Strategy & Outlook Archives - Page 2 of 3

ValOre Metals Highlights Strategic Synergies and Near-Term Exploration Plans

Vancouver, British Columbia, May 15^th, 2024 – ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTCQB: KVLQF; Frankfurt: KEQ0, “the Company”) today provided a corporate and project update.

Thiago Diniz Appointed Vice President, Exploration

Thiago Diniz, P.Geo. has significant experience as an exploration geologist in Brazil and Canada, including work on early to advanced-stage Platinum Group Element (“PGE”), orogenic and magmatic hydrothermal gold and gold-copper systems, sediment-hosted zinc-lead, phosphate, and potash projects. His expertise in the planning and management of large-scale programs, including data review, mapping & sampling, exploratory & resource delineation drill campaigns, and metallurgical testwork programs have provided valuable input to ValOre’s Pedra Branca Project over the last four years.

Mr. Diniz is a registered P.Geo in Ontario and Saskatchewan, with a B.Sc. Geology (Federal University of Minas Gerais), and a M.Sc. Economic Geology (Queens University).

Jim Paterson, Chairman & CEO, stated: “We are very happy to announce Thiago’s appointment as V.P. Exploration. He has been successfully managing ValOre’s Pedra Branca PGE Project in Brazil for 4 years, excelling in the planning, budgeting, and program execution, which resulted in several discoveries, including Salvador, and a doubling of the inferred resource at Pedra Branca. Importantly, Thiago has gained the respect of ValOre’s in-country team and our board of directors and has built an exceptional level of trust with the local community of Capitao Mor and the Pedra Branca region.

On behalf of all ValOre team members, I would like to wish Colin Smith great success as he moves on to serve as the CEO of an exciting gold exploration company. We thank Colin for his many years of excellent work at ValOre and the great friendships formed along the way.”

Pedra Branca Project Update

ValOre continues to prioritize project exploration and advancement efforts on the Pedra Branca PGE deposits that exhibit the potential for the shortest development timeline with the highest operating margin.

Key aspects of focus to achieve these goals, include:

grade and metallurgical characteristics of PGE mineralization;
depth and orientation of deposits and related strip ratio of the optimized resource pits;
proximity of deposits to one another and to the proposed location of future on-site processing facilities;
Social Licence, local employment, infrastructure and water availability.

The Curiu, Esbarro, Cedro, Cana Brava and Salvador PGE deposits are now ValOre’s top priority areas of focus.

Curiu, Esbarro, Cedro and Cana Brava host, in aggregate, a 2022 NI 43-101 inferred mineral resource estimate of 1.031 million ounces (“Moz”) palladium + platinum + gold (“2PGE+Au”) in 27.2 million tonnes (“Mt”)*;
These four deposits are located within a 3-kilometre (“km”) radius;
Average resource strip ratio for these 4 deposit areas is approximately 2.1:1 waste to ore*;
Curiu and Esbarro collectively average a resource strip ratio of approximately 0.7:1 waste to ore*;
Maximum vertical depth of the mineralization drilled to form resource pits at these 4 deposits is approximately 150 metres*;
The recently discovered Salvador target is located within 5km from those resource zone and highlights significant potential for high grade PGE shallow resources and improved economics in the surrounding area (CLICK HERE for news release dated November 7, 2023 and HERE for news release dated December 11, 2023 and references therein).

Planned 2024/2025 Tasks/Actions include:

Advanced metallurgical studies to define processing flowsheets;
Complete a marketability study for Pedra Branca PGE-enriched concentrate;
Complete additional exploration and deposit definition drilling at Salvador target;
Updated NI 43-101 Technical Report disclosing a mineral resource estimate update, including reclassification of certain zones into the “indicated category” subject to an increased level of confidence in metallurgical recoveries and drill hole spacing;
Complete a preliminary economic assessment (“PEA”) report, including CAPEX and OPEX optimization;
Commence permitting processes and environmental impact assessment (“EIA”);
Define timeline to production.

