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Vancouver, BC – January 21, 2021 – VALOREM RESOURCES INC. (CSE: VALU) (Frankfurt: 1XW1) (the “Company” or “Valorem”) is pleased to announce that it has planned a systematic exploration program to maximize the utilization of existing exploration-trench and other data for the Wings Shear project (the “Property”). This, coupled with new work, will enable Valorem to fill in gaps and quickly evaluate anomalies and structures to generate drill targets.
The Company will use a combination of soil sampling and magnetic/VLF-EM geophysical surveys, on detailed grids over known anomalous areas and along gold-bearing structures.
Collection of up to 5,000 soil samples over previously untested zones, and 90 line km of magnetics/VLF-EM, will be carried out over the 1 km long gold-bearing structural zone located on the Wings Shear Trend. The results of the surveys, along with geological mapping, will be used to plan for the first-phase drill program, which is currently scheduled to begin in the late summer/early fall of 2021.
Valorem has engaged local service provider Planet X Exploration Services Ltd. (“Planet X”), as an operator on Property. A regional geochemical soil-sampling survey design has also been completed by Planet X and consulting Geoscientist Dr. Steve Amor Ph.D. P. Geo.
The Company plans to begin field work over the winter months, as weather and suitable working conditions permit.
The Property is underlain to the NW and SE by the Jonathan’s Pond Formation, comprising interbedded psammite, semipelite and pelite, with minor mafic sills and dykes and calc-silcate layers. The central area of the Property is underlain by the Indian Bay Big Pond Formation, comprising medium to thick bedded, buff, grey and maroon sandstone; thinly bedded maroon and green siltstone and black pelite and tuffaceous semipelite. Numerous fossiliferous and conglomeratic boulders occur nearby and are interpreted to be derived from this unit.
Regional deformation, leading to abundant quartz-vein emplacement and the development of local shear zones, makes the Jonathan’s Pond Formation an attractive target for structurally controlled, vein-hosted gold mineralization. At the Wing Pond showings, located in the centre of the property, gold mineralization is hosted by sulphide- (arsenopyrite, pyrite, stibnite ± galena ± sphalerite) bearing quartz veins cutting metasediments.
Tony Louie, interim CEO of the Company stated, “We are excited to begin the process of moving the Property forward with this proposed program. The Wings Shear trend is an exciting untested mineralized zone. This deep-seated gold-bearing structure has been traced for over 1 km and is located approximately 27 km east of the Newfound Gold Inc.’s Queensway Project.”
Dr. Stephen Amor, PhD, PGeo, technical advisor and consulting Geoscientist to the Company, is the Qualified Person as defined by National Instrument 43-101 who has reviewed and approved the technical data in this news release
About Valorem Resources Inc.
Valorem explores and develops precious metal properties in the Americas.
For further details and maps, please see:
ON BEHALF OF THE BOARD – Valorem Resources Inc.
Tony Louie, Interim CEO and Director
Email: tlouie@valoremresources.com
Phone: 604-319-8712
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings which are available at www.sedar.com.
SOURCE: Valorem Resources Inc.
Vancouver, BC – January 18, 2021 – VALOREM RESOURCES INC. (the “ Company ”) (CSE: VALU) (Frankfurt: 1XW1) wishes to announce that a geophysics program is planned for its Black Dog banded iron formation gold exploration property in the Eastmain River-James Bay region of Quebec, Canada.
A high-definition ground Magnetometer and Induced Polarization (IP) survey will cover the previously drilled Black Dog target which has returned gold geochemical anomalies, and multiple gold intercepts in diamond drilling in previous campaigns.
As reported in a press release dated August 7, 2020 , the Black Dog Lake metallic gold showing was discovered in bedded banded iron formation by surface sampling in 1988, and subsequent multiple hole programs which yielded several prospective gold mineralization intervals. Among these were 15.2 g/t gold over 0.6m; 5.2g/t gold over 11m; and 4.32g/t gold over 0.88 m.
The Black Dog east extension had a 14 hole diamond drill program which produced these interesting returns, 1.13g/t gold over 1.24 m. and 1.19g/t gold over 0.75 m.
The previous intersections reflect gold in sulphide rich portions of bedded banded iron formation, a style of mineralization that is manifested in many prominent gold deposits such as Musselwhite, Lupin, Cullaton Lake and Meliadine in Canada and the Homestake deposit of South Dakota, USA.
The exploration potential in such Archean iron formations can reach several tens of millions of ounces of gold. The reader is cautioned that the exploration target is conceptual in nature and that there are no known reserves or resources on the subject property, and if discovered there can be no assurance that any such discoveries may be economically produced.
