(TheNewswire)
Vancouver, BC - TheNewswire - June 21, 2023 - VR Resources Ltd. (TSX.V:VRR ) ( FSE:5VR ) ( OTC:VRRCF ) , the " Company ", or “ VR ”, is pleased to announce thatdrilling has resumed on the kimberlite diatreme breccia pipe complexat its Northway property located in northern Ontario (see fieldphotograph in Figure 1 ).
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The magnetic anomaly associated with the kimberlite diatreme brecciaintersected at Northway is from 900-1,200 metres across (see plan map in Figure 2 ).
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The boundary conditions for the overall anomaly are sub-vertical (see cross-section inFigure 2); they are consistently and sharply defined on derivativemagnetic plan maps and 3D inversion profiles.
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The first two drill holes span approximately 450 m across the southeastern partof the anomaly. Drill hole NW23-003 now underway is collared at the same location asHole 2, but is inclined steeply to the north into the heart of theanomaly, that is, into the largest area of high amplitude magneticdata directly above the vertical roots of the feature as viewed in 3Dinversion profiles.
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As planned, the three drill holes will span nearly 900 m across the upper part of thebreccia pipe complex at Northway, as shown on the plan map in Figure 2 .
The first two drill holes at Northway intersected various kimberlitebreccia phases below a cover of Devonian-aged limestone and sandstone.Both holes were terminated because of caving in the sandstone.
A caldera facies at the top of the breccia pipe is preserved in Hole001. Hypabyssal, coherent kimberlite phases (CK) are evident withKPK kimberlite breccia phases in both Holes 001 and 002.
VR intends to submit the core from all three drill holes to the SRClaboratory in Saskatoon in order to achieve a fulsome compositionalstudy on the large kimberlite breccia pipe complex, and to maximizethe amount of core from across the complex for micro-diamondevaluation by caustic fusion.
VR plans to have all of the samples prepared and shipped toSaskatchewan by the first week of July, and anticipates having resultsby the end of the summer.
From VR’s CEO, Dr. Michael Gunning, “In Holes 1 and2 we have a pierce point intothe southeast and central parts respectively, of the large magneticanomaly and kimberlite breccia pipe complex at Northway. We believethat with a new approach to drilling through the sandstone cover, Hole003 now underway will produce the most complete intersection to datethrough what we believe to be the central plumbing system of the largebreccia pipe complex, based on an array of magnetic products we nowhave in hand.
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 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.
About VR Resources
VR is an established junior exploration company focusedon greenfields opportunities in copper, gold andcritical metals (TSX.V: VRR; Frankfurt: 5VR;OTCQB: VRRCF). The Company leverages new exploration technologies onunderexplored, large-footprint mineral systems in the western UnitedStates and Canada. The foundation of VR is the diverse experience andproven track record of its Board in early-stage exploration, discoveryand M&A. VR is well-financed for its mineral exploration andcorporate obligations. VR owns its properties outright, and evaluates newopportunities on an ongoing basis .
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 press release contains forward-looking statements. Forward-looking statements are typically identified by words suchas: believe, expect, anticipate, intend, estimate, postulate andsimilar expressions or those which, by their nature, refer to futureevents. Forward looking statements in this release include thoserelated to the companies upcoming plans, such as “VR plans to have all of the samplesprepared and shipped to the SRC laboratory in Saskatoon by the firstweek of July ”, and “VR evaluates newopportunities 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.
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Figure 1 . Drill rig on the pad for hole NW23-003 at the Northway project innorthern Ontario; June, 2023.
Figure 2 . Upper: drill hole collars andtraces shown on a magnetic amplitude plan map derived from the highresolution drone magnetic 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 and002 by VR.
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