July 12, 2022
ValOre Metals Corp. (TSXV:VO, BUY, C$1.05 target, David A. Talbot) announced Phase 2 auger results from the Ipueiras target at its 100%-owned Pedra Branca PGE project in Brazil. A total of 67 auger holes have been drilled to date to define the Northwest and Southwest zones. Phase 2 consisted of 32 holes (107m), following up on high grade PGE mineralization reported in previous holes and trenches (read more). The target ultramafic rocks were encountered in 19 of these holes, out of which 17 were mineralized. Assay results were above the existing resource grades, with highlights including: 1) 2.05 g/t 2PGE+Au over 8m including 4.7 g/t over 3m, 2) 3.6 g/t 2PGE+Au over 6m including 5 g/t 2PGE+Au over 4m, 3) 1.34 g/t 2PGE+Au over 7.5m, and 4) 1.69 g/t 2PGE+Au over 5.5m. These results confirm the presence of high-grade Pd-Pt mineralization on surface at the Southwest zone. Notably, the Northwest zone is where all four trenches hit extensive mineralization earlier this year, returning 2.68 g/t 2PGE+Au over 64m including 4.65 g/t 2PGE+Au over 25m and 2.14 g/t 2PGE+Au over 38m including 4.45 g/t 2PGE+Au over 38m. Auger holes typically test only soft oxidized rocks at surface, but most of the holes ended because they couldn’t penetrate fresh, mineralized, ultramafic bedrock. This suggests that the zone remains open at depth. Follow-up trenching is underway at the Southwest zone to help define the PGE-bearing intrusion prior to core or RC drilling. Ipueiras zone results are looking promising, with Northeast and Southwest zones starting to take shape along a 2km-long trend. The zone is located just 10km south of the Trapia deposit (28.8 Mt at 0.96 g/t 2PGE+Au for 885,000 oz), the largest deposit on the property representing ~40% of current resources. Meanwhile, aggressive exploration continues at the 43.3M lb Angilak uranium project in Nunavut where we anticipate resource growth this year (read more). Read more
