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Resource & Economic Studies

Vancouver, British Columbia, December 22, 2025 – ValOre Metals Corp. (“ValOre” or  “the Company”; TSX-V: VO, OTCQB: KVLQF, Frankfurt: KEQ0); today announced the appointment of engineering company LYCOPODIUM MARINE & MODULAR PTY LTD as lead process engineering consultant, in support of a future Preliminary Economic Assessment (“PEA”) study for ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

Lycopodium will provide process engineering and study support services to advance Pedra Branca toward a PEA conforming to the Standards of Disclosure for Minerals Projects, as per National Instrument 43-101 (“NI 43-101”). Their work will focus on defining, evaluating, and modelling process flowsheet options informed by ValOre’s extensive historical and ongoing metallurgical testwork programs.

The scope of this work includes:

  • Input and recommendation on process route selection;
  • Preparation of PEA-level process engineering inputs, including:
    • Process flowsheet development and mass, water and energy balances;
    • Major mechanical equipment selection and sizing;
    • Capital and operating cost estimates;
    • Process description and high-level control philosophy.

Nick Smart, ValOre’s CEO, stated: “The addition of Lycopodium’s very competent team, their considerable worldwide experience, and demonstrated track record in the development and delivery of minerals projects, strengthens ValOre’s pathway and gives us confidence for the successful development of the Pedra Branca PGE project. We are very excited for the ultimate delivery of the Pedra Branca PEA at a time of continued strong demand for new sources of Platinum Group Element supply globally.”

The work for ValOre will be led from and delivered by Lycopodium’s Cape Town office, located near to the University of Cape Town, where concurrent metallurgical testwork is being carried out on the Pedra Branca ore.

About Lycopodium

Lycopodium has a demonstrated track record for developing and delivering value-optimised, fit-for-purpose process plants, delivered on budget and to schedule. Considering this, Lycopodium is uniquely able to offer confidence in the outcome for the successful development of this project.

Lycopodium has been active in the resources industry for over 30-years internationally and has designed and / or built numerous mineral processing plants with throughputs ranging from pilot scale to over 85 Mtpa.

Lycopodium has successfully completed an extensive portfolio of studies and projects for diamond, gold, iron ore, nickel, copper and PGE producers worldwide:

CLICK HERE FOR LYCOPODIUM SELECT PROJECT CASE STUDIES

This leading position was achieved by consistent attention to detail and client service, with long-standing relationships and repeat projects awarded by many clients.

Qualified Person (“QP”)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Thiago Diniz, P.Geo., ValOre’s Qualified Person  and Vice President of Exploration.

About ValOre Metals Corp.

ValOre Metals Corp. ((TSX-V: VO, OTCQB: KVLQF, Frankfurt: KEQ0) is a Canadian company with a team aiming 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 and innovation.

ValOre’s Pedra Branca Platinum Group Elements Project comprises 45 exploration licenses covering a total area of 51,096 hectares (126,260 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au. ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential. (CLICK HERE to download 2022 technical report* and CLICK HERE for news release dated March 24, 2022).

*The 2022 Technical Report is entitled “Independent Technical Report –Mineral Resource Update on the Pedra Branca PGE Project, Ceará State, Brazil” was prepared as a National Instrument 43-101 Technical Report on behalf of ValOre Metals Corp. with an effective date of March 08, 2022. The 2022 Technical Report by Independent qualified persons, Fábio Valério (P.Geo.) and Porfirio Cabaleiro (P.Eng.), of GE21, commissioned to complete the mineral resource estimate while Chris Kaye of Mine and Quarry Engineering Services Inc. (MQes), was commissioned to review the metallurgical information. The Mineral Resource estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical, plus economic and mining parameters appropriate to the deposit. Mineral Resources, which are not mineral reserves, do not have demonstrated economic viability, and may be materially affected by environmental, permitting, legal, marketing, and other relevant issues. Mineral Resources are based upon a cut-off grade of 0.4 g/t PGE+Au, correlated to Pd_eq grade of 0.35 g/t, and were limited by an economic pit built in Geovia Whittle 4.3 software and following the geometric and economic parameters as disclosed in the 2022 NI 43-101 Technical Report,

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 778-819-4484, or by email at [email protected].

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

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

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of 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.

Click here to read the article on Crux Investor:

https://www.cruxinvestor.com/posts/updated-pea-and-new-m-a-strategy-position-valore-for-accelerated-production

Vancouver, British Columbia, September 5th, 2023 – ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an update on the fully funded 2023 core drilling program at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

“The 2023 core drilling program has been a great success, with near surface high-grade PGE intercepts in three distinct exploration targets: Galante, Tróia and Nambi, and a newly drilled sequence of chromite-bearing peridotite at the Salvador target, for which assays are pending,” stated ValOre’s Exploration Manager, Thiago Diniz. “The 75-metre ultramafic intercept in drill hole DD23TU33, situated 150 metres to the south of the resource envelope at the Trapiá 1 deposit demonstrates the impressive upside potential of what is already the single largest orebody delineated at ValOre’s property. We look forward to receiving the remaining assays and expanding the ongoing drill program.”

Highlights To Date:

  • Multiple near surface high-grade intercepts at three distinct exploration targets: Galante, Tróia, and Nambi, including:
    • 8.6 meters (“m”) grading 3.18 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) from 15 m, including 2.1 m grading 5.26 g/t 2PGE+Au from 17.9 m in drill hole DD23GE07 at Galante;
    • 16.4 m grading 1.03 g/t 2PGE+Au from 31.2 m, including 2.6 m grading 4.03 g/t 2PGE+Au from 43.3 m in drill hole DD23TR07 at Tróia;
    • 7.0 m grading 1.09 g/t 2PGE+Au from 52.4 m, including 3 m grading 1.61 g/t 2PGE+Au from 53.1 m in drill hole DD23TR09 at Tróia;
    • 23.6 m grading 1.56 g/t 2PGE+Au from 32.9 m, including 7.9 m grading 2.80 g/t 2PGE+Au from 42 m in drill hole DD23NB04 at Nambi;
  • Trapiá 1 resource expansion drilling has confirmed host rock continuity and resource expansion potential 300 metres along strike at Trapiá 1. Trapiá 1 is the single largest orebody at Pedra Branca, and is part of the 2022 NI 43-101 inferred resource within the Trapiá region which totals 885,000 oz 2PGE+Au contained in 28.8 Mt grading 0.96 g/t 2PGE+Au:
    • DD23TU32, drilled 300-metre to the south-southeast of the current resource, intercepted a 20-metre thick, magmatic sulfide-bearing ultramafic layer, showing potential for high-grade PGE and potential for associated base metals mineralization. Assays pending;
    • DD23TU33, drilled 150-metre to south-southeast of the current resource intercepted a 75-metre chromite-rich, and locally sulfide-rich, ultramafic zone, marking a great continuity with the main resource zone. Assays pending;
  • Salvador drilling discovered chromite-bearing peridotite and dunite in a previously untested section of the Troia trend:
    • Four holes drilled to date in the Salvador target, with thick ultramafic horizons intercepted in all holes (45 to 80 m-thick). Assays pending;

2023 Drill Program Overview

Galante, Tróia and Nambi represent near surface, predominantly undrilled, PGE mineralized targets advanced through 2022 exploration with the application of ValOre’s proven exploration methodology. These targets were not included in the 2022 NI 43-101 Resource Estimate (“2022 Resource”). The ongoing 2023 core drilling program commenced in early June and is also serving to test additional two drill-ready pipeline targets advanced in 2022-2023: Ipueiras and Salvador (Mendes South).

In addition, the resource expansion potential of select PGE deposits included in the 2022 Resource have been tested in this program, including Massapê, Trapiá 1 and Cedro.

A total of 44 diamond drill holes (“DDHs”) have been completed at Galante, Tróia, Nambi, Ipueiras, Massapê, Cedro, Trapiá and Salvador, with PGE-bearing ultramafic rocks (“UM”) intersected in 38 holes drilled to date. Selected intervals from all holes sent to SGS Geosol Laboratórios Ltda. (“SGS Geosol”) in Vespasiano, Minas Gerais, Brazil with assay results pending for 22 holes from 7 of 8 targets.

