(TheNewswire)
Vancouver, BC - TheNewswire - July 06, 2023 - VR Resources Ltd. (TSX.V:VRR ) ( FSE:5VR ) ( OTC:VRRCF ) , the " Company ", or “ VR ”, has successfully intersectedkimberlite breccia in drill hole NW23-003 collared into the heart ofthe 1.2 km magnetic anomaly on its Northway property in northernOntario.
-
Drill hole NW23-003 was completed to 627 m . Some 350 m ofkimberlite breccia was intersected below a sandstone coverstarting at approximately 240 m depth, the same depth as in theprevious two drill holes. The hole ended in xenolith-rich kimberlitebreccia (XPK), open todepth ;
-
Kimberlite breccia from drill holes 1, 2 and 3 spans approximately 700 metres laterally acrossthe breccia pipe complex, and approximately 320 metres vertically below thesandstone cover;
-
Continuous sampling of all three drill holes completed to dateprovides approximately 500 m ofkimberlite drill core for approximately 1.3 metric tonnes of material forcompositional studies and microdiamond evaluation by caustic fusion,to be completed at the SRC laboratory in Saskatoon. VR plans to haveall of the samples prepared and shipped in the second week of July.
Drill core photos . A myriad ofkimberlite textures were intersected in drill hole 003, fromcrystalline coherent kimberlite (CK) to xenolith-rich pyroclastickimberlite breccia (XPK) to magma-clast – rich pyroclastickimberlite breccia (MPK) to kimberlite breccia with abundant fragmentsof entrained country rock (CKPK), as illustrated in drill core photosin Figure 1 , 2 , 3 and 4 .
Illustrations .Two figures provide the framework for the drill holes completed todate, on plan and section:
-
The magnetic anomaly associated with the kimberlite diatreme brecciaintersected at Northway is from 900 -1,200 metres across , as shown on the plan map in Figure 5 .
-
The boundary conditions for the overall anomaly are sub-vertical based on a new 3Dinversion model of magnetic amplitude data; importantly, theboundaries are consistent with those in the original RTP_HD(horizontal derivative) map products from the high resolution dronesurvey completed last year, as shown on the plan map and cross sectionin Figure 6 .
Drill hole NW23-003 is collared at the same location as hole 002, butinclined steeply to the north at -65 o into the heart of the magnetic anomaly, that is, into thelargest area of high amplitude magnetism directly above the verticalroots of the complex as viewed in 3D inversion profiles (map andprofile in Figure 6 ).
A caldera facies at the top of the breccia pipe is preserved in hole001. Hypabyssal, coherent kimberlite phases (CK) are evident withinxenolith-rich pyroclastic kimberlite (XPK) breccia phases in all threeholes.
The first two drill holes at Northway intersected various kimberlitebreccia phases below a cover of Paleozoic limestone and sandstone, asshown in the schematic cross section in Figure 5 . Both holes were terminated because of caving in thesandstone, but the drill-stem integrity was maintained in hole 003 fora more complete intersection into the kimberlite breccia complexbelow.
From VR’s CEO, Dr. Michael Gunning, “ Having now hit kimberlite breccia in 3drill holes spanning some 700m across the magnetic anomaly atNorthway, the sheer scale and energy of this kimberlitic event andbreccia pipe complex is both obvious and exceptional.
There is kimberlite breccia to thebottom of hole 003, which is some 700 m laterally from the kimberlitecrater facies seen at the top of hole 001, and we have yet to even seethe northwestern part of the complex with the three holes completed todate. Similarly, we see no constraints for the depth extent of the breccia based onobservations in drill core, including xenolith-rich XPK breccia at thebottom of hole 003, and based on the continuity in the 1,000 metres ofvertical extent in our 3D magnetic inversion block model.
With that realization towards thesheer scale of the KPK breccia rocks at Northway, and the potentialfor a new Devonian-aged kimberlite field in the northern Superiorcraton, we are now scoping the acquisition of detailed magnetic dataon the twenty-odd magnetic anomalies that we have staked aroundNorthway, and proximal to the active Ontario Northern railroad.
We now have over a metric ton ofdrill core in three holes spanning some 700 metres laterally and 320metres vertically within the breccia pipe complex at Northway. Thisamount of core will optimize a first-pass evaluation of themicro-diamond potential by caustic fusion, and provide for a robustcompositional characterization of the breccia.
In order to appreciate the upsidepotential of Northway itself, and of the expanded strategy related tothe field of similar targets staked by VR following the discovery inhole 001, I would again encourage our shareholders to remindthemselves of the drill core photos and geological context for thisdiscovery as outlined in the previous news releases dated February 22and May 18, 2023, respectively, and as summarized on the Northwayproject page on the Company’s new website at www.vrr.ca .
Technical Information
Summary technical and geological information for theCompany’s various exploration properties is available at theCompany’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 Northway Property andProject
The Northway property is located in northern Ontario.It is approximately 12 km northeast of the Company’s REE criticalmetal discovery at its Hecla-Kilmer project. The nearest townis Moosonee located on tidewater at James Bay some 125 kilometres tothe northeast. Kapuskasing is located about the same distance to thesouthwest, on the Trans-Canada Highway (Provincial HWY 11).
Exploration is based out of a camp at the hydroelectricfacility at Otter Rapids located about 50 km to the southeast ofNorthway. Provincial Highway 634 provides road access to Otter Rapidsfrom Smooth Rock Falls, located at the junction of HWY 634 with theTrans-Canada Highway. The property itself is just 15 km west of theOntario Northern railway (ONR) which provides service to thecommunities on James Bay.
