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ValOre’s Second Core Rig Commences Drilling, with First Drill Intercepting Multiple Zones of Shallow Radioactivity at Dipole Uranium Target, Angilak Property

Press Release

August 1, 2022

Vancouver, B.C. ValOre Metals Corp. (“ValOre”; TSX‐V: VO; OTC: KVLQF; Frankfurt: KEQ0, “the Company”) today provided an update on the 4,500 metre (“m”) core program at ValOre’s 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada.

“Two diamond drill rigs are now drilling at Dipole as part of a 4,500-metre program to test the Dipole and J4 West uranium targets,” stated ValOre’s VP of Exploration, Colin Smith. “The first rig has intercepted multiple shallow zones of strong radioactivity, including 12,000 CPS at 56 m vertical depth, and 9,361 CPS at 98 m vertical depth in drill hole 22-DP-002.”

Highlights of First Two 2022 Core Holes:

  • Drill hole 22-DP-001: intersected a near-surface zone of radioactivity (4,000 counts per second (“CPS”) from 49.82 to 50.20 m) but was subsequently lost at 78 m hole depth. The hole terminated above the anticipated depth of the lower zone;
  • Drill hole 22-DP-002: drilled to target depth of 178 m from the same pad (tilted to a -75° dip from a -70°), and intersected 6 zones of radioactivity, including highlights of:
    • 12,000 CPS from 57.80 to 58.11 m
    • 9,361 CPS from 102.20 to 102.41 m;
  • Zones of radioactivity correlate well with mineralized intercepts in the up-dip 2022 Reverse Circulation (“RC”) drill holes and are characterized by intensely hematized and brecciated graphitic tuffs, hosted within a broader package of foliated basalt.

*Reported core interval lengths are estimated to represent 70% true width

To review more information regarding the 2022 RC drill program, CLICK HERE for news release dated May 9, 2022, CLICK HERE for news release dated June 2, 2022, and CLICK HERE for news release dated June 15, 2022.

About Angilak

The 59,483-hectare Angilak Property is situated in the mining- and exploration-friendly Nunavut Territory, Canada, and has district-scale potential for uranium, precious and base metals. Since acquisition, ValOre has invested over CAD$55 million on resource delineation and exploration drilling (89,572 metres in 589 drill holes), metallurgy, geophysics, geochemistry, and logistics across the large land package. This work supported the development of the significant Lac 50 Trend NI 43-101 inferred uranium resource estimate (“Lac 50”).

The Lac 50 NI 43-101 Technical Report (effective date March 1, 2013) defined an inferred resource estimate which represents Canada’s highest-grade uranium resource outside of Saskatchewan, and one of highest-grade uranium resources on a global basis. Highlights include:

  • 43.3 Mlbs U3O8 in 2,831,000 tonnes grading 0.69% U3O8. CLICK HERE for a summary table of the Lac 50 Trend inferred resource estimate;
  • Supported by 351 resource delineation drill holes totaling 62,023 metres (“m”);
  • Metallurgical results for Lac 50 demonstrate high uranium recoveries and rapid leach kinetics. See news releases: February 28, 2013, September 11, 2013 and February 27, 2014;
  • Lac 50 Trend is a 15 kilometre (“km”) by 3 km area with excellent potential for resource growth and new discoveries;
  • Uranium mineralization starts at surface, and has been drilled to 380 m vertical depth;

CLICK HERE for ValOre’s May 6, 2021 video summarizing the highlights of Angilak.

CLICK HERE for ValOre’s May 6, 2021 video reviewing the 2021 focus for Angilak.

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 QP and Vice President of Exploration.

Information related to the independent Angilak mineral resource estimate has been approved by Michael Dufresne, M.Sc. P.Geo., President of Apex Geoscience Ltd., Robert Sim, P.Geo. of SIM Geological Inc. and Bruce Davis, FAusIMM of BD Resources Consulting Inc., who are independent QPs as defined under NI 43‐101.

Information related to the independent Pedra Branca mineral resource estimate has been approved by Fábio Valério, P.Geo., and Porfirio Cabaleiro, P.Eng., of GE21.

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 52 exploration licenses covering a total area of 56,852 hectares (140,484 acres) in northeastern Brazil. At Pedra Branca, 7 distinct PGE+Au deposit areas host, in aggregate, a 2022 NI 43-101 inferred resource of 2.198 Moz 2PGE+Au contained in 63.6 Mt grading 1.08 g/t 2PGE+Au (CLICK HERE for news release dated March 24, 2022). 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 CLICK HERE for ValOre’s news release dated 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 www.valoremetals.com or contact Investor Relations at 604.653.9464, or by email at [email protected]

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

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