Table 1: Drilling Totals by Zone

Target Total Drilled (m) # Holes # Holes w/ UMs Total UMs (m) Core Samples Assays Received Assays Pending
Galante 790 11 11 169 384 384 0
Tróia 1,029 9 6 66 188 155 33
Nambi 665 6 6 76 185 49 136
Ipueiras 228 4 3 27 83 0 83
Massapê 380 4 3 18 48 0 48
Cedro 545 2 1 4 14 0 14
Trapiá* 1,390 5 4 117 159 0 159
Salvador* 491 4 4 218 247 0 247
Total 5,518 45 38 695 1,308 588 720

* Drilling, logging, and sampling in progress.

Table 2: Core Assay Highlights (g/t 2PGE+Au):

Target Hole ID From (m) To (m) Length (m) 2PGE+Au (g/t) Summary Interval
Galante DD23GE01 56.00 56.63 0.63 0.99 0.63 m @ 0.99 g/t 2PGE+Au from 56 m
DD23GE02 10.25 19.30 9.05 0.35 9.05 m @ 0.35 g/t 2PGE+Au from 10.25 m
DD23GE03 31.50 32.35 0.85 0.57 0.85 m @ 0.57 g/t 2PGE+Au from 31.50 m
and 3.02 m @ 0.15 g/t 2PGE+Au from 35 m
35.00 38.02 3.02 0.15
DD23GE04 26.65 56.60 29.95 0.33 29.95 m @ 0.33 g/t 2PGE+Au from 26.65 m
DD23GE05 35.60 48.70 13.10 0.30 13.10 m @ 0.30 g/t 2PGE+Au from 35.60 m
DD23GE06 33.00 35.55 2.55 0.63 2.55 m @ 0.63 g/t 2PGE+Au from 33 m
DD23GE07 15.00 23.60 8.60 3.18 8.60 m @ 3.18 g/t 2PGE+Au from 15 m
incl. 2.10 m @ 5.26 g/t 2PGE+Au from 17.90 m
17.90 20.00 2.10 5.26
DD23GE08 16.70 31.50 14.80 0.15 14.8 m @ 0.15 g/t 2PGE+Au from 16.7 m
DD23GE09 24.55 29.65 5.10 0.49 5.10 m @ 0.49 g/t 2PGE+Au from 24.55 m
DD23GE10 12.20 19.25 7.05 0.16 7.05 m @ 0.16 g/t 2PGE+Au from 12.2 m
incl. 1.05 m @ 0.39 g/t 2PGE+Au from 12.2 m
12.20 13.25 1.05 0.39
DD23GE11 10.60 22.70 12.10 0.25 12.1 m @ 0.25 g/t 2PGE+Au from 10.6 m
and 3.9 m @ 0.43 g/t 2PGE+Au from 43 m
and 4 m @ 0.22 g/t 2PGE+Au from 55 m
and 10.1 m @ 0.6 g/t 2PGE+Au from 75.3 m
43.00 46.90 3.90 0.43
55.00 59.00 4.00 0.22
75.30 85.40 10.10 0.60
Tróia DD23TR05 22.25 26.83 4.58 0.75 4.58 m @ 0.75 g/t 2PGE+Au from 22.25 m
DD23TR06 23.10 42.90 19.80 0.71 19.8 m @ 0.71 g/t 2PGE+Au from 23.1 m
DD23TR07 31.15 47.50 16.35 1.03 16.35 m @ 1.03 g/t 2PGE+Au from 31.15 m
incl. 2.6 m @ 4.03 g/t 2PGE+Au from 43.25 m
43.25 45.85 2.60 4.03
DD23TR08 22.45 32.95 10.50 0.57 10.5 m @ 0.57 g/t 2PGE+Au from 22.45 m
DD23TR09 52.42 59.43 7.01 1.09 7.01 m @ 1.09 g/t 2PGE+Au from 52.42 m
incl. 3 m @ 1.61 g/t 2PGE+Au from 53.1 m
53.10 56.10 3.00 1.61
DD23TR11 62.00 62.80 0.80 0.17 0.8 m @ 0.17 g/t 2PGE+Au from 62 m
Nambi DD23NB02 48.64 50.33 1.69 0.56 1.69 m @ 0.56 g/t 2PGE+Au from 48.64 m
DD23NB03 40.00 42.05 2.05 0.22 2.05 m @ 0.22 g/t 2PGE+Au from 40 m
DD23NB04 32.94 56.57 23.63 1.56 23.63 m @ 1.56 g/t 2PGE+Au from 32.94 m
incl. 7.9 m @ 2.80 g/t 2PGE+Au from 42 m
34.10 42.00 7.90 2.80

*Reported core assay interval lengths are estimated to represent 90-100% of true width

Newly Discovered Chromite-Bearing Peridotite and Dunite: Salvador Target

ValOre’s exploration methodology helped identify surficial high-grade PGE mineralization along 1.3 kilometres (“km”) of trend, which was subsequently followed up by the excavation of two trenches (86 m) in the target’s main zone. Chromite-bearing target UMs (80 m) were intercepted in both trenches (assays pending).

Four 2023 DDHs were designed to test the depth potential of surface PGE mineralization at Salvador reported herein. Chromite-bearing ultramafic rocks were intercepted in all 4 holes, including chromitite reefs, a lithology typically associated with high-grade palladium-platinum values at Pedra Branca. To date, the mineralized UM package at Salvador is demonstrating significant thickness and continuity at depth and has warranted additional follow-up core drilling. A fifth drill hole is currently in progress. Assays remain pending for all 2023 DDHs at Salvador.

  • Geological mapping and soil sampling were completed over a strike length of approximately 1.5 km, with total of 157 soil samples and 40 rock samples collected;
  • PGE-in-soils values reached up to 1,695 ppb 2PGE+Au (1.695 g/t);
  • Rock Assay PGE Highlights include: 23.6 g/t 2PGE+Au (sample 103709); 5.2 g/t 2PGE+Au (sample 103705); and 5.1 g/t 2PGE+Au (sample 103712);
  • Total of 70 m drilled in 14 Trado® auger holes, with UMs encountered in 13 of 14 holes (62 m total);
  • Trado® auger PGE Highlights include:
    • 4 m grading 1.76 g/t 2PGE+Au from 0 m (Trado® hole AD23MES09)
    • 7 m grading 1.01 g/t 2PGE+Au from 0 m (Trado® hole AD23MES06)
    • 5 m grading 1.18 g/t 2PGE+Au from 0 m (Trado® hole AD23MES05).

Figure 1: Pedra Branca project property map, highlighting location of the 2023 drill targets and current resource zones.

Figure 1: Pedra Branca project property map, highlighting location of the 2023 drill targets and current resource zones.

Figure 2: 1 deposit plan map, highlighting location of the 2023 drill holes and surface contour of the 2022 NI 43-101 Resource Pit.

Figure 2: Trapiá 1 deposit plan map, highlighting location of the 2023 drill holes and surface contour of the 2022 NI 43-101 Resource Pit.

Figure 3: Trapiá 1 deposit long section 3D view, looking west. Highlights location of the 2023 step-out drill holes and current resource pit.

Figure 3: Trapiá 1 deposit long section 3D view, looking west. Highlights location of the 2023 step-out drill holes and current resource pit.

Figure 4: Trapiá 1 core photos.

Figure 4: Trapiá 1 core photos. A to C showing chromitite and chromite-rich peridotites from drill hole DD23TU33 (75-metre interval); D: Net textured sulfide enrichment in DD23TU33. E and F: Semi massive to brecciated pyrrhotite and chalcopyrite interval associated with ultramafic rocks in DD23TU32.

Figure 5: Salvador target plan map, highlighting location of mineralized Trado and rock samples and 2023 drill holes.

Figure 5: Salvador target plan map, highlighting location of mineralized Trado and rock samples and 2023 drill holes. First two holes have been drilled from the same drill pad to follow up trench 1 intercept. Third and fourth drill holes, also drilled from same pad, approximately 120 m to the northeast along strike, following up Trench 2 UMs intercept.