Exploration Upside:

3 additional resource zones, Trapiá, Massapê and Santo Amaro, host, in aggregate, an inferred mineral resource estimate of 1.167 Moz 2PGE+Au in 36.4 Mt*;
The recently completed 2023 drill program confirmed the potential for Pedra Branca resource expansion, with PGE mineralization drilled in Galante, Troia, Nambi and Ipueiras (CLICK HERE for news release dated September 21, 2023);

Significant additional discovery potential along more than 80 km of Pedra Branca’s prospective, underexplored, property-wide PGE trend.

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 Vice President of Exploration.

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. 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,

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.

CEO Update: ValOre Starts Metallurgical Testwork Program (Nov 20, 2023)

CEO Update: 2023 Drill Results to Date – Pedra Branca PGE Project

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today initiated a process to evaluate potential strategic alternatives (the “Strategic Review”) to maximize the value of the Company’s primary project holdings, including ValOre’s 100% owned Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada, and the 100%-owned Pedra Branca Platinum Group Elements (“PGE”, “2PGE+Au”) Project (“Pedra Branca”) in northeastern Brazil.

ValOre’s board of directors has formed a special committee to lead the Strategic Review and has engaged Canaccord Genuity Corp. as ValOre's exclusive financial advisor to evaluate a range of alternatives, which could include the sale of part or all of the Company or its assets; a merger or other business combination with another party; the forming of a separate company to hold Pedra Branca or other strategic initiatives.

“The timing to launch this process is very exciting, with interest levels in both our uranium and palladium/platinum assets at decade highs based on the global geopolitical landscape and associated commodity supply chain crunch,” stated Jim Paterson, Chairman & CEO of ValOre. “We will work closely with our advisor Canaccord, our major shareholders and the broader mining investment community to maximize value for all ValOre shareholders.”

ValOre’s Diversified Core Asset Portfolio

Angilak Property Uranium Project (Nunavut Territory, Canada)

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 its 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. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred resource estimate (“Lac 50”).

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. Lac 50 highlights include:

43.3 million pounds (“Mlbs”) U₃O₈ contained in 2,831,000 tonnes grading 0.69% U₃O₈ (CLICK HERE for a summary table of the Lac 50 Trend inferred resource estimate);
Supported by 351 resource delineation drill holes totaling 62,023 metres (“m”);
Uranium mineralization starts at surface, and has been drilled to 380 m vertical depth;
Metallurgical results for Lac 50 demonstrate high uranium recoveries and rapid leach kinetics. See news releases: February 28, 2013, September 11, 2013 and February 27, 2014;

ValOre has commenced a board approved and fully funded CAD$11 million 2022 exploration program at Angilak, as announced on April 7, 2022 (CLICK HERE for news release). A total of 300 holes were drilled in areas outside Lac 50 resource, with anomalous radioactivity encountered in 230 holes (77%) evidenced by counts per second values >200, and 170 holes (57%) returned counts per second values >1000.

Angilak is located 200 km south of the Kiggavik uranium deposit (133 Mlbs U₃O₈ grading 0.47% U₃O₈), 240 km southwest of producing Meadowbank gold mine (2.888 Moz Au) and 330 km west of producing Meliadine gold mine (4.025 Moz Au), all located in Nunavut Territory.

Pedra Branca Palladium-Platinum-Gold (Ceará State, Brazil)

The Pedra Branca platinum group elements project comprises 52 exploration licences covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, seven distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2,198,000 ounces 2PGE+Au contained in 63.6 million tonnes grading 1.08 g/t 2PGE+Au (CLICK HERE for news release). All currently known Pedra Branca inferred resource zones are near surface and thus potentially open pittable. Highlights, as reported on March 24, 2022:

2,198,000 ounces 2PGE+Au in 63.6 million tonnes grading 1.08 g/t 2PGE+Au (1,862,000 ounces PdEq grading 0.91 g/t PdEq);
106% increase to 2019 inferred mineral resource;
CAD$6.1M spent on exploration and development since 2019 resource, equating to CAD$5.40 per ounce 2PGE+Au added;
17,434 m have been drilled since the 2019 resource, with approximately 11,500 m allocated to resource expansion;
2021 infill resource and metallurgy hole from Esbarro: 77 m grading 2.95 g/t 2PGE+Au from surface, including 6.4 m at 16.92 g/t 2PGE+Au and 0.52 g/t Rh from 30 m;
Metallurgical recoveries of 82.9% for platinum, 71% for palladium and 85.2 % for gold were achieved by the first locked cycle flotation test on a fresh, unweathered 30-kilogram sample composited from Curiu PGE deposit drill core.

