On May 28, 2019, ValOre announced a transaction to acquire 100% ownership of the Pedra Branca PGE District in north-eastern Brazil. The landholdings total 38,940 hectares and host five distinct PGE+Au (Ni+Cu+Co+Cr) deposit areas. A maiden NI 43-101 compliant inferred resource estimate of 1,067,000 ounces PGE+Au in 27.2 million tonnes grading 1.22 grams PGE+Au per tonne was calculated by ValOre in 2019. PGE mineralization outcrops at surface, making all the inferred resources represent open pit targets, and excellent opportunities exist for resource expansion and conversion at all five deposits.
Pedra Branca has seen over US$35M of historic exploration expenditures by Anglo American Platinum and other companies, amassing over 30,000 m of drilling, extensive geochemistry, geological mapping, and high-quality airborne + ground geophysics. Targeting methodology is proven and effective, with the ability to constrain exploration signatures of the known PGE deposits and apply the ore deposit “fingerprints” property-wide. Over 20 exploration targets have been generated, and numerous additional untested anomalies exist throughout the District.
This area of Brazil is an exploration- and mining-friendly jurisdiction, and the project is supported by the local and state governments. Access is excellent year-round, and infrastructure is in place, including electricity, water, housing, office space, core storage and logging facilities, telephone access and internet.
The exploration potential of the Pedra Branca Project from both a resource expansion and greenfields perspective is highly compelling, with numerous property-wide surface to near-surface, PGE targets. This acquisition meets ValOre’s criteria in three key areas: high-value metal mineralization on a large scale; substantial project investments by previous operators; and obvious exploration strategies and process improvements which can be implemented by ValOre to add significant value to the project.