Figure 6: Salvador target.

Figure 6: Salvador target. A: Drill hole DD23MES03 in progress, following up trench TR23MES02, in perspective view, looking East. B, C and D showing chromite-rich peridotites and a cm-scale chromitite reef intercepted to date in Salvador drill holes.

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

CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.

Qualified Person (“QP”)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Thiago Diniz, P.Geo., ValOre’s QP and Exploration Manager.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a team aiming 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 and innovation.

ValOre’s Pedra Branca Platinum Group Elements Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022). ValOre’s team believes the Pedra Branca project has significant exploration discovery and resource expansion potential.

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 at [email protected].

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

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

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

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today announced the filing a technical report, in accordance with National Instrument 43-101 – Standards of Disclosure for Mineral Projects ("NI 43-101"), for the Company's Angilak Property (“Angilak”), titled "NI 43-101 Technical Report for the Angilak Property, Kivalliq Region, Nunavut, Canada" (the "Technical Report") and dated March 31, 2023 (with an effective date of March 1, 2023).

The Technical Report was prepared and compiled for ValOre Metals Corp. and Labrador Uranium by independent representatives of APEX Geoscience Ltd., Michael B. Dufresne, and Philo Schoeman, each of whom is a "qualified person" (within the meaning of NI 43-101). The Technical Report supersedes the prior technical report on the Project dated March 1, 2013, and was completed as a part of the March 14, 2023 Definitive Agreement to sell 100% interest in Angilak to Labrador Uranium. CLICK HERE for ValOre’s news release dated March 14, 2023.

The Technical Report can be found on SEDAR (www.sedar.com).

Option and Warrant Repricing

ValOre has submitted an application for TSX Venture Exchange approval for the repricing of 11,550,000 options and 11,700,000 warrants granted and up to 8,750,000 warrants to be issued upon closing of the current ValOre private placement. See schedule of the proposed number of options and warrants and respective exercise prices and expiration dates below.

Options proposed for repricing

Number of Options Current Exercise Price Expiry Date
3,525,000 $0.25 September 6, 2024
1,425,000 $0.30 August 10, 2023
6,600,000 $0.45 December 9, 2024

Warrants proposed for repricing

Number of Warrants Current Exercise Price Expiry Date
3,525,000 $0.25 September 6, 2024
1,575,000 $0.30 August 10, 2023
6,600,000 $0.45 December 9, 2024
8,750,000 $0.30 Will be dated upon close of current private placement

The repricing of the options and warrants would only be completed subsequent to the closing of ValOre’s previously announced disposition of the Angilak Property to Labrador Uranium Inc. (CSE: LUR). In order to reflect the new value of ValOre’s equity after completion of the transaction, the Company intends to re-price the exercise price of the options and warrants to equal the ten (10) day volume-weighted average price of the Company’s common shares on the TSX-V commencing on the first full trading day after the closing of the disposition of Angilak.

The Company intends to seek the requisite disinterested shareholder approval for the option and warrant repricing required under Exchange policies at its upcoming shareholder meeting to be held on May 12, 2023. There is no assurance that ValOre will receive Exchange and / or disinterested shareholder approval to reprice the options and warrants. Certain options and warrants are held by insiders and related parties, and as such, would constitute a related party transaction as defined under Multilateral Instrument 61-101, Protection of Minority Security Holders in Special Transactions. However, such actions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the options and / or warrants, exceeds 25 per cent of the company's market capitalization.

About ValOre Metals Corp.

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

The Pedra Branca Platinum Group Elements (PGE) Project comprises 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.

On behalf of the Board of Directors,

“Jim Paterson”
James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected].

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

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

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

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today reported an updated independent National Instrument 43-101 (“NI 43-101”) inferred mineral resource estimate for ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

ValOre’s CEO, Jim Paterson stated, “We are very pleased to announce the doubling of ValOre’s Pedra Branca inferred mineral resource estimate, which was expanded to 2.2 million ounces of palladium, platinum, and gold at 1.08 g/t 2PGE+Au. Several of the zones which form part of the resource estimate remain wide open for expansion in future drill programs.

ValOre’s technical team has demonstrated their ability to expand known resource zones and to convert exploration targets into resource ounces in a very cost effective manner. We spent $6.1M CAD on exploration, administration and development at Pedra Branca since the 2019 acquisition and resource estimate, which equates to under CAD$6 per ounce of 2PGE+Au added to the resource inventory.

With the initial metallurgical results recently reported, today’s announcement on the resource expansion, and a discovery pipeline of exploration targets laid out property-wide, we very excited about the future potential of ValOre’s Pedra Branca Project.”

Highlights of the 2022 NI 43-101 Pedra Branca Inferred Mineral Resource Estimate:

  • 2,198 thousand ounces (“Koz”) palladium + platinum + gold (“2PGE+Au”) in 63.6 million tonnes (“Mt”) grading 1.08 g/t 2PGE+Au;
  • 106% increase to 2019 inferred mineral resource;
  • $6.1M CAD spent on exploration and development since 2019 resource, equating to $5.40 per ounce 2PGE+Au added;
  • 17,434 metres (“m”) have been drilled since the 2019 resource, with approximately 11,500 m allocated to resource expansion;
  • Extensive resource growth potential remains at Massapê, Santo Amaro, Trapia, and Cedro, in addition to advanced exploration targets property-wide;
  • Regional exploration by Trado® drilling continues to advance new prospects to RC or core drill targets.

2022 Inferred Mineral Resource Estimate

The updated Pedra Branca mineral resource estimate was completed by independent Brazilian consultancy GE21 Consultoria Mineral (“GE21”), in accordance with Canadian Institute of Mining, Metallurgy and Petroleum (“CIM”) Definition Standards incorporated, by reference, in NI 43-101 Standards of Disclosure for Mineral Projects, and has been reviewed internally by ValOre. The 2022 resource estimate is the result of over 17,000 metres of new drilling between July 2020 and December 2021 and comprises 7 distinct deposit areas which host, in aggregate, an inferred resource of 2,198 Koz 2PGE+Au in 63.6 Mt grading 1.08 g/t 2PGE+Au (see Table 1 below). Mineralization outcrops at surface in all zones, and all the inferred resources are potentially open pittable.

The Pedra Branca inferred resource estimate has doubled in its palladium, platinum, and gold endowment since the 2019 NI 43-101 technical report (CLICK HERE ValOre news release dated July 23, 2019, for a summary of the 2019 inferred mineral resource estimate). Compelling growth potential remains at multiple deposit areas, including Massapê, Santo Amaro, Trapia, and Cedro.

The inferred mineral resource estimate for the Trapia deposit increased by a factor of over 4 times, and now represents the largest contributor to the global resource at 885 Koz 2PGE+Au grading 0.96 g/t in 28.8 Mt). The Cedro deposit inferred mineral resource estimate also tripled in size to 453 Koz 2PGE+Au grading 1.03 g/t in 13.6 Mt. Both the Trapia and Cedro deposits were the subject of 2020-2021 resource expansion drilling.

Massapê and Cana Brava represent two new zones added to the 2022 resource, accounting for 154 Koz ounces 2PGE+Au in 4.0 Mt at grades of 1.21 and 1.18 g/t 2PGE+Au, respectively. Massapê remains wide open along in all directions. CLICK HERE for news release dated December 20, 2021, for a summary of 2021 drilling at Massapê.

