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Valorem Schedules Systematic Exploration at Wings Shear Project

Valorem Resources Inc. reports that it has scheduled a systematic exploration program to optimize the use of the present exploration-trench and other data for the Wings Shear project.

Together with new work, this will allow Valorem to address gaps and rapidly assess structures and anomalies to produce drill targets.

Valorem will employ a combination of soil sampling and magnetic/VLF-EM geophysical surveys, on elaborate grids over well-known anomalous regions and along gold-bearing structures.

An assortment of up to 5,000 soil samples over earlier untested zones, and 90 line kilometers of magnetic or VLF-EM, will be executed over the 1-km-long gold-bearing structural zone situated on the Wings Shear Trend. The survey findings together with geological mapping will be utilized to plan for the first-phase drill program, which is being planned at present to commence in the late summer or early fall of 2021.

Valorem has hired local service provider Planet X Exploration Services Ltd. (Planet X, as an operator on Property. In addition, a regional geochemical soil-sampling survey design has been finished by Planet X and consulting Geoscientist Dr Steve Amor PhD, P.Geo.

Valorem intends to start fieldwork during the winter months, as weather and appropriate working conditions allow.

The Property is underlain by the Jonathan’s Pond Formation to the northwest and southeast, including interbedded pelite, psammite, and semipelite with minor mafic sills and dykes, as well as calcium silicate layers.

The Indian Bay Big Pond Formation underlies the Property’s central area and includes medium- to thick-bedded, grey, buff, and maroon sandstone; thinly bedded green and maroon siltstone; tuffaceous semipelite; and black pelite. Several conglomeratic and fossiliferous boulders exist in the vicinity and are interpreted to be extracted from this unit.

Regional deformation, resulting in the copious quartz-vein emplacement and the formation of local shear zones, renders the Jonathan’s Pond Formation an appealing target for structurally regulated, vein-hosted gold mineralization.

Gold mineralization at the Wing Pond showings, which is situated at the center of the Property, is hosted by sulfide- (pyrite, arsenopyrite, stibnite ± galena ± sphalerite) bearing quartz veins that cut metasediments.

We are excited to begin the process of moving the Property forward with this proposed program. The Wings Shear trend is an exciting untested mineralized zone. This deep-seated gold-bearing structure has been traced for over 1 km and is located approximately 27 km east of the Newfound Gold Inc.’s Queensway Project.

Tony Louie, Interim CEO, Valorem Resources Inc.

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