ValOre Metals Corp. provided an update on the fully funded 2023 core drilling program at ValOre?s 100%-owned Pedra Branca Platinum Group Elements Project in northeastern Brazil. Multiple near surface high-grade intercepts at three distinct exploration targets: Galante, Tróia, and Nambi, including: 8.6 meters grading 3.18 grams per tonne palladium + platinum + gold (?g/t 2PGE+Au?) from 15 m, including 2.1 m grading 5.26 g/t 2PGE+Au from 17.9 m in drill hole DD23GE07 at Galante; 16.4 m grading 1.03 g/t 2PGE+Au from 31.2 m, including 2.6 m grading 4.03 g/t 2PGE+Au from 43.3 m in drill hole DD23TR07 at Tróia; 7.0 m grading 1.09 g/t 2PGE+Au from 52.4 m, including 3 m grading 1.61 g/t 2PGE+Au from 53.1 m in drill hole DD23TR09 at Tróia; 23.6 m grading 1.56 g/t 2PGE+Au from 32.9 m, including 7.9 m grading 2.80 g/t 2PGE+Au from 42 m in drill hole DD23NB04 at Nambi; Trapiá 1 resource expansion drilling has confirmed host rock continuity and resource expansion potential 300 metres along strike at Trapiá 1. Trapiá 1 is the single largest orebody at Pedra Branca and is part of the 2022 NI 43-101 inferred resource within the Trapiá region which totals 885,000 oz 2PGE+Au contained in 28.8 Mt grading 0.96 g/t 2PGE+Au: DD23TU32, drilled 300-metre to the south-southeast of the current resource, intercepted a 20-metre thick, magmatic sulfide-bearing ultramafic layer, showing potential for high-grade PGE and potential for associated base metals mineralization.

Assays pending; DD23TU33, drilled 150-metre to south-southeast of the current resource intercepted a 75-metre chromite-rich, and locally sulfide-rich, ultramafic zone, marking a great continuity with the main resource zone. Assays pending; Salvador drilling discovered chromite-bearing peridotite and dunite in a previously untested section of the Troia trend: Four holes drilled to date in the Salvador target, with thick ultramafic horizons intercepted in all holes (45 to 80 m-thick). Assays pending.

Galante, Tróia and Nambi represent near surface, predominantly undrilled, PGE mineralized targets advanced through 2022 exploration with the application of ValOre?s proven exploration methodology. These targets were not included in the 2022 NI 43-101 Resource Estimate. The ongoing 2023 core drilling program commenced in early June and is also serving to test additional two drill-ready pipeline targets advanced in 2022-2023: Ipueiras and Salvador.

In addition, the resource expansion potential of select PGE deposits included in the 2022 Resource have been tested in this program, including Massapê, Trapiá 1 and Cedro. A total of 44 diamond drill holes have been completed at Galante, Tróia, Nambi, Ipueiras, Massapê, Cedro, Trapiá and Salvador, with PGE-bearing ultramafic rocks intersected in 38 holes drilled to date. Selected intervals from all holes sent to SGS Geosol Laboratórios Ltda.

in Vespasiano, Minas Gerais, Brazil with assay results pending for 22 holes from 7 of 8 targets. ValOre?s exploration methodology helped identify surficial high-grade PGE mineralization along 1.3 kilometres of trend, which was subsequently followed up by the excavation of two trenches (86 m) in the target?s main zone. Chromite-bearing target UMs (80 m) were intercepted in both trenches (assays pending).

Four 2023 DDHs were designed to test the depth potential of surface PGE mineralization at Salvador reported herein. Chromite-bearing ultramafic rocks were intercepted in all 4 holes, including chromitite reefs, a lithology typically associated with high-grade palladium-platinum values at Pedra Branca. To date, the mineralized UM package at Salvador is demonstrating significant thickness and continuity at depth and has warranted additional follow-up core drilling.

A fifth drill hole is currently in progress. Assays remain pending for all 2023 DDHs at Salvador. Geological mapping and soil sampling were completed over a strike length of approximately 1.5 km, with total of 157 soil samples and 40 rock samples collected; PGE-in-soils values reached up to 1,695 ppb 2PGE+Au (1.695 g/t); Rock Assay PGE Highlights include: 23.6 g/t 2PGE+Au (sample 103709); 5.2 g/t 2PGE+Au (sample 103705); and 5.1 g/t 2PGE+Au (sample 103712); Total of 70 m drilled in 14 Trado® auger holes, with UMs encountered in 13 of 14 holes (62 m total); Trado® auger PGE Highlights include: 4 m grading 1.76 g/t 2PGE+Au from 0 m (Trado® hole AD23MES09) 7 m grading 1.01 g/t 2PGE+Au from 0 m (Trado® hole AD23MES06) 5 m grading 1.18 g/t 2PGE+Au from 0 m (Trado® hole AD23MES05).