ValOre Metals (TSXV: VO)?EUR?has doubled the mineral resource estimate for its 100%-owned Pedra Branca platinum group metals project in northeast Brazil with several zones within the property still open for expansion, the company said.
The project's inferred resource totals 63.5 million tonnes grading 0.03 gram gold per tonne, 0.68 gram palladium and 0.36 gram platinum for contained metal of 61,000 oz. gold, 1.3 million oz. palladium and 746,000 oz. platinum.
"ValOre's technical team has demonstrated their ability to expand known resource zones and to convert exploration targets into resource ounces in a very cost-effective manner," Jim Paterson, the company's CEO said in a press release.
"We spent $6.1 million on exploration, administration and development... since the 2019 acquisition and resource estimate," which equates to under $6 per oz. of palladium, platinum and gold added to the resource inventory, he said.
Situated in the Cear?? State, about 280 km southwest of the state capital city of Fortaleza, the resource update of the 568.5 sq. km. project is the result of over 17,000 metres of new drilling between July 2020 and December 2021. Pedra Branca contains seven distinct zones, the company said in a press release.
ValOre acquired the project, which saw US$35 million in historic exploration spending, in 2019.
The 2022 estimate contains two new zones, Massape and Cana Brava, which add 3.3 million tonnes grading 0.02 gram gold per tonne, 0.86 gram palladium and 0.33 gram platinum, and 657,000 tonnes grading 0.04 gram gold, 0.68 gram palladium and 0.47 gram platinum, respectively.
The Trapia zone, which increased four times compared to the estimate in 2019 is the largest contributor to the resource. It totals 28.8 million tonnes grading 0.04 gram gold, 0.61 gram palladium and 0.31 gram platinum for contained metal of 34,000 oz. gold, 565,000 oz. Palladium and 286,000 oz. platinum.
At presstime in Toronto, ValOre Metals was trading at 55 ? per share within a 52-week trading range of 22 ? and 63 ?. The company has 140.78 million common shares outstanding for a market cap of $68.75 million.