(TheNewswire)
Vancouver, BC - TheNewswire - October 24, 202 3 - VR Resources Ltd. (TSX.V:VRR ) ( FSE:5VR ) ( OTC:VRRCF ) , the" Company ", or“ VR ”, has expanded thenumber of claims covering an array of magnetic anomalies around itsNorthway kimberlite diatreme breccia property and diamond discovery innorthern Ontario.
Figure 1 . Location of the newNorthway properties relative to local, provincial and nationalinfrastructure.
The Northway strategy is nowdistrict-scale . VR now owns 1,567 claims in 16 separate claim blocks covering a total of 32,238 ha . All of the claimsare owned 100% by VR. The strategy is expanded based on the threereconnaissance drill holes completed into the diatreme breccia pipecomplex at Northway, most importantly:
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Composition . The breccia isconsistent with a kimberliticdiatreme sourced in a diamond-stable region of the upper mantlebased on the composition of numerous different minerals, includinghigh-Mg chromite, phlogopite and richterite, and;
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Diamonds . There is evidencefor diamond fertility, with clear, inclusion free and transparentfragments of larger diamonds in three different intervals within thebreccia pipe complex.
VR began to stake and/or acquire claims covering magnetic anomaliesaround Northway in December, 2022. Based on the results fromNorthway, the anomalies almost certainly represent a new andpreviously unexplored field of kimberlite pipes in the northernSuperior Craton in northern Ontario. The field is 300 km to thesouth of the past-producing Victor diamond mine at Attawapiskat onJames Bay.
Figure 2. Location isimportant . It facilitates cost-effective exploration atNorthway and the surrounding targets, and it provides importantinfrastructure necessary for any potential development in the future:
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All of the properties are proximal to the active Ontario Northernrailroad servicing northern Ontario; Northway itself is just 11 km tothe west of the line;
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Exploration can be based out of Otter Rapids, a hydroelectric facilityon the provincial grid, with road access from Highway 634;
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The properties are at, or near the southern extent of the PaleozoicHudson carbonate shelf, lessening the amount of sedimentary cover ontop of inferred pipes as compared to farther north.
From VR’s CEO, Dr. Michael Gunning, “ Simply put, the three reconnaissance drillholes answered the two key questions necessary for advancing a diamondexploration strategy around the breccia pipe discovery at Northway,namely: 1. Is it the right composition for diamond stability in thekimberlite source area, and; 2. Is there evidence for diamonds? VR hasnow secured the land to advance that strategy, and the premise is wellestablished: more targets within a field of kimberlite pipes simplyincreases the odds of discovering a pipe with economicdiamonds.
The permitting process for ourvarious exploration projects in the region with the Ontario Ministryof Mines starting in 2018 has been both transparent and efficient. Itincludes consultation with the Moose Cree and Taykwa Tagamou FirstNations, which has been open and constructive. We will initiate thepermit process for the field of new targets this fall, and it will besimilar in scope to that for Hecla-Kilmer and Northway.
Technical Information
Summary technical and geological information for theCompany’s various exploration properties is available at theCompany’s website at www.vrr.ca .
VR submits sawn drill core to the Saskatchewan ResearchCouncil through Geoanalytical Laboratories Diamond Services located inSaskatoon Saskatchewan (the “SRC”) in roughly 8 kg aliquot samplesfor sodium hydroxide dissolution and fusion. Residue and microdiamondsare sieved down to 75 microns, weighed, and assessed for colour,clarity and shape. Analytical results aresubject to industry-standard and NI 43-101 compliant QAQC sampleprocedures, including the systematic insertion of tracer diamonds intoeach sample ahead of caustic fusion at the laboratory by the SRC. TheSRC is an independent mineral processing facility which is accreditedto the ISO/IEC 17025:2017 standard by the Standards Council of Canadaas a testing laboratory for specific tests.
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.
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 nearest town is Moosonee, located on tidewater at James Bay some125 km to the north. Kapuskasing is about the same distance to thesouthwest, located on the Trans-Canada Highway (Provincial HWY 11).
The Northway property is large; it now consists of 1,367 contiguous claims in a single block 4 x 7km in size covering 28,129 ha. Also, there are 200 additional claimscovering an array of magnetic anomalies in 15 separate propertiesaround Northway and proximal to the ONR railway line. Thedistrict-scale package now comprises 1,567 claims in total in 16 separateclaim blocks covering a total of 32,238 ha within an area of 50 x 70 kmoverall.
All of the properties are owned 100% by VR. There areno underlying payments or interests, and certain claims retain aroyalty to the vendor.
Northway is located on crown land in northern Ontario,with mineral rights administered by the Ontario Ministry of NorthernDevelopment, Mines, Natural Resources and Forestry (“MNDM”). Thereare no annual payments, but the MNDM requires certain annualexploration expenditures and reporting. The property falls within thetraditional territories of the Moose Cree and Taykwa Tagamou FirstNations.
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 in northern Ontario. VR appliesmodern exploration technologies and leverages in-house experience andexpertise in greenfields exploration to large-footprint mineralsystems in underexplored areas/districts. The foundation of VR is theproven track record of its Board in early-stage exploration, discoveryand M&A. The Company is well-financed for its mineral explorationand corporate obligations. VR owns its properties outright andevaluates new opportunities on an ongoing basis, whether by staking oracquisition.
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 expectations concerning the Hecla-Kilmer 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 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 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.
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 . Location of theNorthway group of claims relative to local, provincial and nationalinfrastructure in northern Ontario.
Figure 2 . Location of theNorthway group of claims relative to local infrastructure at Otterrapids in northern Ontario, and also regional geology; the claims arenear the southern limit of the Paleozoic Hudson carbonate shelf, suchthat sedimentary cover is thin compared to farther north.
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