VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the
"
Company", or “
VR”, is pleased to
provide new data from the
first of five holes
completed in October at its Hecla-Kilmer (“H-K”) project in
northern Ontario. A 299 m intersection in drill hole HK21-005,
starting near surface, confirms the discovery of a new and
large-footprint REE and Critical Metals system at H-K:
- Total rare earth
oxides (TREO(1)) average 0.47 % TREO over 299.53
metres starting near surface at 52 metres
hole depth, just 8 metres below the base of till, and include:
- TREO up to 1.70 % over 3 m from 156
m, within 28 m of 0.80 % TREO starting at 152
m;
- Middle and Heavy rare earth oxides
(MHREO(2)) of up to 0.18% over 3 m at 152 m.
- Concentrations of the critical
metal niobium of 0.20%
Nb2O5
over 237.46 m, including:
- 55 m at 0.23% Nb2O5 and 25.4 ppm
Ta2O5 from 183 m;
- 31 m at 0.31% Nb2O5 and 33.4 ppm
Ta2O5 from 275 m.
Table 1 below provides a summary of results
to-date from the reconnaissance drilling at H-K.
Drill hole |
|
From(m) |
To(m) |
Length(m) |
TREO(1)(%) |
MHREO(2)(%) |
MH-T(3) |
Li2O(ppm) |
Nb2O5(%) |
Ta2O5(ppm) |
ThO2(ppm) |
HK21-005 |
New |
52 |
351.53 |
299.53 |
0.47 |
0.04 |
8.6 |
% |
94 |
0.18 |
23.8 |
135 |
including |
New |
80.75 |
318.21 |
237.46 |
0.49 |
0.04 |
8.2 |
% |
91 |
0.20 |
27.3 |
149 |
including |
New |
152 |
180 |
28 |
0.80 |
0.08 |
9.7 |
% |
72 |
0.17 |
26.5 |
252 |
including |
New |
156 |
159 |
3 |
1.70 |
0.18 |
10.3 |
% |
52 |
0.08 |
16.1 |
562 |
including |
New |
183 |
238 |
55 |
0.44 |
0.03 |
7.5 |
% |
106 |
0.23 |
25.4 |
123 |
including |
New |
186 |
190 |
4 |
0.61 |
0.04 |
6.9 |
% |
114 |
0.42 |
28.2 |
159 |
including |
New |
275 |
306 |
31 |
0.61 |
0.04 |
6.0 |
% |
102 |
0.31 |
33.4 |
215 |
including |
New |
299 |
306 |
7 |
0.86 |
0.06 |
6.6 |
% |
90 |
0.42 |
45.5 |
330 |
|
|
|
|
|
|
|
|
|
|
|
|
HK20-002 |
NR-21-17 |
159.60 |
183 |
23.4 |
0.63 |
0.06 |
9.9 |
% |
427 |
0.05 |
8.3 |
152 |
|
NR-21-17 |
553 |
606 |
53.00 |
0.51 |
0.05 |
9.1 |
% |
130 |
0.12 |
17.1 |
390 |
including |
NR-21-17 |
566.65 |
585 |
18.35 |
0.67 |
0.07 |
9.4 |
% |
114 |
0.14 |
18.8 |
548 |
|
|
|
|
|
|
|
|
|
|
|
|
HK20-004 |
NR-21-20 |
40.30 |
98.40 |
58.10 |
0.38 |
0.04 |
11 |
% |
107 |
0.15 |
25.37 |
155 |
including |
NR-21-20 |
57 |
60.21 |
3.21 |
1.44 |
0.15 |
10 |
% |
119 |
0.17 |
25.20 |
438 |
including |
NR-21-20 |
67.23 |
78 |
10.77 |
0.35 |
0.04 |
11 |
% |
82 |
0.27 |
50.12 |
259 |
(1) |
TREO is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Sm2O3 +
Eu2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 +
Lu2O3 + Y2O3 |
(2) |
MHREO is the sum of the middle
and heavy rare earth oxides (Sm2O3 + Eu2O3 + Gd2O3 + Tb2O3 + Dy2O3
+ Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3) |
(3) |
MH-T is MHREO divided by TREO,
expressed as a percent. |
Figure 1 shows the key
intersections and drill collar locations for the nine drill holes
completed to date at H-K. The four drill holes completed in 2020
targeted the MVI (total magnetic vectorization) anomaly, and
discovered rare earth element (“REE”) and critical metal
mineralization over 50 m widths (see data in
Table 1, and drill core photo in Figure 3). The
five follow-up drill holes completed last month, the first of which
is reported on herein, with the remaining holes to be reported on
when final geochemical data are received, focused on the high
contrast, 3.5 mGal gravity anomaly that is co-spatial with, but
offset from, the MVI magnetic anomaly targeted in 2020. The 299 m
intersection in Hole 005 is in the east-central part of the gravity
anomaly.
