ValOre Provides Pedra Branca Exploration Update; Second Rig Arrives to Commence Fully Funded Phase 2 Drill Program

VANCOUVER, Oct. 19, 2020 - ValOre Metals Corp. ("ValOre"; the “Company”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0) today provided an update on the exploration program underway at ValOre’s 100%-owned Pedra Branca Platinum Group Element Project in northeastern Brazil, including the completion of the: Phase 1 drill program; follow-up soil sampling, mapping and prospecting at the Mendes North exploration target area; mapping and sampling of two historical trenches north of the Trapia 1 resource; and commencement of the fully funded Phase 2 drill program with the addition of a second drill rig.

“Our exploration program at Pedra Branca is gaining significant momentum with the commencement of Phase 2 drilling and the addition of a second drill rig,” stated ValOre’s Chairman and CEO, Jim Paterson. “Within the next two weeks, we expect receipt of assays from Phase 1 drilling at the C-04, Cana Brava, Cedro, Esbarro East and Golden Goat zones and the recently completed follow-up soil sampling campaign at Mendes North. In addition, we imminently expect receipt of rhodium assay results from historical drill core samples, as well as preliminary metallurgical results utilizing the PLATSOL™ leaching process.”

Highlights from 2020 Exploration Program at Pedra Branca

• 775 core samples from 12 drill holes have been submitted for assays from the Cedro, Golden Goat, Esbarro East, Cana Brava, and C-04 targets;
• Seven additional high priority follow-up drill holes are in process or have been completed at the Trapia 1 zone;
• Fully funded Phase 2 drill program, planned for 3,035 metres (“m”), has commenced with the arrival of a second drill rig;
• Two drill rigs will complete Trapia 1 follow-up drilling, followed by mobilization to test resource expansion of the Trapia 2 and Santo Amaro zones;
• ValOre geologists have opened, mapped, and sampled two historical trenches in the highly anomalous area north of the Trapia 1 resource;
• 532 soil samples and 37 rock samples from the follow-up Mendes North prospecting program have been submitted for assay.

Mendes North Follow-Up Exploration Program

In Q2 2020, ValOre identified three WorldView+magnetic anomaly PGE targets each >1 km in extent (collectively termed, “Mendes North”) and conducted immediate reconnaissance soil sampling, mapping, and prospecting. The initial 598 soil samples defined multiple well-defined, NE-SW-trending PGE anomalies, each >750 metres in length, spanning all three targets (see releases dated March 12 and July 7, 2020). The anomalies remain open between targets, suggesting potential continuity of a newly discovered PGE-bearing belt >3km in length.

Results of the initial program warranted the execution of immediate follow-up sampling, mapping, and prospecting to expand and delineate the unconstrained PGE-in-soil anomalies. As such, 532 soil samples and 37 rock samples were collected and have been received by SGS Vespasiano, Minas Gerais, for assay. Analytical results are expected within two weeks. CLICK HERE for Figure 1A and Figure 1B, showing composite geological, geochemical, and sampling maps of the Mendes North exploration target area.

Phase 1 Drill Program Completed

Highly favorable results from the first five 2020 drill holes at the Trapia 1 resources expansion target warranted the planning and commencement of seven high priority follow-up drill holes, targeting PGE mineralization open both up-dip to west and along strike to south. The PGE-bearing ultramafic intrusion also remains open and is thickening at depth (see release dated August 31 and September 21, 2020). Trapia 1 follow-up drilling represents the final target to be drilled in Phase 1.

All additional Phase 1 targets (Cedro, Esbarro East, Golden Goat, Cana Brava and C-04) have been drilled, logged, sampled, and submitted for assay to SGS Vespasiano, Minas Gerais. Analytical results for these 775 drill core samples are expected in two weeks. Below is Table 1, summarizing Phase 1 drilling to date.

Table 1: Phase 1 Drill Program Summary

Phase 2 Drilling and Exploration Program Commences

Drilling has commenced for the Phase 2 drill program at Pedra Branca with the arrival of a second drill rig, which will serve to double productivity and expedite completion of ValOre’s 2020 drill program. Both drill rigs will work in tandem to maximize efficiency, first completing follow-up drilling at Trapia 1, and then mobilizing to resource expansion targets Trapia 2 and Santo Amaro. Phase 2 drilling is slated to be completed by the end of November, with all core logging, sampling, and sample shipments to be concluded before year’s end.

Metallurgical results from the on-going PLATSOL™ leaching testwork are expected within 2 weeks, with the study aimed at corroborating historical findings of this metallurgical processing technique at the Pedra Branca project.

Rhodium assay results from samples using historical Pedra Branca drill core pulps are also expected within 2 weeks. This study is aimed at broadening ValOre’s understanding of the distribution and concentration of this valuable precious metal at the Pedra Branca project.

Trapia 1 North Trench Mapping and Sampling

Two historical trenches in the highly anomalous area north of the Trapia 1 resource have been mapped and sampled to better understand the geological environment and potential for a northern extension. Favorable easterly-dipping 10-12m intervals of ultramafic rocks were encountered towards the west end of both trenches, suggesting continuity of favorable geology north of the Trapia 1 resource area. A total of 187 samples were submitted for assay to SGS Vespasiano, Minas Gerais. CLICK HERE for Figure 2 to view the geological trench cross sections for the two re-mapped and re-sampled Trapia 1 North trenches.

Pedra Branca 2020 Drill Program

Please see ValOre’s news release from August 25, 2020 for detailed information regarding:

• Pedra Branca 2020 Drill Program (Phase 1 and Phase 2)
• Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting
• Analytical Procedures, SGS Geosol
• About Servitec Foraco Sondagem SA
• ValOre and Servitec Foraco COVID-19 Protocols
  

http://valoremetals.com/news-media/news-releases/2020/

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+ Au contained in 27.2 million tonnes grading 1.22 g/t 2PGE+Au (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the currently known inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U₃O₈, totaling 43.3 million pounds U₃O₈. ValOre's. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

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 Colin Smith, P.Geo., who oversees New Project Review for ValOre. Susan Lomas, P.Geo., of LGGC is the Qualified Person, as defined in NI 43-101, responsible for the Pedra Branca mineral resource estimates as reported herein. She has read and approved the relevant technical portions of this news release related to the mineral resource estimates for which she is responsible.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at contact@valoremetals.com.

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.