ValOre RC Drilling, Soil Sampling Geochemistry and Kilometre-Scale VLF-EM Conductors Showcase Regional Exploration Potential at Dipole and RIB Targets, Angilak Property Uranium Project, Nunavut, Canada

15 November 2022

Significant Results include 7.6 m @ 0.594% U3O8 and 5.97 g/t Ag from 47.2 m, including 1.52 m @ 2.21% U3O8 and 16.5 g/t Ag from 48.8 m.

Vancouver, B.C., ValOre Metals Corp. (“ValOre”; TSX?V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today reported assays for Dipole target (“Dipole”) Reverse Circulation (‘RC”) drilling and Enzyme Leach (“EL”) soil sampling and new ground Very Low Frequency Electromagnetic (“VLF-EM”) data at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada.

“The potential for significant uranium mineralization on the western side of the Angikuni Basin continues to grow, with elevated near-surface uranium returned in 14 Dipole RC holes, and several new multi-kilometre-long VLF-EM conductors delineated along proven uraniferous trends,” stated ValOre’s VP of Exploration, Colin Smith. “The exploration story at Dipole continues to be that of near surface U3O8 mineralization, analogous to ValOre’s high-grade Lac 50 trend inferred resource, which totals 43.3 million pounds grading 0.69%. Lac 50 is located 25 kilometres away on the opposing side of the Angikuni Basin. Among the pending 2022 core drill holes at Dipole is 22-DP-010, which intercepted a radioactive zone of 60,000 counts per second at 140 m vertical depth, located 250 m northeast and along strike from the main zone.”

Highlights from RC Drilling and EL Soil Sampling Assays, and Ground VLF-EM:

ValOre conducted exploration at Angilak from March to September 2022, drilling 3,165 metres RC in 27 holes, 3,590 m core in 26 holes, collecting 896 EL soil samples, and surveying 1,547 line-kilometres (15,481 hectares) of ground VLF-EM and magnetics.

Dipole Reverse Circulation Drilling

  • Drill hole RC22-DP005, intercepted two distinct uranium zones:
    • 7.6 metres (“m”) @ 0.594% U3O8 and 5.97 g/t Ag from 47.2 m, incl. 1.52 m @ 2.21% U3O8 and 16.5 g/t Ag from 48.9 m
    • 1.52 m @ 0.519% U3O8 and 7.1 g/t Ag from 30.48 m;
  • All 14 of 14 sampled RC drill holes reported elevated near-surface U3O8, ranging from 15 to 160 m vertical depth (see Table 1);
  • Broad zones of polymetallic (Ag-Mo-Cu) mineralization were intercepted, including:
    • 21.3 m @ 8.30 g/t Ag, 0.252% Mo, 0.027% Cu, 0.0744% U3O8 from 131.1 m, incl. 10.6 m @ 10.5 g/t Ag, 0.34% Mo, 0.031% Cu, 0.102% U3O8 from 132.6 m – drill hole RC22-DP-007;
  • Assays are pending for fourteen Dipole core holes, four Yat RC holes, four J4 West RC holes and nine J4 West core holes.

Dipole Enzyme Leach Soil Geochemistry

  • Assays received for 492 EL soils, with uranium values ranging from 0.5 parts per billion (“ppb”) to 245 ppb;
  • Multiple undrilled regional uranium-in-soils anomalies delineated, spanning the full 6 kilometres (“km”) of surveyed trend;
  • Assays pending for 404 soil samples (377 from Lac 50 East target area, and 27 samples from a transect southwest of the Lac 50’s Western Extension).

Dipole and RIB Trend Ground VLF-EM and Magnetics

  • Ground VLF-EM and magnetics coverage extended 15 km along Dipole and RIB trends;
  • Strong VLF conductor associated with the high-grade Dipole zone is traceable for 8.5 km along strike to the northeast and southwest, and is only sufficiently drill tested over 650 m;
  • Distinct 2.5-km-long EL soil anomaly at RIB target is coincident with a 2022 VLF-EM conductor and remains undrilled, establishing a priority 2023 drill target;
  • Strong VLF-EM conductors associated with the high-grade RIB zone extend for 5 km along strike to the northeast and is only drill tested over 1.1 km of trend.

2022 RC Drilling, Dipole Target

A total of 2,141 m of RC drilling was completed in 17 holes at the Dipole target in 2022, targeting permissive structures in a northeast trending belt of Archean metavolcanic basement rocks that represent a geological analogue to Lac 50 (Figure 1). The original core drilling discovery in 2015 tested the core of a prominent VLF-EM conductor coincident 3.4-km-long uranium-in-soil anomaly.

 

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