Table 1: 2022 Inferred Mineral Resource Summary Table – Effective Date: March 08, 2022

Target  Weathering    Grade  Contained Metal
 Mass  Au  Pd  Pt  PdEq  PGE+Au  Au  Pd  Pt  PdEq  PGE+Au
 kt  g/t  g/t  g/t  g/t  g/t  000 oz  000 oz  000 oz  000 oz  000 oz
                         
 Trapia  Weathered 4,547 0.02 0.53 0.30 0.69 0.85 3 77 45 101 125
 Fresh 24,239 0.04 0.63 0.31 0.85 0.98 30 488 242 662 760
 Total 28,786 0.04 0.61 0.31 0.82 0.96 34 565 286 763 885
                         
 Cedro  Weathered 3,024 0.01 0.71 0.34 0.88 1.06 1 69 33 86 103
 Fresh 10,610 0.01 0.65 0.37 0.88 1.03 5 220 125 299 350
Total 13,634 0.01 0.66 0.36 0.88 1.03 6 290 158 384 453
                         
 Esbarro  Weathered 4,713 0.05 0.79 0.41 1.02 1.25 8 120 62 154 189
 Fresh 6,071 0.01 0.72 0.36 0.94 1.09 2 140 71 184 213
Total 10,784 0.03 0.75 0.38 0.98 1.16 10 260 133 338 403
                         
 Santo Amaro  Weathered 2,105 0.02 0.56 0.47 0.80 1.06 2 38 32 54 71
 Fresh 2,169 0.04 0.63 0.49 0.96 1.16 3 44 34 67 81
Total 4,274 0.03 0.60 0.48 0.88 1.11 4 82 66 121 153
                         
 Curiu  Weathered 1,148 0.06 1.64 1.07 2.20 2.77 2 60 40 81 102
 Fresh 974 0.05 0.91 0.56 1.30 1.53 2 29 18 41 48
Total 2,122 0.06 1.30 0.84 1.79 2.20 4 89 57 122 150
                         
 Massapê  Weathered 601 0.03 0.88 0.33 1.05 1.23 1 17 6 20 24
 Fresh 2,710 0.02 0.85 0.33 1.07 1.20 2 74 29 93 105
Total 3,312 0.02 0.86 0.33 1.06 1.21 2 91 35 113 129
                         
 Cana Brava  Weathered 524 0.04 0.63 0.44 0.87 1.12 1 11 7 15 19
 Fresh 134 0.02 0.84 0.59 1.20 1.44 0 4 3 5 6
Total 657 0.04 0.68 0.47 0.94 1.18 1 14 10 20 25
                         
 All Targets  Weathered 16,661 0.03 0.73 0.42 0.95 1.18 17 392 225 512 634
 Fresh 46,908 0.03 0.66 0.35 0.90 1.04 44 999 521 1,351 1,564
 Total 63,568 0.03 0.68 0.36 0.91 1.08 61 1,391 746 1,862 2,198
  1. The Mineral Resource estimates were prepared in accordance with the CIM Standards, and the CIM Guidelines, using geostatistical, plus economic and mining parameters appropriate to the deposit.
  2. All figures have been rounded to the relative accuracy of the estimates. Summed amounts may not add due to rounding.
  3. Mineral Resources are reported with effective date March 08, 2022.
  4. Mineral Resources were classified as Inferred. An Inferred Mineral Resource has a lower level of confidence than that applying to an Indicated Mineral Resource and must not be converted to a Mineral Reserve. It is reasonably expected that most of the Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration.
  5. Mineral Resources, which are not mineral reserves, do not have demonstrated economic viability. The Mineral Resources may be materially affected by environmental, permitting, legal, marketing, and other relevant issues.
  6. Mineral Resources are based upon a cut-off grade of 0.4 g/t PGE+Au, correlated to Pd_eq grade of 0.35 g/t.
  7. Mineral Resources were limited by an economic pit built in Geovia Whittle 4.3 software and following the geometric and economic parameters:
    • Pit slope angles: 55°;
    • Price: Pd=US$2000/oz, Pt=US$1000/oz and Au=US$1800/oz;
    • Costs: Mining costs=US$2.00/t; Milling=US$12.00/t; G&A=US$1.50/t.
    • Metallurgical Recoveries:
      • Weathered rock: 68% for Pd, 67% for Pt and 40% for Au;
      • Fresh rock: 71% for Pd, 82.9% for Pt and 85.2% for Au.
  8. Blocks estimated by Ordinary Kriging at support of:
    • Trapia, Massapê, Esbarro: 40m x 40m x 4m with sub-block 5m x 5m x 2m;
    • Santo Amaro, Cedro, Cana Brava: 20m x20m x 4m with sub-block 5m x 5m x 2m;
    • Curiu: 10m x 10m x 4m with sub-block 5m x 5m x 2m.
  9. PGE+Au grade = Pt g/t + Pd g/t + Au g/t.

GE21 Consultoria Mineral

GE21 is an independent mineral consulting company whose team is comprised of professionals with extensive technical and operational experience in project development, exploration, and mineral consulting in Brazil since the 1980s. GE21’s experience covers the entire mining cycle, including target generation, exploration, mining, project development, geological assessments, resource estimation and international standard reserves.

CLICK HERE for more information on GE21.

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

CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.

Qualified Person (QP)

Independent consultants, Fábio Valério (P.Geo.) and Porfirio Cabaleiro (P.Eng.), of GE21 were commissioned to complete the mineral resource estimate and the technical report on behalf of ValOre, and Chris Kaye of Mine and Quarry Engineering Services Inc. (“MQes”), was commissioned to review the metallurgical information and contribute to the NI 43-101 technical report.

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre’s QP and Vice President of Exploration.

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 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au. All the currently known Pedra Branca inferred PGE resources are potentially open pittable.

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

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

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected].

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

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

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of 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.

Trapia Resource Expansion Drilling: Sept 2, 2021 News Release – Sept 2, 2021

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an update on resource expansion drilling at the Trapia 1 and Trapia 2 target areas (“Trapia”), of ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

“PGE assay results from ValOre’s 2020 and 2021 Trapia drill programs illustrate the significant potential for resource expansion. We have now tripled the strike length of known PGE mineralization at Trapia 1 and increased Trapia 2 strike length by a factor of five,” stated ValOre’s VP of Exploration, Colin Smith. “We eagerly await the recalculation of Trapia’s resource estimates, which we expect to initiate in Q4, 2021.”

Highlights of 2020 and 2021 Resource Expansion Drilling at Trapia 1 and Trapia 2:

  • Tripled known strike length of drill-confirmed PGE mineralization at Trapia 1, from 155 metres (“m”) to 470 m, and increased strike length by a factor of over five at Trapia 2, from 90 m to 490 m;
  • Established a new PGE zone 400 metres (“m”) to the northeast and along trend from current Trapia 2 resource area;
  • Confirmed and broadened up-dip surface PGE mineralization outside of the currently defined Trapia 1 resource;
  • Intercepted thickened, high-grade PGE mineralization down-dip and outside of currently defined resources at both Trapia 1 and Trapia 2.

Table 1: Summary of 2019 Trapia Inferred Mineral Resources and 2020-2021 Drill Upside

Deposit Tonnage Pd Grade
(g/t)		 Pt Grade
(g/t)		 Au Grade
(g/t)		 2PGE+Au Grade
(g/t)		 2PGE+Au
(Ounces)		 Pre-ValOre DDHs in 2019 Inferred Pit-Constrained Resource 2020-2021 DDHs
(>10 gram x metre 2PGE+Au intercepts)
Trapia 1 2,600,000 0.71 0.36 0.03 1.09 92,000 7 14 of 23
Trapia 2 1,700,000 0.79 0.31 0.04 1.14 62,000 3 8 of 14
Trapia West 1,800,000 0.63 0.45 0.03 1.12 64,000 7 did not drill
TOTAL 6,100,000 0.71 0.37 0.03 1.11 218,000 17 22 of 37

Resource Expansion Drilling at Trapia

ValOre’s 2020 and 2021 drill programs have successfully extended PGE mineralization outside of the inferred resources at both the Trapia 1 and Trapia 2 deposits. Figures 1a and 1b show the location of the 2020 and 2021 core drill holes within the Trapia 1 (5,280 m in 23 holes) and Trapia 2 (2,240 m drilled in 14 holes) target areas.

Table 1 (above) summarizes the Trapia 2019 pit-constrained NI 43-101 inferred resource and illustrates the PGE resource expansion potential from ValOre’s 2020 and 2021 drill core assay results. A 10 “gram x metre” 2PGE+Au threshold was applied, based on the two lowest gram x metre assay intervals of resource holes, drill hole DD09TD03 (7.53 gram x metre hole in Trapia 2 resource) and drill hole DD09TU08 (9.61 gram x metre hole in Trapia 1 resource).

