These favorable and complimentary results significantly increase the optionality related to future development of the Pedra Branca project and they provide real impetus for ValOre to continue to perform tests to optimize conditions and improve metallurgical recoveries.”

Highlights from Cyanide Leach and Falcon UF Gravity Tests at Pedra Branca

Hot cyanide metallurgical test recoveries of 84.4%, 88.5% and 91.7% palladium (“Pd”) were achieved;
Falcon UF gravity test work was very effective at concentrating platinum (“Pt”) with 73.3% Pt recovered in only 9.6% of the mass and 82.6% Pt recovered in 32.1% of the mass;
Falcon UF gravity concentration may serve to optimize conditions required for the Platsol™ process (see news release date November 2, 2020) by favorably rejecting acid-consuming minerals, and consequently, three subsequent Platsol™ optimization tests have been initiated.

PGE Cyanidation Testwork

Palladium and platinum are readily soluble in a cyanide leach solution under certain chemical conditions. To assess the potential of cyanide leaching as a means to recover PGEs at Pedra Branca, three initial 48-hour hot cyanide leach tests were conducted at SGS Lakefield, Ontario (“SGS”). These tests were conducted on: 1) composite drill core sample from the Curiu 2PGE+Au deposit (100,000oz at 1.93 g 2PGE+Au/t); 2) an outcrop sample from the Trapia 2PGE+Au deposit (219,000oz at 1.19 g 2PGE+Au/t); and 3) tailings material collected from the first Falcon UF Gravity Concentrator test (see “Falcon UF Gravity Separation” below). Recoveries of 84.4%, 88.5% and 91.7% Pd were achieved in 48-hour leach experiments. See Table 1 below for a summary of cyanidation results, and Table 2 below for a description of sample details.

The hot cyanide leach tests were performed with the following conditions:

Grind size = 20-30 μm (P80)
Pulp density = 33% solids (w/w)
Pulp temperature = 50°C
Cyanide concentration = 20 g/L NaCN (maintained)
Dissolved Oxygen = 20 mg/L (maintained)
Retention time = 48 hours
Kinetic solution subsamples assayed for Pt and Pd after ~6, 24 and 48 hours

Table 1: Summary of Hot Cyanide Leach Results

Sample	Tailing from Test	% Extraction
		Platinum			Palladium
		6 h	24 h	48 h	6 h	24 h	48 h
Curiu Core	—	1	2	2.6	81	88	91.7
Trapia West Outcrop	—	2	3	4.2	47	74	84.4
Curiu Core	G1	5	5	7.2	83	90	88.5

Table 2: Description of Sample Details

Sample Type	Source	Weight Received	Pd (g/t)	Pt (g/t)	Rh (g/t)	Au (g/t)	3PGE+Au (g/t)
Historical Drill Core	Curiu Deposit	20-25 kg	3.83	6.86	0.25	0.24	11.2
Outcrop	Curiu Deposit	20-25 kg	7.86	3.95	0.45	0.30	12.6
Outcrop	Trapia West Deposit	20-25 kg	21.6	17.0	0.25	0.83	39.6

The strong leachability of Pd in all three tests warrants subsequent cyanidation tests aimed at improving the performance of Pt recoveries. The addition of chloride and/or iodine as an additive in future testing may promote reaction activity and this could positively impact the recoveries of both Pt and Pd.

About Cyanidation of PGEs

Further information about cyanide leaching can be found in the link below:

https://www.sgs.ca/en/mining/metallurgy-and-process-design/cyanidation-technologies/cyanide-leaching

Falcon UF Gravity Separation

Previous mineralogical studies of Pedra Branca mineralized ultramafic rocks suggest a very fine nature to the PGE minerals (<9 micrometer (“μm”)) and thus multiple rounds of testwork have been initiated to assess the potential to upgrade feed material by means of a fine grind (-20 to -38 μm) followed by gravity separation using the Falcon UF Gravity Concentrator. The primary objective is to scavenge ultra-fine mineral particles that are typically rejected from conventional gravity processing circuits as slimes.

