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VR Resources Ltd
Symbol VRR
Shares Issued 51,725,591
Close 2019-06-11 C$ 0.14
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VR Resources starts exploration at Ranoke

2019-06-11 08:46 ET - News Release

Dr. Michael Gunning reports


Exploration is under way at VR Resources Ltd.'s recently staked Ranoke copper-gold property in Northern Ontario. This work will refine drill targets already apparent from the compilation of regional government surveys and archived mineral exploration assessment reports.

The company has executed a service agreement with Sander Geophysics Ltd. for an airborne geophysical survey which is now under way at Ranoke. Final data and reports are anticipated within four to eight weeks. The fixed-wing survey will produce high-resolution gravity and magnetic data over a block approximately 13 by 14 kilometres in size, with a 200-metre line spacing, and orthogonal tie lines flown on a one-kilometre spacing for improved data modelling. The fixed-wing gravity system includes three separate cesium vapour magnetometer sensors to provide integrated horizontal gradient magnetic data.

The gravity signature of iron oxide copper gold deposits (IOCG) in Australia is well established because of the high density of iron oxide and copper sulphide minerals in massive breccia form. The high-sensitivity, low-frequency AIRGrav system of Sander chosen for the Ranoke survey will achieve a sensitivity of 0.1 mGal and provide two key exploration vectors to evaluate, refine and prioritize specific IOCG targets within the Ranoke magnetic complex for first-pass drill testing being considered for this fall:

  • Given the number of magnetic anomalies at Ranoke, the survey will prioritize which anomalies are the highest density and therefore the most prospective for an iron-copper breccia body.
  • Given the size of the individual magnetic anomalies, the survey will map density variations within any given anomaly and prioritize high-density zones more prospective for iron-copper breccia.

The company has executed a service agreement with C.O. Geosciences Inc. for a high-resolution soil gas geochemical survey utilizing proprietary, AGI sorbent-based passive samplers. About 156 stations are planned on five separate transects four to five kilometres long across the five largest magnetic anomalies to test for large, degassing sulphide bodies at depth. The initial field component of sampler deployment is under way. Final data and reports are anticipated in August.

The AGI samplers will collect and measure volatile and semi-volatile compounds present in air, soil, gas and water. The technology has been refined and proven by use in more than 40 countries during the past decade. Importantly, the survey design at Ranoke calls for sampler deployment four to six feet below surface, in the uppermost layers of till and soil and below water-saturated surface muskeg.

The soil gas technology being used is not hindered by the moisture content of bog terrain, nor are resultant anomalies impeded by thick till above a buried sulphide target. The technology is proven for gold and base metal exploration in similar terrain farther to the south in the Abitibi belt in Central Ontario.

From VR's chief executive officer, Dr. Michael H. Gunning: "VR is committed to the innovative application of new exploration technologies towards previously untested targets within proven, established mineral belts. Both the airborne gravity and soil gas geochemical surveys at Ranoke have been three months in survey design and planning, from the selection of technologies available, to the design of survey parameters specific to the Ranoke target. Our goal is the discovery of a copper-gold deposit at one or more of the large magnetic pipes at Ranoke, and we believe the gravity and soil gas technologies at Sander and AGI respectively will optimize our chance of success. These surveys epitomize the low-cost but high-impact value of blue-sky exploration; VR will advance the Ranoke IOCG targets with both discipline and conviction, and we look forward to providing further updates as our work advances."

About the Ranoke property

The Ranoke property is located in Northern Ontario, Canada. Infrastructure local to Ranoke is shown on location figures provided at the company's website. The property is 15 kilometres west of the CNR railway spur which supplies Moosonee located on tidewater 100 kilometres to the northeast, and it is 50 kilometres north of road access to Coral Rapids, an Ontario hydroelectric facility serviced by Highway 634. Exploration at Ranoke is facilitated by the town of Cochrane which is located about 100 kilometres to the south on the Trans-Canada Highway and is the major service hub to the region.

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. The Ranoke property was staked directly by VR. It is owned 100 per cent by VR, free and clear of any interests or royalties.

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. Michael Gunning, PGeo, a non-independent qualified person.

Corporate update

For greater clarity, the closing date of the non-brokered financing previously announced on May 10, 2019, has been extended to June 24, 2019.

About VR Resources Ltd.

VR is an emerging junior exploration company focused on greenfields opportunities in copper and gold. The company is focused on exploring large copper-gold mineral systems in the Western United States and Canada.

We seek Safe Harbor.

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