Multi High PGE Results Fm Program At Ipueiras Target At Pedra Branca

VANCOUVER - ValOre Metals Corp. reported multiple high-grade PGE assay results from the follow-up Trado auger program at the Ipueiras target at Pedra Branca Platinum Group Elements (PGE, “2PGE+Au”) Project (Pedra Branca) in northeastern Brazil.

“Phase 2 Trado® results from Ipueiras confirm the presence of in-situ, high-grade, at-surface palladium-platinum mineralization at the undrilled Southwest Zone,” said, V.P. of Exploration, Colin Smith. “Follow-up trenching has commenced to further delineate the PGE-bearing intrusion prior to core or RC drilling.”

Ipueiras Trado® Auger Drilling Highlights: 1) Follow-up Trado® auger drilling at Ipueiras returned multiple high-grade PGE intervals, including: 8 metres (“m”) grading 2.05 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”) from 1 m, including 3 m grading 4.70 g/t 2PGE+Au from 6 m, in Trado® auger TR22IP58. 2) 6 m grading 3.60 g/t 2PGE+Au from 2 m, including 4 m grading 5.00 g/t 2PGE+Au from 4 m, in Trado® auger TR22IP59. 3) 7.5 m grading 1.34 g/t 2PGE+Au from surface, in Trado® auger TR22IP41. 4) 5.5 m grading 1.69 g/t 2PGE+Au from 1 m, including 1 m grading 4.73 g/t 2PGE+Au from 2 m, in Trado® auger TR22IP39, 5) 2.5 m grading 1.78 g/t 2PGE+Au from surface, including 1 m grading 3.48 g/t 2PGE+Au from 1 m in Trado® auger TR22IP55. 6) 1.5 m grading 1.35 g/t 2PGE+Au from surface, in Trado® auger TR22IP61A.

Trado end of hole (“EOH”) depths typically represent that the auger has entered impenetrable unweathered bedrock, so mineralization and ultra-mafic rocks (“UM”) present at EOH remain open at depth and require follow-up core or RC drilling. The second phase of Trado® auger drilling at Ipueiras was designed to follow-up on PGE high-grade mineralization reported from previous Trado® holes and trenches of the Northeast and Southwest Zones, within the 2-km-long anomalous trend of Ipueiras Target (located 10 km south of the Trapia deposit area – 885,000 oz 2PGE+Au grading 0.96 g/t in 28.8 Mt).

32 follow up Trado® auger holes were drilled, totaling 107 m. Target UM rocks were encountered in 19 Trado® holes (68 m of the 107 m augered) with reported PGE mineralization 17 of 32 holes. A total of 67 Trado® auger holes have been drilled in 2022 at the Northeast and Southwest Zones of Ipueiras, totaling 212 m augered, including 129.5 m of target UMs and PGE mineralization reported in 37 of 67 holes.

ValOre’s exploration program at Ipueiras commenced with detailed geological mapping and prospecting throughout the 2-km-long anomalous trend, followed up with a first phase of Trado® auger drilling (105 m), with reported PGE mineralization in 11 of 35 holes. PGE-mineralized Trado® auger results defined an area of focus within the Northeast Zone for priority follow up work, and was subsequently tested for in-situ PGE mineralization by excavation of 4 trenches totaling 189 m, covering a strike length of approximately 200 m. All 4 trenches confirmed continuity of PGE-bearing UM and UM-derived rocks along strike, with two of four trenches returning significant intervals of PGE mineralization, including: 64 meters (“m”) grading 2.68 grams per tonne palladium + platinum + gold (“g/t 2PGE+Au”), including 25 m grading 4.65 g/t 2PGE+Au in trench TR22IP01; and 38 m grading 2.14 g/t 2PGE+Au, including 15 m grading 4.45 g/t 2PGE+Au in trench TR22IP02.

At the Southwest Zone, highlights of historic and ValOre high-grade rock samples collected throughout the area include grades of over 40 g/t 2PGE+Au, correlative with the high-grade UMs and chromitite reefs exposed in trenches TR22IP01 and TR22IP02 at the Northeast Zone, which confirm extension of known PGE mineralization and exploration upside for an additional 2 km to the southwest of the existing historical core drilling and trenching area.