ValOre Metals Corp (CVE:VO) is an exploration company backed by a team with a pedigree for discoveries. Part of the Discovery Group, the company was founded in 2005 by two well-known mining industry veterans, John Robins and Jim Paterson.
Since its inception the Discovery Group has generated over a billion dollars in M&A activity from the sale of projects and companies, including Northern Empire Resources Corp. to Coeur Mining Inc and Kaminak Gold Corp. to Goldcorp Inc.
ValOre acquired the Pedra Branca Platinum Group Element (PGE) Project, located in northeastern Brazil, in August 2019. The project, which has seen over US$35mln spent on exploration by previous owners, has a NI 43-101-complaint total mineral resource estimate of over 1moz 2PGE+Au at a grade of 1.22g/t.
ValOre also inherited an extensive amount of exploration data in the acquisition, including drill results, geochemical sampling results, and geophysical results that have been painstakingly collated for the first time. This meticulously compilation and leading-edge interpretation of the data sets has resulted in the creation of a precise targeting method for expanding the initial resource estimate at the project.
Using a combination of 3D magnetic inversion modelling, resulting from the re-processing of Anglo American’s airborne magnetic survey data of the area, combined with spectral WorldView satellite data, which defines the PGE-bearing chromite and ultramafic tocks, of the Troia Unit, the company has generated an impressive targeting methodology.
This methodology has highlighted numerous targets to expand the existing near-surface deposits that appear open but has also generated targets for new shallow discoveries, including three targets all with a strike length longer than 1km.
ValOre has a planned and permitted maiden drill programme, which is expected to commence in June. The initial programme has two phases: Phase 1 consisting of 2,875 meters (m) and Phase 2 consisting of 3,035m. Phase 1 will test seven distinct target areas with 23 total core drill holes, and Phase 2 is planned to test four distinct target areas with 24 total drill holes.
Should the results of the initial drill programme be positive it would give the company a clear path to opening up an entire PGE District.