(TheNewswire)
April 2, 2024, Vancouver, B.C. - TheNewswire - VRResources Ltd. (TSX.V: VRR, FSE: 5VR ; OTCQB:VRRCF ), the " Company ", or “ VR ”, has received the final data from a state-of-the-artairborne hyperspectral survey covering its New Boston property andpolymetallic Cu-Mo-Ag porphyry system in west-central Nevada, and thespring drill program has mobilized.
From VR’s President & CEO, Dr. Michael Gunning,“ Historical,boots-on-the-ground exploration was completed by two renownedexploration groups at New Boston through the 1960s and 1970s. VR isbuilding upon that work by utilizing modern and innovative explorationtechnologies to more specifically identify vectors for copper-bearingvein stockwork centers within the large footprint and polymetallicporphyry-skarn system overall.
We completed a triaxial airbornemagnetic survey last spring, including high-resolution radiometrics,followed by a 3-D array, DCIP survey on the ground utilizing theleading, and proprietary technologies at DIAS Geophysical. All threesurveys differentiate unique signatures at Jeep Mine and East Zonerespectively, located on opposing sides of the central GW fault,itself mineralized at surface for more than a kilometre along strike.
Airborne hyperspectral surveys mapalteration minerals. They augment property-scale mapping on the groundby providing detailed mineral identification, including compositionalvariation, which cannot be done visually. Further, the system isespecially responsive at New Boston thanks to the excellent bedrockexposure in the Garfield Range, allowing for comparative analysisacross the entire mineral system and surrounding district.
SpecTIR LLC, NV, is an industryleader in providing hyperspectral data from across the near-visible(VNIR), short (SWIR) and long (LWIR) infra-red wavelengths via theirintegrated FENIX 1K - OWL technology, and mapping the broadest rangeof alteration minerals, including the carbonates, clays, micas,quartz, iron, feldspars and garnet, among others. This is especiallyeffective for skarn alteration minerals related to porphyry intrusionsat New Boston.
For example, Figure 1 : There is a strong correlation betweenhigh temperature clay minerals identified by the new hyperspectralsurvey with the potassic alteration in East Zone outlined by our highresolution airborne radiometric survey completed last year. Figure2 : Our first planned drillhole will be collared in quartz vein rubble with copper oxide withinthat high temperature clay alteration, and will target the conductorplunging westward toward the central GW fault as identified in the new3D array DCIP data also obtained last year.
There are no historic drill holesinto the East Zone conductor; you don’t drill what you can’t see.But 45 years later, an array of new geophysical and geochemical toolsare showing VR a zonation in the New Boston porphyry system across thecentral GW boundary zone and fault: in potassic alteration; in veinintensity and geometry; in IP and conductivity anomalies; in magneticpatterns; in alteration mineral assemblages, and; in coppergeochemistry.
The excavator in the photo takenlast week in Figure 3 shows you that weare ready to go. Please stay tuned as we mobilize this maiden drillprogram into what we believe is the high temperature center for coppervein stockwork mineralization in the eastern cell of the largefootprint and polymetallic copper-moly-silver system at New Boston.”
Field Videos
A short video from the recent field visit, along with video fromseveral previous site visits are available on the New Boston ProjectPage on the Company’s website at www.vrr.ca . Also, on theHome Page itself, is a 20 minute video review of the New Bostonproject and drill targets, illustrated in PowerPoint. Shareholdersare encouraged to follow the Company’s YouTube and Instagramchannels for further field updates as drilling progresses.
Technical Information
Summary technical and geological information for theCompany’s various exploration properties including New Boston isavailable at the Company’s website at www.vrr.ca .
Technical information for this news release has beenprepared in accordance with the Canadian regulatory requirements setout in National Instrument 43-101. Justin Daley, P.Geo., VPExploration and a non-independent Qualified Person oversees and/orparticipates in all aspects of the Company’s mineral explorationprojects, and the content of this news release has been reviewed onbehalf of the Company by the CEO, Dr. Michael Gunning, P.Geo., anon-independent Qualified Person.
About the New Boston Property
Location
New Boston is within the Walker Lane mineral belt andstructural province in west-central Nevada. More specifically, it iswithin the co-spatial belts of Jurassic - and Cretaceous-aged copperand moly porphyry deposits, including the Yerington camp and Halldeposit.
New Boston is located in the Garfield Range in MineralCounty, approximately 150 km southeast of Reno. Vegetation is sparsein the range; outcrop or colluvium predominate on the property itself,with quaternary cover developed off its eastern border and easternflank of the range.
The property location facilitates cost-effectiveexploration, year-round. Access is from the nearby town of Luning,located just 5 km to the east on State Highway 95 connecting Reno andLas Vegas. The property itself is criss-crossed by a myriad of active,historic trails and roads, which are reachable from thehighway.
Property Description
The New Boston property is large: it consists of 77claims in one contiguous block approximately 3 x 5km in size andcovering 583 hectares in total (1,441 acres). It covers the entireextent of the known copper-moly-silver porphyry-skarn mineral systemexposed on surface between Blue Ribbon and East Zone, and its inferreddown-dip potential to the north.
