VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the
"
Company", or “
VR”, announces the
discovery of another high grade zone of critical metals in one of
two new areas of mineralization at its Hecla-Kilmer (“H-K”)
property located in northern Ontario.
- 25.5 metres @ 1.131% TREO
with 18% as Magnet REO*, within 55.2 metres @
0.70% TREO starting less than 30 metres from bedrock
surface in Hole HK22-015.
* % Magnet REO: is
PMREO divided by TREO (total rare earth oxide) and expressed as a
percent. PMREO is the sum of the high-value rare earth oxides Pr2O3
+ Nd203 + Tb2O3 + Dy2O3 used in permanent magnets for wind turbines
and electric vehicles.
Context
This news release provides new data for the
final four holes of the recently completed drill program at H-K,
and in particular, the three reconnaissance holes HK22-014, 15
& 16 located 1.5 – 2.5 km to the south of the
critical metal mineralization discovered in 2020 and 2021 in the
northern part of the complex.
Figure 1. VR has discovered two
new areas of critical metal mineralization in the central core and
south rim of the multiphase alkaline complex with carbonatite at
Hecla-Kilmer, in addition to the mineralization previously
announced in the northwestern part of the complex. Mineralization
starts at bedrock surface, or within a few tens of
metres beneath the base of till in all three areas.
Table 1. VR has intersected
critical metal mineralization exceeding 1% TREO (total Rare Earth
oxide) in 11 of the 17 drill holes completed
to date at H-K. The REE mineralization is commonly within the
context of broad intersections from 55 to 299 metres long which
include niobium, phosphate and iron.
Summary of New Data
The new, 55 metre intersection in Hole
015 is from the south rim of the complex, in a different
structural block and some 2.5 km to the southeast of Hole 13 with
the 243 metre intersection of 1.01 % TREO, including 65 metres @
1.56% TREO that was announced on July 21, 2022, in NR-22-08.
Figure 2 shows the correlation
of the 55 metre intersection in Hole 15 with the magnetic gradients
in the 2VD magnetic map derived from the recent, high-resolution
drone survey.
New intersections are also provided in Table 1
for Holes 14 and 17. They extend the known, high grade
mineralization in Hole 13 farther to the west along the main
east-west fault in the area:
- There are no
less than 30 individual metre-scale veins from 0.5 – 0.98 % TREO in
Hole 14, which collectively extend the
mineralization in Hole 13 some 250 m to the west along
strike;
- In Hole
17 which targeted an RTP magnetic anomaly 200 x 700 m in
size and located 400 m to the west farther still, there are no less
than 62 individual, metre-scale veins from 0.5 – 3.3 %
TREO within an intersection of continuous
mineralization over 287 metres grading 0.38% TREO,
including 32 m @0.7% TREO, and individual samples
up to 3.3.% TREO at the bottom of the hole (see
drill core photograph in Figure 3); that
mineralization is open to depth with no evidence to constrain
continuation based on styles of mineralization and alteration in
the drill hole.
Table 1: REE and Critical Metal
Intersections, Hecla-Kilmer (Holes 14 & 17 are new for
this NR)
Drill hole |
From (m) |
To (m) |
Length (m) |
TREO(1)
(%) |
MHREO(2)
(%) |
PMREO(3)
(%) |
% Magnet REOs |
Nb2O5
(%) |
Ta2O5
(ppm) |
ThO2 (ppm) |
HK22-017 |
75 |
362 |
287 |
0.38 |
0.04 |
0.08 |
20% |
0.11 |
20.9 |
246 |
including |
86 |
131 |
45 |
0.65 |
0.07 |
0.13 |
19% |
0.13 |
18.0 |
82 |
