VANCOUVER, British Columbia, Nov. 28, 2024 (GLOBE NEWSWIRE) — VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the “Company“, or “VR”, is pleased to announce the completion of two, state-of-the-art DCIP geophysical surveys at its Empire and Silverback projects in northwestern Ontario, with inversions underway, preliminary results under review, and drill planning underway.
A field photo highlighting road-accessible logistics is shown below in Photo 1A. The surveys were completed as planned; on time and on budget, as described in NR-24-26 from November 12th. Data quality for both surveys is good, with minimal EM coupling at surface, low noise, and strong correlation to conductivity in previously collected airborne EM data. Details include:
- Empire Project: roughly 7km of 2D DCIP readings were completed along 3 lines across the Westwood target, a 3km long magnetic anomaly, with a survey depth penetration of 500m.
- Silverback Project: A 4 x 4 km 3D-array DCIP grid was completed, generating 90,000 unique dipoles, with 500 m depth penetration. As shown in Figure 1, the grid is centred on a shear zone with 9.5g/t gold, 5.6% copper, and 52 g/t silver, and it covers the recently announced gold-enriched porphyry intrusion, and as shown in Photo 2, quartz vein stockworks discovered in outcrop during the survey, near a 6-channel EM anomaly from an OGS survey in 1980.
Surface mineralization near the Trans Canada highway at the Westwood target averages 0.2% Cu, 0.54 g/t Pt+Pd, and 0.14 g/t Au in disseminated sulfide. A new outcrop of iron-stained ultra-mafic rock with disseminated and vein sulfide was discovered during the survey (see Photo 1B). Overall, the three DCIP lines are designed to outline the areas of strongest conductivity and chargeability related to this sulfide mineralization, aided by detailed magnetic data already in hand.
From VR’s CEO Justin Daley: “The results of both DCIP surveys have already exceeded expectations, giving us robust and integrated exploration targets across the various geophysical data sets acquired to date. We look forward to providing further details as we work with DIAS to complete survey inversions, and work internally to refine drill targets. I would like to thank the DIAS field crew for their hard work completing these surveys as winter arrived quickly in Upsala this past week.”
Photo 1. (A) DIAS crew member spooling reference wire across the main access road at Silverback over the main gold showing at the centre of the 4 by 4 km 3D-array DCIP survey block. (B) Newly discovered outcrop during the DCIP survey on the Westwood grid, Empire Project. Pervasively altered mafic/ultramafic rock with quartz-carbonate veining, disseminated and vein-related copper sulfide. The DCIP survey is designed to delineate the center of this copper-nickel hydrothermal-magmatic mineral system.
About the Empire and Silverback Projects
The Silverback project consists of 71 mineral claims in 1 contiguous block covering 4,442 hectares and Empire consists of 313 mineral claims in 1 contiguous blocks covering 10,254 hectares. The projects are located on Federal crown land, with mineral rights administered by the Ontario Ministry of Mines. There is a 2% net smelter royalty on the claims. There are no annual payments, but the Ministry requires certain annual exploration expenditures and reporting (ie. mineral assessment reports) in order to maintain a mineral claim in good standing. The projects fall within the Lac de Mille Lac First Nation traditional territories.
Technical Information
Surface grab samples and drill core samples were submitted for geochemical analysis to the AGAT laboratory in Thunder Bay, Ontario. Drill core was logged, cut and sampled at the Holbik Exploration warehouse in Upsala, Ontario, with sample preparation completed by AGAT in Thunder Bay alongside gold and PGE determination by atomic absorption assay. ICP-MS analyses for base metals, whole rock, 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 & 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 Ltd.
VR is an established junior exploration company based in Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates, explores and advances opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada. VR applies modern exploration technologies, in-house experience, and expertise in greenfields exploration to large-footprint 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 projects 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, P.Geo
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 near-term drilling on the 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. Simplified geophysical targeting map with DCIP grid design for the Silverback project. Spring 2023 drilling tested two smaller conductors from the DIGEM survey, shown in purple (deeper) and red (shallower). An untested 6-channel EM anomaly from 1980 OGS survey Map 80534 coincides with a 2-line DIGEM conductor, adjacent to the mafic intrusion, and near a 99th percentile gold in lake sediment anomaly. The new DCIP data is expected to refine all of the conductors along the 2 km trend of known mineralization.
Photo 2. Newly discovered outcrop of quartz vein stockworks with sulfide in gabbro at Silverback, with location shown in Figure 1 above, in the northeast corner of the DCIP grid. This is very similar to the style of gold mineralization seen 3km to the southwest in drill Hole 2. The outcrop was discovered by the DIAS crew during the DCIP survey, and nearby the 1980 6-channel EM anomaly from OGS Map 80534.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/4e9c61f8-9ee7-4e80-86b1-befe5bfd6480
https://www.globenewswire.com/NewsRoom/AttachmentNg/b53efb07-2091-4ff5-8a59-ac04bc5b96d7
https://www.globenewswire.com/NewsRoom/AttachmentNg/478ce1be-4e62-467b-b775-da44813b8866
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