ValOre Validates Exploration Methodology with Drill Discovery of New PGE Zone at Pedra Branca

VANCOUVER, Oct. 27, 2020 - ValOre Metals Corp. (“ValOre”; the “Company”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0) today announced assay results for the C-04, Cana Brava, Cedro, Esbarro East and Golden Goat drill targets at ValOre’s 100%-owned Pedra Branca Platinum Group Element (“PGE”) Project in northeastern Brazil.

“Our drill program continues to generate exciting results, including a discovery of the C-04 Zone in addition to successfully advancing the targets at Cana Brava and Cedro North,” stated ValOre’s Chairman and CEO, Jim Paterson. “Our efficient and cost-effective exploration methodology has now been validated by the drill discovery of high-grade, near-surface PGE mineralization.”

Highlights from C-04, Cana Brava, Cedro, Esbarro East and Golden Goat Targets

• C-04 - New PGE-mineralized Zone discovered at the previously undrilled target validates ValOre’s WorldView-magnetic anomaly targeting methodology (see news release dated December 4, 2019);
• Cana Brava - Shallow mineralization extended with PGE intercepts in three diamond drill holes (“DDH”);
• Cedro - PGE mineralization drilled from surface in both “Cedro North” drill holes;
• Esbarro East - PGE mineralization drilled from surface;
• Golden Goat - two drill holes targeting a geophysical anomaly intercepted broad intervals (100-140m) of prospective ultramafic (UM) intrusion.
  

Target Classes and Locations:

CLICK HERE for Figure 1, a map of Phase 1 drill hole locations and targets.

Table 1: Drill Core Assay Highlights for C-04, Cana Brava, Cedro, Esbarro East and Golden Goat

*Reported assay intervals are estimated to be 90-100% true width

C-04 Drill Target – New PGE Discovery

A new PGE discovery was made at the previously undrilled C-04 WorldView-magnetic anomaly target, with 2PGE+Au mineralization encountered in all three DDHs. CLICK HERE for Figure 2, a cross section of 2020 C-04 drilling. These results are significant, as they validate ValOre’s exploration methodology, namely pairing WorldView spectral data to characterize the spectral signature of ultramafic rocks with inversion of the magnetic data to model the 3D geometry and spatial extent of the highly magnetic ultramafic bodies. C-04 was the inaugural test case of pure greenfields targeting for ValOre at Pedra Branca in Q4 2019, whereby investigations of discrete reduced to pole (RTP) magnetic anomalies, derived from the re-processing of Anglo American’s airborne magnetic survey, were combined with targeting priority classes of spectral chromitite and ultramafics derived from 2019 WorldView satellite data. The magnetic data was then inverted to define the potential 3D geometry and spatial extent of the likely ultramafic source body. This methodology led ValOre geologists directly to a surface showing of mineralized UM intrusion grading up to 7.95 g/t 2PGE+Au in grab sample (see news release dated December 4, 2019).

• Vertical drill hole DD20CF01 collared directly into mineralized UM rocks from surface down to a depth of 67.22m. The intrusion was dominated by chromite-bearing peridotites and dunites, with a basal pyroxenite and amphibolite schist. Assay highlights include 5.29m @ 2.03 g/t 2PGE+Au from 61.00m within a broad interval of 24.95m @ 0.71 g/t from 41.34m, and 18.00m @ 0.58 g/t 2PGE+Au from 0.00m;
• Drill hole DD20CF02 was an inclined hole drilled at -60 degrees to a southern azimuth (180^◦) from the same pad at DD20CF01, to better constrain the intrusion geometry. Mineralized UM rocks were again encountered from surface to a depth of 76.53m. Assay highlights from DD20CF02 include: 21.60m @ 0.39 g/t 2PGE+Au from 0.00m and 21.00m @ 0.27 2PGE+Au from 39.00m;
• Drill hole DD20CF03 stepped 45m to the east-southeast of DD20CF01 and DD20CF02, and targeted the intrusion with an additional -60 degree hole drilled to the south, and encountered intervals of UM intrusion and UM schists from 12.20m to 60.60m depth. Core axis angles suggested pierce points near to the easterly intrusion margin; however, this could be resulting from localized structural crenulation, and mineralization and ultramafics remain open to the east.
  

The exciting results from ValOre’s first three drill holes at C-04 warrant follow-up drilling in 2021, with PGE mineralization remaining fully open in all strike directions. Field mapping and drill core interpretations suggest a thickening of the PGE-bearing intrusion to the south and southwest of current drilling, and these areas will be the focus of drill targeting in 2021. Further, these drill results serve to substantiate ValOre’s WorldView-magnetic targeting methodology, which is now being applied property wide at large, unexplored PGE targets (see news releases dated July 7, 2020 and October 19, 2020).

