VANCOUVER, British Columbia, May 14, 2026 (GLOBE NEWSWIRE) — VR Resources Limited (“VR” or the “Company”, TSXV: VRR; FSE: 5VR; OTCQB: VRRCF) is pleased to announce two important milestones for its previously announced farm-out transaction of its Empire and Silverback Cu-Ni-PGM projects in Ontario to Athos Metals Corp. (“Athos”), a private company.
- VTEM+ airborne EM and magnetic survey is underway, and;
- VR receives Conditional Approval from TSXV for the proposed transaction.
As described in the New Release dated February 26th, 2026, the first major exploration milestone for the proposed transaction is the completion of an airborne VTEM+ EM and magnetic survey for the Empire project, a district-scale copper-nickel-PGM exploration strategy in northwestern Ontario.
The survey is now underway. It is large, comprising approximately 1,500 line-kilometers in three separate blocks. It will cover the Rambler, Empire and Mack properties, as shown in Figure 1. It is expected to take approximately three weeks to complete, with final data anticipated sometime in July.
The goal of the survey is two-fold: 1. to refine magnetic and EM targets already established for the Westwood intrusion based on VR’s exploration and first-pass drilling in 2024, as shown in Photo 1, and; 2. to identify new, coincident EM and magnetic anomalies elsewhere on the Empire property, and on the Rambler and Mack properties (see Figure 1).
Follow-up drilling using the results from the VTEM+ airborne survey is the second, and final exploration milestone for the proposed transaction, and is anticipated for later this summer, once final data from the airborne survey are received and integrated with existing project data, and targets are prioritized.
In connection with the proposed Transaction as described in the news release dated February 26, 2026, Athos is moving forward to complete a go-public transaction which would result in its shareholders receiving shares of a resulting issuer which are expected to be listed on the TSX Venture Exchange or the Canadian Securities Exchange in the coming months. Pursuant to the terms of the Agreement for the transaction, and following the Go Public Transaction, VR will hold 9.9% of the Resulting Issuer’s issued and outstanding shares, among other considerations paid in respect of the Transaction. VR received conditional acceptance of the proposed transaction from the TSXV in a letter dated April 23, 2026.
Dr. Michael Gunning, Chief Executive Officer of the Company, commented: “We are pleased to see the Empire exploration strategy advancing. We believe in the copper-nickel-PGM-gold potential, and our 9.9% position will preserve the future upside potential of this district-scale project that we initiated two years ago.
Further, that upside potential is near-term. With the VTEM+ airborne survey now underway, follow-up drilling is anticipated for late summer or fall, based on an ongoing integration of an ever-expanding array of exploration data in order to prioritize targets for the project.
I am impressed by the conviction demonstrated by the Athos team so far. We look forward to working with Athos in a similarly committed process over the coming months, towards a successful Go-Public process, and ultimately to drilling anticipated for this summer in the emerging district, including the mineralized intrusion at Westwood shown Photo 1 and located just off the TransCanada highway!”
Figure 1. Rambler, Empire and Mack properties covered by the VTEM+ airborne survey currently underway. Highway 17, the Trans Canada highway, and the town of Upsala are shown for reference. The survey will identify and map in detail magnetic and sulfide-bearing intrusions, such as Westwood shown in Photo 1 below.
Photo 1. Sample from the Highway Showing in the southwestern part of the Westwood ultramafic intrusion, Empire property. It shows pegmatoidal texture and disseminated pyrrhotite and chalcopyrite. The course-grained, pyroxene-rich gabbroic rocks have a high magnesium, sanukitoid character which is a common and important signature for many base metal – PGM mineral deposits in Archean rocks of the Superior Craton in the Canadian Shield in northern and western Ontario.
TECHNICAL INFORMATION
Technical information disclosed by the Company has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Technical information contained in this document, and on the Company’s website, has been reviewed and approved on behalf of the Company by the President & CEO, Dr. Michael Gunning, PhD, P.Geo., a non-independent Qualified Person.
ABOUT VR RESOURCES LTD.
VR is an established junior exploration company based in Vancouver. VR evaluates, explores and advances opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada. VR applies modern exploration technologies, 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. VR owns its projects outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition. For more detailed information on the Company, and it mineral exploration projects, please visit the Company’s website at www.vrr.ca
ABOUT ATHOS METALS
Athos Metals Corp. is a Canadian mineral exploration company identifying and advancing critical minerals prospects in Canada. Athos’ initial focus is the 15,150-hectare Empire District Project, a district-scale Cu–Ni–PGE–Au exploration opportunity in the Marmion Terrane of northwestern Ontario with demonstrated mineralization and discovery potential. On April 30, 2026 Athos announced that it signed a Letter of Intent with Meed Growth Corp. (TSXV: MEED.P) with respect to a proposed qualifying transaction which will result in a reverse take-over of Meed by Athos, with the resulting issuer to be listed for trading on the TSXV. For more information on Athos, please visit: www.athosmetals.com
ON BEHALF OF THE BOARD OF DIRECTORS
Dr. Michael H. Gunning
President & CEO
For general information please use the following:
| Website: | www.vrr.ca |
| Email: | [email protected] |
| Phone: | 778-731-9292 |
CAUTIONARY NOTE REGARDING 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 the completion of the Sale Agreement for the Company’s Empire Project in Ontario, the VTEM+ airborne survey and planned follow-up exploration, 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: the ability to satisfy the conditions to completing the Transaction; the ability to close the Transaction; 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; the ability of the Company to execute its 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.
Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review them.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/a93016f9-c43f-436f-8136-50750ebb8658
https://www.globenewswire.com/NewsRoom/AttachmentNg/f9bcdd5c-2349-45b3-8514-eda1a4bef90b
