VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the
"
Company", or “
VR”, provides a
brief update on its critical metal exploration strategy in northern
Ontario.
- Ultra – high resolution drone
magnetic data received for the recently staked Northway property
located 15 km to the northeast of Hecla-Kilmer (“H-K”);
- Application underway for new MNDM drill permit for
Northway.
From VR’s CEO, Dr. Michael Gunning, “Last November, VR announced
the discovery of a new niobium-Rare Earth metals mineral system on
its wholly-owned Hecla-Kilmer property with the intersection in
Hole 13 of 238 metres @ 0.2% Nb205 with
0.5% TREO, including sample intervals of 1.7 %
TREO with 18% PMREO over 3 metres. With that intersection,
the Company completed a thorough review of its regional database
and staked the Northway property located approximately 15 km to the
northeast.
An ultra – high resolution drone magnetic survey was completed
over Northway in March, during the set-up of the recently
completed, third drill program at Hecla-Kilmer, which produced the
recently announced intersection in Hole 013 of 243 metres @
1.01% TREO, of which 19% are PMREO. This news release
provides the results of the drone magnetic survey at Northway.
On Figure 1, the location of Northway is shown
within the regional-scale Kapuskasing Structural Zone (KSZ) and
rift through the Superior craton, together with the locations of
VR’s H-K and Ranoke properties.
On Figure 2, the location of Northway is shown
in relation to the northern boundary of the mafic volcanic Wabigoon
province of the Superior craton, similar to the location of
Hecla-Kilmer on the opposing southern boundary. Both boundaries are
tectonic suture zones of regional scale. Note also the reverse
magnetic polarity of the regional magnetic anomaly at Northway,
forming a prominent magnetic low, akin to the reverse polarity in
the northwestern part of the H-K complex where critical metal
discoveries have been made in drill holes 5 and Hole 13.
Figure 3 shows the new drone magnetic data at
Northway. The anomaly is high amplitude, sharply defined and
approximately 1,300 metres across. Critical metal
mineralization intersected to date at Hecla-Kilmer is controlled by
structures that disrupt patterns in magnetic and gravity maps.
Similarly, note the clear disruption of the concentric magnetic
anomaly at Northway by a structure that is parallel to the
regional-scale, southwest-trending KSZ.
It is also important to note in Figure 3 the location of gold
and copper grains in creeks draining from the Northway property
into the Mattagami River (OGS regional survey, 2001, 3,106
samples).
Our hydrothermal breccia exploration strategy on the KSZ started
in 2018 at Ranoke, where fluorite and hematite veins confirmed the
prospectivity of the model, and seeded the 238 and 243 metre
critical metal intersections respectively at Hecla-Kilmer two years
later. With the new magnetic data from Northway, we have initiated
the permit application process for drilling to further expand the
strategy.
The discovery at Hecla-Kilmer contributes to the
rapidly evolving critical metal strategies of governments across
North America aimed at growing domestic EV and wind turbine sectors
in order to sustain the growth of the green economy. This relevance
underscores the potential value of H-K to our shareholders, and we
look forward to providing further updates as we receive final drill
data from Hecla-Kilmer, and add Northway to an expanded and
integrated exploration strategy going forward."
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.
VR submitted all drill core samples for
geochemical assay to the ALS Global Ltd. (“ALS”) laboratory
facilities in Timmins, Ontario, with final geochemical analytical
work done at the ALS laboratory located in North Vancouver, BC.,
including lithium borate fusion, ICP-MS and ICP-AES analyses for
base metals, trace elements and full-suite REE analysis, and gold
determination by atomic absorption on fire 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 ALS.
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 the Hecla-Kilmer Property
The Hecla-Kilmer complex 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
to the south, located on the northern Trans-Canada Highway.
The Northway property consists
of 47 mineral claims in one contiguous block approximately 3 x 3 km
in size and covering 966 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 no
royalty attached to Northway because it was staked by VR
directly.
Northway is located on provincial crown land in
northern Ontario, with mineral rights administered by the Ontario
Ministry of Northern Development, Mines, Natural Resources and
Forestry (“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 large footprint, greenfields opportunities in copper,
gold and critical metals in the western United States and Canada
(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. 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 2022 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 those which, by their nature,
refer to future events. Forward looking statements in this release
include those related to the companies upcoming plans, such as “The
discovery at Hecla-Kilmer contributes to the rapidly evolving
critical metal strategies of governments across North America”, 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
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.
Figure 1. Regional gravity
map showing location of VR properties along the Kapuskasing
structural zone (KSZ), a rift feature within the Archean Superior
craton that is prospective for the emplacement of carbonatite
intrusions, and formation of IOA and IOCG hydrothermal fluid
systems. Shown are the Trans-Canada highway, Highway 634 leading to
the hydroelectric facility at Otter Rapids, and the active Ontario
Northern Railroad to
Moosonee.https://www.globenewswire.com/NewsRoom/AttachmentNg/f1e358ba-f076-44c7-aaa3-ed1c8a7d075a
Figure 2. Location of the
Northway and Hecla-Kilmer properties on opposing boundaries of the
Wabigoon sub-province of the Archean Superior craton; both
boundaries are regional-scale tectonic suture zones, and offer good
crustal conduits for magma and fluid. Both properties are centered
on regional-scale, circular magnetic anomalies with reverse
polarity (low -
green).https://www.globenewswire.com/NewsRoom/AttachmentNg/b949d54a-ec97-4216-bc28-4a32cd5df544
Figure 3. The Northway magnetic
anomaly derived from the recently flown high-resolution drone
survey, plotted on the RTP magnetic base map for the region.
Regional structures which define and/or disrupt the patterns in the
RTP map, and the various other magnetic derivative products such as
1VD and HD are parallel to the KSZ (see Figure 1).
Shown is the Archean tectonic suture on the northern boundary of
the Wabigoon sub-province of the Superior craton (see
Figure 2 for reference). Also shown are gold and
copper grains from the 2001 OGS regional survey, and gold and
copper grains in auger holes in till from regional diamond
exploration in
1981.https://www.globenewswire.com/NewsRoom/AttachmentNg/10dc40a7-ac4c-4095-aa2b-333eef446f7f
VR Resources (TSXV:VRR)
Historical Stock Chart
From Sep 2024 to Oct 2024
VR Resources (TSXV:VRR)
Historical Stock Chart
From Oct 2023 to Oct 2024