01:41:09 EDT Wed 19 Jun 2019
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VR Resources Ltd
Symbol C : VRR
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Close 2019-04-09 C$ 0.19
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VR Resources stakes 7,072 ha Ranoke property

2019-04-09 06:44 ET - News Release

Dr. Michael Gunning reports


VR Resources Ltd. has staked a large and previously unexplored copper-gold target in Northern Ontario. The new property is named Ranoke and it extends the company's platform of blue-sky exploration on large footprint copper-gold systems using modern exploration technologies.

The company has completed the scoping for three separate low-cost but high-impact geophysical and geochemical surveys planned for later this spring at Ranoke. This work will refine drill targets already apparent from the compilation of regional government surveys and archived assessment reports which could be drill tested later this year.

The Ranoke property is large. It consists of 345 claims in one contiguous block covering 7,072 hectares in an area 12 by 12 kilometres in size. It is 50 kilometres north of road access to Coral Rapids, and 15 kilometres from the Canadian National Railway which supplies Moosonee located on tidewater 100 kilometres to the northeast.

Salient features of Ranoke and its potential to host one or more large copper-gold IOCG (iron oxide copper-gold ore) pipes include:

  • Ranoke is located at or near the apex of a robust copper anomaly evident in an Ontario Geological Survey (OGS) regional heavy mineral stream sediment survey. Ranoke is the inferred up-ice source of the anomaly which is the product of mostly southward-directed glacial dispersion.
  • There is a strong association of gold and fluorite with the copper anomaly in the OGS survey; this is a distinctive metal signature indicative of an iron oxide copper gold source (IOCG) source.
  • The Ranoke property is located along the western margin of the Kapuskasing structural zone (KSZ), a failed intracratonic rift which is a favourable tectonic setting for IOCG deposits. The KSZ is a megastructure with a long-lived history of repeated ultramafic intrusions spanning 1.6 billion years.
  • The Ranoke property covers a well-defined, high-intensity magnetic anomaly which delineates three or four discrete, vertical, pipe-like magnetic bodies on a structural intersection about 12 by 12 kilometres in size.
  • A recent, high-resolution magnetic survey completed by industry refines the location and shape of the magnetic feature at Ranoke. The largest anomaly is 2.5 km in diameter, with a sharp, concentric boundary indicative of a vertical pipe-like geometry. Total magnetic intensity is very high at more than 5,000 nanoteslas compared with country rock.
  • The northern magnetic anomaly at Ranoke is coincident with a specific, circular gravity high evident in the regional gravity survey completed by the Geological Survey of Canada.
  • Ranoke is previously unexplored:
    • There is no record in the Ontario Ministry of Northern Development and Mines files (MNDM) of previous mineral claims over the Ranoke target.
    • There are no mineral assessment reports recorded over Ranoke.
    • There are no drill holes located at Ranoke in the MNDM drill hole database, nor are any evident in current satellite-based imagery.
  • Ranoke is a covered exploration target:
    • It occurs north of exposed Archean Superior province in Northern Ontario, and below a cover of Paleozoic carbonate rocks and a local Cretaceous basin.
    • It occurs in the lowlands of James Bay where there is no outcrop to explore.
  • Two drill holes completed in the 1980s during coal exploration of the Cretaceous strata identified copper grains (chalcopyrite) in near-surface till immediately north and south of the Ranoke target. This adds additional support to the model that Ranoke is the source of the OGS regional copper-gold-flourite anomaly. Significant gold in one of the drill holes prompted additional drilling in the 1980s to evaluate the surficial gold occurrence in the Mattagami river, down-ice direction from Ranoke.

The satellite image in an image on the company's website shows the influence that the Ranoke magnetic feature has on surface drainage patters. This implies that the Ranoke magnetic feature is somewhat near-surface and more resistant to weathering than surrounding rock.

The schematic cross-section in an image on the company's website illustrates the potential for a near-surface, large, magnetic, dense vertical IOCG pipe at Ranoke. This cross-section is a representation of one of perhaps four such features which delineate the structural intersection at Ranoke. For comparison, the target pipes at Ranoke are considerably larger than the recently discovered copper-gold IOCG deposit at Carrapateena in Australia (800 million tonnes at 0.8 per cent copper for 12.6 billion pounds, 0.3 gram per tonne gold for 8.4 million ounces; prefeasibility, August, 2014).

VR's chief executive officer, Dr. Michael H. Gunning, reinforced the alignment of this latest acquisition to the company's exploration strategy and value creation model, stating: "VR is squarely focused on the strength of the copper space, the lack of new copper discoveries in stable mining jurisdictions, and the opportunity to apply new exploration technologies and current, refined mineral deposit models towards blue-sky discoveries in North America. Ranoke is in a tectonic setting favourable for large IOCG systems, and is surrounded by alkaline and ultramafic intrusions which demonstrate a long-lived history of repeated intrusions into this crustal-scale megastructure. Ranoke is remote, covered and unexplored, yet it is proximal to infrastructure; as such, the Ranoke magnetic feature presents a unique discovery potential for a large-scale IOCG deposit which VR has the expertise to define and test. We look forward to providing further updates as our work advances."

Technical information

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

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, principal geologist at VR and a non-independent qualified person, oversees and/or participates in all aspects of the company's mineral exploration projects. The content of this news release has been reviewed on behalf of the company by Dr. Gunning, a non-independent qualified person.

About VR Resources Ltd.

VR is an emerging junior exploration company focused on greenfields opportunities in copper and gold. The diverse experience and proven 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 four years of active exploration in Nevada by a Vancouver-based private exploration company.

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