ValOre Metals Corp. (TSX‐V: VO) (OTC: KVLQF) (Frankfurt: KEQ0) provided an exploration update on the Reverse Circulation drilling and ground geophysics at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project, located in Nunavut Territory, Canada. Seventeen of twenty RC holes drilled at the Dipole and Yat targets, as well as 4 of 5 holes at J4 West (6th hole on-going), have intersected near-surface zones of radioactivity.
“The spring RC drilling program at Angilak showcases the potential for zones such as Dipole, Yat and now J4 West to host high-grade, near-surface, basement-hosted uranium deposits, with multiple zones of near-surface radioactivity intersected in 22 of 27 holes with vertical depths of radioactive intersections ranging between 9 and 110 metres,” stated ValOre’s VP of Exploration, Colin Smith. “Real time results of radioactivity from RC drilling at J4 West are very exciting as RC22-J4W-001 returned a peak CPS value of 22,146 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m. J4 West sits less than 300 metres from, and may be a faulted offset continuation of, the J4 zone which contributes 14.4 million pounds to the 43.3 million pound Lac 50 inferred resource.”
Angilak 2022 RC Drilling Highlights:
J4 West Target
The J4 West target, formerly know as the J1 Zone, is a 1-km-long EM conductor located between Lac 50’s Eastern Extension and J4 uranium deposits. The easterly J4 deposit remains open along-strike to the west towards the EE, and down-plunge. Re-processed ground VLF-EM data highlights a distinct ~150 m sinistral off-set for the J4 conductor to the west of the deposit, which suggests a displaced continuation of the high-grade uraniferous structure ~280 m southwest of J4 (Figure 1). This 1-km-long conductor is mostly undrilled, except for 6 drill holes over a strike length of 150 m. Five of these holes intersected varying amounts of uranium at depths between 28 and 180 vertical metres (CLICK HERE for news release dates January 27, 2013). Mineralization occurs as narrow carbonate veins in sheared, hematized, sulfide-bearing graphitic tuff within a larger sequence of basalt and gabbro, similar to the lithological units hosting mineralization at the Lac 50 Trend resource.
2022 Drilling at J4 West
Drilling to date in 2022 at J4W was conducted from three sites spaced 200 m apart, with 2 RC holes drilled at each pad, testing a strike length of 400 m in between the area of previous drilling and the sinistral structure to the east. All holes to date have intercepted strong, shallow intervals of radioactivity, including a peak CPS value of 22,146 in RC22-J4W-001 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m (Table 1, Figure 1). A final drill hole is in progress.
Results to date from J4W are highly encouraging, and support the interpretation of a high-grade, shallow uranium deposit being off-set from J4, and continuing along the 1-km-long conductor to the west.
Figure 1: Plan Map of J4 West Target, and J4-Ray Uranium Deposits
2022 RC Drilling at Yat
A total of 4 RC holes (382.52 m) were drilled at Yat in 2022, with all four holes intercepting between 1 to 4 zones of near-surface, anomalous radioactivity (Table 1), up to a maximum value of 5,013 CPS in hole RC22-YAT-002. Three of these holes were previously released (CLICK HERE for news release dated June 2, 2022).
The final hole, RC22-YAT-004, drilled through 4 distinct radioactive zones within a package of locally graphitic basaltic, trachytic and andesitic volcanic rocks, locally mineralized with sulfides (pyrite, chalcopyrite), copper oxides (malachite, azurite) and native copper.
2022 RC Drilling at Dipole
A total of 17 RC holes (2,141.21 m) were drilled at Dipole in 2022, with all 14 of 17 holes intercepting between 2 to 4 zones of near-surface, anomalous radioactivity (Table 1), up to a maximum value of 65,535 CPS in RC22-DP-005. All 2022 Dipole RC holes are summarized in news releases dated May 9, 2022 (CLICK HERE) and June 2, 2022 (CLICK HERE).
Table 1: 2022 RC Drilling Results to Date (Scintillometer CPS Radioactivity)
|Samples||Max CPS||Zone 1*||Zone 2*||Zone 3*||Zone 4*|
|Yat||RC22-YAT-004||109.73||71||1,964||9.14-24.38 m @
Max CPS: 1,146
Avg CPS: 762
|24.38-25.91 m @ 375 CPS||33.53-44.20 m @
Max CPS: 1,964
Avg CPS: 1,100
|56.39-65.53 m @
Max CPS: 384
Avg CPS: 371
|J4W||RC22-J4W-001||109.73||6||22,146||4.57-6.10 m @ 1015 CPS||48.77-53.34 m @
Max CPS: 22,146
Avg CPS: 12,118
|64.01-67.06 m @
Max CPS: 371
Avg CPS: 351
|J4W||RC22-J4W-002||129.54||5||13,929||50.29-51.82 m @ 1297 CPS||56.39-60.96 m @
Max CPS: 13,929
Avg CPS: 4,899
|91.44-92.96 m @ 355 CPS|
|J4W||RC22-J4W-003||80.77||3||4,788||56.39-60.96 m @
Max CPS: 4,788
Avg CPS: 1,893
|J4W||RC22-J4W-004||109.73||1||2,248||73.15-74.68 m @ 2248 CPS|
|TOTALS (to date)||2302.75||315|
* All zone interval measurements are metres (“m”) down-hole, and true widths are yet to be determined
2022 Ground VLF-EM and Magnetics
A total of 1,547 line-km covering 15,481 ha of prospective area was surveyed in the 2022 ground geophysics campaign. The VLF-EM and magnetics data have been compiled and processed, which included the generation of 3D inversion models to aid in future drill targeting (Figure 2).
The program was planned for 2,400 line-km but was cut short due to reduced snow and deteriorating ice conditions. The remaining un-surveyed area will be considered for a spring 2023 ground geophysics program.
Figure 2: Regional Map of Angilak Property, Summarizing 2022 Exploration to Date
The 59,483-hectare Angilak Property is situated in the mining- and exploration-friendly Nunavut Territory, Canada, and has district-scale potential for uranium, precious and base metals. Since acquisition, ValOre has invested over CAD$55 million on resource delineation and exploration drilling (89,572 metres in 589 drill holes), metallurgy, geophysics, geochemistry, and logistics across the large land package. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred uranium resource estimate.
The Lac 50 NI 43-101 Technical Report (effective date March 1, 2013) defined an inferred resource estimate which represents Canada’s highest-grade uranium resource outside of Saskatchewan, and one of highest-grade uranium resources on a global basis. Highlights include:
CLICK HERE for ValOre’s May 6, 2021 video summarizing the highlights of Angilak.
CLICK HERE for ValOre’s May 6, 2021 video reviewing the 2021 focus for Angilak.
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.
Information related to the independent Angilak mineral resource estimate has been approved by Michael Dufresne, M.Sc. P.Geo., 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 QPs as defined under NI 43‐101.
Information related to the independent Pedra Branca mineral resource estimate has been approved by Fábio Valério, P.Geo., and Porfirio Cabaleiro, P.Eng., of GE21.
About ValOre Metals Corp.
ValOre Metals Corp. 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 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 (CLICK HERE for news release dated March 24, 2022). 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. 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.
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