Extensive resource growth potential remains at Massapê, Santo Amaro, Trapia and Cedro, in addition to advanced exploration targets property-wide. Regional exploration by Trado^® and trenching continues to advance new prospects to RC or core drill targets. An excellent example of this is the recently announced Ipueiras trench results, including 64 m grading 2.68 g/t 2PGE+Au, including 25 m grading 4.65 g/t 2PGE+Au. CLICK HERE for news release dated April 5, 2022, for more information on the Ipueiras target.

ValOre has not made any decisions related to any specific strategic alternatives at this time and there can be no assurance that the Strategic Review will result in any transaction. The Company does not intend to provide announcements or updates unless, or until, it determines that further disclosure is appropriate or necessary.

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.

Information in this presentation 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.

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., was commissioned to review the metallurgical information and contribute to the NI 43-101 technical report.

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 (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. (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.

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

ValOre Metals H1 2021 CEO Update – July 26, 2021

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; the “Company”; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) today provided an update from Chairman & CEO, Jim Paterson, on first half year (“H1”) 2021 goals and accomplishments related to advancing ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil.

2021 Focus

ValOre issued over 20 news releases documenting accomplishments in calendar 2020, and with our dramatically increased exploration activities at Pedra Branca, we have already issued 20 news releases in the first half of this year alone, including the following areas of focus:

Team building continues with the addition of highly experienced directors, advisors, technical experts and Pedra Branca project staff;
Successful fundraising efforts have enabled an expanded and more productive exploration program. ValOre’s ability to increase Community Engagement levels has been aided by a more solid financial footing;
Resource expansion drilling has been very successful at Trapia (Trapia 1 and Trapia 2), with Santo Amaro drilling to commence this month;
Target advancement drilling has defined near-surface PGE mineralization at Esbarro NW and Cana Brava, with all assays pending for Santo Amaro South (5 of 5 drill holes have intercepted the target ultramafic rocks);
Discovery drilling generated positive assay results in all three holes at Trapia South;
Over 2,700 metres (“m”) remain in the core program, including all drilling at the C-04 and Santo Amaro targets, and on-going follow-up drilling at Trapia 1;
ValOre’s exploration methodology has generated new targets and PGE discoveries;
Work related to mineralogy, mineral processing and metallurgy continues to provide options for Pedra Branca future development;
A comprehensive mineralogical characterization study was completed in H1 2021, and a multi-faceted follow-up metallurgical testwork program has commenced, including: reverse floatation, hot cyanide leach, hot ferricyanide leach, and bottle roll tests.

Team Built – In 2020, ValOre added considerable depth and technical talent to the team. This trend continued in H1 2021, with announcements (March 26 and June 1) detailing appointments of Darren Klinck as Director, Ian Pritchard and Luis Azevedo as Advisors, Colin Smith as V.P. Exploration, Thiago Diniz as Exploration Manager, and Marina Carvalho as Lead Administrator.

Successful Fundraising – On February 17, the Company announced the closing of a private placement of gross proceeds of CAD$8.33 million which enabled the Company to fully extinguish the outstanding operating line of credit and attracted some very strong and long-term shareholders, including 20% participation by company insiders.

Community Engagement – We strive to have a positive impact on the communities surrounding Pedra Branca, and in particular, the wonderful people of Capitão Mor. Our efforts in 2020 and 2021 remain focused on supporting the local medical clinic and schools with donations of supplies when called for, and as the project activity level scales up, we have been able to increase the hiring levels and business partnerships with local residents.

Exploration Success – In H1 2021, ValOre’s team successfully advanced the Pedra Branca PGE project on multiple fronts. We have drilled 3,263 of the planned 6,000 metres diamond drill (“DDH”) program comprised of resource expansion, target advancement and discovery drilling. Samples from 11 diamond drill holes have been sent for assays, with assays pending for 4 holes from Trapia 2. Follow-up drilling at Trapia 1 is on-going, drilling at the C-04 target has commenced, and drilling at Santo Amaro will be initiated this month.

