VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the
"Company", or “VR”, has received all geochemical data from the
first phase of drilling completed in March at its Amsel property in
Nevada. In three reverse circulation holes (“RC”) completed to
depths ranging from of 774 – 823 ft (236 - 251 m), gold and silver
mineralization was intersected in altered tuff in the upper parts
of Holes 1 and 2, in the lower part of Hole 1, spanning about 200
vertical metres overall in the uppermost part of the epithermal
gold-silver system at Amsel:
• Hole 1: |
62.5m @ 15.9 g/t Ag & 0.10 g/t Au, incl.: |
|
12.2m @ 32.6 g/t Ag & 0.12 g/t Au, starting at 211.8 m. |
• Hole 2: |
7.6m @ 7.5 g/t Ag & 0.5 g/t Au starting at 7.6 m, incl. 0.9 g/t
Au over 1.53 m. |
|
|
Figure 1 shows the large, 2 x 3
km potassium alteration footprint of the low-sulfidation,
epithermal gold-silver system at Amsel, the array of permitted
drill holes covering the three main IP target areas named North,
South and Grove, and the three drill holes completed in March, all
located in the North IP block. The second leg of the two-stage
reconnaissance drill program is planned for this summer, designed
to complete the drill testing of all three of the main target
areas.
As shown in Figure 1, silver soil geochemistry
is by far the strongest in the southwest quadrant of the large
surface alteration zone at Amsel. The correlation with the South IP
anomaly is strong, and it will be the focus of drilling this
summer; to explore for higher grades in the high temperature core
of the system.
CEO Comment
From VR’s CEO Dr. Michael Gunning: “The 205 feet
of gold and silver mineralization in the bottom of Hole 1 confirms
a strong vertical dimension to the large alteration footprint that
is exposed on surface at Amsel. I encourage our shareholders to
take a few moments to scroll through the figures below to
understand our conviction for continued drilling this summer to
test the South IP anomaly located in the adjacent structural block
for greater concentrations of sulfide, gold and silver.
The goal of the two-stage reconnaissance drill
program is to test all three of the main target areas within the
broad surface alteration footprint at Amsel. We started on the
North IP anomaly this past winter mostly for logistical reasons.
The South IP anomaly targeted for this summer is, by comparison:
1. larger in plan view;
2. more deeply rooted in
cross-section; 3. stronger in
chargeability values, and 4.
located below the strongest silver soil geochemistry with an
associated high-temperature signature of thallium-tungsten-moly and
lead. The last two points are particularly important in terms of
“what’s next” at Amsel.
Hydrothermal fluids are channeled by faults. The
large epithermal system at Amsel is anchored by a horst structure
developed along the western margin of the Big Ten caldera, as shown
in Figure 5. Based on points one to four from
above, we believe that the southern block of the horst was the
principal pathway for hydrothermal fluids and pyrite deposition
proximal to the high temperature source at Amsel, and so that is
where we plan to take the drill this summer; to the South IP
anomaly to search for higher grades compared to those in the broad
intersection in Hole 1 located in the adjacent structural block to
the north.
The correlation of the core attributes at Amsel
to the 20Moz gold system at Round Mtn. located nearby to the north
reminds us of the upside potential at stake at Amsel, and thus the
importance of testing all of the key targets
across the entire alteration system exposed at surface. I hope this
NR illustrates why VR intends to be the first company ever to do
so.”
Illustration of Strategy Going Forward
Figure 2 shows an oblique view
of the 3D chargeability model for Amsel, with molybdenum
geochemistry on drill traces down the axis of the North IP anomaly.
The DCIP survey in 2018 successfully mapped sulfide.
Figure 3 shows the strength in
lead geochemistry over the South IP anomaly. Lead is an indicator
of proximity to fluid and heat source. The magnetic high visible on
this map immediately to the east of the lead anomaly and South IP
body is inferred to be an intrusion, and potentially the overall
driver of the hydrothermal system at Amsel.
Figure 4 shows the 3D
iso-shells derived from the DCIP survey completed over the entire
alteration system at Amsel in 2019. The South IP anomaly will be
targeted this summer for the second leg of drilling because: 1. it
is the largest IP body; 2. it has the strongest chargeability
values indicative of greater sulfide, and; 3. it is the most deeply
rooted IP body, as is more easily seen in Figure 5
on the north-south cross section through the 3D model of the IP
inversion.