The first round of Falcon UF testwork (“G1”) was completed on a sample of historical drill core from the Curiu 2PGE+Au deposit (NI 43-101 resource of 100,000oz 2PGE+Au at 1.93 g/t). A summary of the samples tested is included in Table 2 above. Platinum responded very favorably to Falcon UF Gravity concentration, with 73.3% Pt separated into only 9.6% of the mass, 82.6% Pt separated into 32.1% of the mass, and 57.8% Pt on the first mass pull (4.6% of the mass). Palladium responded less favorably to Falcon UF concentration, with 47.7% Pd recovered in 32.1% of the mass. See Figure 1 and Table 3 below for a summary of G1 test results, which were run under the following test protocols: 5 kg feed at -38 μm, 10-15% solids with ~ 3 litres/minute pulp feed rate.

300 G-Force centrifugal pressure
Recover Pass 1 Concentrate and retain
Repass Pass 1 Tailing
Repeat for a total of 8 passes – expected mass recovery of 20-25% in total
Filter, dry and weigh all products and submit for assay (8 concentrates, 1 tailing), including Cr, Pt and Pd
Metallurgical balance relating mass recovery to PGE recovery

Figure 1: Summary Graph of G1 Falcon UF Gravity Test Results

Table 3: Summary Table of G1 Falcon UF Gravity Test Results

Product	Mass		Assays, g/t			Distribution %
Product	g	%	Pt, g/t	Pd, g/t	Cr, %	Pt	Pd	Cr
Pass 1 Concentrate	226.7	4.6	44.5	21.9	15.1	57.8	15.0	8.6
Pass 1+2 Concentrate	477.3	9.6	26.8	17.9	16.8	73.3	25.9	20.1
Pass 1-3 Concentrate	707.1	14.2	19.0	15.1	17.1	77.0	32.3	30.2
Pass 1-4 Concentrate	921.6	18.5	15.0	13.2	16.9	79.0	37.0	39.0
Pass 1-5 Concentrate	1121.0	22.5	12.5	11.9	16.4	80.2	40.4	46.1
Pass 1-6 Concentrate	1297.9	26.1	10.9	11.0	16.0	81.2	43.3	52.0
Pass 1-7 Concentrate	1455.6	29.2	9.8	10.3	15.6	82.0	45.5	56.9
Pass 1-8 Concentrate	1600.1	32.1	9.0	9.8	15.4	82.6	47.4	61.6

Given the strong performance of Pt concentration in the G1 test, a subsequent round of Falcon UF concentration testwork (“G2”) was performed, aimed at further improving recoveries by a sequential coarse-to-fine grind. G2 was designed to examine the response of coarsely ground (~100 µm P80) material to standard gravity recovery techniques (Wilfley table), followed by fine grinding of the tailing (P80 = ~20 µm) and processing at high G-Force with the Falcon UF test procedure. This assumes that the PGEs were predominantly associated with chromite and that coarse chromite may concentrate somewhat efficiently relative to the lighter matrix minerals.

Platinum once again responded well to the combined Wilfley + Falcon UF process, with 76.4% recovered in 30.6% of the mass (Wilfley concentrate + Falcon pass 1 concentrate), and 86.9% recovered in 56.1% of the mass in the combined Wilfley + 4 pass Falcon concentrate. Palladium showed a slight improvement to G1 results, but required a higher mass pull, with recovery curves flattening at ~30% mass pull. The Wilfley stage did not show a marked improvement on G1 results. CLICK HERE for Figure 2 and Table 4 for summaries of the G2 test results.

The strong performance of Pt in both the G1 and G2 Falcon UF gravity tests, combined with strong leachability of Pd seen in the three cyanidation tests presents two highly complementary processes to concentrate and recover Pd and Pt at Pedra Branca. High-priority follow-up testwork is planned to further optimize conditions and improve metallurgical recoveries.

About Falcon UF Gravity Separation

Further information about Falcon UF gravity separation can be found in the link below:

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

ABOUT SGS

SGS is the world’s leading inspection, verification, testing and certification company. SGS is recognized as the global benchmark for quality and integrity. With more than 89,000 employees, SGS operates a network of more than 2,600 offices and laboratories around the world.

SGS fit-for-purpose solutions encompass the skills of qualified geologists, geostatistician, analytical chemists, mineralogists, metallurgists, process engineers and mining engineers brought together to provide accurate and timely mineral and process evaluation services across the entire mining life cycle.

Qualified Person (QP)

About ValOre Metals Corp.

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

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

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

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

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

On behalf of the Board of Directors,

"Jim Paterson"James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

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

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

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of 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”; the “Company”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0) today announced metallurgical results for two preliminary Platsol™ tests, and the initiation of multiple optimization studies for ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil.

