Vancouver – TheNewswire – August 7th, 2020 – Valorem Resources, (CNSX:VALU.CN) (the “Company” or “Valorem”) is pleased to announce that it has signed an option agreement between Valorem (the Optionor) and the owner (the Optionee) to purchase an undivided 100% interest in the Black Dog Lake Gold Property (the “Property”) in the James Bay region of Quebec, subject only to a 2% Net Smelter Royalty (“NSR”). The terms of the option agreement call for Valorem to pay $195,000 (starting with $35,000 in five business days from signing) and 2.5 million shares over three years, as well as completing $750,000 in exploration over the same three year period. One percentage point of the 2% NSR is purchasable by v at any time for $1 million. Valorem also commits to issue 1 million shares to the Optionee upon “…the declaration of a proven reserve supported by a technical 43/101 calculation report that the Optionee deems economically feasible to continue developing the Property.”
The Black Dog Lake Property comprises 19 contiguous mineral claims covering 1,003 hectares, located 150 km east of James Bay, Quebec. As reported on the Quebec government claims database GESTIM, the Black Dog Lake metallic gold showing was discovered in iron formation by surface sampling in 1988, and subsequently drilled by at least 5 holes, yielding several prospective gold mineralization intervals, including 15.2 grams per tonne (g/t) gold (Au) over 0.6 m; 5.2 g/t Au over 11 m; and 4.32 g/t Au over 0.88 m. Valorem plans to complete due diligence in order to confirm this reported mineralization on the surface and through drilling as part of the evaluation of the potential of the claims to host gold mineralization.
Harrison Cookenboo, Ph.D., P.Geo., is a Qualified Person as defined in Canadian National Instrument- 43-101, and has reviewed and is responsible for the technical information presented in this news release.
About Valorem Resoruces
Valorem explores and develops precious metals properties in the Americas.
ON BEHALF OF THE BOARD – Valorem Resources
(signed) Gregory M Thomas, President
This news release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, including the likelihood of commercial mining and possible future financings are forward-looking statements. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions. Mining is an inherently risky business. Accordingly the actual events may differ materially from those projected in the forward-looking statements. For more information on the Company and the risks and challenges of its business, investors should review the Company’s annual filings which are available at www.sedar.com