Figure 1
Map showing property geology and mineral occurrences/showing
Figure 2
Location of Wings Shear Project
Figure 3
Residual Mag of Prospect area, the eastern mag high boundary is on the property
VANCOUVER, British Columbia, Jan. 05, 2021 (GLOBE NEWSWIRE) -- VALOREM RESOURCES INC. ("VALU" or the "Company") (CSE: VALU) (Frankfurt: 1XW1) is pleased to announce that further to its news release dated December 17, 2020, it has entered into and closed a definitive mineral property option agreement dated January 4, 2021 (the “Option Agreement”) with WBN Prospecting Group, an arm’s length party (the “Optionor”) to acquire a 100% interest in the Wing Shear property (the “Property”) located in central Newfoundland, Canada.
The terms of the Option Agreement call for cash payments of $45,000 within five days of signing the agreement, $3,000,000 work commitments over 3 years, reimbursement of $13,130 in staking fees and the issuance of 4.5 million shares of the Company over a period of one year, plus a 10% finder’s fee payable in cash and shares. The Property is subject to a 2% royalty (NSR) with an option to buy back 1.5% for $1 million.
The Property is comprised of 280 claim units covering 7,000 hectares; it covers a 1 km long untested gold trend located 32 km northeast of the town of Gander, Newfoundland and Labrador and is located approximately 27 km east of the Newfound Gold Inc.’s Queensway Project. The gold trend is shear zone hosted (the Wing’s Pond Shear Zone) and previous historic sampling is reported with assay results up to 12.2 g/t Au from grab samples. There has been no previous drilling in this area.
Highlights
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Regional scale land package covering deep seated structural zone parallel to the structural trend underlying Newfound Gold’s Queensway Project.
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Greenfield project with drill targets identified
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No prior drilling completed on the showing.
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The Wings Shear Property has values from grab samples of up to 12.2 g/t Au.
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The Wing’s Pond mineralized trend has been traced for a strike length of 1.0 km and channel sampling retuned values of up to 9.8 g/t Au over 1.0 meters from the main Wing’s Pd showing
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Additional gold mineralization was found associated with brecciated quartz veins within the Indian Bay-Big Pond Formation. This formation is 14 km long and 1.2 km wide.
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Channel sample from this area assayed up to 1.49 g/t Au, and 0.92 g/t Au over 1.0 m
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/0fefb692-b8be-4be1-9c67-971708e15882
Note: The data reported here is historic in nature and has not yet been verified by a Qualified Person. Valorem has relied on the information supplied in the NL govt filed assessment reports and from information found in MODS (Mineral Occurrence Data System) published by the Newfoundland Department of Natural Resources. The surface grab samples described in this news release are selective by nature and are unlikely to represent average grades of the property.