VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the
"
Company", or “
VR”, has
successfully completed the third drill program on its Hecla-Kilmer
(“H-K”) property and large-footprint copper-gold breccia target
with critical metals located in northern Ontario.
-
2,751 m completed in 8 drill holes ranging from 249 – 378 m
each; assays pending.
Figure 1. Plan
map showing drill hole locations and the outline of the overall
multiphase Hecla-Kilmer intrusive complex plotted on an RTP
magnetic base map derived from the ultra-high-resolution drone
magnetic survey expansion completed in March, 2022.
Figure 2. Photograph of drill core at 150 m in
drill hole HK22-014. Near complete replacement and overprint of an
alkaline shonkinite host rock by a potassic, fenite alteration
consisting of magnetite-biotite-calcite-amphibole which is most
intensely developed around phoscorite (carbonatite) veins with
semi-massive magnetite-apatite.
From VR’s CEO, Dr. Michael Gunning, “The third
drill program at Hecla-Kilmer is under our belt, completed on
schedule and on budget, with a metre and hole production that far
surpassed our expectations.
As is evident on Figure 1, the 17 drill holes
now completed to date in the three successive drill programs at H-K
encompass a full range of targets which include anomalous magnetic
lows, magnetic highs, and sharp magnetic and gravity contacts.
Further, the area now covered by drilling spans the northwestern
quadrant of the complex, the southern rim, and the western margin
of the large nepheline syenite intrusion that forms the central
core to the overall multiphase alkaline complex at H-K.
The potassic alteration mineralogy and hydrothermal vein and
breccia textures shown in Figure 2 for Hole 14, together with
fluorite veins, are evident in intervals from tens to hundreds of
metres long in all eight drill holes completed in this third drill
program at Hecla-Kilmer.
Previous drill holes have intersected REE’s (rare earth
elements) and critical metals in hydrothermal breccia with
carbonatite dykes and veins in intervals from 50 to 299 m long,
with total REE concentrations up to 2.3 % TREO. We will comment on
the potential for critical metal mineralization in the relatively
more intense and more extensive breccias intersected in this third
drill program when geochemical data become available. We also await
the new data to improve our understanding of how copper and gold
relates to sulfide mineralization, and structure, as reported from
previous drilling. Drill core samples were submitted to the
laboratories in sequence, as the holes were completed, so we
anticipate data from the early drill holes soon, within the month
of June.
We look forward to providing further updates as
new data are received and plans are developed for H-K.”
BackgroundHecla-Kilmer (“H-K”)
is a large and multiphase alkaline intrusive complex with
carbonatite. It is 4 – 6 km in size, Proterozoic in age, and was
emplaced along the western margin of the crustal-scale Kapuskasing
structural zone which bisects the Archean Superior Craton in
northern Ontario.
A shallow, six-hole diamond drill program was
completed in 1970 as part of a regional base metal exploration
program by Ashland Oil and Elgin Petroleum. One hole was abandoned,
and a scant 854 m were completed in total in the other five holes,
all on magnetic highs in the outer concentric zones of the complex.
There is no record of drill core sampling or geochemical data.
Selco Exploration Company completed two drill holes in 1981 on
peripheral magnetic highs as part of a regional diamond exploration
program; they intersected altered ultra-basic rocks and black
breccia in the outer, concentric zones of the multiphase complex at
H-K. After this historical drilling, a regional airborne magnetic
survey was completed in 1993 for ongoing diamond exploration, and
it provided a high-resolution of detail for the entire H-K
complex.
The opportunity for VR is to be the first
company to apply modern IOCG and carbonatite mineral deposit models
to explore the multiphase H-K complex and hydrothermal breccia
system as a whole, and to use new exploration technologies not
previously available when the historic drilling was done.
VR completed the first airborne EM survey over
H-K in June, 2020, using the state-of-the-art VTEM+ system of
Geotech Ltd. Flown at 100 m line spacing over a 6 x 7 km survey
block for a total of 450 line-km, the data provide a high
resolution of detail. The Company also completed an independent,
3-D inversion of both magnetic and EM data, for improved modeling
of the complex in three dimensions. A detailed, ground-based
gravity survey covering an area of 1.5 x 3.5 km was completed in
the winter season of 2021, with high-resolution data generated from
597 stations on an equant grid spacing of 100 m.