The Northway property consists of64 contiguous claims in a single, 4 x 7 km block 1,315 ha in size. It was expanded to a district-scale project by staking directly 284new claims in 19 additional properties covering magnetic anomaliesnear Northway and proximal to the ONR line, within an area of 50 x 70km overall.
The properties are owned 100% by VR. There are nounderlying payments or interests on the property and no royaltyinterests because the property was staked by VR directly.
Northway is located on provincial crown land innorthern Ontario, with mineral rights administered by the OntarioMinistry of Northern Development, Mines, Natural Resources andForestry (“MNDM”). There are no annual payments, but the MNDMrequires certain annual exploration expenditures and reporting. Theproperty falls within the traditional territories of the Moose Creeand Taykwa Tagamou First Nations.
Corporate Update
Effective July 6, 2023 (the “ Effective Date ”)the board of directors of the Company (the “ Board ”) haveadopted a restricted share units (“RSUs” ) and deferred share units(“ DSUs ") long term incentive plan (the “ LTIP ").
The purposes of the LTIP will be to: (i) provide theCompany with a mechanism to attract, retain and motivate highlyqualified directors, officers, employees and consultants; (ii) alignthe interests of eligible participants of the LTIP with that of othershareholders of the Company generally; and (iii) enable and encourageparticipants to participate in the long-term growth of the Companythrough the acquisition of RSUs and DSUs as long-terminvestments.
While the LTIP has been adopted by the Board, itremains subject to ratification by shareholders of the Company andfinal acceptance of the TSX Venture Exchange (the “ Exchange” ). Inaccordance with the policies of the Exchange, the Company is requiredto obtain disinterested shareholder approval for the implementation ofthe LTIP. These approvals will be sought at the upcoming meeting ofshareholders of the Company to be held on August 31, 2023 (the“ Meeting ”).
The maximum number of RSUs/DSUs issuable under the LTIPPlan may not exceed 11,396,636 common shares representing 10% of thenumber of issued and outstanding common shares of the Company as atthe Effective Date,
Further details regarding the LTIP will be included inthe management information circular of the Company which will be sentto shareholders and filed on SEDAR in connection with theMeeting
About VR Resources
VR is an established junior exploration company basedin Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates,explores and advances opportunities in copper, gold and criticalmetals in Nevada, USA, and Ontario, Canada, and most recently, akimberlite breccia pipe discovery and field in northern Ontario. VRapplies modern exploration technologies, in-house experience, andexpertise in greenfields exploration to large-footprint systems inunderexplored areas/districts. The foundation of VR is the proventrack record of its Board in early-stage exploration, discovery andM&A. The Company is well-financed for its mineral exploration andcorporate obligations. VR owns its properties outright and evaluates new opportunitieson an ongoing basis, whether by staking 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 press release contains forward-looking statements. Forward-looking statements aretypically identified by words such as: believe, expect, anticipate,intend, estimate, postulate and similar expressions or those which, bytheir nature, refer to future events. Forward looking statements inthis release include those related to the companies upcoming plans,such as “VR plans to have all ofthe samples prepared and shipped to the SRC laboratory in Saskatoon bythe second week of July ”, and “VR evaluatesnew opportunities on an ongoing basis, whether by staking oracquisition.”
This news release may contain statements and/orinformation with respect to mineral properties and/or deposits whichare adjacent to and/or potentially similar to the Company’s mineralproperties, but which the Company has no interest in nor rights toexplore. Readers are cautioned that mineral deposits on similarproperties are not necessarily indicative of mineral deposits on theCompany’s properties.
Although the Company believes that the use of such statements isreasonable, there can be no assurance that such statements will proveto be accurate, and actual results and future events could differmaterially from those anticipated in such statements. The Companycautions investors that any forward-looking statements by the Companyare not guarantees of future performance, and that actual results maydiffer materially from those in forward-looking statements. Tradingin the securities of the Company should be considered highlyspeculative. All of the Company’s public disclosure filings may beaccessed via www.sedar.com and readers are urged to review thesematerials.
-
-
-
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.
-
-
-
Figure 1 . Corebox photo of xenolith-rich pyroclastic kimberlite breccia near bottomof NW23-003.
Figure 2 . Drillcore photo of subrounded garnet eclogite at 619.5m in NW23-003.Garnets are deep red with kelyphite rims in an altered omphacitegroundmass and surrounded by irregular magma crust.
Figure 3 . Corebox photo of intense xenolith-rich pyroclastic kimberlite breccia withmagmaclasts and few crustal fragments found below Paleozoic cover at276m.
Figure 4 .Olivine-phlogopite peridotite with thin accretionary magma crust from317.85m in hole NW23-003, surrounded by fine to coarse magmaclasts andxenolith fragments in a kimberlitic breccia.
Figure 5 . Upper : drill hole collars and traces shown on amagnetic amplitude plan map derived from the high resolution dronemagnetic survey completed in March, 2022. Lower :drill holes shown on a schematic geologic cross section of Northway,based on regional and property-scale magnetic data, historicexploration reports and observations in drill core from Holes 001 -003 by VR.
Figure 6 . The three drillholes completed to date at Northway support the external boundaryconditions for the 1.2 km magnetic anomaly, as shown here in dashedwhite lines on both the RTP_HD horizontal derivative plan map from theoriginal drone magnetic survey flown in 2022 (upper), and on the new,independent 3D inversion model derived from magnetic amplitude data(lower).
Copyright (c) 2023 TheNewswire - All rights reserved.