VANCOUVER, British Columbia, Dec. 03, 2024 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or “VR”, is pleased to announce drilling is now underway on Hole 1, WW24-001, at it’s Empire Project in Northern Ontario, targeting the strongest IP chargeability results from the recently completed DCIP survey (NR-24-28) for magmatic sulfide containing copper, gold and platinum group elements within a large mafic intrusion in (Photo 1).
Geophysical Targeting Preliminary geophysical inversion results for the Empire DCIP survey are now in hand for the 3 lines across the Westwood target, showing a strong correlation of new data with magnetic features and the conductivity anomalies from the airborne EM survey flown one year ago. Phase 1 drilling will target different combinations of integrated features from the three independent surveys over the target shown in Figure 1.
Strong resistivity and high chargeability, up to 18 mV/V, coincides at depth with the core of the northeast trending magnetic complex that is more than 2 km in length;
Airborne DIGEM conductors co-spatial with the new chargeability zones, and verified on the resistivity profile to a depth of 150m. They are inferred as deeply weathered or serpentinized mafic rocks, reinforced by a coincident lake from glacial scouring, similar to the rock in Photo 2;
A 200m across magnetic high south of the highway correlates to a pipe-like conductivity feature on Line 3.
From VR's CEO Justin Daley: “We are thrilled to announce the start of drilling at our Empire Copper-Gold Project in Northern Ontario, targeting the strongest IP chargeability results identified in our recent surveys. The cutting-edge technology of the DCIP survey have revealed significant correlations between magnetic features, DIGEM conductivity anomalies, and high chargeability, highlighting the potential for copper, gold and PGE mineralized sulfides like those seen at the shoulder of Highway 17 where a small chargeability anomaly also occurs. We look forward to providing further updates as our targeting and drilling progresses.”
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Photo 1. Trans Canada highway exposure sample from the southwestern end of the 2km long magnetic anomaly shown in Figure 1. The coarse grained mafic rock texture contains disseminated or interstitial pyrrhotite and chalcopyrite, which responds well to IP surveys.
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Figure 1. Total magnetic intensity map for the Westwood target at the Empire Project with Photo 1 sample location, overlain 900Hz DIGEM anomalies, and completed IP section lines; the surface showing near the highway of copper-gold mineralization is on the western periphery of a large, magnetic ultramafic body exceeding 1.5 km in length. The lower panels highlight the direct correlation of chargeability and resistivity in the new DCIP survey; drill hole WW24-001 now underway targets the strongest chargeability anomaly.
About the Empire Project
The Empire project consists of 313 mineral claims in 1 contiguous block covering 10,254 hectares. The project is 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 Milles Lacs 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.
Stock Option Allocation
The Company has approved an aggregate allocation of 1,700,000 incentive stock options at a price of $0.05 and exercisable for a period of five years to various directors, officers, employees and consultants to the Company, and in accordance with the terms of the Company’s Stock Option Plan.
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.
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
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Photo 2. Newly discovered rock during the recent DCIP survey on the Westwood grid, Empire project of fine-grained mafic rock with fine interstitial disseminated sulfides currently being rushed for assay in Thunder Bay, Ontario. The DCIP survey is designed to delineate the center of this copper-nickel hydrothermal-magmatic mineral system within the large magnetic body evident in Figure 1.
