VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the
"
Company", or “
VR”, is pleased to
announce that drilling is now underway at its Hecla-Kilmer property
and copper-gold-REE hydrothermal breccia target in northwestern
Ontario.
Photo 1 is a photograph from
the field this past weekend, Sunday, September 12th, showing the
diamond drill rig at HK21-005, shown on the location map in
Figure 1.
Figure 1 shows the locations of
the drill holes planned for this fall, and those completed last
fall, in October, 2020, during the Phase I program which targeted
MVI anomaly peaks derived from the 3D inversion of the high
resolution airborne magnetic survey which covers H-K. In follow-up,
drilling in 2021 is focused on the large and high contrast, 3.5
mGal gravity anomaly outlined by a survey which was completed in
March, 2021, subsequent to Phase I drilling. The gravity anomaly is
co-spatial with, but offset from the center MVI magnetic
anomaly.
The four to six holes planned for the current
program will comprise upwards of 3,000 m of drilling which is
expected to take from four to six weeks to complete based on
production rates from last year.
Geochemical data from this drilling are expected
by year-end. VR will also obtain high resolution magnetic
susceptibility and density data hyperspectral data from the
continuous scanning of core from each drill hole in its entirety
with a field-portable XRF unit.
From VR’s CEO Dr. Michael Gunning, “We are
excited to be back at Hecla-Kilmer with the drill.”
“The objective of this program could not be more
straight forward. Copper, gold and REE (rare earth element)
mineralization with high density profiles on XRF scans was
intersected in hydrothermal breccia which spans 600 vertical metres
in two drill holes completed in 2020 and located on the eastern
edge of the gravity anomaly recently defined by VR. We will simply
turn the drills to the west and test the center of the anomaly for
the core of the potassic alteration and carbonate-fluorite breccia
system which hosts the mineralization intersected last year.”
“HK has already proven itself as a REE-bearing
IOCG hydrothermal system of potential significance to the current
discussions across industry and government bodies alike regarding
the critical metals sector in North America. But it is the vertical
extent of the breccia, the breadth of the REE intersections on the
margin of the gravity anomaly, and the sheer scale of the anomaly
itself and the multiphase carbonate complex it is hosted within
which is perhaps even more relevant to our shareholders. These
factors combine to underscore the potential for this drill program
to intersect a new copper-gold breccia deposit (IOCG) of size in
North America of size.”
“With the same drill company, drill and drill
crew from last year now on site again this year, and utilizing the
same camp, camp location and helicopter support, we look forward to
execution with the same efficiencies achieved in 2020. We will
provide further updates as the program advances.”
Background
Hecla-Kilmer (“H-K”) is a multi-phase alkaline
intrusive complex with carbonatite of inferred Proterozoic age and
some 4 – 6 km across, emplaced along the western margin of the
crustal-scale Kapuskasing structural zone which bisects the Archean
Superior Craton in northern Ontario. The opportunity for VR is to
apply current IOCG and carbonatite mineral deposit models and
modern exploration technologies at H-K for the first time,
ever.
A shallow, six-hole diamond drill program was
completed in 1970 as part of a regional base metal exploration
program by Ashland Oil and Elgin Petroleum. One hole was abandoned,
and only 854 m were completed in total in 5 holes, all on magnetic
highs in the outer concentric zones of the complex. Selco
Exploration Company completed two drill holes in 1981 on peripheral
magnetic highs as part of a regional diamond exploration program,
and intersected ultra-basic rocks and breccias in the outer,
concentric zones of the polyphase H-K complex. A high resolution
airborne magnetic survey completed in the region in 1993 for
diamond exploration, after the early drilling at H-K included
coverage of the H-K alkaline complex and magnetic anomaly.
The reader is referred to the previous news
release dated June 18th,
2020, for photographs of magnetite-copper-fluorite vein
and vein breccia replacement in core from the historic drill holes
located around the periphery of the new gravity anomaly (see Figure
1), and gold grains retrieved from drill core rubble.
VR completed the first-ever airborne EM survey
ever over the H-K complex in June, 2020, using the state-of-the-art
VTEM+ system of Geotech Ltd. Flown at 100 m line spacing over a 6 x
7 km survey block for a total of 450 line-km’s, the data provide a
high resolution of detail. The Company also had an independent, 3-D
inversion of both magnetic and EM data completed for improved
modeling for a potential magnetite-copper-gold hydrothermal breccia
system (IOCG) within the multi-phase carbonatite complex at
H-K.
The reader is referred to the recent news
release dated July 22nd,
2021, for tabulated assay data and drill core photos from
intersections of rare earth element mineralization hosted in
carbonate-fluorite-sulfide hydrothermal breccia with potassic
alteration mineral assemblages in two of the drill holes completed
by VR in 2020 which targeted the peaks of the magnetic MVI
anomalies. The holes are located on the eastern margin of the
gravity anomaly identified and delineated by a ground-based winter
gravity survey completed subsequent to the first-phase drilling in
the fall of 2020.
