(TheNewswire)
Vancouver, BC - TheNewswire - November 14, 2023 - VR Resources Ltd. (TSX.V:VRR ) ( FSE:5VR ) ( OTC:VRRCF ) , the " Company ", or “ VR ”, has received its first NOIdrill permit for its New Boston property and polymetalliccopper-moly-silver porphyry system located in west-central Nevada.
Figure 1. Satellite imageshowing selected drill sites for NOI permit applications for NewBoston.
For strategic reasons, two separate NOI permit applications have beenprepared to cover both the large IP chargeability anomaly at Jeep Mineand the large conductivity anomaly at East Zone (EZ), respectively. The conductivity anomaly at East Zone is the priority and, as such,its NOI permit was submitted first and has been approved and receivedwithin the standard 15-day timeframe. The Jeep Mine NOI applicationhas been similarly prepared for submission and timely approval.
Geophysical Targets forDrilling
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Figure 2. Jeep Mine and EastZone anomalies on conductivity plan map with superimposed IPisoshells.
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Figure 3. East-west profilethrough the 3D conductivity block model, showing convergence of JeepMine and East Zone anomalies at depth, below the central GW fault andmineralized gossan.
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Figure 4. North-southcross-section of conductivity block model, showing East Zone conductoras the potential porphyry stock source to copper mineralization onsurface at CCT Zone.
The East Zone Target forCopper
The ground DCIP conductor at East Zone has been giventop priority based on its size, and on its proximity to known coppermineralization: the best anywhere on the property covering the entire4 km vein system:
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Copper at surface . The core of the conductor comes to surface into a patch ofmaroon-coloured soil amongst hematite skarn and intense quartz veinstockworks, with up to 0.8%copper in soil
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Copper Intersections . A 2010 drill hole located 300m to the south of theconductor, up-dip in limestone, intersected 279ft @ 0.24% Cu from 12ftdepth, coincident with a small conductor;
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Strike length .Starting from the maroon soil surface expression, the EZ conductorextends 900 m to the northwest on plan map, and converges with the JeepMine conductor at depth (Figure 3);
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Open to depth .The EZ conductor plunges from surface through the 500 metre depthextent of the 3D voxel model; amplitude strengthens and volumeincreases with depth, and is open.
The new conductor at East Zone offers the potential todiscover a mineralized porphyry stock that is the source of the systemof mineralized, sheeted quartz veins exposed on surface over a 4 kmstrike. Why?
1. There are bona fide polyphase stockwork vein geometries of quartz with copper sulfide, at surface;
2. There are bona fide dacite porphyry dykes together with quartz monzonite stocks, at surface, and;
3. There are bona fide high temp. potassic alteration mineral assemblages with biotite and magnetite.
Site Visit & Field Video
VR completed a site visit to New Boston last week; a short field videois available on the Home Page of the Company’s website at www.vrr.ca . The purpose of the trip was to meetwith potential drill contractors in person, in the field, to discussthe logistics for the planned first-pass drill program at East Zone.
CEO Comment
From VR’s CEO, Dr. Michael Gunning: “ We are ready. The East Zone permit is inhand, and a field meeting with drill companies to discuss how best toapproach the East Zone conductor holes is now under our belt, soplanning can begin.
Conoco branded New Boston as worldclass and perhaps one of the largest known moly systems in the worldat the time - during the porphyry exploration boom in western NorthAmerica from the 1950s through the 1970s, before exploration came to agrinding halt in 1981. We intend to finish what Conoco started at New Boston, by using new DCIPtechnology to image and discover a porphyry stock that they inferredat the heart of the system of sheeted veins, but could not identifyand therefore did not drill test. In addition, we will demonstrate,with the aid of modern, ICP-MS geochemistry, the polymetallic gradepotential of the system at New Boston for copper and silver, inaddition to the moly.
The US government has recently addedcopper to the top of its Critical Metal list for domestic, rawmaterial supply for sustainable, downstream technologies andindustries as the Green Economy emerges. Nevada has both a longhistory in mining and a well-established pedigree and endowment incopper, and we believe that New Boston has both the size and polymetallic grade composition to contribute.
I encourage shareholders to reviewthe figures herein and on our website in order to fully appreciate the size , amplitude and clarity of the conductivity anomaly at East Zonethat we intend to drill. Especially the consistent correlation betweencopper and conductivity as shown in Figure 4 herein, and asunderscored by photos of copper mineralization at New Boston providedin the previous news release on October 31 st .
Description of DCIP GeophysicalSurvey
Figure 5 . Satellite imageshowing the ground-based 3D IP geophysical survey completed in Aprilby DIAS Geophysical Limited using its proprietary DIAS32 DCIPtechnology and grid array of transmitter and receiver stations withreal time radio frequency data collection.
An equant grid of 200 metre–spaced stations over a survey a 1.6 x2.2 km block covers the 2,100m strike of sheeted veins exposed onsurface in the main part of the skarn and porphyry system exposed onsurface at New Boston.
The survey generated more than 80,000data points for inversion modeling and resultant 3D models ofchargeability and resistivity.
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 copper andmoly porphyry deposits, including the Yerington camp and Hall deposit.
New Boston is located in the Garfield Range in MineralCounty, approximately 150km southeast of Reno. Vegetation is sparse inthe 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 5km 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 the highway.
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-silverporphyry-skarn mineral system exposed on surface between Blue Ribbonand East Zone, and its inferred down-dip potential to thenorth.
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 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 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 . Satellite image with drill site locations in the Notice of Intent(NOI) drill permit applications for the East Zone and Jeep Mine areas,respectively. Red dashed arcs are the conductivity anomalies shownin Figure 2 , derived from the DCIP survey completed in April. Numberedorange circles refer to photos of copper mineralization provided inthe previous new release, NR-23-22.
Figure 2 . Planmap with IP isoshells overlain on a conductivity depth slice base map.The IP anomaly at Jeep Mine is cored by increasing conductivity atdepth; New Boston is a low-pyrite system, so the low mV/Vchargeabilities are consistent with base metal sulfide. The EastZone conductor is the largest and highest amplitude in the entiresurvey, with near-surface conductors consistently correlated withintense copper sulfide mineralization at surface. Blue lines areschematic drill traces for planned first-pass drill holes by VR; thereare no historic drill holes into the East Zone conductor,period.
Figure 3 . Viewsouth at east-west profile slice through the 3D conductivity modelshown on plan map in Figure 2. Copper-silver veins on surface alongthe GW fault and gossan trace (see Figure 2) emanate verticallyupwards from the central part of this view where the Jeep Mine andEast Zone conductors converge. Shown schematically are two of theplanned drill holes; there are no historic drill hols in the East Zoneconductor, period.
Figure 4 .North-south cross-section through the 3D conductivity model shown onplan map in Figure 2. Note soil copper geochemistry above the profile,with up to 0.8% Cu above East Zone conductor which is modeled as thesource for the copper which has migrated up-dip in limestone strata tosurface at the CCT Zone. Notice the strong correlation between copperin hole PNB5c as it intersects a small conductor, compared to the muchlarger East Zone conductor which plunges 900 m into the plane of thispage, is open to depth, and ultimately converges with the Jeep Mineconductor to the west (Figure 3).
Figure 5 .Outline of ground-based 3D-array DCIP geophysical survey completedover New Boston by DIAS Geophysical Limited in the spring of 2023. The survey block is 1.6 x 2.2km in size, with an equant grid arrayof 200 metre-spaced receiver and transmitter stations for real timedata collection and generation of more than 80,000 data points for the resultant 3D inversion models (lower right).
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