“The pace of success at Pedra Branca has increased dramatically in the last three months, including today’s release of PGE metallurgical recovery rates of in excess of 93% for palladium and 95% for platinum using the Platsol™ process,” stated ValOre’s Chairman and CEO, Jim Paterson. “Together with an aggressive property-wide exploration program, we are now focused on rapidly optimizing the conditions, procedures and processes to further maximize the upside potential of the Pedra Branca project.”

Highlights from Platsol™ Tests and Optimization Studies at Pedra Branca

Sample material for the Platsol™ tests was collected from outcrops at the Trapia and Curiu deposits areas at Pedra Branca;
Platsol™ metallurgical test recoveries of 93.4 to 93.6% for palladium (“Pd”) and 95.3 to 95.7% for platinum (“Pt”) were achieved in two tests conducted at SGS Lakefield, Ontario (“SGS”);
Two additional Platsol™ tests will now be performed by SGS to determine the effects of adding elemental sulphur to the autoclave to optimize conditions required for PGE and gold (Au) recoveries;
A comprehensive mineralogical evaluation is on-going at SGS to characterize the speciation of palladium and platinum in Pedra Branca mineralization to guide future process optimization initiatives;
Falcon Ultra-Fine (“UF”) gravity separation testwork continues as a potential preconcentration circuit to upgrade feed material and improve mass pull;
Hot cyanide leach testwork has been initiated to assess the recovery rates of palladium, platinum and gold in a cyanide leaching process;

STEINERT sensor-based ore sorting testwork will commence shortly with the shipment of 100 representative chip samples from historic drilling at the Esbarro deposit.

Platsol™ Metallurgical Testwork

Metallurgical recovery results from two Platsol™ leach tests show recovery rates of 93.4 to 93.6% for Pd and 95.3 to 95.7% for Pt. Samples tested were collected from outcrops at two of the five NI 43-101 defined 2PGE+Au deposits areas, namely Trapia (219,000oz at 1.19 g 2PGE+Au/t) and Curiu (100,000oz at 1.93 g 2PGE+Au/t). See Table 1 below for a summary of results and Table 2 below for sample descriptions.

Table 1: Summary of Preliminary Results of Platsol™ Testwork

Test	Final PLS, mg/L		Final Residue, g/t				% Recovered				Head Grades, g/t
Test	Pt	Pd	Pt	Pd	Rh	Au	Pt	Pd	* Rh	* Au	Pt	Pd	Rh	Au
Trapia Outcrop	3.25	4.29	0.95	1.84	0.08	0.27	95.7	93.6	47	67	17.0	21.6	0.15	0.83
Curiu Outcrop	0.95	1.88	0.17	0.47	0.32	0.28	95.3	93.4	29	7	3.95	7.86	0.45	0.30

* Au and Rh extractions are estimated by comparing assayed residue grades to assayed head grades.

Table 2: Summary of Platsol™ Sample Material

Sample Type	Source	Weight Received	Pd (g/t)	Pt (g/t)	Rh (g/t)	Au (g/t)	3PGE+Au (g/t)
Outcrop	Curiu Deposit (NI 43-101)	20-25 kg	7.86	3.95	0.45	0.30	12.6
Outcrop	Trapia West Deposit (NI 43-101)	20-25 kg	21.6	17.0	0.25	0.83	39.6

Baseline test conditions for the two Platsol™ leach tests were evaluated at the following settings:

Temperature: 230^◦C
Oxygen pressure: 700 kPa
Residence time: 120 minutes
Concentrate regrind (as received, fine grind)
Chloride addition: 25 g/L

Sampling and assaying of the autoclave test products included the below analytes, enabling the production of a complete metallurgical balance, indicating precious and base metals recoveries, weight loss and reagent additions.

Solids sampled and assayed: Pt, Pd, Rh, Cu, Ni, WRA (whole-rock analysis)
Solutions sampled and assayed: Pt, Pd, Rh, Cu, Ni, Fe, full ICP scan, Fe²⁺, ORP and Free Acid

The very encouraging recoveries obtained for Pd (93.4 to 93.6%) and Pt (95.3 to 95.7%) are an important benchmark in the metallurgical advancement of the Pedra Branca project. Efforts are now focused on processes to optimize the metallurgical conditions required for Platsol™ 2PGE+Au recovery, including: upgrading feed material by gravity concentration, upgrading feed by sensor-based ore sorting, and a controlled addition of elemental sulphur to Platsol™ autoclave to reduce sulphuric acid (H₂SO₄) consumption. Hot cyanidation testwork has also commenced to test the leachability of palladium, platinum and gold.

