VANCOUVER, British Columbia, Oct. 01, 2024 (GLOBE NEWSWIRE) — VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the “Company“, or “VR”, is pleased to announce new assay results from its Golden Bear Project in northwestern Ontario, and the application for an exploration plan for trenching and washing of outcrops ahead of anticipated first-pass drilling.
VR has new assay data from samples of hydrothermal breccia exposed by logging in 2021 at its recently acquired Golden Bear Project. The average grade in 3 samples is 2.16% copper and 15.6 g/t silver (Photo 1). The 2m wide breccia occurs along a structure trending north-northwest through a large granodiorite intrusion mapped by the OGS (Figure 1). Recent work shows the copper-silver mineralization in the hydrothermal breccias is related to aplite and granitic dykes derived from the granodiorite and intruding into metavolcanics (Photo 2), themselves with stockwork quartz veins.
Photo 1 shows the strong sericite and carbonate altered pale green metavolcanic fragments and quartz vein breccia with large clots of chalcopyrite throughout the zone. Planned stripping will expose the extent of mineralization along strike where mineralized structures are inferred to coalesce under cover to the southeast.
Photo 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/eee839e4-bccc-49b7-9eec-dd133ddf5461
From VR’s CEO Justin Daley: “In follow up to recent logging activity, Holbik Exploration, the vendor of the property, was able to discover new copper-silver mineralization associated with strong hydrothermal breccia related to a late Archean intrusion. While still an early-stage project, I’m encouraged by the widespread aplite dykes, intrusive breccias, and quartz veining across several kilometers of strike.
We have now filed an exploration plan with the Ontario Ministry of Mines and the Eagle Lake and Wabigoon Lake First Nations, allowing us to expose more of this mineralized trend and intrusive complex. We look forward to providing updates as we get more work at Golden Bear under our belt.”
Photo 2. Magmatic shingle breccias adjacent to the copper-silver occurrence at Golden Bear property. The complex intrusive relationships and breccia textures indicate a dynamic and powerful intrusive system with evidence of differentiation from a quartz gabbro to granodiorite through to felsic aplite dyke swarms associated with quartz veining.
Photo 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c09144cc-0340-42ee-aac2-b37f46369562
About the Golden Bear Property
The Golden Bear Project consists of 10 mineral claims in a 4 x 4km contiguous blocks covering 1,276 hectares. The property is located on Federal crown land, with mineral rights administered by the provincial Ontario Ministry of Mines. There are no annual payments associated with the property, but the Province of Ontario requires certain annual exploration expenditures and reporting (i.e. mineral assessment reports) in order to maintain the mineral claims in good standing. The property fall within the Eagle Lake and Wabigoon Lake First Nations traditional territories.
Technical Information
Surface grab samples were submitted for geochemical analysis to the AGAT laboratory in Thunder Bay, Ontario. Sample preparation is completed in Thunder Bay alongside gold and PGE determination by atomic absorption assay. ICP-MS analyses for base metals and trace elements is performed at AGAT’s laboratory in Calgary, AB. Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures, including the systematic insertion of sample duplicates, blanks and certified reference material (CRM) done both externally and internally at the laboratory by AGAT, as described by AGAT.
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., President and CEO 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 Executive Chairman, Dr. Michael Gunning, P.Geo., a non-independent Qualified Person.
About VR Resources
VR is an established junior exploration company based in Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates, explores and advances large-scale, blue-sky opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada, and more recently, Canada’s newest discovery of a diamond-bearing kimberlite pipe at its Northway project. VR applies modern exploration technologies and leverages in-house experience and expertise in greenfields exploration to large-footprint mineral systems in underexplored areas/districts. The foundation of VR is the proven track record of its Board in early-stage exploration, discovery and M&A. The Company is financed for its mineral exploration and corporate obligations. VR owns its properties outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Justin Daley”
Justin Daley, MSc, PGeo
President & CEO
For general information please use the following:
Forward Looking Statements
This news release contains statements that constitute “forward-looking statements”. Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this document include statements concerning VR’s plans for new geophysical surveys on the newly acquired properties this fall, and all other statements that are not statements of historical fact.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; and other assumptions, risks and uncertainties.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
This news release may also contain 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.
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.sedarplus.ca and readers are urged to review them.
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. Golden Bear property with detailed OGS magnetic basemap showing a multi-km scale structurally controlled Archean intrusion on the margin of the Wabigoon greenstone belt to the north. Mapped as granodiorite by the OGS, this batholith displays many distinct phases in the field, with the late aplite dykes related to mineralized breccia and quartz veining. The trend of the inferred mineralized breccia is shown in red.
Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f0401fba-4554-43d0-9f1e-4f4343c17897
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