ValOre Metals Corp. Announces High-Grade Platinum Group Element Results, Esbarro NW Target, Pedra Branca

"Our exploration field work at Pedra Branca continues to generate excellent results, this time with the identification of near surface PGE mineralization at Esbarro NW, which is located within 200 metres of the Esbarro deposit," stated ValOre's Vice President Exploration, Colin Smith. "We will drill the Esbarro NW target in May as part of the ongoing reverse circulation drill campaign at Pedra Branca."

Esbarro NW Channel Sample and Trado^? Auger Drilling Highlights:

• Vertical channel sample from historical workings 200 metres ("m") outside the pit-constrained resource area returned significant intervals of PGE mineralization, including:
  • 6.5 m grading 2.17 grams per tonne palladium + platinum + gold ("g/t 2PGE+Au") from surface, incl. 2.0 m grading 5.19 g/t 2PGE+Au from 4.50 m
  • Highest-grade result of 7.44 g/t 2PGE+Au coming from the bottom of pit
  • PGE mineralization open at depth and along strike in all directions;
• Trado^? auger drilling returned near surface PGE assay results in 17 of 19 holes, with assay highlights including:
  • 12.0 m grading 1.73 g/t 2PGE+Au from surface, incl. 2.0 m grading 2.90 g/t from surface and 2.0 m grading 3.36 g/t from 8.0 m
  • 9.0 m grading 2.09 g/t 2PGE+Au from surface;
• Esbarro NW target is drill-ready, with 10 reverse circulation ("RC") holes planned totaling approximately 200 m with drilling anticipated to commence in May;
• Esbarro deposit and Esbarro NW target area are adjacent to and bisected by well-established roadways and electrical power lines;
• Trado^?, channel and soil sampling PGE results further validate auger drilling as an effective exploration technique to accelerate the target pipeline at Pedra Branca;
• CLICK HERE for ValOre's video explaining the Trado^? auger from April 9, 2021.

Esbarro NW 2021 Exploration: Soil, Trado^? and Channel Sampling

2021 soil sampling from the Esbarro NW target area delineated a 600 m-long PGE-in-soils anomaly extending to the northwest from the Esbarro pit-constrained resource area (9.9 Mt grading 1.23 g/t 2PGE+Au, totaling 394,000 ounces). During this sampling campaign, a 6.5 m-deep historical test pit was encountered approximately 200 m north of the western-most resource area. The test pit was previously not known to ValOre's team, as it was not catalogued in the historical Pedra Branca database.

A vertical channel sample was performed from surface to the bottom of pit (6.5 m depth), with altered ultramafic rocks intercepted throughout. Assay results for the channel sample returned a high-grade PGE interval from surface of 6.5 m grading 2.17 g/t 2PGE+Au, including 2.0 m grading 5.19 g/t 2PGE+Au from 4.50 m. The highest-grade sample (7.44 g/t 2PGE+Au) was collected from the pit bottom, and thus the high-grade in-situ PGE mineralization remains fully open at depth and along strike in all directions.

A 19-hole Trado^? auger follow-up program was conducted within the 600 m PGE-in-soils anomaly extending from the Esbarro resource area. 17 of 19 Trado^? auger holes intercepted PGE-bearing ultramafic or ultramafic-derived rocks, suggesting near-surface geological continuity of the mineralized host intrusion. Assay highlights include Trado^? holes AD21ES03, which returned 12.0 m grading 1.73 g/t 2PGE+Au from surface, incl. 2.0 m grading 2.90 g/t from surface and 2.0 m grading 3.36 g/t from 8.0 m, and Trado^? hole AD21ES08 which returned 9.0 m grading 2.09 g/t 2PGE+Au from surface.

See Table 1 below for a summary of significant channel sample and Trado^? PGE assay intervals, CLICK HERE for Figure 1, showing a map of the Esbarro NW target, CLICK HERE for Figure 2, showing a map of the results reported herein, and CLICK HERE for Figure 3 showing a fence diagram of the high-grade channel sample and proximal Trado^? auger holes.

Table 1: Esbarro NW Trado^? and Channel Sample Assay Highlights

About Trado^? Auger Drilling

Please CLICK HERE to view ValOre's news release of March 23, 2021 for detailed information regarding Trado^? auger drilling. CLICK HERE for ValOre's video explaining the Trado^? auger drill from April 9, 2021.

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 Colin Smith, P.Geo., ValOre's VP Exploration.

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 39 exploration licenses covering a total area of 39,987 hectares (98,810 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a current 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). All the currently known Pedra Branca inferred PGE 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 current Inferred Resource of 2,831,000 tonnes grading 0.69% U₃O₈, totaling 43.3 million pounds U₃O₈. 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.

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 at 604.653.9464, or by email at contact@valoremetals.com.

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

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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.