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ValOre Completes Successful Phase 1 Drill Program at Pedra Branca PGE Project, Brazil

Vancouver, British Columbia, September 21st, 2023 - ValOre Metals Corp. (“ValOre”; TSXV: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today reported the completion of the 2023 Phase 1 Diamond Drilling Program at ValOre’s 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

“We are very pleased with the results of the first phase of ValOre’s 2023 exploration program, where we drilled over 6,150 metres at 8 different zones across the Pedra Branca property. Drilling confirmed the potential to expand resource zones like Trapia 1 and discover new mineralized zones like Salvador,” stated Thiago Diniz, Exploration Manager, ValOre Metals Corp. “The team continues advancing property-wide resource zones and new targets as we await final assay results over the next 6 weeks.”

Highlights

  • 6,152 m drilled in 49 holes distributed along 8 separate exploration and resource zones;
  • Target ultramafic (“UM”) rocks intercepted in 42 of 49 holes (794 m of UMs);
  • 1,625 core samples sent to lab, with assays pending for 806 samples from 16 holes:
  • Resource expansion potential confirmed at Trapiá 1, which remains largely open along-strike and down-plunge;
  • Near surface PGE mineralization drilled at the following zones: Galante, Tróia, Nambi, Massapê, and Salvador (see Assay Highlights table below).

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 66 188 188 0
Nambi 665 6 6 76 203 185 18
Ipueiras 228 4 3 27 83 0 83
Massapê 380 4 3 18 48 48 0
Cedro 545 2 1 4 14 14 0
Trapiá 1,459 5 5 169 308 0 308
Salvador 1,056 8 7 265 397 0 397
Total 6,152 49 42 794 1,625 819 806

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
DD23NB05* 238.44 243.60 5.16 0.23 5.16 m grading 0.23 g/t 2PGE+Au from 238.44 m
DD23NB06* 62.00 66.50 4.50 0.48 4.5 m grading 0.48 g/t 2PGE+Au from 62 m
DD23NB07* 22.80 24.65 1.85 0.43 1.85 m grading 0.43 g/t 2PGE+Au from 22.8 m
Massapê DD23MS18* 102.95 103.45 0.50 0.20 0.5 m grading 0.20 g/t 2PGE+Au from 102.95 m
DD23MS19* 26.00 33.90 7.90 0.27 7.9 m grading 0.27 g/t 2PGE+Au from 26 m
and 2 m grading 2.50 g/t 2PGE+Au from 56 m
56.00 58.00 2.00 2.50
 

*New assay results in today’s release.

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

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

Figure 2: Salvador target 3D perspective view (looking NW). Total of 8 holes completed along a 400-metre priority trend, with 7 of 8 holes intercepting a thick package (average ~40-metre zone) of target ultramafic rocks (core assays pending). Salvador remains open in all directions.

Figure 3: Trapiá 1 Deposit long section (looking NE). Resource expansion potential demonstrated from the 2023 core drilling, compared with the 2019 and 2022 resource optimized open pits. An additional 300 metres of chromite-bearing UMs was intercepted along dip (core assays pending).

Figure 4: Massapê Deposit long section (looking W). DD23MS19 intercepted PGE mineralization 350 m outside of the 2022 resource, confirming resource expansion potential.

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. (TSXV: 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.