- ValOre Metals (TSXV:VO) has outlined its plans for a 2020 core drilling exploration program at the Pedra Branca Platinum Group Element Project
- The proposed program is comprised of two phases, with the first expected to commence in June this year
- The program will focus on three key areas: resource expansion, new discoveries and target advancement
- In order to finance the program and other expenses, ValOre has entered into a credit facility with Jim Paterson, the company’s Chairman and CEO
- ValOre Metals (VO) is currently up 12.5 per cent to $0.27 per share, with a market cap of $24.42 million
ValOre Metals (TSXV:VO) has outlined its plans for a 2020 core drilling exploration program at the Pedra Branca Platinum Group Element Project.
The site, located in north-eastern Brazil, was acquired in May 2019 and comprises 38 exploration licenses over a total area of 96,223 acres.
The proposed drill program includes two fully-permitted phases, the first of which is fully financed and expected to occur in June this year.
Phase One will drill a total of 2,875 metres, testing seven different target areas with 23 core drill holes in total. Phase 2 will drill 3,035 metres, targeting four separate areas with a total of 24 drill holes. This will result in aggregate drilling of 5,910 metres at an average depth of 125 metres, reflecting the shallow nature of Pedra Branca’s mineralisation.
ValOre noted that all access and drill areas have been assessed by a registered environmental consultancy in Brazil. The program will utilise existing access routes and drill pads, and has therefore been classified as “without need for vegetation suppression.”
Both access and approval for drill water supplies have already been secured, utilising local reservoirs.
Jim Paterson, Chairman and CEO of ValOre Metals, said that the team is excited to start drilling at Pedra Branca, which will unveil the project’s potential.
“We have identified many new high-priority targets in our two-phase program, which is designed to expand the current resource, advance existing targets and test undrilled areas,” he added.
In support of the program, ValOre has also entered into an unsecured revolving credit facility with Jim, for total proceeds of up to C$1.2 million. The company will pay a standby fee of $24,000 and interest of 10 per cent per year on amounts drawn down under the facility.
In order to repay the amounts borrowed under the facility, ValOre has agreed to use commercially reasonable efforts to complete an equity financing prior to the end of 2020.
“With $1.2 million in funding now committed, we can ramp up exploration activities at Pedra Branca and begin the process of safely mobilizing drill rigs and personnel to Pedra Branca,” Jim said.
ValOre Metals (VO) is currently up 12.5 per cent to $0.27 per share at 1:28pm EST.