Cana Brava Drill Target – Extension of Mineralization

The Cana Brava target is an at-surface pre-resource PGE showing situated within a 3km radius of the Esbarro (394,000oz 2PGE+Au at 1.23 g/t), Curiu (100,000oz 2PGE+Au at 1.93 g/t) and Cedro (151,000oz 2PGE+Au at 1.10 g/t) NI 43-101 PGE deposits, (see ValOre’s July 23, 2019 news release) along the same structural contact. Historical Cana Brava grab samples grade up to 15.4 g/t 2PGE+Au, and the outcropping ultramafic and chromitite showings have well-defined PGE-in-soils and magnetic anomalies. Anglo American drilled two holes at Cana Brava in 2010, and the southern hole (DD10CB02) intercepted mineralized intrusion from surface to 27.55m, including 2.30 g/t 2PGE+Au over 6.00m from 3.00m depth. This drill hole did not receive any follow up exploration until ValOre’s 2020 drill program.

ValOre targeted Cana Brava with four vertical DDHs in 2020 spaced 50-60m apart, stepping out from DD10CB02 both along strike to the north and south, and down-dip to the east. At- or near-surface PGE mineralization was encountered in three of four drill holes, and mineralization remains open to the west, south, southwest, northeast. The ultramafic package is also thickening to the west. CLICK HERE for Figures 3A and 3B, cross sections of 2020 Cana Brava drilling.

• Drill hole DD20CB03 collared into mineralized ultramafic intrusion from surface to 23.30m, characterized by weathered serpentinites, peridotites and dunites, and basal interlayers of pyroxenites, schists and country rock. Assay highlight from DD20CB03 includes: 15.20m @ 0.61 g/t 2PGE+Au from 0.00m.
• Drill hole DD20CB04 collared into mineralized ultramafic intrusion from surface to 26.65m and drilled a correlative lithological sequence to DD20CB03. Assay highlight from DD20CB04 includes: 14.00m @ 0.83 g/t 2PGE+Au from 10.00m.
• Drill hole DD20CB05 collared into mineralized ultramafic intrusion from surface to 32.42m. Ultramafic rocks consisted of weathered UM schists and serpentinites, underlain by lower pyroxenites, schists with a basal banded iron formation (“BIF”) before entering basement at 33.97m. Assay highlight from DD20CB05 includes: 7.67m @ 1.07 g/t 2PGE+Au from 26.30m.
• Drill hole DD20CB06 did not intersect ultramafic rock.

The shallow mineralized drill intercepts from three of four 2020 holes at Cana Brava warrant additional drill testing of the ultramafic intrusion which seems to thicken to the west. An additional showing, characterized by high-grade historical rock samples and a PGE-in-soils anomaly, is situated approximately 385m to the north-northwest. This target remains un-drilled.

Cedro Drill Target – At-Surface PGE Mineralization

Four 2020 drill holes were completed at the Cedro deposit area (151,000oz 2PGE+Au at 1.10 g/t), targeting both historical DDH (non-resource) PGE intercepts, and untested 3D magnetic inversion model targets.

The northern two drill holes, DD20CD95 and DD20CD96, are situated 150m east of an existing NI 43-101 resource and were designed to follow up historical drill hole DD07CD26, which intersected PGE-bearing UMs from surface to 35.00m (including 3.9 g/t over 1.6m from 19.40m). CLICK HERE for Figure 4, a cross section of the two northern 2020 drill holes at Cedro.

• Both DD20CD95 and DD20CD96, collared into weathered mineralized ultramafic rocks (peridotites, serpentinites, and amphibolites) from surface to 25.75m and 17.00m, respectively.
• Drill hole DD20CD95 returned an assay of 20.00m @ 0.38 g/t 2PGE+Au from 0.00m.
• Drill hole DD20CD96 retuned an assay of 15.00m @ 0.49 g/t 2PGE+Au from 0.00m.
• The mineralized ultramafic remains open and is thickening to the south, with the three positive drill holes (two 2020 holes and one historical hole) exhibiting intrusion thicknesses of 17.00m, 25.75m and 35.00m, from north to south.

Two additional holes (DD20CD97 and DD20CD98) were drilled at Cedro, targeting large (400m x 120m), north-northwest south-southeast trending 3D magnetic isoshell bodies, one situated in central Cedro and the other in southern Cedro. Coarse-grained granites and gneisses were intersected from surface to end of holes (“EOHs”), with DD20CD98 transecting a thin (~3m), barren interval of UM-derived rock from 78.00m depth.

Esbarro East Drill Target – At-Surface PGE Mineralization

The Esbarro East target is a surface chromitite showing situated 500m due east of the Esbarro deposit (394,000oz 2PGE+Au at 1.23 g/t). This previously un-drilled target hosts historical and ValOre grab samples that graded up to 5.10 g/t 2PGE+Au, collected from a subcrop of chromitite and weathered ultramafic rocks, with a coincident at-surface 3D magnetic inversion anomaly. Three DDHs were drilled in 2020, with one of the three returning an at-surface PGE intercept (DD20ES44). CLICK HERE for Figure 5, a cross section of 2020 drilling at Esbarro East.

• Drill hole DD20ES44 collared directly into the chromitite showing and 3D magnetic inversion target, and intersected mineralized weathered ultramafic rocks from surface to 2.95m, and returned an assay of 3.65m @ 0.92 g/t 2PGE+Au. Coarse-grained granites with local pegmatitic textures ensued until EOH.
• Drill holes DD20ES45 and DD20ES46 sought to test the southerly down-dip and westerly on-strike extensions. No UM rocks were encountered in either hole.