For a summary of Platsol™ test conditions, operation details, and final analytical data associated with the first two tests reported herein, CLICK HERE for Tables 3A, 3B and CLICK HERE for Table 4.

About Platsol™

Platsol™ is a high temperature (>200^°C) pressure leaching process designed to recover PGEs, gold and base metals. Platsol™ has been shown to be particularly effective with PGE ore feeds characterized by high concentrations of chromium and low concentrations of sulphide, much like Pedra Branca. The PGEs and gold are solubilized as chlorocomplexes by the addition of chloride salt to the autoclave, while base metal sulphides (“BMS”) are oxidized to form soluble metal sulphate complexes. The precious metals can be recovered directly form the autoclave discharge slurry by carbon absorption, or by precipitation with sulphide ions. Platsol™ consists of standard, proven traditional technologies that are in use in mines around the world.

Further information about PLATSOL™ can be found in the link below:

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

STEINERT Ore Sorting

Optimizing metallurgical conditions and performance in PLATSOL™ may be achieved by precursory sensory-based ore sorting. This could serve to effectively upgrade the feed material (grade) by either concentrating PGE-hosting minerals (i.e. chromite grains) and/or separating out gangue minerals which adversely affect PLATSOL™ (i.e. olivine cumulates). As such, ValOre has engaged STEINERT Latinoamericana in Belo Horizonte, Minas Gerais, Brazil, an experienced international group that specializes in sensor-based ore sorting technologies, to initiate an initial round of testwork.

ValOre geologists have sampled, photographed and mineralogically characterized 100 historical drill core samples representative of feed material lithologies from the Esbarro 2PGE+Au deposit (NI 43-101 resource of 394,000oz at 1.23 g 2PGE+Au/t). These core samples have been shipped to STEINERT Latinoamericana with the expected commencement of sensory-based characterization and ore sorting testwork in two weeks, with preliminary results anticipated within one month.

Further information about STEINERT Ore Sorting can be found in the link below:

https://steinertglobal.com/

Falcon UF Gravity Separation

Previous mineralogical studies at Pedra Branca suggest a very fine nature to the PGE minerals (<9 micrometer (“μm”)) and thus multiple rounds of testwork have been initiated to assess the potential to upgrade feed material by means of a fine grind (-20 to -30 μm) followed by gravity separation using the Falcon UF Gravity Concentrator. The primary objective is to scavenge ultra-fine mineral particles that are typically rejected from conventional processing circuits as slimes.

Further information about Falcon UF gravity separation can be found in the link below:

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

PGE Cyanidation Testwork

Palladium and platinum are readily soluble in a cyanide leach solution under the right metallurgical conditions. To assess the potential amenability of hot cyanide leaching as means to recover PGEs at Pedra Branca, SGS has initiated testwork on the same samples used in the PLATSOL™ tests reported in this release, as well as tailings material collected from the first Falcon UF Gravity Concentrator test.

The hot cyanide leach testwork is on-going, with results expected in 2 weeks.

Further information about cyanide leaching can be found in the link below:

https://www.sgs.ca/en/mining/metallurgy-and-process-design/cyanidation-technologies/cyanide-leaching

About SGS Lakefield, Ontario

The SGS laboratory in Lakefield, Ontario, Canada operates with ISO/IEC 17025 Scopes of Accreditations. For a full list of our scope of accredited testing, please visit https://www.scc.ca/en/search/laboratories.

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

Valore Metals: Exploring Palladium & Platinum In Brazil – Oct 26, 2020

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.

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.

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.

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.

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

Highlights from Initial Drilling at Trapia 1:

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

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

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

Trapia Target Area and the 2019 NI 43-101 Resource

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

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

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

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

Initial Trapia 1 2020 Drilling Results

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

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

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

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

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

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

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

Pedra Branca 2020 Drill Program

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

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

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

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.

About Servitec Foraco Sondagem SA

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

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

ValOre and Servitec Foraco COVID-19 Protocols

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

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

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

About ValOre Metals Corp.

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

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

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" or the “Company”; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) today provided an update on the ongoing exploration activities at the Company’s 100%-owned Pedra Branca Platinum Group Elements Project (“PGE”, “2PGE+Au”) in northeastern Brazil since the August 14, 2019 closing of the acquisition.