H-K is Confirmed as a new REE and
Critical Metal System in Canada
The new data from drill hole HK21-005 confirms
the discovery of rare earth elements (“REE”) and critical metals,
for example, niobium and lithium, by the first round of
reconnaissance drilling in 2020 (drill hole HK20-002 reported in
July in NR-21-17, and; drill hole HK20-004
reported in October in NR-21-20). Drill hole
HK21-005 confirms a strengthening of the mineral system within the
main gravity anomaly.
Scale is important. Figure 1 shows the breadth
of mineralization already evident in the early-stage drilling at
H-K. Shown are niobium intersections for drill holes 002, 004 and
005 based on geochemical data in-hand, and for hole 003 based on
XRF data. Also shown are the breadth of intersections of
carbonatite dykes (phoscorite) which are logged in the remaining
2021 drill holes, and which host the REE minerals.
- Drill holes 002 and 004 are
200 metres apart, with mineralization at surface
and spanning more than 500 vertical metres;
- Mineralization in Hole 005 spans
299 metres of drill core through the central and
eastern part of the gravity anomaly which itself measures
400 x 800 metres in size;
- Mineralization observed in drill
core and evident in XRF mineral scans in Holes 008 and 009, for
which geochemical data are not yet in hand, are separated by
approximately 1,000 metres along the long axis of
the gravity anomaly.
Figure 2. Graphic log showing
new geochemical data for Hole 005, including total rare earth oxide
(TREO), medium to heavy rare earth oxide (MHREO), and the critical
metals niobium and tantalum (Nb-Ta).
Figure 3. The key minerals
which host the REE’s at H-K include monazite,
bastnaesite, fluorapatite and apatite, and pyrochlore for
niobium. The mineralization is hosted in sulfide-bearing
carbonatite dykes (phoscorite), fluorite-carbonate vein breccia and
hydrothermal breccia. Drill holes 004 and 005 are overprinted by a
high temperature, calc-potassic alteration
assemblage which starts at surface and includes magnetite,
biotite and amphibole.
Comment from the CEO
From VR’s CEO Dr. Michael Gunning: “These new
data confirm and expand upon the potential significance of the REE
and critical metal component of the hydrothermal breccia system at
H-K as first discovered in our reconnaissance drilling last
year.
Despite the very early stage of our drilling,
four different styles of mineralization are already evident
at H-K: 1. REE + Nb in veined and brecciated carbonatite
dykes; 2. lithium mineralization in hydrothermal breccia; 3. copper
sulfide in veinlets with iron and silica, and; 4. elevated
secondary gold in porphyry dykes.
Of these, it is already clear that the REE + Nb
component of the hydrothermal system at H-K has significant
potential value based on: 1. the vertical and lateral scale
represented by the early intersections; 2. the polymetallic
signature including niobium, light and heavy rare earth elements,
and; 3. TREO concentrations
over a 299 m intersection are similar to the
average grades reported for many REE deposits globally, bolstered
by a niobium signature achieving 0.2% over a full 237m within that
interval.
For those shareholders more accustomed to gold
or copper, a value metric for the significance of
the 299 m intersection in Hole 5 includes:
0.2% Nb205 = 1.45 g/t gold or 1.9 % copper at equivalent prices of
US$1750/oz gold and US$4.3/kg copper based on current metal values
(e.g. Kitco.com, metalary.com).
Mineralogy is also important. Monazite is a key
mineral host to the REE’s at H-K. Extraction from monazite is
proven, and facilities are expanding in North America; H-K is
aligned with current industry developments, and with policy
statements from governments across North America regarding the
desire for domestic supply of the rare earth elements and critical
metals for the transition beyond a fossil fuel-based economy.
Location is just as important, in terms of those
REE and critical metal projects and deposits which are advanced,
and those which are not. I want to remind our shareholders to read
the first paragraph of the “About Hecla-Kilmer” section at the end
of this news release in order to appreciate where this project is
located with respect to provincial rail, power and highway
infrastructure.
Our drilling to date, and this new geochemical
data, are just the starting point for a mineral system and host
multiphase complex of the scale and metal
diversity seen at H-K. We will have a more accurate
picture for the potential of all four styles of mineralization at
H-K, especially the copper and gold, when: 1. we
have all of the geochemical and mineral data in hand from all nine
holes completed to date on the northern magnetic and gravity
anomaly, and; 2. we have completed additional
reconnaissance drilling on the larger magnetic anomaly located 2 –
3 km to the south of the current drilling, on the southern margin
of the complex. To be certain, we have only just begun to delineate
mineralization associated with the large gravity anomaly, and the
remainder of this very large complex has yet to be drill-tested,
period.
We look forward to providing further updates as
we receive additional geochemical data from the remaining drill
holes completed in October, receive proprietary AI analyses of XRF
mineral data, and complete 3-D models integrating new magnetic,
density and structural data from drill core.”
Background
Hecla-Kilmer (“H-K”) is a large and multiphase
alkaline intrusive complex with carbonatite which is 4 – 6 km
in diameter. It is Proterozoic in age, and was emplaced along the
western margin of the crustal-scale Kapuskasing structural zone
which bisects the Archean Superior Craton in northern Ontario.
