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VR Resources Ltd
Symbol VRR
Shares Issued 47,192,257
Close 2018-07-11 C$ 0.32
Market Cap C$ 15,101,522
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VR Resources strengthens three targets at Junction

2018-07-11 07:58 ET - News Release

Dr. Michael Gunning reports

SPRING EXPLORATION BOLSTERS COPPER-SILVER-GOLD TARGETS AT JUNCTION PROPERTY, NEVADA

VR Resources Ltd.'s continuing surface exploration has strengthened the targets within the high-grade copper-silver-gold vein system at the Junction property in northwestern Nevada. The company continues to compile and synthesize new data toward the prioritization of targets for a first-pass drill program at Junction planned for this fall.

Three integrated targets are emerging along the six-kilometre trend of surface copper-silver-gold veins at Junction. Additional figures illustrating the summary information below are posted at the company's website:

Denio Summit target:

  • 1.5-kilometre trend of surface showings of copper-silver-gold quartz veins and associated pegmatites;
  • Gold enrichment in 86 soil samples on 10 lines covering one km of the surface trend of showings;
  • Potassium depletion anomaly approximately 800 metres long coincident with the soil anomaly, and coincident with an interior low in the gravity high anomaly at the Denio Summit target; potassium depletion and gravity low potentially indicative of alteration;
  • Chargeability anomaly from surface to depth along the downdip extension of the veins in the northern part of the trend, coincident with the gravity low, the potassium depletion anomaly and the strongest (widest) part of the multistation, copper-gold-tungsten soil anomaly.

Lone Mountain target:

  • High-contrast magnetic anomaly approximately one km in diameter coincident with numerous surface copper occurrences in area with abundant mapped pegmatite dikes and plugs;
  • Numerous (seven to eight) copper-silver-gold soil sample anomalies coincident with the magnetic high;
  • Potassium depletion anomaly (alteration) coincident with the magnetic anomaly.

Wilder Creek target:

  • High-contrast radiometric anomaly approximately one by two km in size coincident with historic surface workings on copper-silver-gold veins and pegmatites;
  • Robust copper-silver soil anomaly (29 stations on three lines) coincident with surface showings and the radiometric anomaly; correlation of copper and silver nearly perfect (0.88) and consistent with the copper-silver correlation evident at Denio Summit on the opposite end of the six km trend;
  • Concentric magnetic ring anomaly up to two kilometres in diameter, centred on the radiometric anomaly and on the area of historic surface workings.

An image on the company's website is a reminder of the high-grade nature of the gold and silver content in the copper sulphide-copper oxide veins at Junction, reinforced further by the consistent correlation of copper and silver in 117 grab samples from across the entire six km trend of showings. Photographs of mineralized outcrops and hand samples are available at the company's website.

Commenting on the news today, VR's chief executive officer, Dr. Michael Gunning, stated: "Exploration this spring has reinforced our conviction for the potential of the Junction copper-silver-gold vein system. The new radiometric anomalies correlate with existing gravity and soil geochemical anomalies at the Denio Summit and Wilder Creek showings. The vectors are becoming clear for drill testing the downdip extension of the polymetallic vein and dike system in both areas. Further, the concentric magnetic anomalies encompassing the Wilder Creek target highlight the potential for a larger intrusive body at depth as the source of the mineralized pegmatite dikes at surface in that area."

The company continues to evaluate and prioritize the three main target areas at Junction for a potential first-pass diamond drill program this fall. Additional fieldwork to start later this month to further refine targets will include:

  • Detailed structural mapping at all three target areas;
  • Infill soil sampling at the Lone Mountain and Wilder Creek target areas.

Work summary, spring 2018

A summary of exploration completed at Junction this spring includes:

  • Airborne magnetic and radiometric survey: 84 lines on 200-metre line spacing, with 100-metre-spaced infill lines over key targets, for 434 line kilometres in total covering a 12-by-five-kilometre survey block coincident with the ground-based gravity survey;
  • Ground gravity survey: property grid of 437 stations collected over a 13-by-four-kilometre block on a 400-metre station grid, with 200-metre-spaced infill stations over key targets;
  • Induced polarization geophysical survey (IP), Denio Summit target: two test lines, two kilometres long each, run at both 50 and 150 m station intervals; the lines test (cross) the 1.5 km trend of surface copper-silver-gold showings, and the co-spatial gravity high anomaly and copper-gold-tungsten soil anomaly;
  • Soil sampling: 276 new soil samples on 11 lines covering the various showings along the six km length of the property, to augment the detailed existing survey of 307 soil samples on 16 lines covering the Denio Summit target in the western part of the property.

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 six 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 179 claims in two blocks covering 3,698 acres (1,497 hectares) in an area approximately 10 by three kilometres in size. The property is on land administered by the federal Bureau of Land Management (BLM), and is outside of the BLM's broadly defined area of proposed sage grouse protection.

The property is owned 100 per cent by VR, registered to the company's wholly owned, Nevada-registered U.S. subsidiary Renntiger Resources USA Ltd. Fifteen claims in the western part of the property and 20 claims in the eastern part of the property were acquired 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.

Samples for geochemistry are submitted to the ALS Global laboratory facilities in Reno, Nev., with final analytical work done at the ALS laboratories located in Vancouver, B.C., including ICP-MS (inductively coupled plasma mass spectrometry) analyses for base metals and trace elements, and gold determination by atomic absorption assay. Analytical results are subject to industry-standard and National Instrument 43-101-compliant quality assurance/quality control 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. Scott Berdahl, PGeo, project development, at VR and a non-independent qualified person, both oversees and participates in 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 Dr. Gunning, a non-independent qualified person.

About VR Resources Ltd.

VR Resources is focused on exploring for large copper-gold mineral systems in the western United States. VR is well financed for its exploration strategy, which is currently focused on three core properties, namely Bonita, Junction and Danbo. VR owns its exploration assets outright and will evaluate new opportunities on a continuing basis, whether by staking or acquisition.

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