including |
330.42 |
362 |
31.58 |
0.70 |
0.06 |
0.12 |
18% |
0.12 |
20.7 |
130 |
HK22-015 |
68.8 |
124 |
55.2 |
0.70 |
0.08 |
0.13 |
18% |
0.17 |
23.1 |
322 |
including |
97 |
122.48 |
25.48 |
1.13 |
0.13 |
0.21 |
18% |
0.17 |
27.6 |
540 |
and |
147.7 |
162 |
14.3 |
0.48 |
0.06 |
0.08 |
17% |
0.16 |
38.5 |
144 |
HK22-014 |
205 |
253 |
48 |
0.49 |
0.05 |
0.10 |
20% |
0.13 |
22.2 |
398 |
HK22-013 |
43 |
330 |
287 |
0.88 |
0.09 |
0.17 |
18% |
0.11 |
22.0 |
257 |
including |
83 |
326 |
243 |
1.01 |
0.11 |
0.20 |
19% |
0.11 |
21.8 |
292 |
including |
155 |
221.61 |
65 |
1.57 |
0.18 |
0.32 |
20% |
0.12 |
26.5 |
532 |
including |
155 |
194 |
39 |
2.01 |
0.22 |
0.40 |
19% |
0.07 |
14.2 |
550 |
including |
255.38 |
272.08 |
16.7 |
1.91 |
0.22 |
0.41 |
20% |
0.08 |
13.8 |
370 |
including |
311 |
326 |
15 |
2.14 |
0.25 |
0.41 |
19% |
0.09 |
26.2 |
548 |
HK22-011 |
227 |
315 |
88 |
0.52 |
0.05 |
0.09 |
18% |
0.12 |
23.7 |
165 |
including |
276 |
289 |
13 |
0.97 |
0.08 |
0.17 |
17% |
0.11 |
23.9 |
190 |
HK22-010 |
86 |
217 |
131 |
0.40 |
0.04 |
0.07 |
17% |
0.16 |
36.6 |
253 |
including |
86 |
166.07 |
80.07 |
0.56 |
0.06 |
0.10 |
18% |
0.16 |
19.7 |
359 |
HK21-009 |
88 |
95 |
7 |
0.85 |
0.08 |
0.13 |
15% |
0.11 |
16.9 |
123 |
and |
120 |
272.15 |
152.15 |
0.54 |
0.05 |
0.08 |
16% |
0.09 |
14.2 |
109 |
including |
242 |
262 |
20 |
0.80 |
0.07 |
0.13 |
17% |
0.15 |
27.5 |
148 |
including |
243 |
247 |
4 |
1.75 |
0.15 |
0.30 |
17% |
0.34 |
58.0 |
386 |
HK21-008 |
144 |
179 |
35 |
0.40 |
0.03 |
0.07 |
16% |
0.17 |
13.7 |
108 |
and |
237 |
357 |
120 |
0.57 |
0.04 |
0.10 |
18% |
0.20 |
21.3 |
143 |
including |
305 |
342 |
37 |
0.72 |
0.05 |
0.13 |
18% |
0.32 |
36.2 |
223 |
including |
324 |
335 |
11 |
1.13 |
0.09 |
0.20 |
28% |
0.38 |
39.2 |
289 |
HK21-005 |
52 |
351.53 |
299.53 |
0.47 |
0.04 |
0.08 |
17% |
0.18 |
24.0 |
137 |
including |
80.75 |
318.21 |
237.46 |
0.49 |
0.04 |
0.08 |
17% |
0.20 |
27.3 |
149 |
including |
152 |
180 |
28 |
0.80 |
0.08 |
0.14 |
18% |
0.17 |
26.5 |
252 |
including |
156 |
159 |
3 |
1.70 |
0.18 |
0.32 |
19% |
0.08 |
16.1 |
562 |
including |
183 |
238 |
55 |
0.44 |
0.03 |
0.07 |
17% |
0.23 |
25.4 |
123 |
including |
275 |
306 |
31 |
0.61 |
0.04 |
0.10 |
17% |
0.31 |
33.4 |
215 |
HK20-004 |
40.3 |
98.4 |
58.1 |
0.38 |
0.04 |
0.08 |
21% |
0.15 |
25.4 |
155 |
including |
56 |
83 |
27 |
0.48 |
0.05 |
0.11 |
22% |
0.17 |
31.1 |
231 |
including |
57 |
60.21 |
3.21 |
1.44 |
0.15 |
0.34 |
15% |
0.17 |
25.2 |
439 |
including |
67.23 |
78 |
10.77 |
0.35 |
0.04 |
0.08 |
23% |
0.27 |
50.1 |
260 |
HK20-002 |
159.6 |
183 |
23.4 |
0.63 |
0.06 |
0.10 |
19% |
0.05 |
8.3 |
152 |
and |
553 |
606 |
53 |
0.51 |
0.05 |
0.09 |
17% |
0.12 |
17.1 |
390 |
including |
566.65 |
585 |
18.35 |
0.67 |
0.07 |
0.09 |
17% |
0.14 |
18.8 |
548 |
(1) TREO is the summation of
Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Sm2O3 + Eu2O3 + Gd2O3 + Tb2O3 +
Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 +
Y2O3.(2) MHREO is the sum of the middle and heavy
rare earth oxides (Sm2O3 + Eu2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 +
Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3). (3) PMREO is the
sum of high-value rare earth oxides used in permanent magnet motors
and turbines used in electric vehicles and wind turbines (Pr2O3 +
Nd203 + Tb2O3 + Dy2O3). The % Magnet REO column is this PMREO sum
divided by TREO, and expressed as a percent.
From VR’s CEO, Dr. Michael Gunning,
“Hecla-Kilmer advances on two fronts based on these new results.