A shallow, six-hole diamond drill program was
completed in 1970 as part of a regional base metal exploration
program by Ashland Oil and Elgin Petroleum. One hole was abandoned,
and a scant 854 m were completed in total in the other 5 holes, all
on magnetic highs in the outer concentric zones of the complex. No
geochemical sampling or data are reported. Selco Exploration
Company completed two drill holes in 1981 on peripheral magnetic
highs as part of a regional diamond exploration program; they
intersected ultra-basic rocks and breccias peripheral to the outer,
concentric zones of the multiphase H-K complex. A regional airborne
magnetic survey covering H-K was completed in 1993 for diamond
exploration, after the early drilling at H-K; it provides high
resolution detail of a concentrically zoned magnetic anomaly at
H-K.
The opportunity for VR is to be the first
company to apply modern IOCG and carbonatite mineral deposit models
to explore the multiphase H-K complex and hydrothermal breccia
system as a whole, and to use
new exploration technologies not previously
available when the historic drilling was done. VR completed the
first airborne EM survey over H-K in June, 2020, using the
state-of-the-art VTEM+ system of Geotech Ltd. Flown at 100 m line
spacing over a 6 x 7 km survey block for a total of 450 line-km,
the data provide a high resolution of detail. The Company also had
an independent, 3-D inversion of both magnetic and EM data
completed for improved modeling. Finally, a ground-based gravity
survey covering an area of 1.5 x 3.5 km was completed in the winter
season of 2021, with high-resolution data generated from 597
stations on an equant grid spacing of 100 m. The reader is referred
to NR-20-08 dated June
18th, 2020, for
photographs of magnetite-copper-fluorite vein and vein breccia
replacement in core from the historic 1970 drill holes located
around the periphery of the new gravity anomaly delineated by VR,
and gold grains retrieved from drill core rubble. Current
exploration by VR is utilizing this newly acquired geophysical data
to both explore for the source of the copper and gold in the
historic core rubble, and to expand upon on the new discovery of
REE and Critical Metals in our first-pass drilling in 2020 and
2021.
Technical Information
Summary technical and geological information for
the Company’s various exploration properties is available at the
Company’s website at www.vrr.ca.
VR submitted all drill core for GeologicAI XRF
and SWIR scanning and sawn drill core samples for geochemical assay
to the ALS Global Ltd. (“ALS”) laboratory facilities in Timmins,
Ontario, with final geochemical analytical work done at the ALS
laboratory located in North Vancouver, BC., including lithium
borate fusion, ICP-MS and ICP-AES analyses for base metals, trace
elements and full-suite REE analysis, and gold determination by
atomic absorption on fire assay. Analytical results are subject to
industry-standard and NI 43-101 compliant QAQC sample procedures
externally by the Company and internally at the laboratory as
described by ALS. Samples from HK20-002 reported on July 22nd, 2021
were sent to SGS Canada Inc. with a comparable procedure and
analysis, as described in previous news releases.
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., Exploration Manager and Chief Geologist 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 CEO, Dr. Michael Gunning, P.Geo., a non-independent
Qualified Person.
About Hecla-Kilmer
The Hecla-Kilmer complex is located 35 km
southwest of the Company’s Ranoke property in northern Ontario. It
is located 23 km northwest of the Ontario hydro-electric facility
at Otter Rapids, the Ontario Northland Railway, and the northern
terminus of Highway 634 which links the region to the towns of
Cochrane and Kapuskasing along the northern Trans-Canada Highway
located some 100 km to the south.
The H-K property is large. It
consists of 224 mineral claims in one contiguous block
approximately 6 x 7 km in size and covering 4,617 hectares. The
property is owned 100% by VR. There are no underlying annual lease
payments on the property, nor are there any joint venture or
back-in interests. There is an industry-standard royalty attached
to the property, including a buy-back provision in favour of
VR.
Like the Ranoke property, H-K is located on
provincial crown land, with mineral rights administered by the
provincial Ontario Ministry of Northern Development and Mines
(MNDM). There are no annual payments,
but the MNDM requires certain annual exploration
expenditures and reporting. The property falls within the
traditional territories of the Moose Cree and Taykwa Tagamou First
Nations.
About VR Resources
VR is an established junior exploration company
focused on greenfields opportunities in copper and
gold (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 continues its normal course of
business in 2021 within the framework of modified exploration
programs in response to the COVID-19 pandemic, with the goal of
ensuring the health and safety of staff and project personnel.
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, anticipate, intend, estimate,
postulate and similar expressions or those which, by their nature,
refer to future events. Forward looking statements in this release
include “The new data from drill hole HK21-005 confirm the
discovery of rare earth elements (“REE”) and critical metals”, “We
look forward to providing further updates as we receive additional
geochemical data from the remaining drill holes completed in
October” 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 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.
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 may be accessed via
www.sedar.com and 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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