15 June 2022
Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX?V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an exploration update on the Reverse Circulation (“RC”) drilling and ground geophysics at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada. Seventeen (17) of twenty (20) RC holes drilled at the Dipole and Yat targets, as well as 4 of 5 holes at J4 West (6th hole on-going), have intersected near-surface zones of radioactivity.
“The spring RC drilling program at Angilak showcases the potential for zones such as Dipole, Yat and now J4 West to host high-grade, near-surface, basement-hosted uranium deposits, with multiple zones of near-surface radioactivity intersected in 22 of 27 holes with vertical depths of radioactive intersections ranging between 9 and 110 metres,” stated ValOre’s VP of Exploration, Colin Smith. “Real time results of radioactivity from RC drilling at J4 West are very exciting as RC22-J4W-001 returned a peak CPS value of 22,146 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m. J4 West sits less than 300 metres from, and may be a faulted offset continuation of, the J4 zone which contributes 14.4 million pounds to the 43.3 million pound Lac 50 inferred resource.”
Angilak 2022 RC Drilling Highlights:
J4 West Target
J4 West target (“J4W”), located 280 m west of the J4 uranium deposit, which hosts an inferred resource estimate of 14.4 Mlbs U3O8 grading 0.8% U3O8;
2022 J4W drilling has tested a strike length of 400 m of a 1-km-long EM conductor, with 2 RC holes drilled from each of three sites spaced 200 m apart;
RC22-J4W-001 returned a peak CPS value of 22,146 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m.
The J4 West (“J4W”) target, formerly know as the J1 Zone, is a 1-km-long EM conductor located between Lac 50’s Eastern Extension (“EE”) and J4 uranium deposits. The easterly J4 deposit remains open along-strike to the west towards the EE, and down-plunge. Re-processed ground VLF-EM data highlights a distinct ~150 m sinistral off-set for the J4 conductor to the west of the deposit, which suggests a displaced continuation of the high-grade uraniferous structure ~280 m southwest of J4 (Figure 1). This 1-km-long conductor is mostly undrilled, except for 6 drill holes over a strike length of 150 m. Five of these holes intersected varying amounts of uranium at depths between 28 and 180 vertical metres (CLICK HERE for news release dates January 27, 2013). Mineralization occurs as narrow carbonate veins in sheared, hematized, sulfide-bearing graphitic tuff within a larger sequence of basalt and gabbro, similar to the lithological units hosting mineralization at the Lac 50 Trend resource.
2022 Drilling at J4 West
Drilling to date in 2022 at J4W was conducted from three sites spaced 200 m apart, with 2 RC holes drilled at each pad, testing a strike length of 400 m in between the area of previous drilling and the sinistral structure to the east. All holes to date have intercepted strong, shallow intervals of radioactivity, including a peak CPS value of 22,146 in RC22-J4W-001 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m (Table 1, Figure 1). A final drill hole is in progress.
Results to date from J4W are highly encouraging, and support the interpretation of a high-grade, shallow uranium deposit being off-set from J4, and continuing along the 1-km-long conductor to the west.
A total of 4 RC holes (382.52 m) were drilled at Yat in 2022, with all four holes intercepting between 1 to 4 zones of near-surface, anomalous radioactivity (Table 1), up to a maximum value of 5,013 CPS in hole RC22-YAT-002. Three of these holes were previously released (CLICK HERE for news release dated June 2, 2022).
The final hole, RC22-YAT-004, drilled through 4 distinct radioactive zones within a package of locally graphitic basaltic, trachytic and andesitic volcanic rocks, locally mineralized with sulfides (pyrite, chalcopyrite), copper oxides (malachite, azurite) and native copper.