Golden Goat Target – Broad (>100m) Ultramafic Drill Intercepts Encountered

The previously un-drilled Golden Goat target is situated approximately 1km east-southeast of the Esbarro deposit (394,000oz 2PGE+Au at 1.23 g/t), and is characterized by a strong magnetic anomaly (480m x 370m), historical spectral serpentinization data, and highly anomalous Au- and Cr-in-stream sediment samples situated on a drainage that flows from the mag high. Two vertical 2020 drill holes were targeted into the core of the geophysical anomaly, and both holes intersected broad (100-140m) intervals of prospective ultramafic rocks. CLICK HERE for Figure 6, a cross section of the 2020 drilling at Golden Goat.

• Drill hole DD20GG01 entered ultramafic intrusion at 9.12m depth and remained in the intrusion until 154.54m. Coarse to medium grained pyroxenites dominated the sequence before ending the hole in a laminated and schistose metasedimentary package. DD20GG01 returned thin, weakly anomalous assays, including: 1.00m @ 0.53 g/t 2PGE+Au from 68.00m.
• Drill hole DD20GG02 entered ultramafic intrusion at 33.45m depth and remained in the intrusion until 132.40m. The geology was correlative to DD20GG01, with coarse to medium grained pyroxenites dominating the sequence before ending the hole in metasedimentary rocks. DD20GG02 returned thin, weakly anomalous assays, including: 0.80m @ 0.57 g/t 2PGE+Au from 35.00m.

Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting

As part of ValOre’s QA/QC protocol, a total of seven quality control samples are inserted in each batch of 50 samples. These include the insertion of blanks, standards, and duplicates according to a logical sequence that follows strict industry standards. The seven quality control samples comprise: (i) two coarse blanks sampled from barren quartz vein outcrops in the area (4% of the batch); (ii) three certified reference materials (“CRMs”, 4% of the batch) with pre-determined PGE and Au grades produced by CDN Resource Laboratories; (iii) and three duplicate samples (2% of the batch each), including one coarse reject duplicate and one pulp duplicate (both prepared at SGS laboratory following ValOre’s instructions) and one ? core duplicate, prepared at ValOre’s core logging facility in Capit?o Mor. Assay results are systematically checked upon receipt and a specific batch is accepted if results are in accordance with a QA/QC failure chart. All samples are sent with an ensured chain of custody to SGS Geosol Laborat?rios Ltda. (“SGS Geosol”, an accredited mineral analysis laboratory) in Vespasiano, Minas Gerais, Brazil for analysis.

Grading intervals are reported from continuous drill intersections of favorable ultramafic intrusion that return anomalous 2PGE+Au values throughout, with sample widths averaging 1.0 metres in length throughout the mineralized zone.

Analytical Procedures, SGS Geosol

Once a core sample consignment is received and verified by SGS Geosol, all core samples undergo density calculation by water immersion method on the raw samples wrapped in PVC film. The samples are subsequently prepared for analyses by means of drying, crushing (with 75% passing 3 mm), homogenization, quartering and pulverizing 250 – 300 g of sample in a 95% steel mill at 150 mesh. Multielement analyses is then performed by Sodium Peroxide Fusion followed by a multielement combined ICP-OES and ICP-MS scan for base metals, trace, and lithological elements. Chromium values that exceeded 5% are redirected to ore-grade pyrosulfate fusion and XRF techniques to determine %Cr2O3. Samples are then analyzed for 2PGE+Gold (Pd, Pt, Au) content using standard Fire Assay techniques.

Certified PGE ore reference standards, blanks and field duplicates were inserted as a part of ValOre’s QA/QC protocol. No QA/QC issues were noted with the results reported herein.

SGS Geosol is an accredited mineral analysis laboratory founded in Brazil from a joint venture between SGS do Brasil and Geosol Geologia e Sondagens. It concentrates its activities on geochemical analysis of soils, rocks, ores, concentrates and metallurgical tests, as well as environmental analyzes of water, effluents, and industrial waste.

SGS Geosol is internationally recognized by its extensive experience throughout industry, with technical teams formed by highly qualified professionals. SGS Geosol’s Integrated Management System ensures an excellent level of quality, safety, occupational health, respect for the environment and social responsibility.

The lab is Certified ISO 9001, which provides quality services in analytical chemistry, in compliance with all applicable environmental requirements, and so it is also certified ISO 14001. SGS Geosol has advanced laboratories and the latest technological equipment, which enables its supply of analytical services with security and excellent quality control.

Pedra Branca 2020 Drill Program

Please see ValOre’s news release from August 25, 2020 for detailed information regarding:

• Pedra Branca 2020 Drill Program (Phase 1 and Phase 2)
• About Servitec Foraco Sondagem SA
• ValOre and Servitec Foraco COVID-19 Protocols
  

http://valoremetals.com/news-media/news-releases/2020/

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 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’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.

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., who oversees New Project Review for ValOre.

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 valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at contact@valoremetals.com.

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