A highlight from resource expansion drilling at Trapia 1 in H1 2021 was drill hole DD21TU21, which returned 71.90 m grading 1.29 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) from 134.95 m, including 1.55 m grading 10.82 g/t 2PGE+Au from 167.75 m (June 30 release).

On July 12, we announced highlights from discovery drilling activities at Pedra Branca which included a PGE discovery at Trapia South, and near surface zones of mineralization in areas proximal to existing 43-101 inferred resources, such as Esbarro NW target. In addition, compelling exploration potential is being established at the underexplored Massape target, which hosts PGE mineralization in 3 of 5 historical drill holes. ValOre has conducted extensive 2021 geological mapping, prospecting, Trado^® auger drilling and trenching, as we work to advance the target towards a drill-ready stage (assays pending for Trado^® and trench samples).

In H1 2021, a total of 38 reverse circulation (“RC”) drill holes in 1,828 m have been drilled, with assay results received for 22 holes, and a total of 113 Trado^® auger holes have been drilled, with assay results received for 92 holes.

ValOre received encouraging assay results and reports from targeted exploration programs across the property, including geological mapping and prospecting, 157 rock samples (February 24), 417 soil samples (February 24), 6 trenches (March 23), and rhodium assays from resampled historical and 2020 ValOre drill core (March 2 and May 6).

Project Advancement – Our work related to mineralogy, processing and metallurgy has provided positive initial results which gives us the encouragement and impetus to commence additional testing. (January 13). A comprehensive mineralogical characterization study was completed in H1 2021, and a multi-faceted follow-up metallurgical testwork program has commenced which includes: reverse floatation, hot cyanide leach, hot ferricyanide leach, and bottle roll tests.

On July 6, ValOre announced the increase to the Pedra Branca land holdings by 29% through the acquisition of 16,000 hectares.

Thank you! In what has already been a productive and successful H1 2021, I would like to thank our shareholders, team members, service providers and the people in the communities surrounding Pedra Branca for their support. We look to continue the momentum for the balance of 2021!

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

Qualified Person (QP)

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.

About ValOre Metals Corp.

The Pedra Branca PGE Project comprises 51 exploration licenses covering a total area of 55,984 hectares (138,339 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.

For further information about ValOre Metals Corp., or this news release, please visit our website at 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

CEO Update: 2021 Focus Building on 2020 Success – Jan 6, 2021

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; the “Company”; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) today summarized 2021 goals which aim to build on the 2020 accomplishments at ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil.

2021 Focus

ValOre issued over 20 news releases documenting accomplishments in calendar 2020, and we expect to report a greater number in 2021 as the Company generates more material corporate and project related news. Subject to final board approval, receipt of any required permits and financing, the ValOre team will be busy building upon a solid year of performance in 2020 as we seek to rapidly advance Pedra Branca. Details will follow in the form of specific activity related news releases, including the following areas of focus:

Resource expansion and discovery drilling in specific zones, including Trapia and Santo Amaro;
Resource delineation drilling in specific zones, including Esbarro and Curiu;
Target advancement drilling at Cana Brava and the recent C-04 ValOre drilling discovery;
New discovery target generation and drilling at untested sites over the property;
Building on highly encouraging initial results from work related to mineralogy, mineral processing and metallurgy, we will focus on determining the safest, highest margin and most productive project development strategy.

Team Built

In 2020, we added considerable depth and technical talent to the ValOre team (June 18 and Sept 21 news releases). I am honoured to work with such a conscientious group of incredibly hard working and competent professionals in Brazil, Canada, USA and UK. The benefit to shareholders of having some of our industry’s brightest minds focused on adding value through exploration and discovery, while relentlessly interrogating the data to de-risk and advance Pedra Branca, cannot not be overstated. Our path forward is very exciting!

Community Engagement

We strive to have a positive impact on the communities surrounding Pedra Branca, and in particular, the wonderful people of Capitão Mor. We take our responsibilities to the communities seriously and some of this initial commitment included supporting the local medical clinic with donations of supplies in what was a particularly testing year for everyone. As the project activity level scales up, our ability to be a positive element in the community also increases.

