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VR Resources stakes Northway property

2022-07-27 13:33 ET - News Release

Mr. Michael Gunning reports


VR Resources Ltd. has provided a brief update on its critical metal exploration strategy in Northern Ontario:

  • Ultrahigh-resolution drone magnetic data received for the recently staked Northway property located 15 kilometres (km) to the northeast of Hecla-Kilmer (H-K);
  • Application under way for new MNDM drill permit for Northway.

From VR's chief executive officer, Dr. Michael Gunning: "Last November, VR announced the discovery of a new niobium-rare earth metals mineral system on its wholly owned Hecla-Kilmer property with the intersection in hole 13 of 238 metres at 0.2 per cent Nb205 [niobium pentoxide] with 0.5 per cent TREO [total rare earth oxide], including sample intervals of 1.7 per cent TREO with 18 per cent PMREO over three metres. With that intersection, the company completed a thorough review of its regional database and staked the Northway property located approximately 15 kilometres to the northeast.

"An ultrahigh-resolution drone magnetic survey was completed over Northway in March, during the set-up of the recently completed third drill program at Hecla-Kilmer, which produced the recently announced intersection in hole 013 of 243 metres at 1.01 per cent TREO, of which 19 per cent are PMREO. This news release provides the results of the drone magnetic survey at Northway.

"On figure 1, the location of Northway is shown within the regional-scale Kapuskasing structural zone (KSZ) and rift through the Superior craton, together with the locations of VR's H-K and Ranoke properties.

"On figure 2, the location of Northway is shown in relation to the northern boundary of the mafic volcanic Wabigoon province of the Superior craton, similar to the location of Hecla-Kilmer on the opposing southern boundary. Both boundaries are tectonic suture zones of regional scale. Note also the reverse magnetic polarity of the regional magnetic anomaly at Northway, forming a prominent magnetic low, akin to the reverse polarity in the northwestern part of the H-K complex where critical metal discoveries have been made in drill holes 5 and hole 13.

"Figure 3 shows the new drone magnetic data at Northway. The anomaly is high amplitude, sharply defined and approximately 1,300 metres across. Critical metal mineralization intersected to date at Hecla-Kilmer is controlled by structures that disrupt patterns in magnetic and gravity maps. Similarly, note the clear disruption of the concentric magnetic anomaly at Northway by a structure that is parallel to the regional-scale southwest-trending KSZ.

"It is also important to note in figure 3 the location of gold and copper grains in creeks draining from the Northway property into the Mattagami River (OGS regional survey, 2001, 3,106 samples).

"Our hydrothermal breccia exploration strategy on the KSZ started in 2018 at Ranoke, where fluorite and hematite veins confirmed the prospectivity of the model, and seeded the 238- and 243-metre critical metal intersections respectively at Hecla-Kilmer two years later. With the new magnetic data from Northway, we have initiated the permit application process for drilling to further expand the strategy.

"The discovery at Hecla-Kilmer contributes to the rapidly evolving critical metal strategies of governments across North America aimed at growing domestic EV [electric vehicle] and wind turbine sectors in order to sustain the growth of the green economy. This relevance underscores the potential value of H-K to our shareholders and we look forward to providing further updates as we receive final drill data from Hecla-Kilmer and add Northway to an expanded and integrated exploration strategy going forward."

Technical information

Summary technical and geological information for the company's various exploration properties is available at the company's website. VR submitted all drill core samples for geochemical assay to the ALS Global Ltd. laboratory facilities in Timmins, Ont., with final geochemical analytical work done at the ALS laboratory located in North Vancouver, B.C., including lithium borate fusion, 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 (rare earth element) analysis, and gold determination by atomic absorption on fire assay. Analytical results are subject to industry-standard and National Instrument 43-101-compliant QA/QC (quality assurance/quality control) sample procedures externally by the company and internally at the laboratory as described by ALS.

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, 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 VR Resources Ltd.

VR is an established junior exploration company focused on large-footprint greenfields opportunities in copper, gold and critical metals in the Western United States and Canada. 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 M&A (mergers and acquisitions) is the foundation of VR. 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 2022 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 staff.

We seek Safe Harbor.

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