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VR Resources Ltd
Symbol VRR
Shares Issued 80,446,863
Close 2021-09-14 C$ 0.41
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VR Resources begins drilling at Hecla-Kilmer

2021-09-14 09:29 ET - News Release

Dr. Michael Gunning reports

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

VR Resources Ltd. has commenced drilling at its Hecla-Kilmer property and copper-gold-REE (rare earth elements) hydrothermal breccia target in Northwestern Ontario.

The four to six holes planned for the current program will comprise upward of 3,000 metres of drilling which is expected to take from four to six weeks to complete based on production rates from last year.

Geochemical data from this drilling are expected by year-end. VR will also obtain high-resolution magnetic susceptibility and density data hyperspectral data from the continuous scanning of core from each drill hole in its entirety with a field-portable XRF unit.

From VR's chief executive officer Dr. Michael Gunning: "We are excited to be back at Hecla-Kilmer with the drill.

"The objective of this program could not be more straightforward. Copper, gold and REE mineralization with high-density profiles on XRF scans were intersected in hydrothermal breccia which spans 600 vertical metres in two drill holes completed in 2020 and located on the eastern edge of the gravity anomaly recently defined by VR. We will simply turn the drills to the west and test the centre of the anomaly for the core of the potassic alteration and carbonate-fluorite breccia system which hosts the mineralization intersected last year.

"HK has already proven itself as an REE-bearing IOCG (iron oxide copper gold ore deposits) hydrothermal system of potential significance to the current discussions across industry and government bodies alike regarding the critical metals sector in North America. But it is the vertical extent of the breccia, the breadth of the REE intersections on the margin of the gravity anomaly, and the sheer scale of the anomaly itself and the multiphase carbonate complex it is hosted within which is perhaps even more relevant to our shareholders. These factors combine to underscore the potential for this drill program to intersect a new copper-gold breccia deposit of size in North America.

"With the same drill company, drill and drill crew from last year now on-site again this year, and utilizing the same camp, camp location and helicopter support, we look forward to execution with the same efficiencies achieved in 2020. We will provide further updates as the program advances."

Background

Hecla-Kilmer (H-K) is a multiphase alkaline intrusive complex with carbonatite of inferred Proterozoic age and approximately four to six kilometres across, emplaced along the western margin of the crustal-scale Kapuskasing structural zone which bisects the Archean Superior Craton in Northern Ontario. The opportunity for VR is to apply current IOCG and carbonatite mineral deposit models and modern exploration technologies at 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 metres 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, after the early drilling at H-K, included coverage of the H-K alkaline complex and magnetic anomaly.

The reader is referred to the previous news release dated June 18, 2020, for photographs of magnetite-copper-fluorite vein and vein breccia replacement in core from the historic drill holes located around the periphery of the new gravity anomaly, and gold grains retrieved from drill core rubble.

VR completed the first ever airborne electromagnetic (EM) survey over the H-K complex in June, 2020, using the state-of-the-art VTEM+ 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-kilometres, the data provide a high-resolution of detail. The company also had an independent, 3-D inversion of both magnetic and EM data completed for improved modelling for a potential magnetite-copper-gold hydrothermal breccia system within the multi-phase carbonatite complex at H-K.

The reader is referred to the recent news release dated July 22, 2021, for tabulated assay data and drill core photos from intersections of REE mineralization hosted in carbonate-fluorite-sulphide hydrothermal breccia with potassic alteration mineral assemblages in two of the drill holes completed by VR in 2020 which targeted the peaks of the magnetic MVI (magnetization vector inversion) anomalies. The holes are located on the eastern margin of the gravity anomaly identified and delineated by a ground-based winter gravity survey completed subsequent to the first-phase drilling in the fall of 2020.

Technical information

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

For the first phase of drilling in 2020 at Hecla-Kilmer project, VR submitted drill core for Minalyze XRF scanning and sawn drill core samples for geochemical assay to the SGS Canada Inc. laboratory facilities in Sudbury, Ont., with final geochemical analytical work done at the SGS laboratory located in Burnaby, B.C., including ICP-MS inductively coupled plasma mass spectrometry) and ICP-AES (inductively coupled plasma atomic emission spectroscopy) analyses for base metals, trace elements and full-suite REE analysis, and gold determination by atomic absorption assay. Analytical results are subject to industry-standard and National Instrument 43-101-compliant quality assurance/quality control sample procedures externally by the company and internally at the laboratory as described by SGS.

Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in NI 43-101. Justin Daley, PGeo, exploration manager and chief 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, PGeo, a non-independent qualified person.

About Hecla-Kilmer

The Hecla-Kilmer complex is located 35 kilometres southwest of the company's Ranoke property in Northern Ontario. It is located 23 kilometres northwest of the Ontario hydro-electric 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 some 100 kilometres to the south.

The H-K property is large. It consists of 224 mineral claims in one contiguous block approximately six kilometres by seven kilometres 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 provincial Crown land, with mineral rights administered by the provincial Ontario Ministry of Northern Development and Mines (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 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.

The company continues its normal course of business in 2021 within the framework of modified exploration programs in response to the COVID-19 pandemic, with the goal of ensuring the health and safety of staff and project personnel.

We seek Safe Harbor.

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