At Trapia 1, the strike length of drill-confirmed PGE mineralization has tripled from 155 m to 470 m, as corroborated by 14 drill intercepts of PGE mineralization in 15 drill holes (2020 and 2021) south of the 2019 inferred resource, including:

  • Drill hole DD20TU20: 76.74 m at 1.25 g/t 2PGE+Au from 176.81 m
  • Drill hole DD21TU22: 59.20 m at 1.09 g/t 2PGE+Au from 172.80 m
  • Drill hole DD21TU25: 57.35 m at 1.00 g/t 2PGE+Au from 238.15 m
  • Drill hole DD20TU13: 61.85 m at 0.81 g/t 2PGE+Au from 217.15 m

The strike length extension was accomplished after ValOre’s geologists reinterpreted the structural and geological model at Trapia 1 and established that the PGE-mineralized intrusion was not truncated by a fault along the southern resource margin, as previously interpreted by past operators, but remained fully intact and stepped down by 40 to 50 m. As such, historical resource expansion holes to the south of the stepdown were stopped short of the PGE-bearing ultramafic (“UM”) intrusion. Strike potential of the mineralized UM target remains open in both directions (north-northeast and south-southwest). See Figure 2 below for a plan map of 2020 and 2021 core drill holes at Trapia 1, compared with the 2019 inferred resource holes.

ValOre drilling has also confirmed and broadened the up- and down-dip high-grade PGE mineralization outside of the currently defined resource area, including the up-dip, surface PGE intercept in drill hole DD20TU10, which graded 52.37 m at 1.24 g/t 2PGE+Au from 0.45 m; and down-dip drill holes DD20TU12, with 100.42 m grading 0.76 g/t 2PGE+Au from 93.15 m, and DD21TU21 which graded 1.29 g/t 2PGE+Au over 71.90 m from 134.95 m depth.

Figure 2: Plan Map of 2020 and 2021 Core Drill Holes at Trapia 1, Compared with 2019 Resource

Figure 2: Plan Map of 2020 and 2021 Core Drill Holes at Trapia 1, Compared with 2019 Resource

At Trapia 2, ValOre’s 2020 and 2021 core drilling has increased the drill-confirmed PGE-mineralized strike length by a factor of greater than five times, from 90 m to 490 m. This includes a new PGE zone situated 400 m to the northeast and along trend from current resource area, supported by six PGE drill intercepts in seven core holes from 2020 and 2021. In addition, geological continuity of the UM host rocks was established for over 800 m of geological trend, which remains open in both directions. See Figure 3 below for a plan map of 2020 and 2021 core drill holes at Trapia 2, compared with the 2019 inferred resource holes.

ValOre’s 2020 and 2021 drilling produced the top two core holes to date from a 2PGE+Au gram x metre interval perspective at Trapia 2, and five of the top six, including:

  • Drill hole DD21TD14: 11.27 m at 2.10 g/t 2PGE+Au from 152.48 m (released today)
  • Drill hole DD21TD16: 45.45 m at 0.61 g/t 2PGE+Au from 178.55 m (released today)
  • Drill hole DD21TD17: 21.60 m at 0.49 g/t 2PGE+Au from 43.80 m (released today)
  • Drill hole DD20TD13: 45.62 m at 0.54 g/t 2PGE+Au from 9.10 m
  • Drill hole DD20TD07: 52.15 m at 0.49 g/t 2PGE+Au from 4.85 m

Figure 3: Plan Map of 2020 and 2021 Core Drill Holes at Trapia 2, Compared with 2019 Resource

Figure 3: Plan Map of 2020 and 2021 Core Drill Holes at Trapia 2, Compared with 2019 Resource

Table 2 summarizes significant PGE assay results from 2020 and 2021 Trapia 1 and Trapia 2 core drilling.

Trapia Target Areas and the 2019 Mineral Resource Domain

Trapia is one of five currently defined PGE deposit areas at Pedra Branca, which together host an inferred resource totalling 1,067,000 ounces of 2PGE+Au contained in 27.2 million tonnes (“Mt”) grading 1.22 g/t 2PGE+Au. Summary Table of the 2019 Inferred Resource and Pedra Branca Resource Estimate NI 43-101 Technical Report, May 2019.

The Trapia mineral resource comprises three separate UM intrusive areas within a 2-kilometre radius: Trapia 1, Trapia 2 and Trapia West. Specifically, Trapia 1 represents 92,000 ounces of the aggregate Trapia inferred resources of 219,000 ounces at 1.10 g/t 2PGE+Au (6.2 Mt), and Trapia 2 represents 62,000 ounces of the aggregate Trapia inferred resource.

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

CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.

Qualified Person (“QP”)

The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre’s QP and Vice President of Exploration.

About ValOre Metals Corp.

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

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

The Pedra Branca PGE Project comprises 39 exploration licenses covering a total area of 39,987 hectares (98,810 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a current Inferred Resource of 1,067,000 ounces 2PGE+Au contained in 27.2 million tonnes grading 1.22 g/t 2PGE+Au (CLICK HERE for ValOre’s July 23, 2019 news release). All the currently known Pedra Branca inferred PGE resources are potentially open pittable.

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

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

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about ValOre Metals Corp., or this news release, please visit our website at www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected].

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

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

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

Vancouver, B.C. ValOre Metals Corp. (TSX‐V: VO) ("ValOre") has today filed a technical report (the “Technical Report”) for the Pedra Branca Project located in Brazil.  The Technical Report, entitled “Pedra Branca Project May 2019 Resource Estimate Technical Report. Pedra Branca Project, Ceara State, Brazil” has been prepared in accordance with National Instrument 43-101- Standards of Disclosure for Mineral Projects (“NI 43-101”) and can be found at www.sedar.com. 

Pedra Branca Platinum Group Metals District

ValOre has entered into a definitive agreement to acquire 100% of the Pedra Branca Project from Jangada Mines plc; see ValOre news releases dated July 16, 2019.

The Pedra Branca Project is a Platinum Group Metals (“PGM”) District located in north-eastern Brazil covering a total area of 38,940 hectares (96,223 acres) that comprises 38 exploration licenses. The independent NI 43-101 resource estimate (the “Mineral Resources Estimates”) is comprised of 5 distinct deposit areas which host, in aggregate, an inferred resource of 1,067,000 ounces PGM+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) in 27.2 million tonnes (“Mt”) grading 1.22 grams PGM+Gold per tonne (“g PGM+Au/t”). PGM mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

Independent consultants, Susan Lomas, P.Geo. and Ali Shahkar, P.Eng., of Lions Gate Geological Consulting Inc. (“LGGC”) were commissioned to complete the mineral resource estimate and the Technical Report on behalf of ValOre and Bert Huls P.Eng. of Huls Consulting Inc., was commissioned to review the metallurgical information and contribute to the Technical Report. Ms. Lomas supervised the overall preparation of the Technical Report.

Table 1 Estimate of Inferred Mineral Resource reported at 0.65 gpt PGM+Au Cut-off

Zone Oxidation Tonnes Pt g/t Pd g/t Au g/t PGM+Au g/t  Pt Oz  Pd Oz  Au Oz  PGE+Au Oz
Santo Amaro Oxide  400,000 0.66 0.71 0.02 1.38  9,000 10,000  –     19,000
  Transition  2,000,000 0.43 0.71 0.02 1.15  27,000  45,000  1,000    73,000
  Sulphide  2,900,000 0.48 0.70 0.01 1.19  44,000  65,000  1,000  110,000
  All  5,300,000 0.47 0.71 0.02 1.19  80,000 120,000  3,000  203,000
                     
Curiu Oxide  1,000,000 0.88 1.28 0.07 2.23  29,000  43,000  2,000    74,000
  Transition  300,000 0.54 1.04 0.05 1.62  5,000  10,000  –      15,000
  Sulphide  300,000 0.38 0.73 0.05 1.16  3,000  6,000  –       9,000
  All  1,600,000 0.73 1.14 0.06 1.93  38,000  59,000  3,000  100,000
                     
