VANCOUVER, British Columbia, Nov. 07, 2018 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or “VR”, is pleased to provide an update on planning and targeting for its upcoming first pass diamond drill program on its copper-silver Junction Property in northwestern Nevada.
Field preparations are now underway for a targeted, first pass drill program on the copper-silver mineralization at Junction. The Company has received final approvals for required drill permits, a drill contract has been executed, and start-up is planned for later this month. Highway access to the property, and ranch roads throughout the property facilitate cost-effective exploration at Junction.
This drill program is the result of more or less continuous surface exploration at Junction since April, 2018, the details of which are highlighted in news releases dated July 11th and August 8th, 2018, respectively.
Copper-silver mineralization has been sampled at surface along a 6 kilometre trend at Junction, in coarse-grained quartz-feldspar granite dykes hosted within a sheared, polyphase Cretaceous batholith (Figure 1). Bornite-chalcopyrite copper sulfide aggregates contain micro-inclusions of silver, resulting in a nearly 1:1 correlation of copper and silver in assay data from more than 100 samples. The correlation does not vary along the 6 kilometre trend, nor does it vary depending on the copper grade of a sample, or the ratio of copper sulfide versus oxide.
The Company will drill-test the integrated targets named Wilder and Denio at the eastern and western ends of the copper-silver trend respectively (Figure 1). Attributes of the two targets include:
At Wilder Creek, copper-silver mineralization is hosted in highly resistive, quartz - potassium feldspar granite dykes which occur in the core of a two kilometer in diameter concentric magnetic ring feature (Figure 2); a high resistivity body correlates with the magnetic high core of the ring feature, as shown by an airborne EM survey just completed by VR (Figure 3). There are more than a dozen parallel dykes spanning a 300 metre width and extending for more than on kilometre of strike (see Figure 3); the Company will drill-test the resistive core of the concentric magnetic ring feature as a potential mineralized source body to the concentration of mineralized dykes at surface (Figure 4).
At Denio Summit, a series of mineralized quartz-feldspar granite dykes and gold-bearing quartz veins are mapped at surface along a 1.5 kilometre trend (Figure 5). A broad soil anomaly with copper, silver, gold and tungsten enriched in multiple stations on multiple lines underlies the northern 1,000 m of the surface trend of showings. Geophysical test lines identify chargeability and resistivity anomalies below the surface dykes. The Company will drill-test these anomalies in the area of a sharply defined, 400 metre in diameter gravity anomaly which potentially outlines a larger-volume source body to the mineralized, altered granite dykes and veins at surface.
From VR’s CEO Dr. Gunning, “I encourage our shareholders to look at the figures attached to this release; they tell a thousand words. Junction has developed into a district-scale trend of copper-silver showings. The copper-silver correlation is striking and steadfast, and improves the economic potential of the property. We understand the nature of the silver mineralization, and have identified analogues, current mines, to improve our exploration. The concentric magnetic ring feature at Wilder is characteristic of deep porphyry settings, and is compelling evidence for a large, rooted source body for the concentration of mineralized dykes at surface. I believe in the value-creation potential of this property because Nevada is proven for large copper systems of this geologic age, and local infrastructure will allow us to test this potential cost-effectively. We look forward to providing further updates as drilling proceeds.”
Please see the Company’s website at www.vrr.ca for more complete information on the Junction property, including regional maps and property photos.
About the Junction Property
The Junction property is located in Humboldt County, near the Nevada – Oregon border, immediately east of Highway 140. The nearby town of Denio Junction is less than 6 kilometres to the north, and facilitates effective and cost-efficient field exploration programs. The Company has expertise to leverage and synergies to exploit at Junction by applying its exploration experience during the past four years at its nearby Bonita porphyry copper-gold project.
The Junction property consists of 152 claims covering 3,140 acres (1,271 hectares) within an area of approximately 7.5 by 3 kilometres. The property is on land administered by the federal Bureau of Land Management (BLM). There are no state or federal land use designations, or privately-owned land which restrict exploration on the property, nor is the property within the BLM’s broadly defined area of sage grouse protection.
The property is owned 100% by VR, registered to the Company’s wholly-owned, Nevada-registered US subsidiary Renntiger Resources USA Ltd. Certain claims in the western and eastern part of the property were acquired from a third party and are subject to a royalty; the remaining 144 claims were staked directly by VR. There are no other carried interests, joint venture interests, or back-in rights to any mineral claims at Junction.
Technical Information
Summary technical information on the Junction Property geology is available at the Company’s website at www.vrr.ca.
VR submits geochemical samples to the ALS Global (‘ALS”) laboratory facilities in Reno, Nevada, with final analytical work done at the ALS laboratories located in Vancouver, BC., including ICP-MS analyses for base metals and trace elements, and gold determination by atomic absorption assay. Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures at the laboratory, as described by ALS.
Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Justin Daley, P.Geo., Principal Geologist at VR and a non-independent Qualified Person oversees all aspects of the Company’s mineral exploration at Junction. The content of this news release has been reviewed on behalf of the Company by the CEO, Dr. Michael Gunning, P.Geo., a non-independent Qualified Person.
About VR Resources
VR is an emerging junior exploration company in the copper-gold space (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF). The diverse experience and proven track record of its Board in early-stage exploration and discovery is the foundation of VR. The Company is focused on exploring large copper-gold mineral systems in the western United States. VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company. VR is well financed for its exploration strategy focused on three core assets: the Bonita, Junction and Danbo properties. VR owns its exploration assets outright and evaluates new opportunities on 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: | 604-262-1104 |
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, and similar expressions or are those which, by their nature, refer to future events. Forward looking statements in this release include but are not limited to: … start-up is planned for later this month; … potential mineralized source body to the concentration of mineralized dykes at surface; … and improves the economic potential of the property.
Although the Company believes that the use of such statements are reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings are available at www.sedar.com; readers are urged to review these materials.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/aa700a03-f643-48d4-9d1b-c2700494cb65
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