Dr. Michael Gunning reports

VR EXPANDS ITS LAND POSITION COVERING ANOMALIES AROUND ITS NORTHWAY KIMBERLITE DIATREME BRECCIA AND DIAMOND DISCOVERY IN NORTHERN ONTARIO

VR Resources Ltd. has expanded the number of claims covering an array of magnetic anomalies around its Northway kimberlite diatreme breccia property and diamond discovery in Northern Ontario.

The Northway strategy is now district scale. VR now owns 1,567 claims in 16 separate claim blocks covering a total of 32,238 hectares. All of the claims are owned 100 per cent by VR. The strategy is expanded based on the three reconnaissance drill holes completed into the diatreme breccia pipe complex at Northway, most importantly:

1. Composition. The breccia is consistent with a kimberlitic diatreme sourced in a diamond-stable region of the upper mantle based on the composition of numerous different minerals, including high-magnesium chromite, phlogopite and richterite.
2. Diamonds. There is evidence for diamond fertility, with clear, inclusion-free and transparent fragments of larger diamonds in three different intervals within the breccia pipe complex.

VR began to stake and/or acquire claims covering magnetic anomalies around Northway in December, 2022. Based on the results from Northway, the anomalies almost certainly represent a new and previously unexplored field of kimberlite pipes in the northern Superior craton in Northern Ontario. The field is 300 kilometres to the south of the past-producing Victor diamond mine at Attawapiskat on James Bay.

1. All of the properties are proximal to the active Ontario Northern Railway servicing Northern Ontario; Northway itself is just 11 km to the west of the line.
2. Exploration can be based out of Otter Rapids, a hydroelectric facility on the provincial grid, with road access from Highway 634.
3. The properties are at, or near the southern extent of, the Paleozoic Hudson carbonate shelf, lessening the amount of sedimentary cover on top of inferred pipes as compared with farther north.

From VR's chief executive officer, Dr. Michael Gunning: "Simply put, the three reconnaissance drill holes answered the two key questions necessary for advancing a diamond exploration strategy around the breccia pipe discovery at Northway, namely: 1. Is it the right composition for diamond stability in the kimberlite source area, and 2. Is there evidence for diamonds? VR has now secured the land to advance that strategy, and the premise is well established: more targets within a field of kimberlite pipes simply increases the odds of discovering a pipe with economic diamonds.

"The permitting process for our various exploration projects in the region with the Ontario Ministry of Mines starting in 2018 has been both transparent and efficient. It includes consultation with the Moose Cree and Taykwa Tagamou First Nations, which has been open and constructive. We will initiate the permit process for the field of new targets this fall, and it will be similar in scope to that for Hecla-Kilmer and Northway."

Technical information

Summary technical and geological information for the company's various exploration properties is available at the company's website.

VR submits sawn drill core to the Saskatchewan Research Council through Geoanalytical Laboratories Diamond Services located in Saskatoon, Sask. (the SRC), in roughly eight-kilogram aliquot samples for sodium hydroxide dissolution and fusion. Residue and microdiamonds are sieved down to 75 microns, weighed, and assessed for colour, clarity and shape.

Analytical results are subject to industry-standard and National Instrument 43-101 compliant quality assurance/quality control sample procedures, including the systematic insertion of tracer diamonds into each sample ahead of caustic fusion at the laboratory by the SRC. The SRC is an independent mineral processing facility which is accredited to the ISO/IEC 17025:2017 standard by the Standards Council of Canada as a testing laboratory for specific tests.

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, PGeo, vice-president, 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. Gunning, PGeo, a non-independent qualified person.

About the Northway property and project

The Northway property is located in Northern Ontario. It is approximately 12 km northeast of the company's rare earth element critical metal discovery at its Hecla-Kilmer project.

Exploration is based out of a camp at the hydroelectric facility at Otter Rapids located about 50 km to the southeast of Northway. Provincial Highway 634 provides road access to Otter Rapids from Smooth Rock Falls, located at the junction of Highway 634 with the Trans-Canada Highway. The property itself is just 15 km west of the Ontario Northern Railway (ONR) which provides service to the communities on James Bay.

The nearest town is Moosonee, located on tidewater at James Bay approximately 125 km to the north. Kapuskasing is about the same distance to the southwest, located on the Trans-Canada Highway (Provincial Highway 11).

The Northway property is large; it now consists of 1,367 contiguous claims in a single block four by seven km in size covering 28,129 ha. Also, there are 200 additional claims covering an array of magnetic anomalies in 15 separate properties around Northway and proximal to the ONR railway line. The district-scale package now comprises 1,567 claims in total in 16 separate claim blocks covering a total of 32,238 ha within an area of 50 by 70 km over all.

All of the properties are owned 100 per cent by VR. There are no underlying payments or interests, and certain claims retain a royalty to the vendor.

Northway is located on Crown land in Northern Ontario, with mineral rights administered by the Ontario Ministry of Northern Development, Mines, Natural Resources and Forestry (MNDM). There are no annual payments, but the MNDM requires certain annual exploration expenditures and reporting. The property falls within the traditional territories of the Moose Cree and Taykwa Tagamou First Nations.

About VR Resources Ltd.

VR is an established junior exploration company based in Vancouver. VR evaluates, explores and advances opportunities in copper, gold and critical metals in Nevada, United States, and Ontario, Canada, and most recently, a kimberlite breccia pipe discovery in Northern Ontario. VR applies modern exploration technologies and leverages in-house experience and expertise in greenfields exploration to large-footprint mineral systems in underexplored areas/districts. The foundation of VR is the proven record of its board in early-stage exploration, discovery, and mergers and acquisitions. The company is well financed for its mineral exploration and corporate obligations. VR owns its properties outright and evaluates new opportunities on a continuing basis, whether by staking or acquisition.

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