Esbarro Oxide  4,600,000 0.43 0.84 0.02 1.29  65,000  125,000  3,000  193,000
  Transition  2,400,000 0.35 0.79 0.02 1.15  26,000  60,000  1,000  87,000
  Sulphide  2,900,000 0.35 0.84 0.02 1.21  33,000  79,000  1,000 113,000
  All  9,900,000 0.39 0.83 0.02 1.23 124,000  264,000  6,000 394,000
                     
Cedro Oxide  1,700,000 0.43 0.78 0.01 1.22  24,000  43,000  1,000   68,000
  Transition  300,000 0.30 0.60 0.01 0.91  3,000  5,000  –    8,000
  Sulphide  2,300,000 0.36 0.65 0.02 1.03  26,000  48,000  2,000 76,000
  All  4,200,000 0.38 0.70 0.02 1.10  52,000  96,000  3,000 151,000
                     
Trapia Oxide  600,000 0.43 0.48 0.02 0.93  8,000  9,000  –    17,000
  Transition  500,000 0.32 0.58 0.03 0.93  5,000  9,000  1,000  15,000
  Sulphide  5,100,000 0.37 0.74 0.03 1.15  61,000  122,000  5,000 188,000
  All  6,200,000 0.37 0.71 0.03 1.11  73,000  140,000  6,000 219,000
                     
All Zones Oxide  8,400,000 0.50 0.85 0.02 1.37 135,000  230,000  6,000   371,000
  Transition  5,400,000 0.38 0.74 0.02 1.15  66,000  129,000  3,000 198,000
  Sulphide  13,400,000 0.39 0.74 0.02 1.15 167,000  320,000  9,000  496,000
  All  27,200,000 0.42 0.77 0.02 1.22 367,000  679,000 21,000 1,067,000

Notes:

  1. Resource Estimate is reported using a PGM+Au cut-off of 0.65 gpt
  2. Only blocks within a pitshell are reported as Mineral Resources
  3. Prices used were Pd=US$1000/ounce, Pt=US$860/ounce, Au=US$1250/ ounce, operating costs (ore and waste) =US$1.50/tonne, G+A and milling=US$13.50/tonne
  4. Recoveries used were 68% for Pd, 67% for Pt and 40% for Au
  5. PGE+Au grade = Pt g/t + Pd g.t + Au g/t
  6. Mineral resources are not mineral reserves because the economic viability has not been demonstrated.

The ValOre news release dated May 28, 2019, reported an inferred resource of 1,165,500 ounces PGM+Gold in 28.8 Mt grading 1.26 g PGM+Au/t. During the preparation of the Technical Report, LGGC identified an error in the grade restriction procedures it had employed for the original estimate.  When implemented as intended, LGGC’s capping/restricted outlier strategy removed 11% of the total metal. During database validation, the QPs also found a transposition error in the assay database, the correction of which was in effect additive to the Pt, Pd and Au values in the Curiu and Trapia databases.  Both errors were fixed and the results for the corrected mineral resource estimate are being restated in this press release and in the Technical Report for the project.

Susan Lomas, P.Geo., of LGGC is the Qualified Person, as defined in NI 43-101, responsible for the 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.

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

About ValOre

ValOre Metals Corp. (TSX‐V: VO) is a Vancouver based company with a portfolio of high‐quality uranium and precious metal exploration projects in Canada. In addition to the Baffin Gold Property, ValOre holds Canada's highest‐grade uranium resource outside of Saskatchewan. ValOre’s 89,852 hectare Angilak Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. ValOre's comprehensive exploration programs have demonstrated the "District Scale" potential of the Angilak Property. 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.

In Saskatchewan, ValOre holds a 100% interest in the 13,711 hectare Hatchet Lake Property and a 50% interest in the 131,412 hectare Genesis Property, both located northeast of the north‐eastern margin of the uranium‐producing Athabasca Basin.

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, Canada and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors

"Jim Paterson"

James R. Paterson, Chairman and CEO

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

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

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this news release.

Forward-Looking Statements

Certain statements within this news release, other than statements of historical fact relating to ValOre, are to be considered forward-looking statements with respect to the terms and the timing of the the Acquisition, ValOre’s intentions for the Pedra Branca Project in Brazil, the exploration potential of the Pedra Branca Project, the Technical Report, the Mineral Resources Estimates, and the terms and timing of the proposed Acquisition financing,. Forward-looking statements include statements that are predictive in nature, are reliant on future events or conditions, or include words such as "expects", "potential", "anticipates", "plans", "believes", "considers", "significant", "intends", "targets", "estimates", "seeks", attempts", "assumes", and other similar expressions.

The forward-looking statements are based on assumptions which, while considered reasonable by ValOre, are, by their nature, subject to inherent risks and uncertainties and are not guarantees of future performance. Factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to: the receipt of and timing of any required approvals, the interpretation of previous and current results, the accuracy of exploration results,  the anticipated results of future exploration, the forgoing ability to finance further exploration, delays in the completion of exploration, the future prices of platinum group metals, and other metals, and general economic, market and/or business conditions. There can be no assurances that such statements and assumptions will prove accurate and, therefore, readers of this news release are advised to rely on their own evaluation of the information contained within.

Although ValOre has attempted to identify important risks, uncertainties and other factors that could cause actual performance, achievements, actions, events, results or conditions to differ materially from those expressed in or implied by the forward-looking statements, there may be other risks, uncertainties and other factors that cause future performance to differ from what is anticipated, estimated or intended. Unless otherwise indicated, forward-looking statements contained herein are as of the date hereof and ValOre does not assume any obligation to update any forward-looking statements after the date on which such statements were made, except as required by applicable law.

Vancouver, B.C. – Kivalliq Energy Corporation ("Kivalliq", "KIV: TSX-V") today announced the completion and filing of a revised National Instrument 43-101 independent technical report updating  the Company’s Lac 50 Trend Resource at the Angilak Property, Nunavut, Canada.  

The independent Technical Report was prepared by Apex Geoscience Ltd. with the updated Mineral Resource estimate for the Lac 50 Trend Deposits contained therein, prepared under the direction of SIM Geological Inc., following the guidelines of the Canadian Securities Administrators National Instrument 43-101 and Form 43-101F1.  

The report titled “Technical Report and Resource Update for the Angilak Property, Kivalliq Region, Nunavut, March 1, 2013” has been filed on SEDAR and can be viewed on the SEDAR website, www.sedar.com, and Kivalliq’s website, http://kivalliqenergy.com/projects/angilak/.

The information in this release related to the independent Technical Report and the Mineral Resource estimate has been approved by Michael Dufresne, M.Sc. P.Geol, President of Apex Geoscience Ltd., Robert Sim, P.Geo. of SIM Geological Inc. and Bruce Davis, FAusIMM of BD Resources Consulting Inc., who are independent Qualified Persons as defined under National Instrument 43‐101. Jeff Ward, P.Geo, President of Kivalliq and a Qualified Person for the Company, has reviewed and approved the information contained in the Technical Report.

About Kivalliq Energy Corporation 

Kivalliq Energy Corporation (TSX-V: KIV) is a Vancouver-based uranium exploration company holding Canada’s highest grade uranium resource outside of Saskatchewan’s Athabasca Basin.  Its flagship project, the 340,268 acre Angilak Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes grading 0.69% U3O8, totaling 43.3 million pounds U3O8. Kivalliq’s comprehensive exploration programs continue to advance the Lac 50 Trend and demonstrate the “District Scale” potential of the Angilak Property.

Kivalliq’s team of northern exploration specialists have forged strong relationships with sophisticated resource sector investors and project partner Nunavut Tunngavik Inc. (“NTI”) in order to advance the Angilak Property.  Kivalliq was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory, Canada 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
James R. Paterson, CEO 
Kivalliq Energy Corporation

For further information about, Kivalliq Energy Corporation or this news release, please visit our website at www.kivalliqenergy.com (m.kivalliqenergy.com) or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected] .

Kivalliq Energy Corporation is a member of the Aurora Mineral Resource Group of companies, for more information please visit www.auroraresource.com .

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.

