VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the
"Company", or “VR”, is pleased to announce that it is on the ground
in Nevada completing final preparations for first-pass drilling at
its Amsel gold-silver project in Nevada. Field crews cleared the
main access road and prepared drill sites in the last two weeks of
January, and the drill is expected to arrive on site this week to
commence drilling.
CEO Comment
From VR’s CEO Dr. Michael Gunning: “The Company
has four years of exploration under its belt at Amsel and along the
20 km long trend of gold-silver veins within the Big Ten caldera.
High-grade veins at the Danbo property were our initial focus, but
it is the Amsel property that has produced by far the most
compelling and integrated target for a large-scale epithermal
gold-silver system.
The correlation of the Amsel target to the
nearby Round Mountain deposit, a 120 year mining operation which
has now produced more than 20 Moz of gold, is outlined in NR-21-21
(Nov. 9, 2021) and summarized in a ‘Six Minute CEO’ video interview
posted on the Company’s website Homepage at www.vrr.ca.
Again, I would like to thank our shareholders
for their patience in getting to this point. We look forward to
providing further updates as the drill starts turning on the
first-ever drill program into the heart of the large epithermal
gold-silver system at Amsel. To be clear, we are taking a two-stage
approach to this first-pass drilling, starting with the northern
part of the target this winter, and then testing the larger and
stronger southern part of the anomaly located on the southern
hillslope this summer.
With that, I would encourage readers to take a
moment to walk through the figures below which illustrate the
setting, geology, scale, and intensity of the integrated target we
are about to drill at Amsel.”
Illustrations
The integrated target at Amsel is new; it has
never been drilled historically. Despite easy road access to the
property, as shown in Figure 1a, historic
exploration focused on the hilltop where topography is subdued and
tree-cover sparse. However, the hilltop is covered by a
stratigraphic cap unit of nearly impermeable welded tuff that
impeded hydrothermal fluids. This cap unit itself has a widespread
and pervasive quartz-adularia alteration with overprint of sericite
and clay, and gold in soil up to 0.25 g/t, as shown in
Figure 1b. But our target is the core of the
epithermal system below this mineralized and altered cap, directly
analogous to Round Mountain.
VR completed a state-of-the-art 3D-array DCIP
survey in 2019. A new and large IP anomaly is delineated on the
southwestern flank of the hill, in the southwest quadrant of the 2
x 3 km potassium alteration zone, as shown in Figure
2a. The anomaly comes to near-surface, below talus and
weathered colluvium, and extends through the entire 500 m vertical
extent of the 3D inversion model, as shown in Figure
2b. Examples of altered, mineralized vein breccia which
occur on surface, directly above the IP anomaly are shown in
Figure 3a and Figure 3b. VR will
target the IP anomaly below these rocks for quartz-adularia vein
stockwork with pyrite, gold and silver in the central root of the
low-sulfidation epithermal system responsible for the large
alteration footprint at surface.
Drilling Plan
The objective of first-pass drilling at Amsel is
to test the three parts of the main IP anomaly shown in
Figure 2a: North, South, and Grove. Having
received the Plan of Operations permit in November, late in the
year, VR is now planning the first-pass drilling of Amsel in two
phases:
- Phase I: North IP
anomaly. A short initial program of 4 – 6 holes is planned
for February-March. Schematic drill traces are shown in
Figure 2b. The topography and road access of the
north anomaly are amenable for safe and effective drilling under
winter conditions at elevation. The north IP anomaly occurs
directly below surface outcrops of tuffisite breccia with
epithermal textures including bladed quartz-carbonate (boiling),
open-space, crustiform and banded quartz-adularia veins with local
pyrite, and a widespread overprint of sericite and clay. These
outcrops coincide with the strongest potassium alteration in the
entire 2.2 km alteration footprint at Amsel, and surrounding soil
contains up to 0.25 g/t gold and 2.2 g/t silver (Figure 1b
and Figure 2a). As such, the north IP anomaly is targeted
as a structurally controlled precious metal bonanza zone that
typically occurs below the boiling level in epithermal systems
(e.g. Buchanan, 1981).
