Drilling is underway at VR’s Reveille silver-copper property in Nevada
VR Resources Ltd. (VRRCF) has initiated drilling at its Reveille silver-copper property in Nevada, planning to complete over 1,500 metres across 5 to 6 holes within the next two weeks. This Phase 1 program stems from geophysical data collected in 2020. A recent 3D DCIP geophysical survey was concluded to map mineralization attributes beneath the valley cover. The overall strategy is to utilize data from this survey in conjunction with new drilling results to focus on high-value targets for a second drilling phase planned for later this spring.
- Drilling commenced at the Reveille property, targeting over 1,500 metres.
- Recent 3D DCIP geophysical survey completed to enhance understanding of mineralization.
- Phase 1 drilling data will inform Phase 2 target prioritization, enhancing exploration strategy.
- None.
VANCOUVER, British Columbia, March 02, 2021 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company,” or “VR,” is pleased to announce that drilling is underway at its Reveille silver-copper property in Nevada.
Photo 1 is a field photograph from the weekend, Sunday, February 28th, showing the RC drill rig on the permitted drill site at the T1 conductor shown in Figure 1. The RC drilling now under way is Phase 1 of a planned two-stage program, with the current objective of completing upwards of 1,500 metres in 5 to 6 holes during the next 2 weeks.
Figure 1 is a map showing the locations of all of the permitted drill holes at Reveille. The specific drill hole locations for the current program are based on anomalies derived from inversion models of magnetic, EM and gravity geophysical data collected by VR in 2020.
Geochemical data from this drilling are expected in April. VR will also obtain high resolution hyperspectral data of rock chips spanning the entirety of each drill hole in order to quantify alteration mineral assemblages.
IP Survey completed. The Company is also pleased to announce that the 3D array DCIP geophysical survey shown on Figure 1 was completed last week, prior to drilling. The IP survey will map both alteration and mineralization attributes below the valley cover and west of the range where the historic and high grade silver-copper showings are exposed at surface. Inversion models and 3D voxels derived from the survey are expected in April.
Two-Stage Drill Program Strategy. The overall strategy is to use the IP and resistivity models derived from the recently completed survey in conjunction with new geochemical data and alteration mineral data obtained from the current Phase 1 drill program to prioritize targets for the second phase of drilling planned for later this spring. As shown in Figure 1, the IP survey in particular will shed light on the area south and west of the drill holes planned for the current program which themselves are based primarily on magnetic, EM and gravity anomalies already in hand.
The Context
VR has been working on Reveille continuously since June of last year, with field work wrapping up in the third week of December. Integrated targets derived from detailed structural mapping, extensive rock sampling, a high-resolution airborne EM and magnetic survey and a detailed ground gravity survey are apparent on the western side of the district-scale property for both silver-copper CRD mineralization, and for gold related to late, Carlin-style fluids. Both target types were illustrated in recent news releases dated December 21st, 2020, and January 14th, 2021.
VR is exploring the covered valley on the western flank of the range because it has never been previously explored or drilled as the potential source and overall driver of the high-grade silver-copper mineralization at Reveille during the past 140 years of prospecting which has focused on the high-grade showings exposed in the hills of the Reveille range to the east. VR is focused squarely on targets for proximal, high temperature mineralization that are core to the overall CRD mineral system at Reveille based on an array of new geochemical data and element ratio vectors.
From VR’s CEO Dr. Michael Gunning, “The targets are ready, the permit is in hand, the drill crew and rig are on site and the weather is terrific. Our strategy is simple: to provide our shareholders with the near-term upside potential of a copper-silver discovery at Reveille this winter as we await the permit for our nearby Amsel gold project to the north where we continue to plan for a drill program this summer.
The blue sky in the field photograph in this news release has relevance. The area in that photo has never been drilled before, period, despite its proximity to historic workings in the nearby hills with grab sample assays commonly in excess of 1,000 g/t silver and 1 % copper respectively. Our goal is simple: a greenfields discovery which identifies for the first time silver and copper mineralization proximal to the source and driver to the overall CRD mineral system responsible for the array of high grade showings and historic workings in the south Reveille range.
We look forward to providing further updates as our exploration advances through March.”
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 submits all surface grab samples and/or drilling samples collected from its 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. Justin Daley, P.Geo., Exploration Manager & 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 has reviewed the content of this news release. The Company’s CEO, Dr. Michael Gunning, P.Geo., is also a non-independent Qualified Person.
About the Reveille Property
The Reveille property is located approximately 90 km’s east of Tonopah, Nevada. Access is via Highway 6, with local roads and trails in and around the property itself.
The Reveille property consists of 66 mineral claims in one contiguous block covering 1,344 acres (544 hectares) over an area of approximately 2 x 3 km’s. The property is on federal land administered by the BLM, and are outside of the BLM’s broadly defined area of sage grouse protection. There are no underlying annual lease payments on the property, nor are there any joint venture or carried interests on the property. There is an industry-standard royalty attached to the property, with a standard buy-back provision to VR.
About VR Resources
VR is an established junior exploration company focused on greenfields opportunities in copper and precious metals (TSX.V: VRR; Frankfurt: 5VR; OTCBB: 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, PGeo
President & 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 are those which, by their nature, refer to future events. Forward looking statements in this release include “The objective is to complete upwards of 2,000 metres of drilling over the next 2-3 weeks on the northern six holes shown in Figure 1.”, 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 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. Readers are urged to review all of the Company’s public disclosure filings available at www.sedar.com.
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
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/b03c902c-dd4a-4b14-bdc8-f0a9921b8946
https://www.globenewswire.com/NewsRoom/AttachmentNg/fa0a8ffb-6e3c-4661-9c8a-48fd88487af5
FAQ
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