Figure 6 is a photo of RC drill
chips from the bottom of Hole 1, showing fine-grained pyrite and
hydrothermal quartz within the low grade but broad intersection of
silver and gold; additional photos of alteration and sulfide in
drill chips from the North IP anomaly are available in the previous
news release dated March 22, 2022. The South IP block will be
tested this summer for higher grades of gold and silver because the
stronger chargeability values in the IP data (see Figure 4) are
indicative of higher concentrations of sulfide.
About the Big Ten Project
Property Location and DescriptionThe 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.
Geology and History 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 current Big Ten land package held by VR is
the result of reconnaissance surface exploration from 2017 through
2020, including 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 km long which transects
the entire Big Ten volcanic caldera.
Amsel has been the focus of exploration since
2018, based on the sheer size of its quartz-adularia alteration
footprint. There are historic workings at Amsel from the 1920’s,
and cursory exploration in the late 1970’s, with no modern or
systematic exploration since. VR has the opportunity to be the
first Company to use new exploration technologies on the
large-scale alteration system that were not available in the
1970’s, and similarly, to apply 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 during the past 5 years.
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.
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.caEmail: info@vrr.caPhone:
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: “follow up this drilling by
testing the Southern IP block this summer for higher gold and
silver grades in the center and root of the epithermal system at
Amsel, 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.
Figure 1.Location of the three
RC drill holes completed in March, 2022, relative to the DCIP
anomalies shown in red, and located within the southwest quadrant
of the large airborne radiometric potassium anomaly and coincident
quartz-adularia alteration mapped on surface covering the hilltop
at Amsel. Black triangles are permitted drill holes. First-pass
drilling is in two stages: the North IP anomaly was tested this
past winter, and; the South IP anomaly and Grove anomalies are
targeted for the second leg of drilling this
summer.https://www.globenewswire.com/NewsRoom/AttachmentNg/a8c45942-5795-48b4-9bcf-d5bd1118b15f
Figure 2.Moly geochemistry
shown as coloured disks on the three down-hole drill traces into
the North IP anomaly, with coloured, 3D iso-shells from the DCIP
survey draped on topography of the Amsel hilltop. This is a
north-south section across the North and South IP anomalies shown
on the plan map in Figure 1. This geochemistry confirms that
sulfide mineralization at Amsel correlates with IP anomalies. As
such, shown are the drill traces into the larger and more deeply
rooted South IP anomaly planned for the second leg of drilling this
summer.https://www.globenewswire.com/NewsRoom/AttachmentNg/2ab5e66f-b192-4cca-98c5-98d5a2f696e3
Figure 3.Lead is a high
temperature geochemical indicator of proximity to fluid source.
This is lead data from the soil grid covering the entire potassium
anomaly at Amsel, plotted on an RTP magnetic map derived from the
airborne survey flown by VR in 2018. Lead geochemistry is strongest
over the South IP anomaly, which occurs within the low-magnetic
alteration halo on the west margin of the magnetic high shown in
red, which is inferred to be an intrusive plug and the potential
driver of the overall hydrothermal system at
Amsel.https://www.globenewswire.com/NewsRoom/AttachmentNg/e5b71cbc-27e0-4ab9-b5c7-4fb9e6aa3e4f
Figure 4.3D iso-shells from the
DCIP survey completed in 2019 at Amsel, plotted on a satellite
image of the hill top. Shown are the locations of the three RC
drill holes completed in March into the North IP anomaly, and the
traces of holes planned for the second leg of drilling this summer
into the larger, and stronger South IP anomaly. The purple colours
in the South IP anomaly are for stronger chargeability values which
are indicative of greater abundance of sulfide
minerals.https://www.globenewswire.com/NewsRoom/AttachmentNg/96a67d53-cb98-45b2-89f6-b8cc8699b429
Figure 5.A north-south section
through the 3D inversion block model derived from the DIAS 3D-array
DCIP survey completed in 2019. Shown schematically are the three RC
drill holes completed in the northern IP anomaly, with coloured
disks for silver geochemistry. The second leg of drilling planned
for this summer will focus on the larger South IP anomaly. For
reference, the high chargeability areas in pink are shown on the
plan maps in Figures 1, 3 and
4.https://www.globenewswire.com/NewsRoom/AttachmentNg/369fab2a-7181-44bf-a746-30fc08766c26
Figure 6.Chip pile from
cuttings RC Drill Hole 001 at 188.98 m which contained 0.92 g/t
gold over 1.53 m. Visible pyrite is disseminated throughout course,
green sericite-altered (potassium clay) rhyolite chips up to 2cm
across, with chalcedonic silica at the center of the
image.https://www.globenewswire.com/NewsRoom/AttachmentNg/2371ae79-8ee8-4ec4-90f8-762b1c06ef0e
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