News Release
The drill is turning at VR's maiden drill program on the East Zone conductor at the New Boston polymetallic copper-moly-silver porphyry system in Nevada
VR Resources Ltd.
April 10, 2024, TheNewswire, Vancouver, B.C.: VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF ), the " Company ", or “ VR ”, is pleased to announce that the drill is turning on its maiden drill program on its New Boston polymetallic copper-moly-silver porphyry system in west-central Nevada (see photo in Figure 1 ). The program is planned around 2 – 4 drill holes, for between 1,500 and 2,000 metres in total, projected to take approximately one month to complete, with assays expected through May and June. Water supply, heavy equipment services, and camp are all located just six kilometres from the drill, with access off state highway I95. Strategy The drill program is the result of two years of field-based mapping and sampling by VR, and the utilization of four, state-of-the-art geophysical surveys completed in succession, and utilizing technologies not available during the main period of exploration at New Boston from the mid–1960s through the late 1970s. For example, this drill program will focus on the new, East Zone conductor as delineated by the 3D array, DCIP survey completed in 2023 (see Figure 2 ). Historic drill holes located to both the east and the south of the west-plunging East Zone conductor are peripheral in nature, based on: conductivity anomaly; potassic alteration; hyperspectral mineralogy, and; surface copper and trace element geochemistry. Yet, they produced intersections including 279 ft @ 0.24% Cu, including 59 ft @ 0.38% Cu, starting at surface. Look at the cross-section in Figure 3. The large volume DCIP conductor at East Zone is the inferred source of the copper intersected in the historic peripheral drill holes, copper that migrated up-dip to the south in the host limestone stratigraphy. As such, our goal is to drill-test the East Zone conductor itself for the strongest concentrations of conductive copper sulfide in multi-phase quartz vein stockworks. The long-section in Figure 4 demonstrates the potential for hole NB24-001 shown in Figure 1: The drill hole is literally starting in quartz vein rubble with copper sulfide and copper oxide at surface, grading up to 1.7% copper in hand samples, and; Our planned drill holes at East Zone stay within the structural, stratigraphic and 3D conductivity models for copper mineralization for their entirety. From VR’s CEO, Dr. Michael Gunning, “ This is our tenth year of continuous and active exploration in Nevada, and our 6 th drill program in advancing five separate greenfields properties in succession. As a result: we know the porphyry geology of western Nevada; we understand how new exploration technologies can build on historic exploration, and; we know the service companies and logistics in the state. In short, our VP Exploration, Justin Daley will tell you this is both the most efficient set-up we have ever had, and the best copper target we have ever had, exposed on surface and never previously drilled. We look forward to providing further updates as our drilling progresses. In concert with the strengthening price in copper as the Green Economy emerges, New Boston’s time has arrived. Field Videos A short video from several previous site visits are available on the New Boston Project Page on the Company’s website at www.vrr.ca. Also, on the Home Page itself, is a 20 minute video overview of the New Boston project and drill targets, illustrated in PowerPoint. Technical Information Summary technical and geological information for the Company’s various exploration properties including New Boston is available at the Company’s website at www.vrr.ca. 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., VP Exploration 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. Michael Gunning, P.Geo., a non-independent Qualified Person. About the New Boston Property Location New Boston is within the Walker Lane mineral belt and structural province in west-central Nevada. More specifically, it is within the co-spatial belts of Jurassic - and Cretaceous-aged copper and moly porphyry deposits, including the Yerington camp and Hall deposit. New Boston is located in the Garfield Range in Mineral County, approximately 150 km southeast of Reno. Vegetation is sparse in the range; outcrop or colluvium predominate on the property itself, with quaternary cover developed off its eastern border and eastern flank of the range. The property location facilitates cost-effective exploration, year-round. Access is from the nearby town of Luning, located just 5 km to the east on State Highway 95 connecting Reno and Las Vegas. The property itself is criss-crossed by a myriad of active, historic trails and roads which are reachable from the highway. Property Description The New Boston property is large: it consists of 77 claims in one contiguous block approximately 3 x 5km in size and covering 583 hectares in total (1,441 acres). It covers the entire extent of the known copper-moly-silver porphyry-skarn mineral system exposed on surface between Blue Ribbon and East Zone, and its inferred down-dip potential to the north. The property is on federal land administered by the Bureau of Land Management (BLM). There are no state or federal land use designations, or privately-owned land which impede access to the property; nor is the property within the BLM’s broadly defined area of sage grouse protection. The property is owned 100% by VR. There are no underlying annual lease payments; nor are there any joint venture or back-in interests. The vendor of the property retains a royalty. 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. The Company has also made Canada’s newest diamond discovery in northern Ontario, and controls a new field of kimberlite targets around it. 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 well-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: “Michael H. Gunning” ____________________________ Dr. Michael H. Gunning, PhD, PGeo President & CEO For general information please use the following: Website: www.vrr.ca Email: info@vrr.ca Phone: 778-731-9292 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 to drill its New Boston property, the current price strength of copper, 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; the Covid-19 pandemic; 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. 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 ----- Click Image To View Full Size Figure 1. Photo of the drill on April 8 th, 2024, on the pad for drill hole NB24-001 at New Boston. Quartz vein rubble with blue and green copper oxide is in the foreground. View is east, with state highway I95 connecting Reno and Las Vegas in the main valley in the background. Click Image To View Full Size Figure 2. DCIP plan map with IP isoshells overlain on a conductivity depth slice base map. The IP anomaly at Jeep Mine is cored by increasing conductivity at depth; New Boston is a low-pyrite system, so the low mV/V chargeabilities are consistent with base metal sulfide. The East Zone conductor plunges westerly, with copper-bearing gossans occurring in the East Zone bowl where it comes to surface (see Figures 3 and 4). White arrows are schematic traces for drill holes planned by VR in 2024 across the New Boston mineral system, starting with the East Zone conductor where there are no historic drill holes. Click Image To View Full Size Figure 3. North-south cross-section through the 3D conductivity model shown on plan map in Figure 2. Note soil with up to 0.8% Cu above East Zone conductor, which is modeled as the source for the copper which has migrated up-dip in limestone strata to surface at the CCT showings. Notice the strong correlation between copper and the small conductor in historic drill hole PNB5c; the much larger East Zone conductor plunges 900 meters into the plane of this page, and is open to depth, with no historic drill holes into it, period. Click Image To View Full Size Figure 4. View north at east-west long section through the 3D conductivity model shown on plan map in Figure 2. Copper-silver veins on surface along the central GW fault and gossan trace (see Figure 2) emanate vertically upwards from a potential source porphyry stock where the Jeep Mine and East Zone conductors converge. Shown schematically is the drill trace for the first hole planned in 2024 by VR; the East Zone conductor is new, with no historic drill holes into it, period.
April 10, 2024 07:30 AM Eastern Daylight Time
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