11 April 2022
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.”
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:
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.