ValOre Metals Corp. initiated a broad and comprehensive metallurgical testwork program for ValOre's 100%-owned Pedra Branca Platinum Group Elements ("PGE", "2PGE+Au") Project ("Pedra Branca") in northeastern Brazil. Over the past 18 months, the Company has intensified its focus on advancing the metallurgical testwork to better reflect improved understanding of the geology.
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 the most appropriate processes to maximize recoveries. To support the material re-classification and help guide future process optimization, advanced mineralogical evaluation is on-going at SGS Canada in Lakefield, Ontario ("SGS") on thin sections from selected drill core from Esbarro, Cedro, Curiu and Trapia deposits, which collectively form more than 85% of the 2022 Inferred Resource at Pedra Branc.
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.
January 13, 2021: ValOre Reports Ore Sorting Potential for Pedra Branca PGE Project;176.52 g/t 2PGE+Au in Historical Core Re-Assay; November 9, 2020: ValOre Reports Further Metallurgical Testing Results from Pedra 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. The TSX Venture Exchange (the "TSXV") has approved repricing of ValOre's convertible securities so as to reflect the new value of ValOre's equity after completion of its disposition of the Angilak Property, with the exercise price of such securities being adjusted to equal the volume weighted average trading price of the common shares of ValOre on the TSXV from June 21, 2023, to June 29, 2023, being $0.10 (i.e. $0.0987).
The new exercise price for both options and warrants will be $0.10. The repricing is with respect to 6,600,000 stock options expiring December 9, 2024 and 22,069,166 warrants, with 9,166,666 of such warrants expiring November 17, 2023.