- Phase II:
South IP anomaly and Grove anomaly. A longer
program of 6 – 10 holes is planned for earliest summer, July and
August, when conditions are more favorable for safe and efficient
drilling on the eastern and southwestern flanks of the hilltop at
Amsel where the Grove and the South IP anomalies occur,
respectively. The south IP anomaly is the largest, the most deeply
rooted, and has the highest chargeability amplitude (Figure
2b). It is also coincident with the strongest soil
geochemistry which in addition to gold and silver includes the
moly-lead-tungsten-thallium signature which is indicative of high
temperature proximal to the source, and magmatic driver of the
overall epithermal fluid system.
Overall Target Definition at Amsel
VR is focused on the strong correlation between
pyrite, adularia and gold-silver geochemistry in both rocks and
soil at Amsel. The objective is to discover pyrite-bearing quartz
vein stockwork and breccia in the central root and driver of a
low-sulfidation epithermal system responsible for the large and
intense alteration footprint exposed at surface.
The 2 x 3 km potassium airborne radiometric
anomaly which covers the entire hilltop at Amsel (Figure
1b) correlates with a cap unit of more impermeable welded
rhyolite tuff that impeded hydrothermal fluids and is extensively
altered to an adularia-quartz-pyrite assemblage with a clay and
sericite overprint. This correlation has been established via
detailed mapping and grid-based rock sampling, soil sampling,
spectral mineral mapping, and petrography completed during the past
four years.
The core of the epithermal system is in the
southwest quadrant of the potassium airborne anomaly based on
mapping, stratigraphy, structure, grid-based rock and soil
geochemistry, mineral chemistry and IP geophysics completed by
VR:
- The north and south bodies of the
main IP anomaly shown on the plan map in Figure 2a
occur on either side of controlling faults of a horst structure, as
shown in the cross-section in Figure 2b. High
crystallinity sericite mineral alteration occurs along the
northwest-southeast structural trend of the faults which define the
horst structure, based on hyperspectral mapping of grid-based rock
samples from 135 stations over a 1.8 x 2.2 km area. Soil anomalies
in gold-silver-arsenic occur over both parts of the IP anomaly,
based on a soil survey including 165 samples in a 100 m equant
station grid array covering the entire 2 x 3 km airborne potassium
anomaly at Amsel. There is also a high temperature signature
including lead-moly-tungsten-thallium associated with the gold and
silver over the south IP anomaly. Mineralized rocks at surface
above the north and south IP anomaly are shown in Figure
3.
- The 700 x 900 m IP anomaly shown in
Figure 2a is from a DIAS 3D-array DCIP survey
completed in 2019. It includes 19 line-km over a 3.2 x 1.2 km grid
area utilizing a 100 m station spacing for 150 receiver stations
generating more than 95,000 dipole data points for
the 3D inversion model. As shown in Figure
2b, the IP anomaly at Amsel extends from surface through
the 500 m vertical extent of the 3D inversion model. IP
chargeability anomalies are used to map pyrite, and pyrite
correlates with gold in surface samples from Amsel itself and along
the entire 20 km Big Ten mineral trend, and at the Round Mountain
deposit located 45 km to the northwest.
This target is new. Gold was
confirmed in three short RC drill holes completed within the cap
unit of altered, welded tuff during cursory exploration in the
early 1980’s which was restricted to the hilltop at Amsel where
topography is subdued and tree-cover is sparse (Figure
1a). The new IP and multi-element geochemical anomaly on
the southwestern flank of the hill was never drilled; it is the
result of the new exploration technologies utilized by VR.
About the Big Ten Project
The Big Ten project is located in Nye County in
west-central Nevada. It is in the southern part of the Monitor
Range, approximately 50 kilometres northeast of Tonopah. Cost
effective exploration is afforded by road access to the property on
Nevada State Highway 82, with actively used historic ranch and mine
roads throughout and within the various properties along the
trend.
There are currently seven properties along the
20 km length of the Big Ten mineral trend. They total 117 claims
covering 2,417 acres. Each property is a single, contiguous claim
block. The properties are owned 100% by VR, registered to the
Company’s wholly-owned, Nevada-registered US subsidiary. There are
no underlying annual lease payments on the property, nor are there
any joint venture interests, carried interests or back-in rights on
the various properties. There is a 3% net smelter returns royalty
on certain claims in the Danbo property, and a 2% net smelter
returns royalty on the Amsel property, which currently consists of
66 claims covering 1,363 acres.
