Vancouver, B.C. ValOre Metals Corp. ("ValOre"; the “Company”; TSX‐V: VO; OTC: KVLQF; FRANKFURT: KEQ0) today announced initial assay results from the ongoing Phase 1 core drill program at ValOre’s 100%-owned Pedra Branca Platinum Group Element Project (“PGE”, “2PGE+Au”) in northeastern Brazil. Assay results for two of the five holes drilled at the Trapia 1 target are reported herein. Results for the remaining three drill holes will be released once they are received and reviewed.

Highlights from Initial Drilling at Trapia 1:

• Drill hole DD20TU10
  • 1.0 g/t 2PGE+Au over 52.8 metres from surface, including 2.14 g/t 2PGE+Au over 9.0 metres*;
  • Successfully extends the up-dip mineralized body to surface in the southern portion of the Trapia 1 resource area;
• Drill hole DD20TU12
  • 0.69 g/t 2PGE+Au over 100.4 metres from to 93.2 metres depth, including 2.33 g/t 2PGE+Au over 11.0 metres*;
  • Extends the down-dip mineralization at Trapia 1, and shows a thickening of the mineralized body at depth;
• Trapia 1 mineralization remains open down-dip to the east.

* Reported assay intervals are estimated to be 90-100% true width

“We are extremely pleased with initial results from the Phase 1 drill program at Pedra Branca, including the assays received from these first two holes at the Trapia 1 target area. It is just the beginning of a very exciting period of exploration and discovery at the Pedra Branca project” stated Jim Paterson, Chairman & CEO. “We are also sincerely thankful for the continued safety and health of our employees, contractors, and members of the communities of Capitão Mor and area surrounding Pedra Branca.”

Trapia Target Area and the 2019 NI 43-101 Resource

A NI 43-101 inferred resource estimate for Pedra Branca was reported by ValOre in August, 2019, totaling 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g/t 2PGE+Au”). PGE mineralization for all five deposit areas outcrops at surface, making the inferred resources prospective for open pit mining. Trapia represents one of the five deposit areas which host the NI 43-101 resource at Pedra Branca. CLICK HERE for Figure 1, showing the location of the five NI 43-101 deposit areas and proposed 2020 drill holes

The Trapia resource is comprised of three separate deposit areas within a 2-kilometre radius: Trapia 1, Trapia 2 and Trapia West. Specifically, Trapia 1 represents 92,000 ounces of the aggregate Trapia resource of 219,000 ounces at 1.1 g/t 2PGE+Au (6.2 Mt). CLICK HERE for Figure 2, showing location of Trapia target areas (Trapia 1, Trapia 2 and Trapia West), proposed and drilled 2020 drill holes, and prospective 3D magnetic inversion targets.

Trapia 1 was selected for Phase 1 of the 2020 drill program on the merits of its strong resource expansion potential and high prospectivity along strike to the south, which correlates with a prospective, 3D magnetic inversion target extending approximately 1 kilometre from the defined resource. A total of 899.6 metres were drilled in five drill holes, testing both the PGE mineralization open at depth to the east and the 3D magnetic inversion target. CLICK HERE for Table 1 showing a summary of 2020 Phase 1 drilling at Trapia 1, and see Figure 3 below.

Figure 3: Trapia 1 Target Area with Location of 2020 Drill Holes, Resource, and 3D Mag Inversion Target

Initial Trapia 1 2020 Drilling Results

Target ultramafic rocks were intercepted in all five drill holes at Trapia 1 (DD20TU10  DD20TU14), and assay results for DD20TU10 and DD20TU12 extend the mineralization up-dip to surface in the south of the resource area, and extend the mineralization at depth to the east, respectively. Table 2 below summarizes the most significant core assay results for these first two drill holes. Figure 4 shows a cross section of Trapia 1 with DD20TU10, DD04TU06 (historical) and DD20TU12.

DD20TU10 aimed to target a historical drill intercept (BR-18) which was found in the geological database but not included in ValOre’s 2019 NI 43-101 resource estimate due to the lack of existing drill core. PGE-bearing ultramafic rocks were intercepted from surface to 52.8 metres and again from 63.7 to 64.6 metres (total of 53.1 metres).

DD20TU12 targeted the down-dip easterly extension of Trapia 1 mineralization and intercepted mineralized ultramafic rocks from 93.1 to 193.6 metres (total of 100.4 metres). PGE Mineralization remains open at depth and is thickening with depth.

Initial results and interpretations from 2020 Trapia 1 drilling have enabled ValOre geologists to develop, corroborate and fine-tune a robust geological and structural model to facilitate immediate, highly prospective follow-up drilling within the Phase 1 drill campaign.