The property is on federal land administered by theBureau of Land Management (BLM). There are no state or federal landuse designations, or privately-owned land which impede access to theproperty; nor is the property within the BLM’s broadly defined areaof sage grouse protection.
The property is owned 100% by VR. There are nounderlying annual lease payments; nor are there any joint venture orback-in interests. The vendor of the property retains aroyalty.
Stock Option Allocation
The Company has approved an aggregate allocation of1,725,000 incentive stock options at a price of $0.22 and exercisablefor a period of five years to various directors, officers, employeesand consultants to the Com pany, and in accordance with the terms of the Company’sStock Option Plan
About VR Resources
VR is an established junior exploration company basedin Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates,explores and advances large-scale, blue-sky opportunities in copper,gold and critical metals in Nevada, USA, and Ontario, Canada. TheCompany has also made Canada’s newest diamond discovery in northernOntario, and controls a new field of kimberlite targets around it. VRapplies modern exploration technologies and leverages in-houseexperience and expertise in greenfields exploration to large-footprintmineral systems in underexplored areas/districts. The foundation of VRis the proven track record of its Board in early-stage exploration,discovery and M&A. The Company is well-financed for its mineralexploration and corporate obligations. VR owns its properties outrightand evaluates new opportunities on an ongoing basis, whether bystaking or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS :
“Michael H. Gunning”
____________________________
Dr. Michael H. Gunning, PhD, PGeo
President & CEO
For general information please use the following:
Website: www.vrr.ca
Email: info@vrr.ca
Phone: 778-731-9292
Forward Looking Statements
This news release containsstatements that constitute "forward-looking statements". Such forward looking statements involve known and unknown risks,uncertainties and other factors that may cause the Company’s actualresults, performance or achievements, or developments in the industryto differ materially from the anticipated results, performance orachievements expressed or implied by such forward-looking statements.Forward-looking statements are statements that are not historicalfacts 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 statementsconcerning VR’s plans to drill its New Boston property, and all otherstatements that are not statements of historical fact.
Although the Company believes theforward-looking information contained in this news release isreasonable based on information available on the date hereof, by theirnature forward-looking statements involve assumptions, known andunknown risks, uncertainties and other factors which may cause ouractual results, performance or achievements, or other future events,to be materially different from any future results, performance orachievements expressed or implied by such forward-lookingstatements.
Examples of such assumptions, risksand uncertainties include, without limitation, assumptions, risks anduncertainties associated with general economic conditions; theCovid-19 pandemic; adverse industry events; future legislative andregulatory developments in the mining sector; the Company ’ s ability to access sufficient capital from internal and externalsources, and/or inability to access sufficient capital on favorableterms; mining industry and markets in Canada and generally; theability of the Company to implement its business strategies;competition; and other assumptions, risks and uncertainties.
The forward-looking informationcontained in this news release represents the expectations of theCompany as of the date of this news release and, accordingly, issubject to change after such date. Readers should not place undueimportance on forward-looking information and should not rely uponthis information as of any other date. While the company may elect to, it does not undertake toupdate this information at any particular time except as required inaccordance with applicable laws.
This news release may also containstatements and/or information with respect to mineral propertiesand/or deposits which are adjacent to and/or potentially similar tothe Company’s mineral properties, but which the Company has nointerest in nor rights to explore. Readers are cautioned that mineraldeposits on similar properties are not necessarily indicative ofmineral deposits on the Company’s properties.
Trading in the securities of theCompany should be considered highly speculative. All of theCompany’s public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to reviewthem.
Neither the TSX Venture Exchange norits Regulation Services Provider (as that term is defined in Policiesof the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release
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Figure 1. Hyperspectral data for clay alteration minerals plotted on Skywatchsatellite image. The high temperature clays associated with potassicalteration at East Zone, outlined by the large, pink K/Th radiometricanomaly, contrast with the cooler phengitic clays at Jeep Mine. Theclay alteration pixels corelate strongly with exposed mineralizedporphyry dikes in both zones. The clay-chlorite and quartz alterationin the overlying dark grey argillite to the north of East Zonecorrelates with grid-based ICP-MS soil geochemical anomalies in thesame area and are together suggestive of a source, buried porphyrystock at depth below the argillite. Solid white lines are traces forconceptual drill holes planned for 2024.
Figure 2. Vieweast from the property last week, standing on the drill pad forNB24-001, the first hole in the pending drill program planned for thisspring at New Boston, with State Highway 95 connecting Reno and LasVegas in the valley bottom in the background. The blue-green copperoxide in quartz vein rubble in the foreground correlates with hightemperature clay and garnet alteration minerals identified in the new,state-of-the-art airborne hyperspectral survey covering New Boston,and shown in Figure1 .
Figure 3. Viewwest into the East Zone bowl last week, over the drill pad for thefirst hole in the pending drill program planned for this spring at NewBoston. The piece of quartz vein material with copper sulfide andcopper oxide was turned up by the excavator throughout the drill padarea, and supports the DCIP conductor which is modelled at surface atthis location, and plunges back into the bowl in the background of thephoto.
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