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VR Resources Ltd
Symbol VRR
Shares Issued 71,024,122
Close 2020-09-10 C$ 0.34
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VR Resources samples 2,600 g/t Ag at Reveille

2020-09-10 10:51 ET - News Release

Mr. Michael Gunning reports

2,600 G/T SILVER AND 1.4% COPPER POP AS VR COMPLETES AN ARRAY OF EARLY-STAGE SURVEYS ACROSS THE REVEILLE PROPERTY AND CRD MINERAL SYSTEM IN NEVADA

VR Resources Ltd. has provided a brief update of exploration completed this summer at its recently acquired Reveille silver-copper property located along the southeastern margin of the Walker Lane mineral belt in west-central Nevada.

This is not a comprehensive summary, as not all final data are in hand, but the impact of new geochemical data is clear, as highlighted in the bullets herein. A bulleted summary of all work completed this summer follows at the end of the news release, with interpretation of results toward an integrated exploration model continuing.

Geochemical highlights:

  • 148 of 161 grab samples with greater than one gram per tonne silver;
  • 10 of 161 grab samples with greater than 0.5 per cent copper;
  • Six distinct showings with vein and/or breccia mineralization containing greater than 100 g/t silver and 1 per cent copper;
  • 600 g/t silver and 0.7 per cent copper at Silver Ace showing, with 300 vertical metres of topographic extent to hydrothermal replacement mineralization between Silver Ace on the ridgetop and Lincoln showing below;
  • 2,600 g/t silver and 1.4 per cent copper at Lost City and 2,200 g/t silver and 1.2 per cent copper at Lincoln on the west side of the property provide a potential vector to the heart of the overall CRD mineral system at Reveille;
  • 1,500 m lateral extent of west-dipping, stratigraphically controlled, high-grade mineralization between Zebra and Spade zones.

Detailed geological mapping completed by VR has determined the precise stratigraphic position of mineralization and, importantly, the preferred structural controls to hydrothermal fluids not identified or described by previous workers in the district, allowing VR to develop a mineral deposit model and exploration target for the root driver of the overall mineral system, beyond the scale of the individual surface showings themselves.

From VR's chief executive officer, Dr. Michael Gunning: "I believe the high-grade silver and copper concentrations now confirmed at six different showings across the Reveille CRD mineral system speak for themselves as to the potential of this property. I encourage readers to view the plan map ... in conjunction with the cross-section in the previous news release of June 25 in order to understand the scale, the context and the potential of the geochemistry reported herein.

"The technologies employed by VR in LWIR and SWIR airborne and hand sample spectral mapping of alteration minerals and in trace element geochemistry of grab samples will identify sophisticated exploration vectors based on mineral assemblages, degrees of recrystallization, extent and style of veining, and absolute values and element ratio's relevant to the CRD model. VR is also using state-of-the-art 3-D inversion modelling of airborne and ground-based gravity, resistivity, conductivity and magnetic geophysical data to develop specific drill targets for the root of the hydrothermal mineral system that has given rise to the surface showings at Reveille, and the high-grade geochemistry reported here.

"Most but not all data sets are in hand. Upon final integration and interpretation of all data sets, VR will plan for a follow-up surface exploration program this fall. The goal will be to transition our exploration from property scale to target scale, and we look forward to providing updates on this work later this year.

"In the meantime, the company continues to prepare for first-pass drilling this fall at its nearby Amsel gold target in Nevada and the Hecla Kilmer copper-gold breccia target in Ontario. We believe in the potential of these targets and their relevance to the continued strength of the copper and gold markets."

Work completed, summer 2020

The following bulleted list illustrates the extent of exploration done, and data acquired this summer from an array of surveys exploiting the most modern technologies available:

  • Airborne hyperspectral survey completed in late June, with two m resolution across 320 spectral channels for high-resolution mapping of alteration minerals over a 100 square km area, centred on the property;
  • High resolution VTEM+ (versatile time-domain electromagnetic) airborne EM survey completed in July; 100 m line spacing over three km by 4.5 km area:
    • RTP and TMI magnetic maps for mapping, resistivity maps and conductivity products for identifying sulfide-bearing breccias, vein stockworks and massive sulphide mantos;
  • High-resolution ground gravity survey completed in July, with 638 stations in an equant 100 m station grid covering a two km by 3.5 km area:
    • Map structures and identify potential high-density sulphide bodies below surface showings;
  • Detailed geologic mapping and sampling of the entire property completed in July:
    • Systematic rock sampling of high-grade silver veins, and silver-bearing mantos and breccia bodies in order to establish geochemical zonation across the entire mineral system, and to prioritize drill targets amongst the various high-grade silver showings at surface:
      • 190 rocks for geochemistry;
      • 182 rock chips for spectral analysis for alteration mineralogy;
      • Six samples for petrography.

VR is in the process of integrating all data sets in order to evaluate each silver-copper showing on its own merit, but also to evaluate the potential for a large-scale, subsurface root to the CRD mineral system as a whole, something that has never been done before.

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 and has reviewed the content of this news release. The company's CEO, Dr. Gunning, PGeo, is also a non-independent qualified person.

About the Reveille property

The Reveille property is located approximately 90 km east of Tonopah, Nev. Access is by Highway 6, with local roads and trails in and around the property itself.

The Reveille property consists of 57 mineral claims in one contiguous block covering 1,157 acres (468 hectares) over an area of approximately two km by three km. The property is on federal land administered by the Bureau of Land Management, and are outside of the BLM's broadly defined area of sage grouse protection. There are neither underlying annual lease payments on the property, nor are there any joint venture or carried interests on the property. There is an industry-standard royalty attached to the property, with a standard buyback provision to VR.

About VR Resources Ltd.

VR is an established junior exploration company focused on greenfield opportunities in copper and precious metals. 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 merger and acquisitions are 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.

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