Table 2: Summary of Significant Core Assay Results from DD20TU10 and DD20TU12

Drill Hole	Depth From (m)	Depth To (m)	Interval (m)	2PGE+Au (g/t)
DD20TU10	0.0	52.8	52.8	1.01
Including	6.0	15.0	9.0	2.14
DD20TU12	93.2	193.6	100.4	0.69
Including	171.8	182.7	11.0	2.33

Figure 4: Cross-section A-A’ of Trapia 1 along DD20TU10, DD04TU06 (historical) and DD20TU12

Pedra Branca 2020 Drill Program

The 2020 drill program at Pedra Branca is comprised of two fully-permitted phases totaling 6,000 metres,  2,875 metres (“Phase 1”) and 3,035 metres (“Phase 2”), respectively, with an estimated completion of Phase 1 by the end of September, 2020. Both Phases are designed to test three target classes: resource expansion to grow the NI 43-101 resource estimate, target advancement to follow-up positive historical drill intercepts at pre-resource targets, and new discovery to test undrilled ValOre-generated targets.

ValOre has engaged Servitec Foraco Sondagem SA for the Phase 1 drill program at Pedra Branca, which will test seven distinct target areas with 23 diamond drill core drill holes. The Phase 2 drill program will test 4 distinct target areas with 24 diamond drill core drill holes.

Quality Control/Quality Assurance (“QA/QC”) and Grade Interval Reporting

As part of ValOre’s QA/QC protocol, a total of seven quality control samples are inserted in each batch of 50 samples. These include the insertion of blanks, standards, and duplicates according to a logical sequence that follows strict industry standards. The seven quality control samples comprise: (i) two coarse blanks sampled from barren quartz vein outcrops in the area (4% of the batch); (ii) three certified reference materials (“CRMs”, 4% of the batch) with pre-determined PGE and Au grades produced by CDN Resource Laboratories; (iii) and three duplicate samples (2% of the batch each), including one coarse reject duplicate and one pulp duplicate (both prepared at SGS laboratory following ValOre’s instructions) and one ¼ core duplicate, prepared at ValOre’s core logging facility in Capitão Mor. Assay results are systematically checked upon receipt and a specific batch is accepted if results are in accordance with a QA/QC failure chart. All samples are sent with an ensured chain of custody to SGS Geosol Laboratórios Ltda. (“SGS  Geosol”, an accredited mineral analysis laboratory) in Vespasiano, Minas Gerais, Brazil for analysis.

Grading intervals are reported from continuous drill intersections of favorable ultramafic intrusion that return anomalous 2PGE+Au values throughout, with sample widths averaging 1.0 metres in length throughout the mineralized zone.

Analytical Procedures, SGS Geosol

Once a core sample consignment is received and verified by SGS Geosol, all core samples undergo density calculation by water immersion method on the raw samples wrapped in PVC film. The samples are subsequently prepared for analyses by means of drying, crushing (with 75% passing 3 mm), homogenization, quartering and pulverizing 250 – 300 g of sample in a 95% steel mill at 150 mesh. Multielement analyses is then performed by Sodium Peroxide Fusion followed by a multielement combined ICP-OES and ICP-MS scan for base metals, trace, and lithological elements. Chromium values that exceeded 5% are redirected to ore-grade pyrosulfate fusion and XRF techniques to determine %Cr₂O₃. Samples are then analyzed for 2PGE+Gold (Pd, Pt, Au) content using standard Fire Assay techniques.

Certified PGE ore reference standards, blanks and field duplicates were inserted as a part of ValOre’s QA/QC protocol.  No QA/QC issues were noted with the results reported herein.

SGS Geosol is an accredited mineral analysis laboratory founded in Brazil from a joint venture between SGS do Brasil and Geosol Geologia e Sondagens. It concentrates its activities on geochemical analysis of soils, rocks, ores, concentrates and metallurgical tests, as well as environmental analyzes of water, effluents, and industrial waste.

SGS Geosol is internationally recognized by its extensive experience throughout industry, with technical teams formed by highly qualified professionals. SGS Geosol’s Integrated Management System ensures an excellent level of quality, safety, occupational health, respect for the environment and social responsibility.

The lab is Certified ISO 9001, which provides quality services in analytical chemistry, in compliance with all applicable environmental requirements, and so it is also certified ISO 14001. SGS Geosol has advanced laboratories and the latest technological equipment, which enables its supply of analytical services with security and excellent quality control.

