Program Highlights
The planned metallurgical program will focus on samples collected from the near surface, high-grade Esbarro Deposit (mineral resource zone, having an Inferred Resource* totaling 403,000 oz at 1.16 g/t 2PGE+Au in 10.8 Mt) and includes:
- Comparing PGE liberation and subsequent recovery utilizing different crushing and comminution techniques, including conventional crushing and VeRo Liberator® crushing technology;
- Re-evaluation of gravity concentration and cyanide leaching;
- Testwork on the CLEVR® process (Dundee Sustainable Technologies).
A total of 1,200 kilograms (“kg”) of three material types from the Esbarro Deposit, those being Chromitite, Fresh and Weathered materials, have been sampled and shipped to
It is expected that this program will be the first phase of a larger program with later optimization conducted on flowsheet options that provide the greatest potential to maximize recoveries.
Subsequent phases will also include expansion of metallurgical testwork to other zones that comprise the Inferred Mineral Resource* at Pedra Branca.
“This broad program is based on an enhanced understanding of the host rock lithologies, PGE mineralogy, mineralization controls, and grade distributions of PGE that has been developed over the last few years by ValOre’s team. This has resulted in the classification of Chromitite as a third material type at Pedra Branca, in addition to the Weathered and Fresh material types. The distinct physical and chemical properties of each of the three mineralized rock classes will enable us to design the most appropriate processes to maximize recoveries,” added
To support the material re-classification and help guide future process optimization, advanced mineralogical evaluation is on-going at SGS Canada in
The mineralogical studies include thin section microscopy, TIMA-X (Tescan Integrated Mineral Analyzer), and chemical assays, and will help to characterize palladium and platinum mineral assemblages and their associations with the three material types.
It is estimated that Phase 1 of the metallurgical testwork program will be completed in 6 months.
Previous Pedra Branca Metallurgical Testwork Programs Completed by ValOre
Since 2020, metallurgical test work programs performed on material from the Pedra Branca project have focused on testing Fresh and Weathered materials from the Curiu and Esbarro Deposits.
For more information on historical and ValOre’s metallurgical testwork programs please refer to the technical report published to Sedar on
March 14, 2022 : ValOre Reports Recoveries of 82.9% for Platinum, 71% for Palladium and 85.2% for Gold on a locked cycle flotation test of a Fresh composite sample from the Curiu deposit;October 4, 2021 : ValOre PGE Assays from Metallurgical Drilling at Pedra Branca Confirm Historical Drilling Averages in Curiu and Esbarro Zones;January 13, 2021 : ValOre Reports Ore Sorting Potential forPedra Branca PGE Project ; 176.52 g/t 2PGE+Au in Historical Core Re-Assay;November 9, 2020 : ValOre Reports Further Metallurgical Testing Results fromPedra Branca PGE Project : 91% palladium recoveries in cyanide leach and 82% platinum recovered in 32% mass in gravity sort on Curiu Core composites, comprising fresh mineralized rock types;November 2, 2020 : ValOre Initiates Multi-Faceted Optimization Testwork at Pedra Branca and Receives Preliminary Platsol™ Metallurgical Recoveries of 93.4% for Palladium and 95.3% for Platinum on Curiu Core and Outcrop composites, comprising fresh and weathered mineralized rock types.
Figure 1: Long section of the Esbarro Deposit, showing location of the metallurgical twin holes sampled to form the Chromitite, Fresh and Weathered composite samples that will be subject to the testwork program. Dashed red line represents the modeled weathering surface, with approximately 45% of the 2022 Inferred Resource* at the Esbarro deposit modeled within the Weathered domain.
About
Blue Coast provides bankable metallurgical laboratory testwork and consulting services, with a 12,000 sq. ft. laboratory facility located in
About CLEVR® process (Dundee Sustainable Technologies – “DST”)
The CLEVR® process uses sodium hypochlorite with a catalytic amount of sodium hypobromite in acidic conditions to put precious metals into solution. Contact time is short, and the process operates in a closed loop. All chemicals are recycled within the circuit and, if needed, sea water may be used and can be beneficial to the process. The tailings from the process are inert from toxic substances, sulfide depleted and non-acid generating, and as a result, meeting and/or exceeding environmental norms. DST’s process eliminates the need for a costly tailings pond and the risks of land failure. For more information about DST and the CLEVR® process, please CLICK HERE.
About VeRo Liberator®
The VeRo Liberator® technology applies high-velocity impacts to solve the problem of inefficient comminution and incomplete particle liberation and release. The groundbreaking VeRo Liberator® technology delivers high degrees of comminution, liberation, and release in just one quick flow-through operation and consumes significantly less energy than conventional comminution methods – the VeRo Liberator® also works dry. In its modular, scalable, and mobile structure, the VeRo Liberator® can be individually adapted for various operations. For more information about VeRo Liberator®, please CLICK HERE.
Quality Assurance/Quality Control (“QA/QC”)
CLICK HERE for a summary of ValOre’s policies and procedures related to QA/QC and grade interval reporting.
Qualified Person (“QP”)
The technical information in this news release has been prepared in accordance with Canadian regulatory requirements set out in NI 43-101 and reviewed and approved by
ValOre Closes Previously Announced Re-Pricing of Options and Warrants
The
The repricing is with respect to 6,600,000 stock options expiring
The terms of the warrants have also been amended to include a mandatory acceleration provision (the "Acceleration Provision") as required under the policies of the TSXV pursuant to which, if for any ten consecutive trading days (the "Premium Trading Days") following the date hereof, the closing price of the Company's common shares on the TSXV exceeds
The repricing of the warrants was approved by the disinterested shareholders of the Company, and by each warrant holder or pursuant to the terms and conditions of the Company’s warrant indenture dated
Certain options and warrants are held by insiders and related parties, and as such, would constitute a related party transaction as defined under Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions (“MI 61-101”). However, such actions are exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 as neither the fair market value of the options and / or warrants, exceeds 25 per cent of the ValOre’s market capitalization.
Closing of Previously Announced Debt Settlement
The Company is also pleased to announce that further to the news release dated
About
ValOre’s
*The 2022 Technical Report is entitled “Independent Technical Report –Mineral Resource Update on the
On behalf of the Board of Directors,
“Jim Paterson”
For further information about
Neither the
This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of ValOre and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.
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Figure 1
Figure 1: Long section of the Esbarro Deposit, showing location of the metallurgical twin holes sampled to form the Chromitite, Fresh and Weathered composite samples that will be subject to the testwork program. Dashed red line represents the modeled weathering surface, with approximately 45% of the 2022 Inferred Resource* at the Esbarro deposit modeled within the Weathered domain.
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