VR Commences 2018 Surface Exploration at Junction; Gravity Anomaly Confirms the Down-Dip Potential of Copper-Silver Veins
VANCOUVER, British Columbia, April 17, 2018 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V:VRR) (FSE:5VR) (OTCBB:VRRCF), the "Company", or “VR”, is pleased to announce that surface exploration is underway at its Junction copper-silver property in northwestern Nevada. A gravity survey is complete, and a large, high contrast gravity anomaly confirms the down-dip potential of copper-silver veins at the Denio Summit target in the western part of the property. An induced polarization survey (IP) is now underway to evaluate and refine the target.
A summary of exploration planned for this spring at Junction includes:
- Gravity survey (maps appended to this news release): property grid of 437 stations collected over 13 by 4 kilometer block on 400 metre station grid, with 200 metre infills over key targets; regional map with 488 data points, based on integration of grid data with 51 public domain stations;
- Induced Polarization geophysical survey: two test lines, 2 kilometres long each, over the Denio Summit gravity anomaly and adjacent surface copper-silver showings and copper-silver-gold-tungsten soil anomaly;
- Airborne magnetic and radiometric survey: 200 metre spaced lines with 100 metre spaced infills over key targets for 440 line-kilometers overall covering a 12 by 5 kilometre survey block coincident with the ground-based gravity survey;
- Soil sampling: approximately 400 new soil samples on 9 lines are planned, to complement 307 existing soils on 16 lines on Denio Summit target, in order to evaluate the Lone Mountain and Wilder Creek targets in the central and eastern part of the property;
- The Company has increased the size of the Junction property for a fourth time by staking an additional 19 claims. The property is now 179 claims covering 3,698 acres (1,497 hectares) in an area approximately 7.5 by 3 kilometres in size.
There are two key results from the gravity survey, as illustrated on the attached maps:
- Map 1. The merged grid-based and regional gravity data indicate that Junction appears to be underlain by an apophasis of a large intrusion and associated gravity high located immediately to the west. The Hall deposit (Mo-Cu-Au quartz veins in diorite) and Ashdown deposit (Cu-Ag quartz veins in granodiorite) are located at the north and south end of the intrusion, respectively;
- Map 2. The large, high contrast gravity anomaly at the Denio Summit target in the western part of the property could represent the continuation of the surface copper-silver veins and dykes down-dip to the northwest. The IP lines shown on the map will cover both the surface veins and the gravity anomaly in order to test this potential.
The version of this news release posted at www.vrr.ca/news includes additional illustrative maps. More complete information on the Junction property overall, including field photographs, are available at the Company’s website at www.vrr.ca.
Commenting on the news today, VR’s CEO Dr. Gunning stated: “We are compelled to see the strong spatial association of the gravity anomaly and surface copper-silver showings at the Denio Summit target; the size and magnitude (density contrast) of the anomaly are evidence for the down-dip continuation of the sulfide veins, and potentially a sulfide-bearing intrusive source. The overall vein system at Junction extends for six kilometres along the Antelope Shear Zone; our work this spring will increase our understanding of the entire system, and more specifically refine and evaluate the Denio Summit target for first-pass drilling.”
The Company will provide further details on 2018 surface exploration at Junction as work unfolds. This phase of geological mapping, soil geochemistry, airborne magnetics and radiometrics, and ground-based IP test lines should be completed within the next two months.
About The Junction Property
The Junction property is located in Humboldt County, near the Nevada – Oregon border, immediately east of Highway 140. The nearby town of Denio Junction is less than 6 kilometres to the north, and facilitates effective and cost-efficient field exploration programs. The Company has expertise to leverage and synergies to exploit at Junction by applying its extensive exploration experience during the past three years in northwestern Nevada at its nearby Bonita porphyry copper-gold project.
The Junction property consists of 179 claims covering 3,698 acres (1,497 hectares) in an area approximately 7.5 by 3 kilometres in size. The property is on land administered by the federal Bureau of Land Management (BLM), and is outside of the BLM’s broadly defined area of proposed sage grouse protection.
The property is owned 100% by VR, registered to the Company’s wholly-owned, Nevada-registered US subsidiary Renntiger Resources USA Ltd. Fifteen claims in the western part of the property were acquired from a private company in August, 2017 (terms of the acquisition, including royalty and Area of Interest, are outlined in a news release dated August 30, 2017. There are no carried interests, joint venture interests, or back-in rights to any mineral claims at Junction.
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 on behalf of the Company by Dr. Michael Gunning P.Geo., a non-independent Qualified Person.
About VR Resources
VR is a new listing in the junior exploration space (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF). The diverse experience and proven track record of its Board in early-stage exploration and discovery is the foundation of VR. The Company is focused on exploring large copper-gold mineral systems in the western United States. VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company. VR is well financed for its exploration strategy, focused on three core assets at Bonita, Junction and Danbo properties. VR owns its exploration assets outright, and will evaluate 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, PGeo
President & CEO
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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 are those which, by their nature, refer to future events. Forward looking statements in this release include but are not limited to: there are two key results from the gravity data; ground-based IP test lines should be completed within the next two months.
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.
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Photos accompanying this announcement are available at