ValOre’s Second Core Rig Commences Drilling, with First Drill Intercepting Multiple Zones of Shallow Radioactivity at Dipole Uranium Target, Angilak Property

2 August 2022

ValOre’s Second Core Rig Commences Drilling, with First Drill Intercepting Multiple Zones of Shallow Radioactivity at Dipole Uranium Target, Angilak Property

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX?V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an update on the 4,500 metre (“m”) core program at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada.

“Two diamond drill rigs are now drilling at Dipole as part of a 4,500-metre program to test the Dipole and J4 West uranium targets,” stated ValOre’s VP of Exploration, Colin Smith. “The first rig has intercepted multiple shallow zones of strong radioactivity, including 12,000 CPS at 56 m vertical depth, and 9,361 CPS at 98 m vertical depth in drill hole 22-DP-002.”

Highlights of First Two 2022 Core Holes:

  • Drill hole 22-DP-001: intersected a near-surface zone of radioactivity (4,000 counts per second (“CPS”) from 49.82 to 50.20 m) but was subsequently lost at 78 m hole depth. The hole terminated above the anticipated depth of the lower zone;
  • Drill hole 22-DP-002: drilled to target depth of 178 m from the same pad (tilted to a -75° dip from a -70°), and intersected 6 zones of radioactivity, including highlights of:
  • 12,000 CPS from 57.80 to 58.11 m
  • 9,361 CPS from 102.20 to 102.41 m;
  • Zones of radioactivity correlate well with mineralized intercepts in the up-dip 2022 Reverse Circulation (“RC”) drill holes and are characterized by intensely hematized and brecciated graphitic tuffs, hosted within a broader package of foliated basalt.

*Reported core interval lengths are estimated to represent 70% true width

To review more information regarding the 2022 RC drill program, CLICK HERE for news release dated May 9, 2022, CLICK HERE for news release dated June 2, 2022, and CLICK HERE for news release dated June 15, 2022.

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:

  • 43.3 Mlbs U3O8 in 2,831,000 tonnes grading 0.69% U3O8. CLICK HERE for a summary table of the Lac 50 Trend inferred resource estimate;
  • Supported by 351 resource delineation drill holes totaling 62,023 metres (“m”);
  • Metallurgical results for Lac 50 demonstrate high uranium recoveries and rapid leach kinetics. See news releases: February 28, 2013, September 11, 2013 and February 27, 2014;
  • Lac 50 Trend is a 15 kilometre (“km”) by 3 km area with excellent potential for resource growth and new discoveries;
  • Uranium mineralization starts at surface, and has been drilled to 380 m vertical depth;