ValOre Metals Corp. reported the remaining core assay results for the Salvador Target (?Salvador?) at ValOre?s 100%-owned Pedra Branca Platinum Group Elements (?PGE?, ?2PGE+Au?) Project (?Pedra Branca?) in northeastern Brazil. Assay results received for the remaining three core holes drilled at Salvador include: 13.5 metres (?m?) of 0.94 grams per tonne palladium + platinum + gold (?g/t 2PGE+Au?) with mineralization starting from (?from?) 56.5 m, including 5.5 m of 1.39 g/t 2PGE+Au from 56.5 m in drill hole DD23MES06; 18.9 m of 0.73 g/t 2PGE+Au from 141.2 m in drill hole DD23MES08.

Rapid acceleration of the target from initial concept to drill discovery was accomplished through cost-effective boots-on-the-ground exploration. The first mineralized rocks assays were received in January 2023, and Salvador was advanced to a drill-ready stage by late August. ValOre identified Salvador as a high caliber target in January of this year, and rapidly advanced it to a September core drilling discovery through cost-effective, sequential exploration.

Geological mapping, soil sampling and Trado® auger drilling were completed over a strike length of approximately 1.5 kilometres (?km?), with a total of 245 soil samples and 47 rock samples collected, and 98 m of Trado® auger drilled in 23 holes. High-grade surface palladium-platinum mineralization was established along 1.3 km of undrilled trend. Four trenches were excavated along Salvador?s main zone which exposed and defined chromite-bearing ultramafic rocks (?UMs?), with PGE mineralization reported in all trenches, spanning 400 m of strike length.

Eight core drill holes, totaling 1,056 m were subsequently completed to test the depth potential of surface PGE mineralization at Salvador over the full 400 m trend, with chromite-bearing ultramafic rocks intercepted in 7 of 8 holes, including chromitite reefs, a lithology typically associated with high-grade palladium-platinum values at Pedra Branca. Disseminated base metal sulfide mineralization, typically associated with high-grade Ni and Cu mineralization, was also drilled. Nickel and copper sulfide assays by atomic absorption spectrometry remain pending.

The mineralized UM package at Salvador has demonstrated significant thickness and continuity at depth and warrants additional follow-up core drilling in future programs. The evolution of Salvador from concept to discovery showcases the excellent prospectivity at Pedra Branca and demonstrates the team?s ability to successfully advance previously untested zones along the regional Troia trend. Leveraging the Company?s strong understanding of the regional and local geology has moved Salvador from concept to the drill-ready stage for less than CAD$20,000, including geological mapping, soil and rock sampling, Trado auger drilling and trenching. Costs for the drill program, including drilling and assay costs for 8 core drill holes, totalled CAD$240,000, highlighting the deployment of a cost effective and successful exploration program at Pedra Branca property.

PGE assay results have now been received from the entire 2023 Phase 1 drill program consisting of 49 drill holes totaling 6,152 metres, including 154 core assay samples from 6 drill holes at Salvador and Ipueiras reported herein (Tables 2 and 3). Still pending are copper (?Cu?) and nickel (?Ni?) assays from 274 samples from 4 holes at Salvador.