2022 RC Drilling at Dipole
A total of 17 RC holes (2,141.21 m) were drilled at Dipole in 2022, with all 14 of 17 holes intercepting between 2 to 4 zones of near-surface, anomalous radioactivity (Table 1), up to a maximum value of 65,535 CPS in RC22-DP-005. All 2022 Dipole RC holes are summarized in news releases dated May 9, 2022 (CLICK HERE) and June 2, 2022 (CLICK HERE).
|
Target |
Hole ID |
EOH |
Samples |
Max CPS |
Zone 1* |
Zone 2* |
Zone 3* |
Zone 4* |
|
Yat |
RC22-YAT-004 |
109.73 |
71 |
1,964 |
9.14-24.38 m @ |
24.38-25.91 m @ 375 CPS |
33.53-44.20 m @ |
56.39-65.53 m @ |
|
J4W |
RC22-J4W-001 |
109.73 |
6 |
22,146 |
4.57-6.10 m @ 1015 CPS |
48.77-53.34 m @ |
64.01-67.06 m @ |
|
|
J4W |
RC22-J4W-002 |
129.54 |
5 |
13,929 |
50.29-51.82 m @ 1297 CPS |
56.39-60.96 m @ |
91.44-92.96 m @ 355 CPS |
|
|
J4W |
RC22-J4W-003 |
80.77 |
3 |
4,788 |
56.39-60.96 m @ |
|
|
|
|
J4W |
RC22-J4W-004 |
109.73 |
1 |
2,248 |
73.15-74.68 m @ 2248 CPS |
|
|
|
|
J4W |
RC22-J4W-005 |
109.73 |
0 |
Background |
|
|
|
|
|
J4W |
RC22-J4W-006 |
On-going |
TBD |
TBD |
|
|
|
|
|
TOTALS (to date) |
2302.75 |
315 |
|
|
|
|
|
|
* All zone interval measurements are metres (“m”) down-hole, and true widths are yet to be determined
A total of 1,547 line-km covering 15,481 ha of prospective area was surveyed in the 2022 ground geophysics campaign. The VLF-EM and magnetics data have been compiled and processed, which included the generation of 3D inversion models to aid in future drill targeting (Figure 2).
The program was planned for 2,400 line-km but was cut short due to reduced snow and deteriorating ice conditions. The remaining un-surveyed area will be considered for a spring 2023 ground geophysics program.
Figure 2: Regional Map of Angilak Property, Summarizing 2022 Exploration to Date
About Angilak
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 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 across the large land package. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred uranium 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. Highlights include:
Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX?V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an exploration update on the Reverse Circulation (“RC”) drilling and ground geophysics at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada. Seventeen (17) of twenty (20) RC holes drilled at the Dipole and Yat targets, as well as 4 of 5 holes at J4 West (6th hole on-going), have intersected near-surface zones of radioactivity.
“The spring RC drilling program at Angilak showcases the potential for zones such as Dipole, Yat and now J4 West to host high-grade, near-surface, basement-hosted uranium deposits, with multiple zones of near-surface radioactivity intersected in 22 of 27 holes with vertical depths of radioactive intersections ranging between 9 and 110 metres,” stated ValOre’s VP of Exploration, Colin Smith. “Real time results of radioactivity from RC drilling at J4 West are very exciting as RC22-J4W-001 returned a peak CPS value of 22,146 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m. J4 West sits less than 300 metres from, and may be a faulted offset continuation of, the J4 zone which contributes 14.4 million pounds to the 43.3 million pound Lac 50 inferred resource.”
Angilak 2022 RC Drilling Highlights:
J4 West Target
J4 West target (“J4W”), located 280 m west of the J4 uranium deposit, which hosts an inferred resource estimate of 14.4 Mlbs U3O8 grading 0.8% U3O8;
2022 J4W drilling has tested a strike length of 400 m of a 1-km-long EM conductor, with 2 RC holes drilled from each of three sites spaced 200 m apart;
RC22-J4W-001 returned a peak CPS value of 22,146 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m.
The J4 West (“J4W”) target, formerly know as the J1 Zone, is a 1-km-long EM conductor located between Lac 50’s Eastern Extension (“EE”) and J4 uranium deposits. The easterly J4 deposit remains open along-strike to the west towards the EE, and down-plunge. Re-processed ground VLF-EM data highlights a distinct ~150 m sinistral off-set for the J4 conductor to the west of the deposit, which suggests a displaced continuation of the high-grade uraniferous structure ~280 m southwest of J4 (Figure 1). This 1-km-long conductor is mostly undrilled, except for 6 drill holes over a strike length of 150 m. Five of these holes intersected varying amounts of uranium at depths between 28 and 180 vertical metres (CLICK HERE for news release dates January 27, 2013). Mineralization occurs as narrow carbonate veins in sheared, hematized, sulfide-bearing graphitic tuff within a larger sequence of basalt and gabbro, similar to the lithological units hosting mineralization at the Lac 50 Trend resource.
