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VR Resources Limited ("VR" or the "Company", TSXV: VRR) is pleased to announce that it has executed the contract and commenced field planning with DIAS Geophysical Ltd. for the application of its DIAS32, 3D-array IP and resistivity technology in a ground-based DCIP survey over the Copper Queen target on the Company's Bonita porphyry copper-gold project in Nevada.
The geophysical proposal and agreement was scoped last fall. The Company has worked with DIAS on three previous surveys on three other properties in Nevada, and also at the Silverback project in Ontario. That experience and relationship was the basis for optimization of the survey design for Copper Queen.
Dr. Michael Gunning, Chief Executive Officer of the Company commented: "On the heels of the successful, oversubscribed $3.15M financing led by Centurion One Capital Corp., VR is immediately putting its exploration plan into action on our two principal polymetallic porphyry projects in Nevada.
We believe the DIAS32 technology in its 3D-array DCIP ground surveys is industry-leading. We understand the capabilities of the system based on our long-standing and working relationship with the technical team at DIAS via our previous surveys. As such, we are excited to see what this survey can do for precise drill target definition at Bonita.
The goal of the survey is clear: to provide a precise exploration vector for follow-up drilling based on the surface mapping and exploration surveys completed to date by VR, and in particular, the porphyry-style copper-sulfide veining intersected in our initial, reconnaissance-style drilling at Copper Queen in 2017 (see drill core photo in Figure 1 below), for which there is a clear association in anomalous copper-gold geochemistry.
An array of field logistics parameters will dictate the exact timing for the survey, but the message here is simply that the ball is rolling, and we are excited about the potential for new DCIP 3D modeling for Copper Queen soon."
Figure 1. Chalcopyrite-pyrite veins in hydrothermally brecciated sodic diorite with pervasive phyllic alteration at 204 m in drill hole BN-17-001 located on the eastern periphery of the Copper Queen target on the Bonita porphyry copper-gold project in Nevada.
Stock Option Allocation. The Company has approved an aggregate allocation of 1,950,000 incentive stock options at a price of $0.25 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.
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 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.
ON BEHALF OF THE BOARD OF DIRECTORS
Dr. Michael H. Gunning
President & CEO
For general information please use the following:
| Website: Email: Phone: | www.vrr.ca info@vrr.ca 778-731-9292 |
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 advancement of exploration planning at the Company's Bonita property 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.
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.
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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ade43d1c-ba85-4677-9d0e-0cd194c5c1e3
