The Conversation (0)
VR Resources Limited ("VR" or the "Company", TSX.V: VRR, FSE: 5VR0; OTCQB: VRRCF) is pleased to announce that it has completed the standard reclamation bonding process with the Nevada Bureau of Land Management (the "BLM") for its Notice of Intent ("NOI") drill permit for its New Boston moly-tungsten-copper-silver porphyry project in Nevada. Concrete planning for a spring drill program is now underway.
The requisite bonding process was completed within ten business days of the issuance of the NOI drill permit. The reclamation bonding covers eight potential drill sites in the Jeep Mine area in the western part of the polymetallic porphyry system of sheeted and stockwork veins exposed on surface at New Boston over a strike length of between three and four kilometers. All of the sites have direct road access.
Plans are now underway for an approximately 1,500 m drill program to test the new IP and conductivity geophysical anomalies at Jeep Mine. More specifically, and most importantly, the new drilling will test where IP and conductivity attributes are coincident, representing the potential sulfide center of the large-footprint vein and alteration system at New Boston.
Dr. Michael Gunning, Chief Executive Officer of the Company, commented: "We are appreciative of the efficient execution of the NOI permit application and bonding process by the BLM. With the completion of both, we are excited to start concrete plans for a drill program later this spring.
The photo below in Figure 1 was taken on site last week at New Boston, during a planning tip with our prospective drill contracting team. The photo is of the roadside outcrop at the collar area for the planned first hole. It illustrates the intensity of stockwork veining and hydrothermal alteration within the host rock Triassic limestone during the Cretaceous intrusion and porphyry mineralizing event at New Boston.
Our goal with this program is straight forward; to complete the first-pass drilling across the large-footprint, moly'-tungsten-copper-silver porphyry and skarn system that we started in 2024 at East Zone. We view the long intersections of continuous stockwork veining with copper and silver mineralization intersected at East Zone as the starting point; we believe that the coincidence of IP and conductivity attributes to the west at Jeep Mine provide a vector to stronger vein intensity and sulfide concentration, and thus, the potential for a stronger polymetallic intersection including moly' and tungsten in addition to copper and silver.
Please note that there are two, on-site field video's taken last month and available on the New Boston Project Page on the Company's website."
Figure 1. New Boston has intensity. Sheeted and stockwork quartz veins in recrystalized, host-rock Triassic limestone at Jeep Mine, on a roadside cut near the collar for the first drill hole in the drill program planned for this spring. Pervasive retrograde alteration of scheelite (W) and deep red garnet to pale grey clay-carbonate-micaceous assemblages is evident along vein margins, as are iron oxide clots after sulfide grains in vein interiors. Sheeted veins and quartz monzonite dykes strike for approximately 2,100 m to the east from this location; the large, rooted, co-spatial conductivity - IP chargeability anomaly at Jeep Mine is the target for the planned drilling as the potential sulfide center of the large-footprint Cretaceous porphyry-skarn system exposed on surface at New Boston.
Context
Prior to the submission of the NOI drill permit application for Jeep Mine, the inversion models for the state-of-the-art 3D array DCIP geophysical survey completed in 2023 were reviewed, for Best Practice, with the team at Dias Geophysical, a leading provider of geophysical services, during the recent AME Mineral Exploration Conference held in Vancouver. Co-spatial and steeply plunging conductivity and IP chargeability anomalies at Jeep Mine are now more precisely defined and better understood based on the review, and will be tested in the planned upcoming drilling as the potential vein and sulfide center of the overall skarn and porphyry system at New Boston.
Conductivity anomalies at East Zone identified in that same 2023 DCIP survey were drill tested in 2024 in the first leg of VR's first-pass drilling at New Boston. Copper and silver mineralization were intersected in continuous and intense stockwork veining in more than 1,500 ft of drill core in Hole 002. The planned drilling in the heart of the IP chargeability anomaly and coincident conductivity at Jeep Mine hopes to build upon those results in terms of the polymetallic grade potential of polyphase, stockwork veins with moly' and tungsten in addition to copper and silver.
TECHNICAL INFORMATION
Technical information disclosed by the Company has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Technical information contained in this document, and on the Company's website, has been reviewed and approved on behalf of the Company by the President & CEO, Dr. Michael Gunning, PhD, P.Geo., a non-independent Qualified Person.
ABOUT VR Resources Ltd.
VR is an established junior exploration company based in Vancouver. 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 mineral 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. VR owns its projects outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
The reader is referred to the Company's website at www.vrr.ca for current corporate information on the Company, and up-to-date project overviews illustrated with maps and photos.
ON BEHALF OF THE BOARD OF DIRECTORS
Dr. Michael H. Gunning
President & CEO
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CAUTIONARY NOTE REGARDING 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 the plans for drilling on the Company's New Boston property in Nevada, 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; the ability of the Company to implement its business strategies; competition; and other assumptions, risks and uncertainties.
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A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/3fe8a5dd-1a95-485a-87c3-cee5269ef7e6
