ValOre Metals Corp. reported assays for Dipole target (“Dipole”) Reverse Circulation (‘RC”) drilling and Enzyme Leach (“EL”) soil sampling and new ground Very Low Frequency Electromagnetic (“VLF-EM”) data at ValOre's 100% owned 59,483-hectare Angilak Property Uranium Project (“Angilak”), located in Nunavut Territory, Canada. ValOre conducted exploration at Angilak from March to September 2022, drilling 3,165 metres RC in 27 holes, 3,590 m core in 26 holes, collecting 896 EL soil samples, and surveying 1,547 line-kilometres (15,481 hectares) of ground VLF-EM and magnetics.

A total of 2,141 m of RC drilling was completed in 17 holes at the Dipole target in 2022, targeting permissive structures in a northeast trending belt of Archean metavolcanic basement rocks that represent a geological analogue to Lac 50. The original core drilling discovery in 2015 tested the core of a prominent VLF-EM conductor coincident 3.4-km-long uranium-in-soil anomaly. 2022 RC drilling was performed to test the strike potential primarily to the northeast, along the coincident VLF-EM and uranium-in-soil trend, as well as down-dip extensions to 2015 core drilling, which returned shallow uranium mineralization in all nine holes.

The 2022 RC drilling results returned near-surface uranium mineralization in 14 of 17 holes, and further defined a high-grade (>2% U3O8) core to the Dipole zone. Reported mineralized intercepts have intervals ranging from 1.5 m to 22.9 m, which intercepted the zone at vertical depths ranging from approximately 15 m to 115 m. Mineralization at Dipole is associated with sheared and brecciated hematite-carbonate-chlorite altered graphitic tuff units, containing pitchblende and sulphides, within a sequence of mafic to intermediate tuffs and massive to pillowed basalt. Similar to the Lac 50 analogue, molybdenum and silver occur with and adjacent to the uranium mineralization at Dipole.

RC holes were drilled at an azimuth of 135 degrees with inclinations between -45 to -70 degrees from a total of 8 drill sites, with an average of 2 holes per pad. A drill hole spacing of 50 m was established in the main zone to stay consistent with resource estimation classification criteria of the Lac 50 trend. Subsequent step-outs along the regional strike were increased to 100 m and 150 m with a final regional step-out of 800 m along strike to the northeast.

A 2022 diamond drilling program supported by two core rigs immediately followed up the favorable CPS RC drilling results. A total of 2,664 m of core was drilled at Dipole in 16 core holes from 8 pads, with elevated radioactivity intercepted in 13 of 13 holes drilled to target depth and counts per second (“CPS”) values ranging up to 60,000 in drill hole 22-DP-010. It is important to note that 3 of the 16 holes were lost shortly after casing.

All assays remain pending. A significant extension to ground VLF-EM and magnetics coverage was completed in 2022 at Angilak, with a total of 1,547 line-kilometres (“ln-km”) surveyed totaling an area of 15,481 hectares (“ha”) in three priority blocks: Dipole (500 ln-km, 5,000 ha), RIB (1,022 ln-km, 10,200 ha), and Lac 50 South (300 ln-km, 3,000 ha). Uranium mineralization at Angilak is structurally controlled, and ground VLF-EM has proven very effective at mapping uraniferous structures throughout the district, including the Lac 50 trend.

Significant extensions to the conductors which host the high-grade Dipole and RIB zones were delineated in 2022, establishing high-priority structural corridors that exceed 8.5 km and 5 km, respectively. These geophysical targets remain largely undrilled and fully open along strike, and warrant follow-up geochemistry, prospecting, and drilling in future years. Furthermore, while ground magnetics is a less effective tool for drill targeting at Angilak, it provides a useful mechanism to refine regional geological interpretations.

This ultimately aides in the prioritization of areas by confirming the presence of the target Archean basement metavolcanics which host favorable graphitic tuffaceous units commonly associated with uranium-bearing structures. 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 65 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 inferred uranium resource estimate (“Lac 50”).