VANCOUVER, British Columbia, Nov. 12, 2024 (GLOBE NEWSWIRE) — VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the “Company”, or “VR”, is pleased announce the planned DCIP geophysical surveys are now underway at both the Empire and Silverback projects in northwestern Ontario.
Conductivity and chargeability data from Dias Geophysics’ state-of-the-art DCIP geophysics system will be used to target interconnected and disseminated sulfide copper-gold-(nickel) mineralization at both projects.
- Figure 1. At Empire, the survey covers the layered mafic intrusion, with disseminated sulfides at surface grading 0.14 g/t gold, 0.54 g/t PGEs, and 0.2% Cu across 3 samples from the very western periphery of the intrusion exposed near the Trans Canada highway (see rock sample in Photo 1).
- Figure 2. At Silverback, the grid covers the gold enriched porphyry intrusion and all known gold and nickel showings along a 2 km trend, and is centred on a high-grade shear zone with 9.5g/t gold, 5.6% copper, and 52 g/t silver.
From VR’s CEO Justin Daley: “We are excited to be advancing these targets with new technologies that will help us refine targets for drilling planned for later this month. The presence of mineralization linked to the DIGEM conductors, themselves associated with magnetic features tied to large intrusive systems at both projects is already encouraging. But these new IP surveys will image the shallow DIGEM conductors to a depth of roughly 500m, with new chargeability data expected to highlight disseminated mineralization observed at the surface.”
Photo 1. Sample from the southwestern end of the 2km long conductor shown in Figure 1. The coarse grained mafic rock texture contains disseminated or interstitial pyrrhotite and chalcopyrite, which typically respond well to IP surveys. The high magnesium content of these rocks is characteristic of a ‘sanukitoid’, which is an important class of intrusive rock for Archean gold deposits in Ontario.
Figure 1. Three DCIP geophysics survey lines currently underway on the Westwood target at the Empire Project. The lines transect a layered mafic intrusion outlined by magnetic data. The DCIP survey will refine the conductors (green) outlined in the December 2023 DIGEM survey. Lake sediment geochemistry and highway outcrop sampling support the ‘magmatic sulfide’ mineral system model for a large copper, gold and PGE system below cover at Westwood.
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.
Figure 2. 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.
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 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, 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 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.
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