VANCOUVER, British Columbia, Sept. 24, 2024 (GLOBE NEWSWIRE) — VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the “Company”, or “VR”, is pleased to report results of work done to date on the expanded Empire property in northern Ontario and lays out plans for 3D DCIP survey on the Wildwood target.
The Empire property consists of five previously unexplored, kilometer-scale magnetic targets including Rye, Rush, Westwood, Trewartha and Macron, with the recent focus on Westwood (Figure 1). The initial discovery of mineralization at Empire was in follow up to 95th percentile palladium in lake sediment anomalies from Ontario Geological Survey (the “OGS”) regional sampling, proximal to magnetic anomalies and a boulder train of mafic rocks.
Work to date on the Westwood target is shown in Figure 2 and includes:
- An average from three grab samples with chalcopyrite-pyrrhotite mineralization exposed near the Trans Canada gives 0.14 g/t gold, 0.54 g/t PGEs, and 0.17% Cu; sulfide textures are shown in Photo 1.
- Up to 5 ppb Pd and 108 ppm Cu in lake sediment samples directly above magnetic and conductor anomalies.
- Detailed magnetic survey showing strong layering in reversals in the first vertical derivative,
- A large DIGEM conductor coincident with trend of magmatic layering seen in outcrop and magnetics;
the reported grab sample assays are from the very southern margin of the conductor.
Figure 1. Empire property map on a regional GSC magnetic basemap, flown at 805m line spacing in the 1960s. Also shown are OGS lake sediment sample locations with elevated palladium. Overlain, is a detailed TMI magnetic survey completed over Westwood in the winter of 2023. The yellow star is the location of the samples near HWY 17 with copper-gold-PGE mineralization.
From VR’s CEO Justin Daley: “Finding new mineralization near the Trans Canada Highway is always exciting. I’ll be on a plane tonight to visit Empire, and look forward to getting on the ground to advance the story.
While investigating gold and Pd anomalies from OGS lake sediments, Holbik Exploration confirmed a sanukitoid intrusion with magmatic sulfide segregations containing copper, gold, and PGE on the highway. These targets are inferred as Archean intrusions similar in age and composition to the Lac des Ille PGE mine nearby, but with remobilized gold on a SW-trending structure intersecting Agnico Eagle’s Hammond Reef gold deposit. All magnetic targets on the Empire property are covered by 5-10m of glacial till, requiring modern geophysical and geochemical methods to fully explore, which we aim to initiate soon.”
Figure 2. Westwood is the first of 5 targets to be tested within the Empire project (see Figure 1). It has strong gold-copper-PGE mineralization in a layered mafic intrusion that is evident on this recent, 1VD magnetic basemap. An outline of DIGEM conductors identified in 2023 is coincident with strong magnetic trends, with the only known exposure of the intrusion at its southwestern margin that is exposed along the highway. Planned 3D array IP receiver lines are also shown covering the entire target area.
Technical Information
Surface grab samples and lake sediment samples were submitted for geochemical analysis to the AGAT laboratory in Thunder Bay, Ontario. Sample preparation is completed in Thunder Bay alongside gold and PGE determination by atomic absorption assay. ICP-MS analyses for base metals and trace elements is performed at AGAT’s laboratory in Calgary, AB. Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures, including the systematic insertion of sample duplicates, blanks and certified reference material (CRM) done both externally and internally at the laboratory by AGAT, as described by AGAT.
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, P.Geo., President & CEO 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 Executive Chairman, Dr. Michael Gunning, P.Geo., a non-independent Qualified Person.
Photo 1. Sample from the southern margin of the 2km long conductor shown in Figure 2. The pegmatoidal rock texture contains disseminated pyrrhotite and chalcopyrite. The high magnesium content of these rocks is characteristic of ‘sanukitoid’, which is an important class of intrusive rock for mineral deposits in the Archean.
About the Empire Property
The Properties now consists of 313 mineral claims in 1 contiguous blocks covering 10,254 hectares. The Properties are located on Federal crown land, with mineral rights administered by the provincial Ontario Ministry of Mines. There is a 2% net smelter royalty on the claims. There are no annual payments, but the Ministry requires certain annual exploration expenditures and reporting (ie. mineral assessment reports) in order to maintain a mineral claim in good standing. The Properties falls within the Lac de Mille Lac First Nation traditional territories.
About VR Resources
VR is an established junior exploration company based in Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates, explores and advances large-scale, blue-sky opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada, and more recently, Canada’s newest discovery of a diamond-bearing kimberlite pipe at its Northway project. VR applies modern exploration technologies and leverages in-house experience and expertise in greenfields exploration to large-footprint mineral systems in underexplored areas/districts. The foundation of VR is the proven track record of its Board in early-stage exploration, discovery and M&A. The Company is financed for its mineral exploration and corporate obligations. VR owns its properties outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Justin Daley”
Justin Daley, MSc, P.Geo
President & CEO
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Forward Looking Statements
This news release contains statements that constitute “forward-looking statements”. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects,” “plans,” “anticipates,” “believes,” “intends,” “estimates,” “projects,” “potential” and similar expressions, or that events or conditions “will,” “would,” “may,” “could” or “should” occur. Forward-looking statements in this document include statements concerning VR’s plans for near-term exploration on the newly acquired properties this fall, and all other statements that are not statements of historical fact.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with general economic conditions; adverse industry events; future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada and generally; the ability of the Company to implement its business strategies; competition; and other assumptions, risks and uncertainties.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
This news release may also contain statements and/or information with respect to mineral properties and/or deposits which are adjacent to and/or potentially similar to the Company’s mineral properties, but which the Company has no interest in nor rights to explore. Readers are cautioned that mineral deposits on similar properties are not necessarily indicative of mineral deposits on the Company’s properties.
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