VR completed four drill holes for a total of
1,971 m in October, 2020, targeting the northern MVI (magnetic
inversion) anomaly at H-K. The Company followed up that drilling in
October, 2021, with the completion of five additional holes for a
total of 2,604 m, targeting the high contrast, 3.5 mGal gravity
anomaly that is co-spatial with, but slightly offset from the MVI
magnetic anomaly. Fluorite-carbonate hydrothermal breccia was
discovered, coming to surface and hosted in a high temperature,
sulfide-bearing calc-potassic alteration system, and containing
broad intersections up to 299 m long of critical metals, with
copper and gold locally. There are four different styles of
mineralization evident: 1. REE’s and
critical metals in hydrothermal breccia veined and
brecciated carbonatite dykes (Holes 2, 4, 5, 8 and 9); 2.
lithium mineralization in hydrothermal breccia
(Holes 2 and 9); 3. copper sulfide in veinlets
with iron and silica (Hole 2), and; 4. elevated hydrothermal
gold related to syenite porphyry dykes (Holes 2,
6, 8 and 9).
A state-of-the-art, ultra-high resolution drone
magnetic survey was completed in the fall of 2021, and expanded in
March of 2022, in order to: 1. cover the entire complex at H-K,
and; 2. identify vectors for how best to follow up on the
hydrothermal breccia intersections with critical metals and gold in
the first two drill programs. The final survey is 3.4 x 4.5 km in
size, comprising 121 lines at both 25 and 50 m line-spacing for a
total of 410 line-km. The survey produces a very high resolution of
data because of the tight line spacing, the low “tree-top” flight
altitude of just 30 metres above ground, and a computerized flight
control paired with a new, very high sensitivity potassium-vapour
magnetometer.
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 submitted all drill core samples for
geochemical assay to the ALS Global Ltd. (“ALS”) laboratory
facilities in Timmins, Ontario, with final geochemical analytical
work done at the ALS laboratory located in North Vancouver, BC.,
including lithium borate fusion, ICP-MS and ICP-AES analyses for
base metals, trace
elements and full-suite REE analysis, and gold
determination by atomic absorption on fire assay. Analytical
results are subject to industry-standard and NI 43-101 compliant
QAQC sample procedures externally by the Company and internally 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 and 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 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 Hecla-Kilmer Property
The Hecla-Kilmer complex is located 23 km
northwest of the Ontario hydro-electric facility at Otter Rapids,
the Ontario Northland Railway, and the northern terminus of Highway
634 which links the region to the towns of Cochrane and Kapuskasing
to the south, located on the northern Trans-Canada Highway.
The H-K property is large. It
consists of 224 mineral claims in one contiguous block
approximately 6 x 7 km in size and covering 4,617 hectares. The
property is owned 100% by VR. There are no underlying annual lease
payments on the property, nor are there any joint venture or
back-in interests. There is an industry-standard royalty attached
to the property, including a buy-back provision in favour of
VR.
Like the Ranoke property, H-K is located on
provincial crown land, with mineral rights administered by the
Ontario Ministry of Northern Development, Mines, Natural Resources
and Forestry (“MNDM”). There are no annual payments, but the MNDM
requires certain annual exploration expenditures and reporting. The
property falls within the traditional territories of the Moose Cree
and Taykwa Tagamou First Nations.
About VR Resources
VR is an established junior exploration company
focused on greenfields opportunities in copper, gold and critical
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.
The Company continues its normal course of
business in 2022 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, PGeoPresident & 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 those which, by their nature,
refer to future events. Forward looking statements in this release
include those related to the companies upcoming plans, such as “We
will comment on the potential significance of the overall more
intense and more extensive breccias intersected in this third drill
program fro REE and critical metal concentrations as geochemical
assays become available”, 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
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 may be accessed via
www.sedar.com and 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. Drill
hole locations relative to the outline of the overall multiphase
intrusive complex at H-K, plotted on an RTP magnetic base map
derived from the ultra-high-resolution drone magnetic survey
expanded in March
2022.https://www.globenewswire.com/NewsRoom/AttachmentNg/9849faff-21e3-4683-8a14-80c74252ad80
Figure 2. Photograph of drill
core at 150 m in drill hole HK22-014. Nearly
complete replacement of alkaline shonkinite host rock by potassic,
fenite alteration consisting of magnetite-biotite-calcite-amphibole
which is most intense around phoscorite (carbonatite) veins with
semi-massive magnetite-apatite. Hydrothermal-magmatic shatter
breccia and quench textures are evident. Similar hydrothermal vein,
breccia, replacement and alteration textures, together with
fluorite, are evident in intervals from tens to hundreds of metres
long in all eight drill holes completed in the third drill program
at Hecla-Kilmer in April-May
2022.https://www.globenewswire.com/NewsRoom/AttachmentNg/01be52eb-f48d-4923-aac4-45b86de7e024
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