April 8, 2022
ValOre Metals Corp. (TSXV:VO, BUY, C$1.05 target, David A. Talbot) has commenced a C$11M exploration program at its 100% owned Angilak uranium project located in Nunavut. Angilak, which has not seen any exploration activity since 2016, is host to 43.3M lb U3O8 (2.83Mt at 0.69% U3O8 on the Lac 50 trend) and represents one of Canada’s largest and highest-grade uranium deposits. ValOre plans to conduct 8,000m of drilling (50% RC and 50% diamond), ~2,400 line-km of ground VLF EM and magnetic surveys, and geochemical sampling. Drill crews began mobilizing to site in Mar/22 with the initial 4,000m RC program expected to commence by April 15th. Once RC drilling has concluded, 4,000m of diamond drilling is expected to commence in the summer focusing on resource expansion and RC drilling follow up. The Angilak deposit is somewhat unique as it is interpreted to be a basement hosted, vein-hydrothermal type, unconformity associated deposit associated with Ag, Mo and Cu. ValOre’s restart of this project is highly anticipated, particularly as uranium prices hit ~US$62/lb on April 6th, the highest level seen since March 2011. We see considerable potential to expand known resources, delineate new zones and make further discoveries. One of the most interesting new targets includes the Dipole trend, located 30km W-SW of Lac 50, and on the opposing side of the sub-basin. Drilling from the last program at Dipole in 2015 returned uranium in all nine holes, hitting 0.88% U3O8, 0.46% Mo and 17.6 g/t Ag over 6.7m including 2.34% U3O8, 1.13% Mo, and 44 g/t Ag over 1.3m (15-DP-009). Drilling programs are also underway at the company’s 100%-owned Pedra Branca PGE project in Brazil (read more), where the PGE+Au resource was recently doubled to 2.2M oz. Read more
