08:53 AM EDT, 08/15/2024 (MT Newswires) -- ValOre Metals ( KVLQF ) said Thursday that it commenced ground magnetic and gamma spectrometry geophysical surveys at the Salvador target area within its Pedra Branca platinum group elements project in Brazil.

ValOre said it is also conducting follow-up auger drilling and trenching programs at the Salvador target, aiming to delineate mineralization along a 600-meter trend located north of the area drill-tested in 2023.

"Salvador is rapidly becoming one of the main targets on our Pedra Branca property, but it was previously only covered with a regional scale magnetic survey," said Thiago Diniz, ValOre's vice president of exploration.

The company said the new geophysical data from the surveys and results from the ongoing drilling and trenching programs will help it delineate priority targets for future resource expansion drill programs at Salvador.

ValOre's share price surged 22% yesterday to $0.055.