Certain disclosures in this release, including management’s conclusions regarding the Inferred Resource Estimate for the Lac 50 Trend Deposit and the district scale potential of the Angilak Property, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq’s operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to the completion of the plans and projects. Readers are cautioned not to place undue reliance on forward-looking statements. Other than as required by applicable securities legislation, Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Cautionary Note concerning estimates of Inferred Resources:

This news release uses the term “inferred resources”. Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Kivalliq advises U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

Vancouver, B.C. – Kivalliq Energy Corporation (KIV: TSX-V  “Kivalliq”) announces a significant increase in the NI 43-101 compliant Mineral Resource estimate for the Lac 50 Trend uranium deposits, located within Kivalliq’s 340,268 acre Angilak Property in Nunavut, Canada.  Kivalliq has received a summary report from Robert Sim, P.Geo. of SIM Geological Inc. that describes an Inferred Mineral Resource Estimate of 2,831,000 tonnes grading 0.69% U3O8 (15.2 lbs U3O8/tonne), totalling 43.3 million lbs U3O8 at a 0.2% U3O8 cut-off grade. This is a 60% increase over the previous Resource Estimate of 27.1 million pounds.

“Since announcing our initial inferred resource for Lac 50 Trend in early 2011, Kivalliq’s exploration programs have increased the contained U3O8 in resources by more than 200% and we have one of the largest undeveloped and highest-grade uranium resources in Canada, outside of the Athabasca Basin,” stated Kivalliq CEO Jim Paterson.  “Our low finding costs, the rate of new discoveries and the third consecutive year of substantial uranium resource growth clearly demonstrate the “District Scale” potential of the Angilak Property.”

Table 1: Updated Inferred Mineral Resources Estimate for Lac 50 Trend (0.2% U3O8 cut-off)


Deposit
Tonnes
(t x 1000)
U3O8
(%)
Ag
(g/t)
Mo
(%)
Cu
(%)
U3O8
(M lbs)
Ag
(oz x 1000)
Mo
(M lbs)
Cu
(M lbs)
Lac Cinquante
1,906
0.67
16
0.15
0.25
28
983
6.3
10.4
J4 / Ray
925
0.75
30.1
0.20
0.26
15.3
895
4.1
5.2
Total
2,831
0.69
20.6
0.17
0.25
43.3
1,878
10.4
15.6

Notes:
– At Lac Cinquante, high U3O8 grades were cut to 5% and grade limiting was applied to those grades above 3%. At J4/Ray high U3O8 grades were cut to 4%
– Mineral Resources are not Mineral Reserves. Mineral Resources do not have demonstrated economic viability, and may never be converted into Mineral Reserves.

Mineral Resource Estimate

The updated Mineral Resource estimate for the Lac 50 Trend was prepared under the direction of Robert Sim, P.Geo. of SIM Geological Inc.  Resource models were generated using drill core sample assay results and interpretation of a geological model relating to spatial distribution of uranium deposits within the Lac 50 Trend, i.e. Lac Cinquante (Main, Eastern and Western Extension Zones), J4 and Ray deposits.  All assay and geological information was derived from work conducted by Kivalliq as part of exploration programs between 2009 and 2012 and available at December 31, 2012. At a base case cut-off grade of 0.2% U3O8, an Inferred Mineral Resource is estimated at 2,831,000 tonnes grading 0.69% U3O8, containing 43.3 million lbs. U3O8.  For evaluation purposes, three additional metals: silver (Ag g/t), molybdenum (Mo %) and copper (Cu %) have also been estimated within the resource model.

The increase in the Inferred Mineral Resource from the previous 2012 estimate is primarily attributed to the addition of the newly-discovered J4 and Ray deposits, situated near surface and 1.8 kilometres along strike from the eastern margin of the Lac Cinquante Eastern Extension zone.  The sensitivity of mineral resources contained within the Lac 50 Trend is presented at a series of U3O8 cut-off thresholds for comparison purposes in Table 2 and the base case cut-off grade of 0.2% U3O8 is highlighted.  Kivalliq believes that the base case used is conservative but appropriate at this stage of the project’s development.

Table 2:  Sensitivity of Inferred Mineral Resources within Lac 50 Trend

Cut-off Grade
(U3O8%)
Tonnes
(T x 1000)
U3O8
(%)
Ag
(g/t)
Mo
(%)
Cu
(%)
U3O8
(M lbs)
Ag
(oz x 1000)
Mo
(M lbs)
Cu
(M lbs)
Lac Cinquante
0.1
2,547
0.53
13.7
0.13
0.23
30
1123
7.1
12.7
0.2
1,906
0.67
16
0.15
0.25
28
983
6.3
10.4
0.3
1,479
0.79
17.2
0.17
0.25
25.6
818
5.5
8.3
0.4
1,136
0.92
17.7
0.19
0.25
23
647
4.8
6.3
0.5
882
1.06
18.9
0.22
0.25
20.5
534
4.3
4.9
J4/Ray
0.1
1,039
0.69
28.4
0.19
0.25
15.7
947
4.3
5.7
0.2
925
0.75
30.1
0.20
0.26
15.3
895
4.1
5.2
0.3
791
0.84
31.7
0.21
0.25
14.6
806
3.7
4.3
0.4
553
1.04
38
0.26
0.25
12.7
675
3.1
3
0.5
495
1.11
40.1
0.27
0.25
12.1
637
2.9
2.7
Combined Lac Cinquante and J4/Ray
0.1
3,585
0.58
18
0.14
0.23
45.7
2070
11.4
18.4
0.2
2,831
0.69
20.6
0.17
0.25
43.3
1878
10.4
15.6
0.3
2,270
0.80
22.3
0.18
0.25
40.2
1624
9.2
12.6
0.4
1,689
0.96
24.3
0.21
0.25
35.7
1322
7.9
9.4
0.5
1,377
1.08
26.5
0.24
0.25
32.6
1171
7.2
7.7

Note:
-Base case cut-off limit of 0.2% U3O8 is highlighted in the table

The distribution of Inferred Mineral Resources in the different zones within the Lac 50 Trend is listed below in Table 3.

Table 3:  Inferred Mineral Resource Estimate for Lac 50 Trend by Zone (0.2% U3O8 cut-off)


Zone
Tonnes
(T x 1000)
U3O8
(%)
Ag
(g/t)
Mo
(%)
Cu
(%)
U3O8
(M lbs)
Ag
(oz x 1000)
Mo
(M lbs)
Cu
(M lbs)
Lac 50 Main
892
0.83
13.5
0.23
0.17
16.2
387
4.5
3.3
Lac 50 Western Extension
709
0.51
17.5
0.04
0.33
7.9
399
0.7
5.2
Lac 50 Eastern Extension
304
0.57
20.1
0.17
0.28
3.8
197
1.1
1.9
J4 Upper
592
0.70
23.3
0.15
0.28
9.1
443
1.9
3.7
J4 Lower
258
0.94
45.8
0.28
0.24
5.3
379
1.6
1.4
Ray
76
0.53
29.9
0.37
0.1
0.9
73
0.6
0.2
Total
2,831
0.69
20.6
0.17
0.25
43.3
1878
10.4
15.6

Note:
– Contained metal values may not add due to rounding.

Kivalliq has drilled 449 core holes totalling 75,782 metres on the Angilak Property over the past four years. Sixteen were completed in 2009, 107 holes in 2010, 153 holes in 2011, and 173 during the 2012 field season.  Of these, 335 NQ-size holes totalling 59,716 metres were dedicated to delineating the Lac Cinquante (Main, East and Western Extension Zones), J4 and Ray deposits, which have been used in the generation of the mineral resource estimate.
The distribution of the inferred resource above the 0.2% U3O8 cut-off at Lac Cinquante, J4 and Ray is shown in images at http://kivalliqenergy.com/projects/angilak/program_images/.

The resource models are constrained within 3-dimensional domains representing the mineralized portion of the host mafic tuff and shear zones.  Drill hole samples are composited to the full width of the zone and true thicknesses are determined for each drill hole intercept.  At Lac Cinquante, blocks in the model measure 5x5x5 metres in size whereas at J4 and Ray, blocks in the model are 5x3x3 metres. Only the portion of those model blocks within the mineralized domain is included in the final resource estimate.  The method used for the estimation of U3O8 grade is ordinary kriging using length-weighted composited drill hole intervals. Estimates for Ag, Mo and Cu utilize the inverse distance weighting (ID2) interpolation method.

