03:13:26 EDT Mon 06 May 2024
Enter Symbol
or Name
USA
CA



VR Resources Ltd
Symbol VRR
Shares Issued 113,916,356
Close 2023-06-26 C$ 0.285
Market Cap C$ 32,466,161
Recent Sedar Documents

VR Resources reviews New Boston magnetic survey results

2023-06-27 12:29 ET - News Release

Mr. Michael Gunning reports

VR CONFIRMS IP AND CONDUCTIVITY TARGETS FOR MULTIPLE CENTERS WITHIN THE COPPER-MOLY-SILVER PORPHYRY SYSTEM AT ITS NEW BOSTON PROPERTY IN NEVADA

VR Resources Ltd. has provided the results from the recently completed airborne gradient magnetic survey and ground-based 3-D (three-dimensional) array DCIP survey on its New Boston property in Nevada.

From VR's CEO, Dr. Michael Gunning, " Technology matters. Surface work and reconnaissance drilling at New Boston by Conoco, Gulf and Bear Creek in the 1960s and 70s established the sheer scale of the porphyry-skarn system across a strike length of 4 km of sheeted and stockwork veins exposed on surface, and significant grades and thickness of moly' mineralization in numerous drill holes (see Figure 6 ). But a sector collapse in 1981 left that work unfinished with regard to identifying and drilling a mineralized porphyry intrusion as the source for the sheeted and stockwork veins exposed at surface. Some forty years later, new multi-sensor gradient magnetics and 3D array DCIP geophysical technologies that were not available to Conoco at the time now provide VR with a clear path forward to complete the story and undertake the drilling that was actually proposed by Conoco to follow up on the garnet-magnetite-biotite stockwork veins observed in drill holes NB-1 and NB-4 on either end of the system.

Conoco developed a 3.14 BT exploration model to encompass the mineralized sheeted veins at New Boston, exclusive of a porphyry stock that was inferred but not identified at the time. By using the results from new high-tech geophysical surveys, we believe that we can build on that model and confirm the presence of a mineralized porphyry centre (s) as the source for the system of sheeted veins at surface.

Our goal is to drill test the two main IP and conductivity targets illustrated in this news release this fall. As shown in the satellite image in Figure 5 , the proximity of New Boston to state HWY 95 provides tremendous logistical advantages for drilling and advanced-stage exploration. I encourage our shareholders to review carefully the figures herein to fully appreciate the clarity , strength and scale of the two targets now apparent at New Boston; detailed explanations are provided in the figure captions to help. With that, we look forward to providing further updates as our exploration advances. Technical Information Summary technical and geological information for the Company's various exploration properties including New Boston is available at the Company's website at www.vrr.ca .

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., VP Exploration and a non-independent Qualified Person oversees and/or participates in all aspects of the Company's mineral exploration projects, and 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 the New Boston Property

Location

New Boston is within the Walker Lane mineral belt and structural province in west-central Nevada. More specifically, it is within the co-spatial belts of Jurassic and Cretaceous aged copper and moly porphyry deposits, including the Yerington camp and Hall deposit.

New Boston is located in the Garfield Range in Mineral County, approximately 150 km southeast of Reno. Vegetation is sparse in the range; outcrop or colluvium predominate on the property itself, with quaternary cover developed off its eastern border and eastern flank of the range.

The property location facilitates cost-effective exploration, year-round. Access is from the nearby town of Luning located just 5 km to the east on State Highway 95 connecting Reno and Las 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 77 claims in one contiguous block approximately 3 x 5 km in size and covering 583 hectares in total (1,441 acres). It covers the entire extent of the known copper-moly-silver porphyry-skarn mineral system exposed on surface between Blue Ribbon and East Zone, and its inferred down-dip potential to the north.

The property is on federal land administered by the Bureau of Land Management (BLM). There are no state or federal land use designations, or privately-owned land which impede access to the property, nor is the property within the BLM's broadly defined area of sage grouse protection.

The property is owned 100% by VR. There are no underlying annual lease payments, nor are there any joint venture or back-in interests. The vendor of the property retains a royalty.

About VR Resources

VR is an established junior exploration company based in Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates, explores and advances opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada, and most recently, a kimberlite breccia pipe discovery and field in northern Ontario. VR applies modern exploration technologies and in-house experience and expertise in greenfields exploration to large-footprint systems in underexplored areas/districts. The foundation of VR is the proven track record of its Board in early-stage exploration, discovery and M&A. The Company is well-financed for its mineral exploration and corporate obligations. VR owns its properties outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition .

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