Exploration Success

In 2020, ValOre’s team successfully advanced the Pedra Branca PGE project on multiple fronts. We executed on budget a 6,314 metre drill program comprised of resource expansion (4,999 metres in 32 holes), target advancement (565 metres in 8 holes) and discovery drilling (750 metres in 8 holes). Samples from 44 drill holes were sent for assays, with results still pending from 8 holes drilled at Santo Amaro.

A highlight from resource expansion drilling at Trapia 1 was hole DD20TU20 which intersected 76.74 metres of 1.25 g/t 2PGE+Au, including 15.00 m of 4.19 g/t 2PGE+Au, 0.63% Ni and 0.25% Cu (Dec 1 release).

A highlight from discovery drilling activities was 2PGE+Au mineralization encountered in all three drill holes (Oct 27 release) at the previously undrilled C-04 target. These results are significant, as they validate ValOre's exploration methodology (Dec 4 2019 release) and I believe this successful methodology will have a positive impact on the results of future exploration programs project-wide.

We received encouraging assay results and reports from targeted exploration programs across our property, including mapping, prospecting (245 rock samples), trenching, rhodium values from resampling of historical drill core (Mar 12 and Nov 19 releases) and soil sampling (2,845 samples).

Project Advancement

Our work related to mineralogy, processing and metallurgy has provided positive initial results which gives us the encouragement and impetus to commence additional testing. For a synopsis of the related 2020 releases, please click this video link HERE. Highlights include:

Platsol™ metallurgical test recoveries of 93.4 to 93.6%for palladium (Pd) and 95.3 to 95.7%for platinum (Pt);
Hot cyanide metallurgical test recoveries of 84.4%, 88.5%and 91.7% palladium;
Falcon UF gravity test work effectively concentrates platinum with 82.6% Pt recovered in 32.1% of the mass.

In looking ahead to what promises to be a productive and successful year, I would like to thank our shareholders, team members, service providers and the people in the communities surrounding Pedra Branca for their support in 2020. We wish you all health, happiness and prosperity in 2021. Let’s get after it!

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.
Qualified Person (QP)

About ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.653.9464, or by email at [email protected].

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

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

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; the “Company”; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) today provided a summary of 2020 accomplishments and next steps to advance ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil.

“So far in 2020, our team has successfully advanced exploration efforts at the Pedra Branca PGE project on multiple fronts. We have completed 80% of the 6,000 metre two phase drill program, focusing on our goals of resource expansion, target advancement and discovery drilling,” stated Jim Paterson, ValOre’s Chairman and CEO. “Assay results are pending from drilling completed at Trapia 1 and Trapia 2; with both drill rigs now positioned to start drilling at the Santo Amaro area this week. Our work related to mineralogy, processing and metallurgy has provided very positive initial results and some additional options which warrant immediate follow up.”

Pedra Branca 2020 Drill Program

Resource Expansion – The bulk of the 6,000 proposed metres to be drilled as part of both the Phase 1 and 2 programs, were aimed at expanding specific zones which form part of the Pedra Branca inferred resource, namely Trapia (Trapia 1 and Trapia 2) and Santo Amaro:

Trapia 1 – 2,520 metres in 12 holes drilled with assays from 5 holes released Aug 25 and Aug 31. Assays pending from 7 holes drilled to the south of the area of known resources;
Trapia 2 – 1,098 metres in 8 holes drilled with samples from all holes sent this week to the lab for assays;
Santo Amaro – two drill rigs now positioned at Santo Amaro to commence drilling this week. We aim to finish strong with the planned drilling of 960.0 metres in 8 holes.

Target Advancement – 565 metres in 8 holes, were drilled in previously tested target zones, with highly encouraging results coming from Cana Brava, where shallow mineralization was extended with PGE intercepts in three of the drill holes (Oct 27 release)

Discovery Drilling – 750 metres in 8 holes tested new targets, with a highlight being a new PGE discovery at the previously undrilled C-04 WorldView-magnetic anomaly target, with 2PGE+Au mineralization encountered in all three drill holes (Oct 27 release). These results are significant, as they validate ValOre's exploration methodology described in the Dec 4, 2019 news release.

Metallurgical Work

For a synopsis of ValOre Nov 2 and Nov 9 releases, please click this LINK to a video presentation by ValOre’s Colin Smith (New Project Review) and Dustin Zinger (Investor Relations).