Technical Information
Summary technical and geological information for
the Company’s various exploration properties is available at the
Company’s website at www.vrr.ca.
For the first phase of drilling in 2020 at
Hecla-Kilmer project, VR submitted drill core for Minalyze XRF
scanning and sawn drill core samples for geochemical assay to the
SGS Canada Inc. (“SGS”) laboratory facilities in Sudbury, Ontario,
with final geochemical analytical work done at the SGS laboratory
located in Burnaby, BC., including ICP-MS and ICP-AES analyses for
base metals, trace elements and full-suite REE analysis, and gold
determination by atomic absorption assay. Analytical results are
subject to industry-standard and NI 43-101 compliant QAQC sample
procedures externally by the Company and internally at the
laboratory as described by SGS.
Technical information for this news release has
been prepared in accordance with the Canadian regulatory
requirements set out in National Instrument 43-101. Justin Daley,
P.Geo., Exploration Manager and Chief Geologist at VR and a
non-independent Qualified Person oversees and/or participates in
all aspects of the Company’s mineral exploration projects, and the
content of this news release has been reviewed on behalf of the
Company by the CEO, Dr. Michael Gunning, P.Geo., a non-independent
Qualified Person.
About Hecla-Kilmer
The Hecla-Kilmer complex is located 35 kms
southwest of the Company’s Ranoke property in northern Ontario. It
is located 23 km northwest of the Ontario hydro-electric facility
at Otter Rapids, the Ontario Northland Railway, and the northern
terminus of Highway 634 which links the region to the towns of
Cochrane and Kapuskasing along the northern Trans-Canada Highway
located some 100 km to the south.
The H-K property is large. It
consists of 224 mineral claims in one contiguous block
approximately 6 x 7 km in size and covering 4,617 hectares. The
property is owned 100% by VR. There are no underlying annual lease
payments on the property, nor are there any joint venture or
back-in interests. There is an industry-standard royalty attached
to the property, including a buy-back provision to VR.
Like the Ranoke property, H-K is located on
provincial crown land, with mineral rights administered by the
provincial Ontario Ministry of Northern Development and Mines
(MNDM). There are no annual payments, but the MNDM requires certain
annual exploration expenditures and reporting. The property falls
within the traditional territories of the Moose Cree and Taykwa
Tagamou First Nations.
About VR Resources
VR is an established junior exploration company
focused on greenfields opportunities in copper and
gold (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF).
VR is the continuance of 4 years of active exploration in Nevada by
a Vancouver-based private company. The diverse experience and
proven track record of its Board in early-stage exploration,
discovery and M&A is the foundation of VR. The Company focuses
on underexplored, large-footprint mineral systems in the western
United States and Canada, and is well financed for its exploration
strategies and corporate obligations. VR owns its properties
outright, and evaluates new opportunities on an ongoing basis,
whether by staking or acquisition.
The Company continues its normal course of
business in 2021 within the framework of modified exploration
programs in response to the COVID-19 pandemic, with the goal of
ensuring the health and safety of staff and project personnel.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H.
Gunning”____________________________Dr. Michael H.
Gunning, PhD, PGeoPresident & CEO
For general information please use the following:
Website: |
www.vrr.ca |
Email: |
info@vrr.ca |
Phone: |
604-262-1104 |
Forward Looking Statements
This press release contains forward-looking
statements. Forward-looking statements are typically identified by
words such as: believe, expect, anticipate, intend, estimate,
postulate and similar expressions or are those which, by their
nature, refer to future events. Forward looking statements in this
release include “It is expected to take from four to six weeks to
complete up to 3,000 m of drilling”, and “VR evaluates new
opportunities on an ongoing basis, whether by staking or
acquisition.”
This news release contains statements and/or
information with respect to mineral properties and/or deposits
which are adjacent to and/or potentially similar to the Company’s
mineral properties, but which the Company has no interest in nor
rights to explore. Readers are cautioned that mineral deposits on
adjacent or similar properties are not necessarily indicative of
mineral deposits on the Company’s properties.
Although the Company believes that the use of
such statements is reasonable, there can be no assurance that such
statements will prove to be accurate, and actual results and future
events could differ materially from those anticipated in such
statements. The Company cautions investors that any forward-looking
statements by the Company are not guarantees of future performance,
and that actual results may differ materially from those in
forward-looking statements. Trading in the securities of the
Company should be considered highly speculative. All of the
Company’s public disclosure filings may be accessed via
www.sedar.com and readers are urged to review these materials.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in Policies
of the TSX Venture Exchange) accepts responsibility for the
adequacy or accuracy of this release.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e6f5f099-008c-4ab7-bd46-90a5fcbb8914
A figure accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/02b001e4-3fb0-4e1f-927a-90e9a1fb628e
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