About Servitec Foraco Sondagem SA

Servitec Foraco is a Brazilian company based in the State of Goiás that started operating as Servitec in 2000, and through innovation, investment, and continuous improvement, emerged as one of the pioneers of drilling in Brazil. With a prominent position on the national scene, Servitec was acquired in 2012 by one of the global drilling leaders, Foraco International, forming Servitec Foraco.

Servitec Foraco has more than 700 employees and 90 drill rigs, and operates throughout Brazil with clients such as Nexa, Anglo American, Yamana Gold, Vale and AngloGold Ashanti. Servitec Foraco is committed to conducting drill programs with high levels of productivity, safety and respect for the environment and legislation.

ValOre and Servitec Foraco COVID-19 Protocols

ValOre and Servitec Foraco are closely monitoring impacts on the companies’ operations and business preparedness plans, as the health and safety of employees, contractors and associated communities is a top priority.

As part of the safety protocol, the companies have implemented daily screening procedures, temperature monitoring, self-assessment checklists and issued directives regarding social distancing to ensure a safe environment for operations. Servitec Foraco has an extensive procedural guide on hygiene and conduct to be adopted daily during and after work hours.

These decisions reinforce the companies’ objective of preventing the transmission of COVID-19 among its employees, contractors, and the communities proximal to drilling activities.

About ValOre Metals Corp.

ValOre Metals Corp. (TSX‐V: VO) is a Canadian company with a portfolio of high‐quality exploration projects. ValOre’s team aims to deploy capital and knowledge on projects which benefit from substantial prior investment by previous owners, existence of high-value mineralization on a large scale, and the possibility of adding tangible value through exploration, process improvement, and innovation.

In May 2019, ValOre announced the acquisition of the Pedra Branca Platinum Group Elements (PGE) property, in Brazil, to bolster its existing Angilak uranium, Genesis/Hatchet uranium and Baffin gold projects in Canada.

The Pedra Branca PGE Project comprises 38 exploration licenses covering a total area of 38,940 hectares (96,223 acres) in northeastern Brazil. At Pedra Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a NI 43-101 Inferred Resource of 1,067,000 ounces 2PGE+Gold (Palladium, Platinum and Gold; Pd, Pt+Au) contained in 27.2 million tonnes (“Mt”) grading 1.22 grams 2PGE+Gold per tonne (“g/t 2PGE+Au”) (see ValOre’s July 23, 2019 news release). PGE mineralization outcrops at surface and all of the inferred resources are potentially open pittable.

Comprehensive exploration programs have demonstrated the "District Scale" potential of ValOre’s 105,280-hectare Angilak Property in Nunavut Territory, Canada that hosts the Lac 50 Trend having a NI 43‐101 Inferred Resource of 2,831,000 tonnes grading 0.69% U₃O₈, totaling 43.3 million pounds U₃O₈. For disclosure related to the inferred resource for the Lac 50 Trend uranium deposits, please refer to ValOre's news release of March 1, 2013.

ValOre’s team has forged strong relationships with sophisticated resource sector investors and partner Nunavut Tunngavik Inc. (NTI) on both the Angilak and Baffin Gold Properties. ValOre was the first company to sign a comprehensive agreement to explore for uranium on Inuit Owned Lands in Nunavut Territory and is committed to building shareholder value while adhering to high levels of environmental and safety standards and proactive local community engagement.

On behalf of the Board of Directors,

"Jim Paterson"

James R. Paterson, Chairman and CEO

ValOre Metals Corp.

For further information about, ValOre Metals Corp. or this news release, please visit our website at valoremetals.com or contact Investor Relations toll free at 1.888.331.2269, at 604.646.4527, or by email at [email protected].

ValOre Metals Corp. is a proud member of Discovery Group. For more information please visit: discoverygroup.ca  

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This news release contains “forward-looking statements” within the meaning of applicable securities laws. Although ValOre believes that the expectations reflected in its forward-looking statements are reasonable, such statements have been based on factors and assumptions concerning future events that may prove to be inaccurate. These factors and assumptions are based upon currently available information to ValOre. Such statements are subject to known and unknown risks, uncertainties and other factors that could influence actual results or events and cause actual results or events to differ materially from those stated, anticipated or implied in the forward-looking statements. A number of important factors including those set forth in other public filings could cause actual outcomes and results to differ materially from those expressed in these forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include the future operations of the Company and economic factors. Readers are cautioned to not place undue reliance on forward-looking statements. The statements in this press release are made as of the date of this release and, except as required by applicable law, ValOre does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. ValOre undertakes no obligation to comment on analyses, expectations or statements made by third parties in respect of ValOre, or its financial or operating results or (as applicable), their securities.