(TheNewswire)
May 23, 2024, Vancouver, B.C. - TheNewswire : VR Resources Ltd. (TSX.V: VRR,FSE: 5VR ; OTCQB: VRRCF ), the " Company ", or “ VR ”, has completed the first holeto target depth on its maiden drill program on its New Bostonpolymetallic copper-moly-silver porphyry project in Nevada. The drillis now turning on Hole 002.
The Company does not expect to receive complete assays for the programuntil next month, if not July. Short of that, summary informationand geologic observations are provided here for context, including afew drill core photos from Hole 001, and the top of Hole 002.
Figure 1 shows the target forthis initial drill program at New Boston, the East Zone conductor asdelineated by the state-of-the-art, 3D-array DCIP geophysical surveycompleted in 2023.
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Hole 001 reached target depth and was terminated at 601.34 m , still in the target.
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Hole 001 intersected multiple phases of porphyry intrusion throughoutthe 600 metres, hosted in limestone, and containing stockwork quartzveins and disseminated and vein-hosted sulfide.
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Continuous geochemical sampling of the entire 601 metres of drill coreof veined porphyry intrusive phases and veined and brecciatedlimestone was completed on one metre intervals.
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Quartz dacite porphyry and biotite monzonite porphyry make up 86% ofthe drill core overall. The dacite porphyry sills are interlayeredwith limestone in the upper 300m of the hole.
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Vein and sulfide abundance varies, as shown in the following threedrill core photos which span 500 metres of the hole:
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Photo 1 : dacite porphyry withquartz vein stockworks with sulfide vein selvages at 5 m ;
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Photo 2 : hydrothermal brecciain host rock limestone adjacent to a dacite porphyry intrusion at 49 m , with oxidation ofsulfides predominant in the maroon, skarn replacement zone.
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Photo 3 : biotite monzoniteporphyry with quartz-sulfide veins at 509 m .
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There is no limestone in the bottom half of the hole, which wasterminated in biotite monzonite porphyry with disseminated sulfide. This may support the inference illustrated in Figure 1 of a source porphyry stockto the west, and anchored by the central GW fault which bisects theproperty.
Drill hole 002 now underwayhas started in recrystallized limestone and interlayered daciteporphyry with a vein stockwork intensity similar to that seen in Hole001 ( Photo 4 ).
From VR’s CEO, Dr. Michael Gunning, “ Slow but steady is the simple message wewant to convey here. The slow overall daily drill production reflectedthe combined effects of fracturing related to vein density,alteration, including clay minerals and brecciation locally, and theweathering profile. However, core recovery was maintained, at >90%on average for the hole, so we are pleased with the geology we areable to see, the hole length we were able to reach, and the continuoussampling we were able to do.
However, given the slowingproduction in broken ground, and with an eye to program discipline, itwas time to move on. Hole 002 is located 300 metres south of Hole001, and it will test the East Zone conductor on a nearly orthogonalhole design, one that we believe will test a different structuralpathway for hydrothermal fluids in the New Boston mineral system. And by modifying the drilling approach to Hole 002 based on theground conditions in 001, we are open to the possibility of completinga longer hole at 002, depending on what we see in the drill core alongthe way.
We look forward to providing furtherupdates as our drilling progresses. In concert with a strengtheningprice in copper and moly as the Green Economy transitions, we believethat New Boston’s time has arrived.
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 to thenorthwest and the Hall deposit to the southeast.
New Boston is located in the Garfield Range in MineralCounty, and is approximately 150 km southeast of Reno. Vegetation issparse in the range; outcrop or colluvium predominate on the propertyitself, with quaternary cover present to the east in the Soda Springvalley.
The property location facilitates cost-effective,year-round exploration. Access is from the nearby town of Luning,located just 5 km to the east on State Highway 95 which connects Renoand Las Vegas. The property is criss-crossed by a myriad of historictrails and roads which are driveable from the highway.
Description
The New Boston property is large: it consists of 77claims in one contiguous block approximately 1.5 x 3 km in size andcovering 583 hectares in total (1,441 acres). It covers the entirealong-strike and down-dip extent of the polymetallic Cu-Mo-Ag sheetedand stockwork veins east of the Blue Ribbon skarns on the westernmostend of the porphyry-skarn system exposed on surface acrossapproximately 4 km of strike.
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.
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”
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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 for the second drill hole at NewBoston , the current pricestrength of copper, and all other statements that are not statementsof 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 to update this information at any particulartime except as required in accordance 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 . Viewnorth at east-west long section through the 3D conductivity model forthe eastern half of the New Boston mineral system. Hole 001 tracedmultiple porphyry phases with quartz vein stockworks and sulfide for 601 metres towards GW; it ended in biotite monzonite porphyry withsulfide. Copper-moly-silver veins on surface along the central GWfault emanate vertically upwards from a potential source porphyrystock where the Jeep Mine and East Zone conductors converge.
Photo 1 . Quartzdacite porphyry is predominant in the upper half of Hole 001, with 1cmquartz “A-vein” stockworks, with strong potassium feldspar veinalteration selvages ( Hole 001;5 m; HQ ). Green copper oxide staining ofsupergene clay minerals after feldspar is widespread, and disseminatedand vein-hosted sulfide minerals are commonly oxidized to darklimonite spots.
Photo 2. Oxidation of vein sulfide minerals within hematite-diopsideskarn zones peripheral to broad quartz veins found in variableintensity within altered limestone host rock at the margins ofstockwork-veined quartz dacite porphyry sills in the top 300m of Hole001 ( Hole 001; 39-42 minterval; HQ ).
Photo 3 . Asecond porphyry phase is predominant in the lower half of Hole 001. Itis distinguished by 1-2mm, dark biotite phenocrysts showing local“shreddy” alteration ( Hole001; 509 m; NQ ). Pyrite, chalcopyrite andmolybdenite are disseminated throughout this porphyry phase and occurwithin 1 cm thick potassium feldspar alteration selvages to quartz“A-veins”.
Photo 4 . Darkgrey limestone is completely recrystallized to a pale marble at thetop of Hole 002 ( 9 m; PQ ), with intense stockworks of dark green pyroxene veins coredby quartz and sulfide altering to yellow-green nontronite clay andcopper oxide minerals.
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