“We are proud of the advances we have made at Pedra Branca since closing the acquisition in August of last year,” stated Jim Paterson, Chairman & CEO. “Since that time, we have successfully implemented an exploration targeting methodology that has yielded many high-priority PGE targets, bolstered our technical team and started metallurgical test work. Most importantly, from a news flow perspective, we have started core drilling at Pedra Branca and look forward to reporting preliminary results from our Phase 1 program soon.”

2020 Drill Program Underway

In April, ValOre announced key details of the proposed 2020 Pedra Branca drill program, comprised of two phases totaling 5,910 metres, with 2,875 metres in Phase 1 and 3,035 metres in Phase 2. The drill program will test three target classes at 11 property-wide exploration areas:

Resource expansion;
New discovery (undrilled targets); and
Target advancement (follow-up on historical intercepts at pre-resource targets).

On July 9, 2020, ValOre announced that the Pedra Branca core drill program had started. Phase 1 is targeting 7 distinct target areas with 23 core drill holes totaling 2,875 metres. The first target drilled was the Trapia 1 deposit area, with the goals of resource expansion and new discovery. Logging and sampling of core from Trapia 1 has been completed and 444 drill core samples from 5 holes have been sent to SGS Vespasiano, Minas Gerais for assay. Assay results will be released upon receipt and review of data. CLICK HERE for Figure 1, which provides a summary map of the 2020 drill program at Pedra Branca.

Servitec Foraco Sondagem SA, a Brazilian drilling company based in the State of Goiás, is conducting the drilling at Pedra Branca. It has more than 700 employees, 90 drill rigs and operates throughout Brazil with clients including Nexa Resources S.A., NX Gold S.A., Lundin Mining Corporation and CMOC Brasil.

Successful Implementation of Targeting Methodology

In December 2019, ValOre reported that it had identified PGE+Au mineralization in all rock samples from the “C04” exploration target. Importantly, this new discovery followed the successful implementation of an exploration targeting methodology which combines airborne magnetic data with high resolution, multi-spectral WorldView satellite imagery.

Following the success of ValOre’s WorldView-mag targeting methodology at C04, in March, 2020 ValOre subsequently identified three new, unexplored, large-scale PGE targets (>3 km of total strike) collectively called “Mendes North”. The targets are characterized by three >1 km large magnetic anomalies with coincident ultramafic and chromitite WorldView spectral classes.

A geochemical soil sampling and prospecting program of the three Mendes North targets was immediately initiated and assay results from the 598 collected soils served to delineate distinct PGE-in-soil anomalies at all three targets (see July 7, 2020 press release). Furthermore, the PGE geochemical anomalies remain open at all three Mendes North targets, indicating potential continuity of this PGE-bearing belt.

Technical Team Strengthened

In June, ValOre announced it had added significant strength to its technical team with the addition of consulting exploration geologists and technical/corporate advisors Robert A. Brozdowski, Ph.D., P.Geo. and Robert Carpenter, Ph.D., P.Geo. Together they bring over 55 years of exploration experience, including direct experience with PGE-enriched ultramafic systems and a track record of significant discoveries. In addition, ValOre welcomed in-country Project Geologist, Thiago Diniz, P.Geo., to assist in the execution of the 2020 exploration programs at Pedra Branca.

Initiation of Metallurgical Testwork Program

ValOre announced the start of metallurgical testwork by SGS Canada Inc. of Lakefield, Ontario in June. Preliminary metallurgical test work utilizing Falcon UF gravity separation as well as PLATSOL^TM leaching on samples obtained from ValOre’s NI 43-101 deposit areas has been initiated. This metallurgical test work will help to accelerate the advancement of Pedra Branca.

Secured $1.2M Financing

ValOre secured a $1.2 million funding package in April by entering into an unsecured revolving credit facility. This funding arrangement will finance ValOre’s corporate and exploration activities for the coming year, including fully funding the Phase 1 drill program.

Qualified Person (“QP”)

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

ValOre and Servitec Foraco COVID-19 Protocols

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

These decisions, by both ValOre and Servitec, reinforce the shared objective of preventing the transmission of COVID-19 among employees, contractors, and the communities proximal to drilling activities.

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+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g 2PGE+Au/t”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

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

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

Highlights of the 2020 Drill Program:

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

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

2020 Drill Program

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

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

About Servitec Foraco Sondagem SA

ValOre and Servitec Foraco COVID-19 Protocols

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

About ValOre Metals Corp.

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

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

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

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

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

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.