VANCOUVER, British Columbia, July 11, 2018 (GLOBE NEWSWIRE) — VR Resources Ltd. (TSX.V:VRR) (FSE:5VR), the “Company“, or “VR”, is pleased to announce that ongoing surface exploration has strengthened the targets within the high-grade copper-silver-gold vein system at the Junction property in northwestern Nevada. The Company continues to compile and synthesize new data towards the prioritization of targets for a first-pass drill program at Junction planned for this fall.
Three integrated targets are emerging along the 6 km trend of surface copper-silver-gold veins at Junction (see satellite image in Figure 1 below). Additional figures illustrating the summary information below are appended to this news release posted at the Company’s website www.vrr.ca/news):
- Denio Summit Target (Figure 2):
- 1.5 km trend of surface showings of copper-silver-gold quartz veins and associated pegmatites;
- Gold enrichment in 86 soil samples on 10 lines covering 1 km of the surface trend of showings;
- Potassium depletion anomaly approximately 800 m long coincident with the soil anomaly, and coincident with an interior low in the gravity high anomaly at the Denio Summit target. The potassium depletion and gravity low are potentially indicative of alteration;
- Chargeability anomaly from surface to depth along the down-dip extension of the veins in the northern part of the trend, coincident with the gravity low, the potassium depletion anomaly, and the strongest (widest) part of the multi-station, copper-gold-tungsten soil anomaly.
- Lone Mountain Target (Figure 3):
- High contrast magnetic anomaly approximately 1 km in diameter coincident with numerous surface copper occurrences in area with abundant mapped pegmatite dykes and plugs;
- Numerous (7-8) copper-silver-gold soil sample anomalies coincident with the magnetic high;
- Potassium depletion anomaly (alteration) coincident with the magnetic anomaly.
- Wilder Creek Target (Figure 4):
- High contrast radiometric anomaly approximately 1 by 2 km in size coincident with historic surface workings on copper-silver-gold veins and pegmatites;
- Robust copper-silver soil anomaly (29 stations on 3 lines) coincident with surface showings and the radiometric anomaly. Correlation of copper and silver is nearly perfect (0.88) and consistent with the copper-silver correlation evident at Denio Summit on the opposite end of the 6 km trend;
- Concentric magnetic ring anomaly up to 2 km’s in diameter, centered on the radiometric anomaly and on the area of historic surface workings.
Figure 5 is a reminder of the high-grade nature of the gold and silver content in the copper sulfide – copper oxide veins at Junction, reinforced further by the consistent correlation of copper and silver in 117 grab samples from across the entire 6 km trend of showings. Photographs of mineralized outcrops and hand samples are available at www.vrr.ca.
Commenting on the news today, VR’s CEO Dr. Gunning stated: “Exploration this spring has reinforced our conviction for the potential of the Junction copper-silver-gold vein system. The new radiometric anomalies correlate with existing gravity and soil geochemical anomalies at the Denio Summit and Wilder Creek showings. The vectors are becoming clear for drill testing the down-dip extension of the polymetallic vein and dyke system in both areas. Further, the concentric magnetic anomalies encompassing the Wilder Creek target highlight the potential for a larger intrusive body at depth as the source of the mineralized pegmatite dykes at surface in that area.”
The Company continues to evaluate and prioritize the three main target areas at Junction for a potential first pass diamond drill program this fall. Additional field work to start later this month to further refine targets will include:
- Detailed structural mapping at all three target areas;
- In-fill soil sampling at the Lone Mountain and Wilder Creek target areas.
Work Summary, Spring 2018
A summary of exploration completed at Junction this spring includes:
- Airborne magnetic and radiometric survey: 84 lines on 200 metre line spacing, with 100 metre-spaced infill lines over key targets, for 434 line-kilometers in total covering a 12 by 5 km survey block coincident with the ground-based gravity survey;
- Ground gravity survey: property grid of 437 stations collected over a 13 by 4 km block on a 400 metre station grid, with 200 metre-spaced infill stations over key targets;
- Induced Polarization geophysical survey (IP), Denio Summit target: two test lines, 2 kilometres long each, run at both 50 and 150 m station intervals. The lines test (cross) the 1.5 km trend of surface copper-silver-gold showings, and the co-spatial gravity high anomaly and copper- gold-tungsten soil anomaly;
- Soil sampling: 276 new soil samples on 11 lines covering the various showings along the 6 km length of the property, to augment the detailed existing survey of 307 soil samples on 16 lines covering the Denio Summit target in the western part of the property.
About the Junction Property
The Junction property is located in Humboldt County, near the Nevada – Oregon border, immediately east of Highway 140. The nearby town of Denio Junction is less than 6 kilometres to the north, and facilitates effective and cost-efficient field exploration programs. The Company has expertise to leverage and synergies to exploit at Junction by applying its exploration experience during the past four years at its nearby Bonita porphyry copper-gold project.
The Junction property consists of 179 claims in two blocks covering 3,698 acres (1,497 hectares) in an area approximately 10 by 3 kilometres in size. The property is on land administered by the federal Bureau of Land Management (BLM), and is outside of the BLM’s broadly defined area of proposed sage grouse protection.
The property is owned 100% by VR, registered to the Company’s wholly-owned, Nevada-registered US subsidiary Renntiger Resources USA Ltd. Fifteen claims in the western part of the property and twenty claims in the eastern part of the property were acquired and are subject to a royalty; the remaining 144 claims were staked directly by VR. There are no other carried interests, joint venture interests, or back-in rights to any mineral claims at Junction.
Summary technical information on the Junction Property geology is available at the Company’s website at www.vrr.ca.
Samples for geochemistry are submitted to the ALS Global (‘ALS”) laboratory facilities in Reno, Nevada, with final analytical work done at the ALS laboratories located in Vancouver, BC., including ICP-MS analyses for base metals and trace elements, and gold determination by atomic absorption assay. Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures 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. Scott Berdahl, P.Geo., Project Development at VR and a non-independent Qualified Person both oversees and participates in all aspects of the Company’s mineral exploration at Junction. 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 VR Resources
VR is an emerging junior exploration company in the copper-gold space (TSX.V:VRR) (Frankfurt:5VR) (OTCBB:VRRCF). The diverse experience and proven track record of its Board in early-stage exploration and discovery is the foundation of VR. The Company is focused on exploring large copper-gold mineral systems in the western United States. VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company. VR is well financed for its exploration strategy focused on three core assets: the Bonita, Junction and Danbo properties. VR owns its exploration assets 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
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, postulate and similar expressions or are those which, by their nature, refer to future events. Forward looking statements in this release include but are not limited to: results have strengthened the targets within the high-grade copper-silver-gold vein system; a first-pass drill program at Junction is planned for this fall.
Although the Company believes that the use of such statements is reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements. Trading in the securities of the Company should be considered highly speculative.
All of the Company’s public disclosure filings are available at www.sedar.com, 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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/9cca83ab-e0a2-4797-bb0e-9c3f08744a8c