Platsol metallurgical test recoveries of 93.4 to 93.6 per cent for palladium (Pd) and 95.3 to 95.7 per cent for platinum (Pt) achieved;
Hot cyanide metallurgical test recoveries of 84.4 per cent, 88.5 per cent and 91.7 per cent palladium were achieved;
Falcon UF gravity test work was very effective at concentrating platinum with 82.6 per cent Pt recovered in 32.1 per cent of the mass.

Next Steps

As we continue with a property-wide exploration program at Pedra Branca, there will be a t steady news flow in Q4 2020 and Q1 2021, to include results from:

Drilling at Trapia 1 (pending), Trapia 2 (sent recently to lab), and Santo Amaro (drilling to commence this week);
Assays and reports from targeted exploration programs property wide, including mapping, prospecting, trenching, rhodium values from historic drill core, and soil sampling (Mendes North);
Platsol™ tests to optimize PGE and gold recoveries;
A comprehensive mineralogical evaluation to characterize the speciation of palladium and platinum in Pedra Branca mineralization;
Falcon ultrafine (UF) gravity separation testwork continues as a potential preconcentration circuit to upgrade feed material and improve mass pull;
Steinert sensor-based ore sorting testwork will commence shortly with the shipment of 100 representative chip samples from historic drilling at the Esbarro deposit.

ValOre’s advancement of the Pedra Branca PGE project has been greatly assisted by the support of the local communities surrounding Pedra Branca, in particular the wonderful people of Capitão Mor. Our highest priority is to operate safely and make a positive impact on the local community. Over the past year, we have grown a first-class team, which includes incredibly hard working and competent professionals in Brazil, Canada, USA and UK.

We thank our shareholders for their patience as we advance this emerging PGE district – we feel the potential prize is most certainly worth the wait.

On behalf of the Board of Directors,

“Jim Paterson”

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

NOVEMBER 9, 2020 ValOre Reports Further Encouraging Metallurgical Testing Results from Pedra Branca PGE Project: 91% palladium recoveries in cyanide leach and 82% platinum recovered in 32% mass in gravity sort

NOVEMBER 2, 2020 ValOre Initiates Multi-faceted Optimization Testwork at Pedra Branca and Receives Preliminary Platsol™ Metallurgical Recoveries of 93.4% for Palladium and 95.3% for Platinum

OCTOBER 27, 2020 ValOre Validates Exploration Methodology with Drill Discovery of New PGE Zone at Pedra Branca

OCTOBER 19, 2020 ValOre Provides Pedra Branca Exploration Update; Second Rig Arrives to Commence Fully Funded Phase 2 Drill Program

SEPTEMBER 21, 2020 ValOre Expands Fully Financed Exploration Program at Pedra Branca with Additional Drill Rig and New Geological Team Members

AUGUST 31, 2020 ValOre Expands PGE Mineralization at Pedra Branca with Step-Out Drilling; Intersects 9.49 g/t 2PGE+Au over 2.45 metres

AUGUST 25, 2020 ValOre Announces Initial Drill Results from Pedra Branca; Including 1.0 g/t 2PGE+Au Over 52.8 Metres from Surface

AUGUST 6, 2020 ValOre Provides Update on Pedra Branca Activities

JULY 9, 2020 ValOre Commences Drilling at Pedra Branca PGE Project

JULY 7, 2020 ValOre Soil Geochemistry Assay Results Identify PGE Anomalies at all Three Mendes North Targets

JUNE 18, 2020 ValOre Bolsters Technical Team and Provides Update on Pedra Branca PGE Project Drill Program

JUNE 17, 2020 ValOre Provides Exploration Update for Pedra Branca PGE Project and Initiates Metallurgical Testwork

APRIL 27, 2020 ValOre Outlines 2020 Exploration Program for Pedra Branca; Secures $1.2 Million Financing

MARCH 30, 2020 ValOre Continues to Identify New PGE Targets at Pedra Branca; Provides Update Regarding COVID-19

MARCH 12, 2020 ValOre Reports Rhodium Assays from Pedra Branca PGE Project, Brazil: Initial results from Esbarro Deposit yield up to 1.44 g/t Rhodium.

Qualified Person (QP)

About ValOre Metals Corp.

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

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

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