The iron formations are extensive on the Black Dog property, returning widespread gold geochemical anomalies, gold in outcrops at the initial prospect, and multiple drill hole gold intersections. The renewed geophysical exploration will assess the potential for and design of additional testing of the prospective banded iron formation underlying much of the 1,003 hectare claim block.
The property is accessed from the Quebec highway and all-season road system. Potential power sources are close, and terrain is quite flat and low elevation allowing for efficient exploration and if warranted development.
This press release has been prepared by Dr. Stewart A Jackson, a Qualified Person under National Instrument 43-101, and independent of the Company.
About Valorem Resources Inc.
Valorem explores and develops precious metal properties in the Americas.
For further details and maps, please see:
https://valoremresources.com/
ON BEHALF OF THE BOARD – Valorem Resources Inc.
Tony Louie, Interim CEO and Director
Email: tlouie@valoremresources.com
Phone: 604-319-8712
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly, the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings which are available at www.sedar.com .
SOURCE: Valorem Resources Inc.
About VALOREM RESOURCES
Valorem Resources is committed to increasing shareholder value by acquiring and developing, high quality precious and base metal projects in the Americas.
Valorem Resources’s vision is to balance financial and technical strengths to create a company with the maximum competitive advantage to make significant new precious and base metal discoveries.
Our philosophy is centered on obtaining assets that provide the appropriate mix of exploration potential, scale, and near term production.
We strive to be a leader in developing world class precious and base metal mining projects through the execution of our strategy and philosophy of finding, developing and owning the best assets and leveraging our resources to deliver the greatest returns all our stakeholders.
Valorem Resources is targeting Gold Projects in Quebec and Newfoundland. Our team of experts has over 40 years of experience in the finance and mineral exploration industry.
MANAGEMENT
Tony Louie – Director
Mr Louie is currently CFO and director of Regal Resources. Prior to his appointment as CFO, Mr Louie consulted on many startups providing guidance on strategy, business vision and fund raising.
Mr Louie has over 25 years in the tech sector working in a variety of roles for AT&T, TELUS and Cisco Systems and was a consistent top performer. Mr Louie holds a Bachelor of Arts in Economics and a MBA from Simon Fraser University.
Derick Sinclair – CFO, Director
Mr. Sinclair has more than 25 years’ experience in accounting and financial management and is the owner manager of DR Financial services, an accounting practice focusing on providing services to small and medium-sized private and public companies.
Mr. Sinclair began his accounting career in 1982 as an auditor with KPMG in Vancouver. Mr. Sinclair joined BC Rail, Canada’s third largest railway, as a Treasury Analyst in 1985 and served as their Director of Fleet Management before accepting a position as CFO of their telecom subsidiary in 1996, where he remained until 2003. He is a CPA, CA and has a Bachelor’s Degree in Commerce from the University of Windsor.
PROJECTS
Black Dog Property
The Black Dog Property (the “Property”) is located 150 km east of James Bay, Quebec, and 4 km south of the Opinaca hydroelectric reservoir on the Eastmain River. The Property comprises 19 adjacent mineral claims, covering 1,003 hectares and occurs within the ancient (Archean) Eastmain greenstone belt, between the Le Caron granitic batholith to the north, and the regionally large Mistumis batholith to the south.
As reported in the Quebec government’s mineral occurrence database (MERN), the property hosts the Black Dog gold showing, where four drill holes from the 1980s and 1990s intersected significant gold mineralization. The gold is hosted in a sulphide-chert iron formation horizon, as described on MERN and by Lavoie (2014) and older assessment reports. The best Black Dog gold intersections (Table 1) reportedly occur within sulphide +/- chert bearing iron formation that is both magnetic and conductive. According to reports filed with the Quebec government, the gold-bearing iron formation tested by the drill holes in Table 1 appears to extend more than 600 m on strike.
Wing Shear Property
The Wing Pond Lake property, is in an earlier stage of exploration but is also showing potentially positive results. On December 17, 2020 Valorem signed a non-binding letter of intent (LOI) to acquire 100% interest in the Wing Pond Lake Property. It is located in the Gander zone of eastern Newfoundland. The property spans 7,000 hectares divided into 2 mineral license blocks. There have been samples taken from the location showing up to 12.2 g/t Au. Channel sampling around the pond has shown 9.8 g/t Au while channel sampling in the brecciated quartz veins within the Indian Bay-Big Pond formation shows 1.49 g/t Au. The materialization around the pond extends over 1km, and the property covers paleozoic metasediments. Extensive property staking in the area provide a regional exploration opportunity. Gold was found in the region in the nearby Queensway Discovery and Shawn Ryan location. Valorem has planned a field geophysics and sampling program. The estimated cost is $250,000.
Source: https://valoremresources.com/