VANCOUVER, BC - (NewMediaWire) - July 16, 2024 - VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the "Company", or "VR", has completed the second hole and the maiden drill program on its New Boston polymetallic copper-moly-silver porphyry project in Nevada.
Drill hole NB24-002 was completed to 709 m. Processing, logging and sampling of core continues. All assays are expected before the end of summer, and the total program of 1,310 m in two holes, continuously sampled, will be reported on in full at that time.
Snapshot
Porphyry-style quartz vein stockwork with sulfide is intense throughout the 710 m in Hole 002, from start to finish. It occurs in both the country rock limestone of Triassic age, and in at least two phases of dacite and monzonite porphyry of Cretaceous age. There is an overall increase in visible pyrite, molybdenite and copper sulfide content down-hole, both towards and within the monzonite porphyry.
A photograph of stockwork veining in limestone at just 9m into Hole 002 was shown in the previous news release, and is posted on the New Boston project page on the Company's website at www.vrr.ca.
A photograph of stockwork veins in limestone at 522 m in Hole 002 is shown here in Photo 1, near the contact with biotite monzonite porphyry which dominated the last 150 m of the hole.
The porphyry phase is characterized by vein and disseminated pyrite, molybdenite and copper sulfide, shown here in Photo 2, within a potassic alteration assemblage characterized by shreddy biotite and potassium feldspar vein halos.
From VR's CEO, Dr. Michael Gunning
"Hole 002 was shut down despite being in monzonite porphyry with increasing stockwork veining and disseminated copper and moly' sulfide for program and budget discipline. Despite a slow, albeit overall steady pace to drilling, we now have two long and nearly orthogonal intersections under our belt in the eastern part of the large and polymetallic, porphyry system at New Boston.
We look forward to integrating all of the geochemical data from this program with our geological and exploration modelling developed over the last several years in order to plan the next phase of work. In the meantime, we are scoping new and additional, state-of-the-art geophysical surveys to refine our exploration vectoring at both New Boston and the alkalic porphyry copper-gold system at Bonita, and also on the Halfway magnetic anomaly in our Kapuskasing Shear Zone program in northern Ontario.
Technical Information
Summary technical and geological information for the Company's various exploration properties including New Boston is available at the Company's website at www.vrr.ca.
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., VP Exploration 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 the New Boston Property
Location
New Boston is within the Walker Lane mineral belt and structural province in west-central Nevada. More specifically, it is within the co-spatial belts of Jurassic - and Cretaceous-aged copper and moly porphyry deposits, including the Yerington camp to the northwest and the Hall deposit to the southeast.
New Boston is located in the Garfield Range in Mineral County, and is approximately 150 km southeast of Reno. Vegetation is sparse in the range; outcrop or colluvium predominate on the property itself, with quaternary cover present to the east in the Soda Spring valley.
The property location facilitates cost-effective, year-round exploration. Access is from the nearby town of Luning, located just 5 km to the east on State Highway 95 which connects Reno and Las Vegas. The property is criss-crossed by a myriad of historic trails and roads which are driveable from the highway.
Description
The New Boston property is large. It consists of 77 claims in one contiguous block approximately 1.5 x 3 km in size and covering 583 hectares in total (1,441 acres). It covers the entire along-strike and down-dip extent of the polymetallic Cu-Mo-Ag sheeted and stockwork veins east of the Blue Ribbon skarns on the westernmost end of the porphyry-skarn system exposed on surface across approximately 4 km of strike.
The property is on federal land administered by the Bureau of Land Management (BLM). There are no state or federal land use designations, or privately-owned land which impede access to the property; nor is the property within the BLM's broadly defined area of sage grouse protection.
The property is owned 100% by VR. There are no underlying annual lease payments; nor are there any joint venture or back-in interests. The vendor of the property retains a royalty.
About VR Resources
VR is an established junior exploration company based in Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates, explores and advances large-scale, blue-sky opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada. The Company has also made Canada's newest diamond discovery in northern Ontario, and controls a new field of kimberlite targets around it. VR applies modern exploration technologies and leverages in-house experience and expertise in greenfields exploration to large-footprint mineral 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 well-financed for its mineral exploration and corporate obligations. VR owns its properties outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
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 plans for new geophysics at its New Boston and Bonita properties, 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; the Covid-19 pandemic; 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 and generally; 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.
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.sedarplus.ca 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
Photo 1. Deep green pyroxene and quartz vein stockworks in completely dolomitized and marbleized Triassic Luning Formation limestone. Chalcopyrite, pyrite and molybdenite are found along quartz vein selvages and down the centre of narrow pyroxene veinlets. (Hole 002; 522 m; HQ core).
Photo 2. Sulfide mineralization typical of potassic altered quartz monzonite porphyry intrusion in the bottom 100m of Hole 2 (638m, top photo; 702m, bottom photo). Pyrite, chalcopyrite and molybdenite are disseminated in the porphyry phase as clots within stockwork quartz veins which exhibit centimetre-scale, pink'ish K-spar halos with shreddy biotite (NQ core).