VANCOUVER, B.C., Jan. 29, 2019 (GLOBE NEWSWIRE) — VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the “Company”, or “VR”, is pleased to announce that the recently completed reconnaissance diamond drill program at its Junction property has intersected a continuous potassic alteration facies as host to numerous granite dykes with copper and silver. This confirms a new Cretaceous porphyry copper system in Nevada, and advances exploration at Junction.
Copper mineralization in drill hole GR-18-001 is associated with a high resistivity potassic alteration zone with hydrothermal magnetite. Based on this drilling, the Company will focus on three anomalies along the 6 km trend of copper-bearing dykes at Junction in 2019 (Figure 1):
- Well defined resistivity high anomaly in the central part of the mineralized dyke swarm at Granite Mountain at the eastern end of the trend (Figure 2). The correlation of copper to high resistivity is shown in Figure 3;
- Well defined IP chargeability anomaly and associated high resistivity anomaly east of mineralized dykes at Denio Summit at the western end of the trend (Figure 4);
- Large, circular magnetic high anomaly with peripheral surface copper showings at Lone Mountain in the central part of the trend, and (Figure 5).
The Company will evaluate and plan for detailed induced polarization (IP) geophysics over all three of the specific targets in order to map potential sulfide in the sub-surface, and prioritize follow-up drilling.
Summary of Drilling
The 2018 drill program was reconnaissance in nature. Two drill holes were completed at either end of the 6 km trend of copper-silver – bearing dykes at Junction; one for 422 m at Granite Mountain and one for 309 metres at Denio Summit (Figure 1). A total of 114 samples of drill core were submitted for geochemical analyses. All data have been received by the Company.
Exploration will continue at Junction in 2019 because drilling has confirmed numerous key attributes of porphyry-style copper mineralization and mineral alteration throughout drill hole GR-18-001 at Granite Mountain, including:
- The first occurrence of copper mineralization is near-surface, at 19.45 metres;
- Copper is widespread, with a total of 21 discrete occurrences of copper sulfide (Figure 2);
- Granite dykes which host copper are abundant, with more than 43 discrete occurrences (Figure 2);
- Chalcopyrite copper sulfide occurs as interstitial blebs in potassically altered granite dykes (Photo 1),
and as porphyry-style quartz-sulfide veins in both granite dykes and host orthogneiss (Photo 2); - Granite dykes with copper are commonly quartz rich, pegmatitic, and quartz veined (Photo 3);
- Assay data confirm a strong correlation of silver and copper mineralization evident in the geochemical data from more than 100 surface samples along the 6 km trend (Figure3). For example, a 0.74 m sample across the granite the granite dyke in Photo 1 contains 0.92 % copper and 8.2 g/t silver;
- A potassic mineral alteration assemblage is consistent in the concentration of granite dykes, characterized by coarse grained, hydrothermal potassium feldspar, biotite and magnetite;
- Calc-potassic mineral alteration of the orthogneiss which hosts the granite dykes is both extensive and pervasive, starting at 120 metres and continuous to the bottom of the hole (Figure 2); Photo 4 shows the complete textural destruction of the normally well-banded orthogneiss at Junction by this alteration.
VR’s CEO, Dr. Michael Gunning emphasized today “the upside potential of the porphyry-style potassic alteration and copper mineralization discovered in this drill program lies in its age. The Junction property is hosted within a polyphase, middle Cretaceous batholith. It is the same age as the Robinson porphyry copper deposit at Ely in east-central Nevada, with a history that dates back to 1876. Still in production today, KGHM Polska Miedz S.A. operates a large-scale open pit mine to recover copper, gold and molybdenum for export. We will advance the Junction project in 2019 based on the porphyry-style mineralization discovered by this drilling, the obvious exploration vectors using resistivity mapping, and the knowledge that we have a proven and significant analogue of the same age along trend to the southeast at Ely.”
Please see the Company’s website at www.vrr.ca for more complete information on the Junction property, including regional maps and property photos.
About the Junction Property
The Junction property is located in Humboldt County, near the Nevada – Oregon border, immediately east of Highway 140. The nearby town of Denio Junction is less than 6 kilometres to the north, and facilitates effective and cost-efficient field exploration programs. The Company has expertise to leverage and synergies to exploit at Junction by applying its exploration experience during the past four years at its nearby Bonita porphyry copper-gold project.
The Junction property consists of 149 claims covering approximately 3,034 acres (1,227 hectares) within an area of approximately 7.5 by 3 kilometres. The property is on land administered by the federal Bureau of Land Management (BLM), and is not impacted by the sage grouse protection program.
The property is owned 100% by VR, registered to the Company’s wholly-owned, Nevada-registered US subsidiary Renntiger Resources USA Ltd. Certain claims in the western and eastern part of the property were acquired from a third party and are subject to a royalty; the remaining claims were staked directly by VR. There are no other carried interests, joint venture interests, or back-in rights to any mineral claims at Junction.
Copper-silver mineralization has been sampled at surface along a 6 kilometre trend at Junction, in coarse-grained quartz-feldspar granite dykes hosted in quartz diorite orthogneiss within a sheared, polyphase Cretaceous batholith. Bornite-chalcopyrite copper sulfide aggregates contain micro-inclusions of silver, resulting in a nearly 1:1 correlation of copper and silver in assay data from more than 100 samples. The correlation does not vary along the 6 kilometre trend, nor does it vary depending on the copper grade of a sample, or the ratio of copper sulfide versus oxide.
Technical Information
Summary technical information on the geology of the Junction Property is available at the Company’s website at www.vrr.ca.
VR submits geochemical samples to the ALS Global (‘ALS”) laboratory facilities in Reno, Nevada, with final analytical work done at the ALS laboratories located in Vancouver, BC., including ICP-MS analyses for base metals and trace elements, and gold determination by atomic absorption assay. Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures 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., Principal Geologist at VR and a non-independent Qualified Person oversees all aspects of the Company’s mineral exploration at Junction. 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 VR Resources
VR is an emerging junior exploration company in the copper-gold space (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF). The diverse experience and proven track record of its Board in early-stage exploration and discovery is the foundation of VR. The Company is focused on exploring large copper-gold mineral systems in the western United States. VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company. VR is well financed for its exploration strategy focused on three core assets: the Bonita, Junction and Danbo properties. VR owns its exploration assets outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H. Gunning”
_____________________________
Dr. Michael H. Gunning, PhD, PGeo
President & CEO
For general information please use the following:
Website: www.vrr.ca
Email: [email protected]
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, and similar expressions or are those which, by their nature, refer to future events. Forward looking statements in this release include but are not limited to: … evaluate and plan for detailed induced polarization (IP) geophysics; … map potential sulfide in the sub-surface, and prioritize follow-up drilling.
Although the Company believes that the use of such statements are 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 are available at www.sedar.com; 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.
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