ValOre Drilling Intersects Multiple Radioactive Zones at Dipole and J4 West Targets, Angilak Property Uranium Project, Nunavut, Canada

13 September 2022

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX?V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an update on the 2022 core drilling program at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada.

“The 2022 summer core drilling program at the Dipole and J4 West target areas was very successful, with radioactivity intercepted in 23 of 26 holes drilled,” stated ValOre’s VP of Exploration, Colin Smith. “The results from Dipole are particularly impressive, with scintillometer readings of up to 60,000 counts-per-second in hole 22-DP-010 and five separate holes at Dipole each intersecting 10 or more distinct zones of radioactivity. We look forward to receiving the uranium assay results from these 23 core holes, in addition to the assays from 24 reverse circulation holes drilled earlier this season.”

The Dipole and J4 West target areas warranted follow-up drilling due to strong radioactive intercepts in 22 of 27 holes in the spring 2022 RC drill program.

Highlights from the Summer 2022 Core Drill Program:

  • Radioactivity intercepted in 23 of 26 holes, with 3 holes lost shortly after casing;
  • 3,590 metres (“m”) drilled in 26 holes;
  • Dipole Zone – 2,664 m drilled in 16 holes with highlight counts-per-second (“CPS”)  intersections of:
    • 60,000 CPS recorded in 1 of 5 radioactive zones intersected in 22-DP-010
    • 6,978 CPS recorded in 1 of 17 radioactive zones intersected in 22-DP-009
    • 12,000 CPS recorded in 1 of 6 radioactive zones intersected in 22-DP-002
    • 11,380 CPS recorded in 1 of 10 radioactive zones intersected in 22-DP-012;
  • J4 West – 926 m drilled in 10 holes:
    • 15,821 CPS recorded in radioactive zone intersected in 22-J4W-003.

2022 Core Drill Program Summary

Of the 3,590 total metres drilled in 26 holes, 2,664 m (16 holes from 8 pads) were drilled at the Dipole target and 926 m (10 holes from 6 pads) were drilled at J4 West. Five holes were abandoned prior to target depth. Drill pad spacings of 50-metres along strike and 100-metre step-outs down-dip were maintained to facilitate potential future inferred resource re-estimations. All drilling and core logging is now complete with samples to be shipped to the assay laboratory this week. Uranium assay results will be reported when received.

2022 Dipole Core Program Summary

2022 core drilling at Dipole tested the down-dip extension and along-strike continuity of high-grade U3O8 intercepts resulting from the ValOre 2015 core drill program (CLICK HERE for news release dated October 19, 2015), and radioactive scintillometer intercepts from the 2022 RC drill program (CLICK HERE for news release dated May 9, 2022, and CLICK HERE for news release dated June 2, 2022).

A 25- to 55-m-wide structural zone of multiple, steeply dipping radioactive intervals hosted in a sequence of foliated basalt was intercepted in all 2022 core holes (Table 1). This zone correlates well with intercepts drilled in the 2022 RC and 2015 core drill programs. The strongly radioactive intervals (up to 60,000 CPS at 140 m vertical depth in drill hole 22-DP-010) are characterized by intensely hematized and brecciated graphitic tuffs.

Intercepts from the 2022 core program demonstrate that surface uranium mineralization extends to a minimum vertical depth of 275 m. Three down-dip holes (22-DP-009, 22-DP-011A, and 22-DP-012) were completed to planned lengths, with all three hitting the structural zone and radioactive hematized brecciated tuffs, returning hand-held scintillometer readings of up to 10,000 CPS (drill hole 22-DP-012 at 260 m vertical).

2022 core drill holes 22-DP-008 (-45° dip) and 22-DP-010 (-75° dip) were drilled from the same pad, 250 m northwest of the main zone defined in the 2015 core program and served to follow-up shallow radioactive intercepts from the 2022 RC program. Both holes drilled a near-surface radioactive zone at approximately 50 m and 70 m vertical depth, respectively; however, a second and unexpected zone of intense radioactivity (60,000 CPS) was intercepted in the steeper hole (22-DP-010) at 145 m vertical depth. This discovery suggests an additional mineralized structure remained untested by the up-dip 22-DP-008. Consequently, a decision was made to re-enter and extend hole 22-DP-008 to test for the presence of this new zone, and two additional intercepts were encountered at 75 m (3,500 CPS) and 100 m (10,000 CPS) vertical depths. To further corroborate this finding, a single up-dip hole was drilled 75 m to the southeast, and the zone was again intersected between 15 and 27 m vertical depths with CPS readings up to 2,000.

The Dipole target remains open at depth, and along strike in both directions.

2022 J4 West Core Drill Program Summary

2022 core drilling at the J4 West target area tested the along-strike continuity of radioactive intercepts drilled in the 2022 RC program (CLICK HERE for news release dated June 15, 2022), and high-grade U3O8 intercepts returned from three 2013 core holes, which returned uranium assay highlights of 1.06% U3O8 over 0.3 m in 13-J1-002, and 0.56% U3O8, 0.28% Mo, 15.5 g/t Ag over 0.6 m in 13-J1-003.

All 2022 core drill holes intercepted anomalous radioactivity (>350 CPS) and defined a radioactive structural corridor of 350 m which remains open at depth and along strike to the west. Radioactive zones are characterized by a hematite-altered, graphitic/sulfidic tuff layer hosted within a broader package of foliated basalt. A highlight of 15,821 CPS was returned at 149 m vertical depth in drill hole 22-J4W-003 (Table 1).

See release for details.