Holes 15 and 16 confirm that the large, multiphase complex at
Hecla-Kilmer has more than one center of carbonatite veins and
hydrothermal breccia with high grade critical metal mineralization,
while the broad intersection in Hole 17 expands significantly the
volume potential for the main area of mineralization discovered in
the northwest part of the complex in our first two drill
programs.
The detailed drone magnetic survey completed
this spring ahead of the drill program provides a clear picture for
follow-up drilling in the new areas of mineralization intersected
in Holes 15 and 16 located in the southern rim and central core of
the overall complex respectively:
- The high grade mineralization in
Hole 15 will be tested for extensions in both
directions along the northeast-southwest trending structure that
controls the magnetic grain evident in Figure 2;
- Hole 16 was
collared on the southeastern edge of the pipe-like MVI anomaly
located on the east-west fault that cross-cuts the central core of
the entire H-K complex (Figure 1). The sniffs of plus- one percent
TREO mineralization will be followed up by testing the center of
the MVI magnetic anomaly. This drilling will pursue the heart of
the magnetite-rich hydrothermal breccia shown in the drill core
photo in Figure 4.
Figure 5 in our previous news release which
reported the 243 m intersection at 1.01 % TREO in Hole
13 outlines the importance of composition with regard to
the in-situ value of the REE mineralization at Hecla-Kilmer. I
would encourage our shareholders to note that the 25 metre core of
the 55 metre intersection announced today for Hole
15 located on the south rim of the complex some 2.5 km to
the southeast of Hole 13 contains the same high relative proportion
of the high value, permanent magnet REO’s within the TREO
mineralization; from 18-21% in any given sample from the
intersection.
Our existing permit at Hecla-Kilmer will
facilitate follow-up drilling in all three areas of mineralization
intersected at Hecla-Kilmer. Our application for a permit for
first-pass drilling of the Northway target located approximately 15
km to the north is in process. With that, we look forward to
providing further updates as we commence our planning for continued
exploration this fall.”
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 just 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 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 in favour of
VR.
Like the Ranoke property, H-K is located on
provincial crown land, 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 greenfields opportunities in copper, gold and critical
metals (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. 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
high grade mineralization in Hole 15 will be tested for extensions
in both directions along the northeast-southwest trending structure
that controls the magnetic grain”, 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. Drill
hole locations and key Critical Metal intersections in three
different areas of the multiphase complex at H-K, plotted on a
contoured RTP magnetic base map with superimposed 3D isoshells from
the MVI
inversion.https://www.globenewswire.com/NewsRoom/AttachmentNg/2bc8abd0-2882-4c36-a275-e22642e4eac7
Figure 2. Drill
hole HK22-015 plotted on the detailed, 2VD magnetic map derived
from the high resolution drone magnetic survey completed in 2022.
Hole 15 intersected 25.5 metres @ 1.131% TREO with 18% as
magnet REO*, within 55.2 metres @ 0.70% TREO, starting
less than 30 metres from bedrock surface. Note the strong
correlation of mineralization to the northeast-southwest grain
magnetic gradients, providing a clear vector for follow-up
drilling. See Figure 1 for the location of Hole 15
relative to the entire Hecla-Kilmer
complex.https://www.globenewswire.com/NewsRoom/AttachmentNg/7168f68c-9597-4597-bfa4-4992fdc1f9f6
Figure 3. Photograph of drill core with
3.3% TREO at 291.65 metres in drill hole
HK22-017, within an overall intersection of
287 m @ 0.38 % TREO. The drill hole is located on
a RTP magnetic anomaly 200 x 700 m in size approximately 400 m west
of Hole 13 which intersected 243 m @ 1.01 % TREO. The core shows
aggregates of magnetite in a near total calc-potassic fenite
replacement of the host rock by calcite, apatite, REE minerals
(monazite & bastnaesite), and
amphibole.https://www.globenewswire.com/NewsRoom/AttachmentNg/cf34fc21-9424-4f35-970f-af16c11be952
Figure 4. Photograph of drill core with
1% TREO and 19%
Fe2O3
at 94m in drill hole HK22-016,
located on the east-west fault that cross-cuts the central core of
the entire complex at Hecla-Kilmer. This drill hole ran down the
edge of the MVI anomaly shown in Figure 1 and will be followed up
by testing the heart of the MVI anomaly. The REE mineralization is
within an alkaline host rock that completely replaced by a sodic
alteration characterized by pristine crystals of hydrothermal
actinolite and magnetite cementing relic nepheline and orthoclase
crystals, themselves altered to
sodalite.https://www.globenewswire.com/NewsRoom/AttachmentNg/5fd9c039-c0e2-436e-9409-226bff614e73
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