VR Resources Provides Exploration Update on Silverback and Empire Projects, Ontario
globenewswire.com
February 06, 2025 07:30 ET | Source: VR Resources Ltd.
VANCOUVER, British Columbia, Feb. 06, 2025 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the "Company", or "VR", is pleased to provide an update on its ongoing exploration activities at the Silverback and Empire projects in northwestern Ontario.
- Two holes are complete and third underway at Silverback, covering 700 metres of strike along the CZ target;
- Data from the down-hole EM survey at the Westwood target at the Empire Project has arrived, and we expect all remaining geochemical data from the December drill program next week.
Justin Daley, CEO of VR Resources, stated, "The crew and rig at Silverback are fully in gear now, and we are genuinely excited about what the first two holes are showing us.
As described in the bullets below, the geological observations so far at Silverback are consistent with our exploration model, using state-of-the-art 3D DCIP data to identify sulfide anchored to a major structure that is evident in our magnetic data. The structure is crossing a large mafic-ultramafic body with nickel mineralization, and is invaded by a strongly altered feldspar porphyry. The presence of trace molybdenite in drill core, along with disseminated pyrite in silicified porphyry with stockwork veining is particularly exciting as it reminds us of known intrusion-related gold systems in the Archean Superior craton elsewhere in Ontario.
We look forward to providing further updates as our exploration advances at Silverback, and all geochemistry results are finally received for the Westwood project."
Silverback Drilling Progress
The first two holes at Silverback, totalling 478 meters, are now complete. The two holes are 700 m apart along the north-south strike of the CZ IP anomaly (Figure 1). Both holes have intersected our target. Key observations from drill core include:
- Molybdenite is observed locally with disseminated pyrite and hydrothermal silicification in feldspar porphyry. This supports occurrences of molybdenite observed on fractures in outcrops nearby (Figure 1).
- Disseminated and vein-hosted pyrite occurs in alteration zones in both drill holes, and within and around quartz-carbonate veining, aligning well with modeled IP chargeability anomalies.
- Quartz-Carbonate veining is extensive in both holes, especially in zones of increased shearing and hydrothermal alteration characterized by silicification.
- Shearing and foliation are widespread in both holes, and present in all lithologic units, reinforcing the strong structural control on hydrothermal alteration and mineralization in the CZ anomaly.
- Silicification in multi-meter zones of intense hydrothermal alteration are observed in the feldspar porphyry in both holes, alongside clay-sericite alteration similar in form to the altered porphyry with elevated gold reported for Hole SB24-002 in News Release NR-24-23 on October 24, 2024.
Assay Update
Receipt of final geochemical data from Westwood’s drill program has been delayed due to staffing challenges at the laboratories in both Thunder Bay and Calgary through the holiday season and into January. The lab is now operating at full capacity and projects a 3-week turn around for drill core samples from the current program at Silverback. As with the Westwood drill program, we have submitted sections of core in from the first two holes at Silverback for assay in order to receive some early geochemical data to help us calibrate our logging and better understand mineralization during the program, and to facilitate better decision making during the drill program.
As with Westwood, our intent for Silverback is to release all data together when they are available after drilling is completed, and after we have had the time to complete the requisite work to review QAQC standards and blanks, calculate relevant metal ratios and determine any relevant trace element indicator signatures for the copper-nickel-PGM targets in the case of Westwood, and with a particular focus on the potential for epizonal Au-Ag-As-Sb-Te-Mo signatures at Silverback based on our current observations in the first two holes.
Figure 1. Plan map (upper) and north-south section (lower) of the recent 3D array DCIP survey at Silverback, with locations for drill holes completed in the spring of 2024, and for those planned and now underway in 2025. The plan map shows IP isoshells at 12.5 mV/V (orange) and 15 mV/V (red) on a basemap with inferred shear-zones and outline of the mafic dykes and intrusions with copper-nickel sulfides which span the entire property. The central and largest IP anomaly, CZ, correlates with the strongest shear-fabrics observed in outcrop, and magnetic destruction evident in the gap in magnetic contours on the plan map and are potentially the result of hydrothermal alteration.
Technical Information
Surface grab samples and drill core samples were submitted for geochemical analysis to the AGAT laboratory in Thunder Bay, Ontario. Drill core was logged, cut and sampled at the Holbik Exploration warehouse in Upsala, Ontario, with sample preparation completed by AGAT in Thunder Bay, alongside gold and PGE determination by atomic absorption assay. ICP-MS analyses for base metals, whole rock, and trace elements is performed at AGAT’s laboratory in Calgary, AB. Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures, including the systematic insertion of sample duplicates, blanks and certified reference material (CRM) done both externally and internally at the laboratory by AGAT, as described by AGAT.
Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. The content of this news release has been reviewed on behalf of the Company by Justin Daley, MSc, PGeo, President & CEO at VR, and a non-independent Qualified Person who oversees and/or participates in all aspects of the Company’s mineral exploration projects.
About the Empire District Project
The Empire project consists of 413 mineral claims in 2 contiguous blocks covering 12,334 hectares. The project is located on Federal Crown Land, with mineral rights administered by the Ontario Ministry of Mines. There is a 2% net smelter royalty on the claims. There are no annual payments, but the Ministry requires certain annual exploration expenditures and reporting (i.e. mineral assessment reports) in order to maintain a mineral claim in good standing. The project falls within the Lac de Mille Lacs First Nation traditional territories.
About the Silverback Project
The project consists of 71 mineral claims in one contiguous block covering 4,442 hectares. The project is located on Federal Crown Land, with mineral rights administered by the Ontario Ministry of Mines. There is a 2% net smelter royalty on the claims. There are no annual payments, but the Ministry requires certain annual exploration expenditures and reporting (i.e. mineral assessment reports) in order to maintain a mineral claim in good standing. The Project fall within the Lac de Mille Lac First Nation traditional territories.
About VR Resources Ltd.
VR is an established junior exploration company based in Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates, explores and advances opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada. VR applies modern exploration technologies, in-house experience, and expertise in greenfields exploration to large-footprint 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 financed for its mineral exploration and corporate obligations. VR owns its projects outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Justin Daley”
Justin Daley, MSc, P.Geo
President & CEO
For general information please use the following:
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 expectations that it will complete a drill program at Silverback or report on geochemistry from Westwood, 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; 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; 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.
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