“Two thousand twenty-one drilling at Santo Amaro has greatly advanced the interpreted geological model for the resource-associated ultramafic package, allowing for more targeted resource expansion drilling and a higher level of confidence in future resource estimations,” stated Valore’s vice-president of exploration, Colin Smith. “Significant drilling results include the 110-metre ultramafic intercept in DD21SA42, an approximately 95-metre step-out hole drilled to the southeast of the current resource, multiple near-surface intervals of mineralization within and along strike from the current resource, and mineralized intercepts better defining the northwest mineralized zone, situated about 250 metres northwest of the current resource.”
Nineteen holes were drilled totalling 2,204 metres, with a primary focus of resource expansion. All 19 completed holes intercepted the target UM intrusion, with assays received in full for seven holes (12 holes pending), and the final drill hole currently in progress.
Near-surface mineralization encountered in seven of the seven holes received to date, with a highlight of 36 metres at 2.22 g/t palladium plus platinum plus gold (2PGE+Au) from 43 metres, including 9.1 metres at 6.38 g/t 2PGE+gold from 43 metres in drill hole DD21SA3.
Assays are pending for a 110-metre chromite-bearing ultramafic intercept in step-out hole DD21SA42. Advancement of northwest mineralized zone continues, situated about 250 metres northwest of the resource where all six drill holes intercepted target ultramafic (UM) intrusion (assays pending).
Upon completion of the final hole, both drill rigs to be mobilized to the Santo Amaro South target, 1.5 km south, to drill 200 metres in four holes, and thereafter to the Massape target, 30 km southwest, to drill 1,000 metres in 10 holes.
Reported core assay interval lengths are estimated to represent 90 to 100% of true width.
Santo Amaro is one of five currently defined PGE deposit areas at Pedra Branca, which together host an inferred resource totalling 1,067,000 ounces of 2PGE+Au contained in 27.2 million tonnes grading 1.22 g/t 2PGE+gold.
While PGE mineralization in the UM intrusion that hosts the Santo Amaro resource remains open in both directions along strike, the easterly extension exhibits a potential thickening of the target package and was subsequently targeted with two holes in 2021. Both holes intercepted broad, shallow intervals of chromite-bearing UMs along trend from the existing resource, with DD21SA42 transecting 110 metres of the target host intrusion and DD21SA40 transecting 24 metres (assays pending).
The resource strike potential also remains open to the west, as evidenced by westernmost 2020 drill hole DD20SA23, which returned 20 m at 0.98 g/t 2PGE+gold from surface. Potential geological continuity has been built with the advancing northwest target area, which would more than double the trend of shallow PGE-bearing ultramafics at Santo Amaro.