VANCOUVER, British Columbia, Dec. 17, 2024 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or “VR”, is pleased to announce it has completed the Phase 1, reconnaissance drill program on the 1 x 2 km magnetic anomaly at Westwood, part of the Empire District Project in Northwestern Ontario.
Five holes were completed for a total of 1,188 meters. Drilling targeted the center of the copper-gold-PGE mineral system exposed on surface at the showing on the Trans Canada Highway, at the southwestern margin of the magnetic high anomaly.
Hole 5, WW24-005, was completed to 201m. It was drilled as a follow up to the shallowly inclined Hole 4 that collared into the target rock unit: a coarse-grained, cumulate-textured mafic-ultramafic intrusive. Hole 5 was drilled at the same azimuth as 004 but inclined more steeply to intersect more of the cumulate-textured mafic rock dipping steeply to the southeast, and to target the center of the 18 mV/V chargeability anomaly, as shown in Figure 1. Example of the cumulate texture mafic-ultramafic rock with variable interstitial sulfide in both Holes 4 and 5 is shown below in Photo 1.
Initial Summary. Drill holes some 800m apart, on both sides of the Westwood magnetic anomaly have intersected our target: cumulate-texture mafic rock with sulfide. Second. The drilling confirms that the Westwood magnetic anomaly is a polyphase intrusive complex. It includes: a light-coloured leucogabbro, that dominates the outer zones and spans more than 2.5 km of exposure along the highway transect; zones of dark mafic magma mixing increase steadily towards the magnetic anomaly, and; a core of steeply southeast-dipping mafic-ultramafic units.
Picture1
Photo 1. Target lithology within the Westwood anomaly of coarse cumulate texture melanocratic gabbro in sawn NQ drill core at 98m depth in Hole 5, with dark green euhedral amphibole crystals in groundmass of pale white to pink interstitial quartz-feldspar and sulfide. NQ core diameter is 47.6mm across.
From VR's CEO Justin Daley: “With drilling complete on the Phase 1 reconnaissance program on our Westwood target at Empire, we are pleased that a consistent story has emerged as we methodically tested each of the chargeability targets from the recent IP survey and their relationship with different geophysical features from the magnetic and DIGEM surveys. The geology across the large intrusive complex is also proving to be consistent, showing the same zonations, timing relationships and intrusive contacts across the 5 holes drilled so far. The polyphase nature of Westwood is an important development if one appreciates the complexities of the Cu-Au-PGE mineralization at the Lac des Iles complex to the east.
We look forward to providing updates as we receive assay results and update our 3D model with geochemistry, lithologic observations, and structural measurements.”
Figure1-01
Figure 1. Drill hole 4 and 5 locations shown on a total magnetic intensity map for the Westwood target at the Empire Project, with highway exposure sample location, overlain 900Hz airborne DIGEM anomalies, and completed IP section lines. The lower panels highlight the direct correlation of chargeability and near surface conductivity with the magnetic response over the inferred mafic-ultramafic intrusion.
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 project falls within the Lac de Mille 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. The content of this news release has been reviewed on behalf of the Company by Justin Daley, MSc, PGeo, President & CEO at VR, and a non-independent Qualified Person, oversees and/or participates in all aspects of the Company’s mineral exploration projects.
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 expectations that it will receive assay results and the timing thereof, and its expectation that it will update its 3D model with geochemistry, lithologic observations and structural measurements, 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.
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