The land package is the result of reconnaissance
surface exploration by VR throughout 2018 and 2019, in follow-up to
a high resolution airborne magnetic and radiometric survey, and an
airborne hyperspectral survey used to map alteration minerals.
Integrated results from the exploration define a structural
corridor and mineral trend 20 kilometres long which transects the
entire Big Ten volcanic caldera.
The Big Ten Tertiary volcanic caldera is located
along the eastern margin of the Walker Lane mineral belt, host to
numerous Cenozoic-aged gold and silver deposits in western Nevada.
Big Ten is located 45 km to the southeast of the Round Mountain
deposit which is hosted in a rhyolite volcanic center (caldera)
that is roughly the same age as Big Ten, and in 2020 surpassed 20
Moz of produced gold (Kinross Gold Corporation). The correlation of
adularia and pyrite alteration with gold at Amsel and along the
20km Big Ten trend is also well documented at the low-sulfidation
epithermal system at Round Mountain.
The cursory nature of exploration at Amsel in
the early 1980’s, and the lack of any modern exploration since
provides VR with the opportunity to be the first group to use new
exploration technologies on the large-scale alteration system that
were not available in the 1980’s, and similarly to apply the
insights from current mineral deposit models developed for
epithermal gold and silver deposits in the Walker Lane belt during
the past 40 years, including Round Mountain.
The Company’s website at www.vrr.ca provides a
more complete overview of the Big Ten epithermal gold project,
including locations and descriptions of the seven individual
properties, select property-scale plan maps with gold-silver assays
from surface grab samples, and field photographs of epithermal
textures in sulfide-bearing quartz veins. Included is a bulleted
summary of the various airborne surveys and surface exploration
programs completed by VR from 2016 to 2019.
Technical Information
Summary technical and geological information on
the Company’s various properties is available at the Company’s
website at www.vrr.ca.
VR submits all surface grab samples and/or drill
core samples collected from Nevada-based exploration projects for
geochemical analysis to the ALS Global (“ALS”) laboratory in Reno,
Nevada. Sample preparation is completed in Reno. Analytical work is
completed 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, and reviewed by
Justin Daley, P.Geo., Exploration Manager and Chief Geologist at VR
and a non-independent Qualified Person who oversees and/or
participates in all aspects of the Company’s mineral exploration
projects. 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 established junior exploration company
focused on greenfields opportunities in copper and precious metals
(TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is the continuance
of 4 years of active exploration in Nevada by a Vancouver-based
private company. The diverse experience and proven track record of
its Board in early-stage exploration, discovery and M&A is 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 an ongoing basis, whether by staking
or acquisition.
The Company entered into a one-year Agreement with PI Financial
Corp. (“PI”), Vancouver, effective February 14, 2022, for capital
market support services for the purpose of maintaining an orderly
market in the shares of vrr.v, and in accordance with TSX Venture
Exchange policies and applicable laws.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H.
Gunning”_____________________________Dr. Michael H.
Gunning, PhD, PGeoPresident & CEO
For general information please use the following:
Website: www.vrr.ca
Email: info@vrr.ca
Phone:
604-262-1104
Forward Looking Statements
This press release contains forward-looking
statements. Forward-looking statements are typically identified by
words such as: believe, expect, plans, anticipates, intends,
estimate, 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: “VR is now planning the
first-pass drilling of Amsel in two phases”, and “VR evaluates new
opportunities on an ongoing basis, whether by staking or
acquisition.”
This news release contains 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 or rights
to explore. Readers are cautioned that mineral deposits on adjacent
or similar properties are not necessarily indicative of mineral
deposits on the Company’s properties.
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;
readers are urged to review these materials.
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.
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2a: https://www.globenewswire.com/NewsRoom/AttachmentNg/465de685-087d-4bec-9ba6-a0a353c16180
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3b. https://www.globenewswire.com/NewsRoom/AttachmentNg/570e0a46-84e0-4408-8437-24d5fba6edc3
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