Resource tonnages are calculated using a bulk density database containing 1,579 samples that were collected during the 2010, 2011 and 2012 drilling programs.  Samples were composited to the full width of the mineralized domain and bulk densities at Lac Cinquante range from 2.35 t/m3 to 3.77 t/m3 with a mean of 2.85 t/m3.  Bulk densities at J4 and Ray range from 2.52 t/m3 to 3.52 t/m3 with a mean of 2.84 t/m3. Estimates of bulk density were made using the inverse distance weighting (ID2) interpolation method. All mineral resources are classified in the inferred category. Model blocks are included in the inferred category if they form relatively continuous zones of mineralization within a maximum distance of 50 metres from a drill hole intercept.

During the past several years, the Lac 50 Trend deposits have been evaluated through a series of exploration and delineation drilling programs, and at this relatively early stage, little is known about their potential mineability or metallurgical characteristics.  When subjected to estimated technical and economic operating parameters, the base case mineral resource, at a 0.2% U3O8 cut-off, forms a relatively continuous zone with thicknesses and grades that exhibit reasonable prospects for the economic extraction using a combination of open pit and underground mining scenarios. Note that these are generalized evaluations on mineral resources, not mineral reserves, as the true economic viability has not been demonstrated.  

A technical report will be filed on SEDAR within 45 days of the date of this news release.

Comparison with the Previous Mineral Resource Estimate

The previous Mineral Resource Estimate for Lac Cinquante (Main, East and Western Extension Zones) was presented in a technical report dated March 1, 2012 and was based on drill results available up to the end of the 2011 field season.  The majority of the increase in Lac 50 Trend resources is attributable to the J4 and Ray deposits that were discovered in 2012. Overall, the contained pounds of U3O8 within the Lac 50 Trend have increased 60%, from approximately 27.1 to 43.3 million lbs. U3O8.

Geology Model of Lac Cinquante, J4 and Ray
 
The geologic characteristics for the Lac Cinquante, J4 and Ray deposits are very similar.  Separated by only 1,800 metres and exhibiting the same general trends, it is likely that these three deposits represent the same, or related mineralized structures. Deposits in the Lac 50 Trend are basement hosted, vein-hydrothermal type.  The emplacement of uranium is structurally controlled, often associated with a graphite-chlorite tuffaceous metasediment interlayered in Archean metavolcanics.  Mineralization consists of disseminated and patchy pitchblende with sulphides within fracture controlled, brecciated, hematite-quartz-carbonate veins that can occur in either the host shear or tuff unit. Potential also exists for unconformity-style uranium deposits to occur on the Angilak Property

The Lac Cinquante deposit is comprised of three distinct mineralized sections occurring over 3.8 kilometres of strike length and interpreted to be off-set by faults.  The central “Main” Lac Cinquante zone is the largest, measuring 1.4 kilometres in drilled strike length, at an azimuth of 115 degrees and dipping to the SSW at roughly -65 degrees.  The “Western Extension” is a 120 metre, left-lateral displacement of the Main zone that has a drilled strike length of approximately 650 metres, is oriented at 125 degrees azimuth and dips to the SSW at -70 degrees.  The “Eastern Extension” is interpreted as a 250 metre, left-lateral displacement of the Main zone with a strike of 122 degrees azimuth, a -78 degree SSW dip and an overall drilled strike length of approximately 600 metres.  The true thickness of the mineralized domain varies from 0.05 to a maximum of 13.5 metres with an average of 2.2 metres.

At the J4 and Ray deposits, mineralization is comprised of several sub-parallel zones. At J4, an Upper and Lower zone are variably separated by five to 35 metres (average about 20 metres).  The J4 Upper zone has a drilled strike length of 800 metres and remains “open” along strike and at depth.  The true thickness of the J4 Upper zone ranges from 0.2 to 11 metres and averages about two metres.  The J4 Lower zone has a strike length of about 500 metres and the along-strike extents appear to be closed by drilling but the zone remains open at depth.  The true thickness of the J4 Lower zone ranges from 0.1 to 4 metres and averages 1.5 metres.  Ray occurs as a separate mineralized zone about 250 metres SW and in the hanging wall of J4.  The Ray zone currently has a drilled strike length of about 300 metres and remains open along strike and at depth.  The true thickness at Ray ranges from 0.2 to 1.7 metres and average 0.8 metres. All zones trend at an azimuth of about 120 degrees and dip at -60 degrees to the SSW. 

Continuing Resource Expansion

The Lac 50 Trend is a three kilometre wide by 15 kilometre long southeast striking structural trend within Archean volcanic rocks adjacent to an unconformity with Proterozoic sediments of the Angikuni sub-basin.

The Lac 50 Trend hosts five deposits which comprise the current NI 43-101 Inferred Resource Estimate, two of which were discovered, drilled and converted into resources in 2012.  The Lac 50 Trend is also host to six additional uranium occurrences discovered by Kivalliq since 2010 and numerous high priority targets not yet tested.

On September 24, 2012, Kivalliq announced the completion of its aggressive 2012 exploration program including 38,856 metres of core and reverse circulation (“RC”) drilling, which focused on adding inferred resources and testing new targets within the Lac 50 Trend.  Kivalliq has demonstrated expansion potential within the Lac 50 Trend by increasing the contained U3O8 in the maiden inferred resource by more than 300% in the past two years. In addition, Kivalliq’s exploration programs have consistently identified new mineralized zones, validating the “District Scale” potential of the Angilak Property.

QA/QC

The information in this release related to the mineral resource estimate has been approved by Robert Sim, P.Geo of SIM Geological Inc., who is an independent Qualified Person as defined under National Instrument 43‐101. Jeff Ward, P.Geo, President of Kivalliq and a Qualified Person, has reviewed and approved the scientific and technical information contained in this release.

About Kivalliq Energy

Kivalliq Energy Corporation (TSXV: KIV) is a Vancouver-based uranium exploration company holding Canada’s highest grade uranium deposit outside of Saskatchewan’s Athabasca Basin.  Its flagship project, the 340,268 acre Angilak Property in Nunavut Territory, hosts the Lac 50 Trend with a NI 43-101 Inferred Resource of 2,831,000 tonnes grading 0.69% U₃O₈, totaling 43.3 million pounds U₃O₈. Kivalliq’s comprehensive exploration programs continue to advance the Lac 50 Trend and demonstrate the “District Scale” potential of the Angilak Property.

Kivalliq’s team of northern exploration specialists have forged strong relationships with sophisticated resource sector investors and project partner Nunavut Tunngavik Inc. (“NTI”) in order to advance the Angilak Property.  Kivalliq was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory, Canada 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

James R. Paterson, CEO
Kivalliq Energy Corporation

Kivalliq Energy Corporation is a member of the Aurora Mineral Resource Group of companies.  For further information about Kivalliq Energy Corporation or this news release, please visit our websites at www.kivalliqenergy.com and www.auroraresource.com

Certain disclosures in this release, including the growth and value of the Angilak Property, constitute forward-looking statements that are subject to numerous risks, uncertainties and other factors relating to Kivalliq’s operations as a mineral exploration company that may cause future results to differ materially from those expressed or implied in such forward-looking statements, including risks as to market price of Kivalliq’s securities and the market for securities of resource exploration companies in general; commodity prices and, in particular, the price of uranium and the completion of Kivalliq’s plans and projects.  Readers are cautioned not to place undue reliance on forward-looking statements.  Other than as required by applicable securities legislation, Kivalliq expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Cautionary Note concerning estimates of Inferred Resources:

This news release uses the term “inferred resources”. Inferred resources have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Kivalliq advises U.S. investors that while this term is recognized and required by Canadian regulations, the U.S. Securities and Exchange Commission does not recognize it. U.S. investors are cautioned not to assume that part or all of an inferred resource exists, or is economically or legally mineable.

FOR FURTHER INFORMATION PLEASE CONTACT:

Kivalliq Energy Corporation, Jim Paterson CEO 604.646.4527 or Toll Free:
1.888.331.2269 [email protected]  www.kivalliqenergy.com