2022 Drilling at J4 West
Drilling to date in 2022 at J4W was conducted from three sites spaced 200 m apart, with 2 RC holes drilled at each pad, testing a strike length of 400 m in between the area of previous drilling and the sinistral structure to the east. All holes to date have intercepted strong, shallow intervals of radioactivity, including a peak CPS value of 22,146 in RC22-J4W-001 at ~36 m vertical depth, within a broader zone of 12,118 CPS over 4.6 m (Table 1, Figure 1). A final drill hole is in progress.
Results to date from J4W are highly encouraging, and support the interpretation of a high-grade, shallow uranium deposit being off-set from J4, and continuing along the 1-km-long conductor to the west.
A total of 4 RC holes (382.52 m) were drilled at Yat in 2022, with all four holes intercepting between 1 to 4 zones of near-surface, anomalous radioactivity (Table 1), up to a maximum value of 5,013 CPS in hole RC22-YAT-002. Three of these holes were previously released (CLICK HERE for news release dated June 2, 2022).
The final hole, RC22-YAT-004, drilled through 4 distinct radioactive zones within a package of locally graphitic basaltic, trachytic and andesitic volcanic rocks, locally mineralized with sulfides (pyrite, chalcopyrite), copper oxides (malachite, azurite) and native copper.
2022 RC Drilling at Dipole
A total of 17 RC holes (2,141.21 m) were drilled at Dipole in 2022, with all 14 of 17 holes intercepting between 2 to 4 zones of near-surface, anomalous radioactivity (Table 1), up to a maximum value of 65,535 CPS in RC22-DP-005. All 2022 Dipole RC holes are summarized in news releases dated May 9, 2022 (CLICK HERE) and June 2, 2022 (CLICK HERE).
|
Target |
Hole ID |
EOH |
Samples |
Max CPS |
Zone 1* |
Zone 2* |
Zone 3* |
Zone 4* |
|
Yat |
RC22-YAT-004 |
109.73 |
71 |
1,964 |
9.14-24.38 m @ |
24.38-25.91 m @ 375 CPS |
33.53-44.20 m @ |
56.39-65.53 m @ |
|
J4W |
RC22-J4W-001 |
109.73 |
6 |
22,146 |
4.57-6.10 m @ 1015 CPS |
48.77-53.34 m @ |
64.01-67.06 m @ |
|
|
J4W |
RC22-J4W-002 |
129.54 |
5 |
13,929 |
50.29-51.82 m @ 1297 CPS |
56.39-60.96 m @ |
91.44-92.96 m @ 355 CPS |
|
|
J4W |
RC22-J4W-003 |
80.77 |
3 |
4,788 |
56.39-60.96 m @ |
|
|
|
|
J4W |
RC22-J4W-004 |
109.73 |
1 |
2,248 |
73.15-74.68 m @ 2248 CPS |
|
|
|
|
J4W |
RC22-J4W-005 |
109.73 |
0 |
Background |
|
|
|
|
|
J4W |
RC22-J4W-006 |
On-going |
TBD |
TBD |
|
|
|
|
|
TOTALS (to date) |
2302.75 |
315 |
|
|
|
|
|
|
* All zone interval measurements are metres (“m”) down-hole, and true widths are yet to be determined
A total of 1,547 line-km covering 15,481 ha of prospective area was surveyed in the 2022 ground geophysics campaign. The VLF-EM and magnetics data have been compiled and processed, which included the generation of 3D inversion models to aid in future drill targeting (Figure 2).
The program was planned for 2,400 line-km but was cut short due to reduced snow and deteriorating ice conditions. The remaining un-surveyed area will be considered for a spring 2023 ground geophysics program.
Figure 2: Regional Map of Angilak Property, Summarizing 2022 Exploration to Date
About Angilak
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 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 across the large land package. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred uranium 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. Highlights include: