VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the
"
Company", or “
VR”, is pleased to
announce the successful completion of the fall drill program at its
Hecla Kilmer (“H-K”) project and critical metals discovery located
in northern Ontario.
- 1,719 m completed in 6 drill
holes, ranging from 147 – 396 metres in length;
- 1,273 samples have been submitted for geochemical
analysis.
Program Summary
VR has now completed 22 drill holes for a total
of 8,767 m at Hecla Kilmer, in four programs starting in the fall
of 2020. The locations of all holes are shown on the property-scale
magnetic map in Figure 1.
The current drill program completed three holes
to test for extensions around the 243 m intersection at 1.01 % TREO
in Hole 13, and; two holes were completed around the 55 m
intersection in Hole 15 located 2.5 km to the south, in the south
rim of the complex.
The exploration camp established in 2020 at the
terminus of Highway 634 at the Otter Rapids hydroelectric facility
again provided for efficient and cost-effective logistics for the
six week program.
The Company is able to submit its drill core
samples for geochemistry to the laboratory in Timmins in sequence,
as each drill hole is completed, because Timmins is just a three
hour drive south from camp. The Company expects to receive final
data through the upcoming months of December and January.
Comment
From VR’s CEO, Dr. Michael Gunning, “We are
extremely pleased that the fall weather window this year
facilitated our strategy to complete a fourth drill program at
Hecla-Kilmer and to get our first reconnaissance test hole into the
large magnetic anomaly at our Northway property located just 12 km
to the northeast.
The discovery process at Hecla-Kilmer began with
REE mineralization discovered at surface in Hole 4 of the first
program in the fall of 2020. It has advanced to delineation
drilling upon intersecting mineralization in 11 of 17 holes in
three successive programs since. The goal of this fourth program
was to complete additional drill holes into the two main areas with
known higher grade critical metal mineralization in order to begin
the assessment of their potential for mineral volume.
We believe we achieved our goal with this
drilling. Rare earth element mineralization in the first 17 holes
at Hecla-Kilmer is most strongly associated with zones of
carbonatite dykes and hydrothermal breccia, and more specifically,
phoscorite carbonatite dykes and veins with prismatic apatite and
cockade biotite and magnetite on vein selvages. Provided here are
three core photos which illustrate these associations in
the recent drilling: Photo 1 &
Photo 2 - phoscorite veins with apatite shown from
Hole 18 and Hole 13 extension respectively and; Photo 3
- carbonatite dykes and hydrothermal breccia shown from
Hole 19 from the south rim of the complex, which tests for
mineralization directly below the collar for the high grade
intersection in Hole 15 from last spring.
Going forward. Concurrent with this drilling, VR
has commenced scanning electron microprobe research to determine
exactly which minerals host the high value magnet rare earth
elements. Second, VR has also begun scoping a metallurgical test /
extraction study using a bulk sample of whole core from a
mineralized drill hole.
A comment on Northway. The sixth and final hole
of the program was completed on the Northway property and magnetic
anomaly located 12 km to the north of H-K. The hole was completed
to 282 m, target depth into the heart of the 3-D MVI magnetic
inversion anomaly derived from our ultra – high-resolution drone
magnetic survey completed in April. The MVI anomaly is anchored by
a northeast-southwest structure that crosscuts the 1.3 km in
diameter, circular magnetic anomaly at Northway. We believe we
intersected our target at Northway on the first hole; a diatreme
breccia pipe that comes to basement surface below the cover of till
and Paleozoic sediment. Additional information on this new
intercept will be forthcoming shortly.”
Background for the Emerging Discovery at
Hecla-Kilmer
Hecla-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.
Ashland Oil and Elgin Petroleum did
reconnaissance drilling at H-K in 1970 as part of a regional base
metal exploration program. A scant 854 m were completed in five
holes, all located on magnetic highs in the outer concentric zones
of the complex. No geochemical sampling or data are reported. The
Aquitane Company of Canada also explored the region in the early
1970’s, doing reconnaissance geophysics and twelve follow-up drill
holes focused on the Paleozoic Hudson shelf carbonates and basal
arenites. Selco Exploration Company completed two drill holes in
1981 on peripheral magnetic highs as part of a regional diamond
exploration program. After this historical drilling, a regional
airborne magnetic survey was completed in 1993 for ongoing diamond
exploration in the region, and it provided a new and
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. In October, 2021, the Company followed
up that drilling with the completion of 5 additional holes for a
total of 2,604m, 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 with
carbonatite dykes and vein breccia was discovered in Holes 2 &
4. It comes to surface, and extends to more than 500 m
vertical depth. It is hosted in a high temperature,
sulfide-bearing calc-potassic alteration system which completely
overprints original alkaline and carbonatite host rocks. Broad,
intersections up to 299 m long are polymetallic in nature, with
critical metals including both light and heavy rare earth elements,
yttrium, niobium, phosphorous and iron, with copper sulfide
locally, and gold elevated in phonolite dykes on controlling
structures.
A state-of-the-art, ultra- high-resolution drone
magnetic survey completed over the northwestern part of the H-K
complex in the fall of 2021, and was expanded in the winter season
of 2022. 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.
A third drill program was completed at Hecla-Kilmer in May-June of
2022, to follow up on the broad, polymetallic intersections of
critical metals in 2020 and 2021 by using the analytic signal
(“AS”) magnetic anomalies derived from the new drone airborne
survey as an indication of higher concentrations of hydrothermal
magnetite. A total of 2,751 metres were completed in eight drill
holes ranging from 249 – 378 metres long. Key results include:
- Hole 13
intersected 243 metres @ 1.01% TREO, of which
20% are PMREO*, within 287 metres @ 0.90%
TREO, starting at surface and continuous to the bottom of the
hole, and including 65 metres at 1.66% TREO, starting at 155
metres, of which 21% are PMREO, and which includes 39 metres @
2.01% TREO starting at 155 metres.
- Hole 15 located some 2.5 km to the
south, on the south rim of the complex,
intersected 25.5 metres @ 1.131% TREO with
18% as Magnet REO*, within 55.2 metres @
0.70% TREO starting less than 30 metres from bedrock
surface.
1. |
TREO is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Sm2O3 +
Eu2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 +
Lu2O3 + Y2O3. |
2. |
MHREO is the sum of the middle and heavy rare earth oxides (Sm2O3 +
Eu2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 +
Lu2O3 + Y2O3). |
3. |
PMREO is the sum of high-value rare earth oxides used in permanent
magnet motors and turbines used in electric vehicles and wind
turbines (Pr2O3 + Nd203 + Tb2O3 + Dy2O3). The % Magnet REO column
is this PMREO sum divided by TREO, and expressed as a percent. |
VR has now intersected high grade Critical Metal
mineralization with > 1% TREO with a proportion of PMREO from
18-21 % in 11 of the first 17 drill holes completed to date
with geochemical data in hand. The mineralization is at or
near surface in three different areas that are 2.5 km apart.
Drilling is still at a very early stage at H-K, yet the 17 holes
demonstrate both the lateral and vertical scale of the hydrothermal
breccia and alteration system, and the high value nature of the
polymetallic critical metal mineralization.
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 sawn 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, including the systematic insertion of both
sample duplicates and geochemical standards done both externally on
the project site by the Company and internally at the laboratory by
ALS, 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., VP Exploration and a non-independent Qualified Person
oversees 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, itself 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.
Hecla-Kilmer 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 critical metals, copper and
gold (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 foundation of VR is the
diverse experience and proven track record of its Board in
early-stage exploration, discovery and M&A. The Company is
well-financed for its exploration strategies and corporate
obligations, and focuses on underexplored, large-footprint mineral
systems in the western United States and Canada. VR owns its
properties outright and evaluates 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, PGeoPresident & CEO
For general information please use the following: |
Website: |
www.vrr.ca |
Email: |
info@vrr.ca |
Phone: |
778-731-9292 |
|
|
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
anticipate receiving data through the upcoming months of December
and January”, 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. Key critical metal
intersections from the first 17 drill holes completed at
Hecla-Kilmer, and locations of the five new holes completed in
October, 2022, all plotted on a contoured RTP magnetic base map
with superimposed 3D isoshells from the MVI inversion.
Photo 1. Drill core from 391 m
in Hole HK22-018 showing cockade prismatic amphibole (green) and
biotite (black) crystals up to 1cm in length growing into a
phoscorite vein composed of coarse calcite and apatite (pink). The
high core angle large crystal growths suggest a near vertical
emplacement and extensional open space. NQ core diameter is 36.5
mm.
Photo 2. Drill core from 439m depth in the
extension of HK22-013 where drilling finished in mineralization
last spring. The totally biotite replaced host rock has been
brecciated and infilled by a dense network of calcite-apatite veins
with 2-5mm biotite crystal growths on the margins.
Photo 3. Core bench photo of
carbonatite (sovite) dykes and vein breccia observed over 10’s of
metres in HK22-019 on the southern rim of the Hecla-Kilmer alkaline
intrusive complex. Unique to this zone are the fine grains of
biotite-amphibole and apatite streaming through the
calcite-dominated sovite dykes. This vertical hole was drilled from
the same pad as the 55.2 metres at 0.70% TREO at a lateral distance
of roughly 60 metres at this depth.
Photos accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/f6682eab-820e-473b-94ab-b823ee1fac60https://www.globenewswire.com/NewsRoom/AttachmentNg/175f6301-d902-45f1-b4a5-f1a212e96d56https://www.globenewswire.com/NewsRoom/AttachmentNg/5b19c2f1-16d4-46b2-b2c9-964cbb44d985https://www.globenewswire.com/NewsRoom/AttachmentNg/f507db69-3fb1-49d9-89fb-4cc4bcdaaa52
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