Valore Drills 1.54 M @ 1.40% U3o8, 179 G/T Ag, 1.9% Mo And 0.34% Cu From A Depth Of 152.46 M, Angilak Property Uranium Project, Nunavut, Canada

2 March 2023

Vancouver, B.C., ValOre Metals Corp. (“ValOre”; TSX?V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today reported core assay results for the Dipole and J4 West (“J4W”) targets at ValOre’s 100% owned 68,552-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada.

“Results from 2022 core drilling at Dipole substantiate the target’s potential, with all fourteen holes drilled returning U3O8 intervals at vertical depths ranging from ~15 to 250 metres, including 1.54 metres at 1.40% U3O8, 179 g/t Ag, 1.9% Mo and 0.34% Cu,” stated ValOre’s VP of Exploration, Colin Smith. “2022 core assays from J4 West confirm the presence of a uraniferous structure traceable to bedrock surface over a drilled strike length of 460 m. The target conductor extends largely undrilled for an additional 800 m along trend towards the Eastern Extension uranium deposit of Lac 50.”

Highlights from Dipole and J4 West Core Drilling:

Dipole 2022 Core Assay Highlights

  • Seven of fourteen sampled holes intercepted uranium intervals above the Lac 50 resource cut-off grade (0.20% U3O8), including:
    • 1.54 m @ 1.40% U3O8, 179 g/t Ag, 1.9% Mo and 0.34% Cu from a depth of 152.46 m
      incl. 0.60 m @ 3.40% U3O8, 332 g/t Ag, 3.4% Mo and 0.56% Cu from a depth of 153.40 m
      (22-DP-010)
    • 0.63 m @ 0.61% U3O8, 6.2 g/t Ag from a depth of 141.73 m (22-DP-008)
    • Dipole remains open at depth and along strike in both directions.
    • incl. 0.60 m @ 3.40% U3O8, 332 g/t Ag, 3.4% Mo and 0.56% Cu from a depth of 153.40 m (22-DP-010)

2022 J4 West Core Assay Highlights

  • Eight of nine sampled holes returned near-surface uranium mineralization at vertical depths ranging from ~13 to 80 metres, including:
    • 0.72 m @ 0.60% U3O8, 27.5 g/t Ag and 0.21% Mo from a depth of 79.87 m (22-J4W-003)
    • 0.65 m @ 0.40% U3O8, 8.4 g/t Ag, 0.05% Mo from a depth of 55.65 m (22-J4W-001)
    • J4W remains open at depth and along strike to the west.

2022 Core Drilling, Dipole Target

A total of 2,664 m of core drilling was completed in sixteen holes from eight pads 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. All holes were drilled at an azimuth of 135° and at dips ranging from -45° to -82°. Two holes (22-DP-003 and 22-DP-011) were lost at 16 m and 6 m, respectively, due to drilling conditions (Figure 1).

The 2022 core drilling was designed to test the strike potential to the northeast of the 2015 drilling discovery, along the coincident VLF-EM and uranium-in-soil trends, as well as down-dip extensions to 2015 core and 2022 Reverse Circulation (‘RC”) drilling (CLICK HERE for news release dated November 15, 2022, and CLICK HERE for news release dated October 19, 2015).

The 2022 core drilling results returned uranium mineralization (>0.01% U3O8) in all fourteen sampled holes, with seven of fourteen holes intercepting uranium intervals above the Lac 50 resource cut-off grade of 0.20% U3O8 (Table 1, Figures 2, 3 and 4). Reported mineralized intercepts range from 0.5 m to 6.30 m (drill hole length), at vertical depths ranging from approximately 15 m to 250 m.

Mineralization encountered in 2022 core drilling at Dipole further supports the presence of a geological analogue to Lac 50 located on the opposing side of the Angikuni Basin (~27 km away). Uranium is associated with sheared and brecciated hematite-carbonate-chlorite altered graphitic tuff units, containing pitchblende and sulphides, within a sequence of mafic to intermediate tuffs and massive to pillowed basalt. As is the case with Lac 50, molybdenum and silver occur with and adjacent to the uranium mineralization at Dipole.

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