ValOre Metals Corp. (TSX‐V: VO) (OTCQB: KVLQF) (Frankfurt: KEQ0) reported assay results from the Salvador Target as part of the 2023 Phase 1 drill program at ValOre’s 100%-owned Pedra Branca Platinum Group Elements Project in northeastern Brazil.

“PGE assays from all four core holes received to date at Salvador confirm consistent, near-surface, high-grade PGE mineralization at this new discovery,” stated Thiago Diniz, Exploration Manager, ValOre Metals Corp. “The evolution of Salvador from concept to discovery demonstrates ValOre’s proven exploration methodology and the team’s ability to identify and advance significant resource targets property-wide. We look forward to continuing to grow Salvador through drilling for potential inclusion in our next mineral resource update.”

Salvador PGE Target Highlights

• Assay results received for three additional core holes drilled at Salvador include:
  • 46.05 metres at 1.96 grams per tonne palladium + platinum + gold with mineralization starting from 77.15 m, including 10 m at 5.02 g/t 2PGE+Au from 88.65 m in drill hole DD23MES04;
  • 49.6 m at 1.25 g/t 2PGE+Au from 47.2 m, including 15.8 m at 2.22 g/t 2PGE+Au from 55.2 m in drill hole DD23MES03;
  • 78.95 m at 0.96 g/t 2PGE+Au from 64 m, including 41.5 m at 1.34 g/t 2PGE+Au from 64.5 m in drill hole DD23MES02;
• A total of 1,056 m were drilled in 8 holes, with target ultramafic (“UM”) rocks intersected in 7 of those holes. Assays are pending for the remaining 3 of 7 UM-bearing holes, spanning 400 m of strike within a 1.3-kilometre-long mineralized trend;
• Assay results received for the remaining 2 of 4 Salvador surface trenches (totalling 145 m that exposed 120 m of UM rocks in all trenches) include:
  • 14 m at 0.66 g/t 2PGE+Au, including 5 m at 1.15 g/t 2PGE+Au in trench TR23MES03;
  • 27 m at 0.50 g/t 2PGE+Au in trench TR23MES04;
• Follow-up mapping, soil sampling and Trado^® augering are in progress, focusing on the open trends to the north and south of Salvador’s main zone.

Table 1: Core Assay Highlights (g/t 2PGE+Au) Reported Today

*Reported core assay interval lengths are estimated to represent 95-100% of true width for the angled hole DD23MES03 and 65 and 80% for the vertical holes DD23MES02 and DD23MES04, respectively.

2023 Pedra Branca Drill Program Summary

• 6,152 m drilled in 49 holes distributed along 8 separate exploration target and resource zones (see ValOre news release of September 21, 2023);
• 1,625 core samples sent to lab, with assays pending for 331 samples from 10 holes.

Table 2: 2023 Pedra Branca Drilling Totals and Assay Status by Zone

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

 Figure 2: Plan map and cross sections along the main zone at Salvador. Assays reported for four of seven UM-bearing holes drilled. Highlights reported here include drill holes DD23MES02, DD23MES03 and DD23MES04, and trenches TR23MES03 and TR23MES04. Assays pending for the remaining holes.

 Figure 3: Core photographs of PGE-bearing chromitites and peridotites intersected at Salvador. Photo on the left showing a PGE-rich chromitite portion of the high-grade interval at DD23MES04 (10 m at 5.02 g/t 2PGE+Au from 88.65 m).

Quality Assurance/Quality Control

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

Qualified Person

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. 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. 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