Mr. Michael Gunning reports

DRILLING IS UNDERWAY AT THE HECLA-KILMER COPPER-GOLD BRECCIA TARGET IN NORTHERN ONTARIO

Drilling is now under way at VR Resources Ltd.'s Hecla-Kilmer copper-gold breccia target in northwestern Ontario.

Hecla-Kilmer (H-K) is a polyphase alkaline intrusive complex with carbonatite four to six kilometres (km) across, emplaced along the western margin of the crustal-scale Kapuskasing structural zone which bisects the Archean superior craton in Northern Ontario. The property has been expanded significantly since the recent property acquisition and now covers the entire carbonatite complex.

With the company's drill permit with the Ministry of Energy, Northern Development and Mines (MENDM), Ontario, the company will prioritize three or four drill hole locations for the first-pass drill program this fall, which is expected to take from four to six weeks to complete. The program will be facilitated from a camp at the nearby Otter Rapids hydroelectric facility at the northern terminus of Ontario Highway 634.

The company completed the first-ever airborne EM survey ever over the H-K complex in June, 2020, using the state-of-the-art VTEM plus system of Geotech Ltd. Flown at 100-metre line spacing over a six-kilometre-by-seven-kilometre survey block for a total of 450 line km, the data provide a high resolution of detail. The company also had an independent, three-dimensional (3-D) inversion of both magnetic and EM data completed for improved modeling for a potential magnetite-copper hydrothermal breccia body within the polyphase carbonatite complex.

The company will prioritize three drill holes for a first-pass test of the high contrast and deeply rooted MVI magnetic anomalies. The northern MVI anomaly is the highest priority because it correlates with the largest and strongest basement conductor identified in the VTEM plus survey.

This drill program will test the centres of the large MVI anomalies as the potential centre of large, discrete magnetite-copper-gold breccia bodies. Importantly, the historic drilling for base metals in 1969 proved that the H-K carbonatite complex comes to surface, to the base of glacial till and overburden.

From VR's chief executive officer, Dr. Michael Gunning: "H-K has been on VR's radar for the past three years, since the beginning of our compilation of regional data and targets for our Ranoke copper-gold breccia strategy. Our work at Ranoke has given us a running head start at H-K and the results of the VTEM plus survey from this summer are clear towards defining large, unique targets for bodies both magnetic and conductive within the complex and proximal to the cursory historic drill holes which contain magnetite, copper and fluorite in hydrothermal breccia form.

"The objective of this program is to complete the highest-priority holes during the fall season when daylight hours for flying are workable and surface waters not yet frozen are thus easily accessed for drilling.

"The company has worked extensively with both the drill company and the helicopter company to ensure for the safety of all workers on the program during the COVID-19 pandemic. H-K will benefit from efficiencies in camp, helicopter and drilling logistics learned from Ranoke and we look forward to providing further updates as the program advances."

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, professional geoscientist, principal geologist at VR 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, professional geoscientist, a non-independent qualified person.

About Hecla-Kilmer

The Hecla-Kilmer complex is located 35 km southwest of the company's Ranoke property in Northern Ontario. It is located 23 km northwest of the Ontario hydroelectric facility at Otter Rapids, the Ontario Northland Railway, and the northern terminus of Highway 634 which links the region to the towns of Cochrane and Kapuskasing along the northern Trans-Canada Highway located approximately 100 km to the south.

The H-K property is large. It consists of 224 mineral claims in one contiguous block approximately six km by seven km in size and covering 4,617 hectares. The property is owned 100 per cent by VR. There are no underlying annual lease payments on the property, nor are there any joint venture or back-in interests. There is an industry-standard royalty attached to the property, including a buyback provision to VR.

Like the Ranoke property, H-K is located on federal crown land, with mineral rights administered by the provincial Ontario Ministry of Energy, Northern Development and Mines. There are no annual payments, but the MENDM requires certain annual exploration expenditures and reporting. The property falls within the Moose Cree Taykwa Tagamou First Nations traditional territories.

The opportunity for VR is to apply modern iron-oxide-copper-gold-ore (IOCG) and carbonatite mineral deposit models and exploration technologies to H-K for the first time ever. A shallow, six-hole diamond drill program was completed in 1970 as part of a regional base metal exploration program by Ashland Oil and Elgin Petroleum. One hole was abandoned and only 854 m were completed in total in five holes, all on magnetic highs in the outer concentric zones of the complex. Selco Exploration Company completed two drill holes in 1981 on peripheral magnetic highs as part of a regional diamond exploration program and intersected ultrabasic rocks and breccias in the outer, concentric zones of the polyphase H-K complex. A high-resolution airborne magnetic survey completed in the region in 1993 for diamond exploration included coverage of the H-K alkaline complex and magnetic anomaly.

About VR Resources Ltd.

VR is an established junior exploration company focused on greenfields opportunities in copper and gold. VR is the continuance of four years of active exploration in Nevada by a Vancouver-based private company. The diverse experience and proven record of its board in early-stage exploration, discovery, and mergers and acquisitions is the foundation of VR. The company focuses on underexplored, large footprint mineral systems in the Western United States and Canada and is well financed for its exploration strategies and corporate obligations. VR owns its properties outright and evaluates new opportunities on a continuing basis, whether by staking or acquisition.

We seek Safe Harbor.