VANCOUVER, British Columbia, May 15, 2018 (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 Bonita porphyry copper-gold property located in Humboldt County, Nevada. A total of 2,000 metres is planned for this drill program, to include two holes on each of two separate breccia pipe targets. The program is expected to take about two months to complete.
This drill program will test two large, circular, covered and historically untested conductivity features with vertical, pipe-like geometries that extend for greater than one kilometre. These pipes are illustrated in a series of figures appended to this news release at www.vrr.ca/news :
- Figure 2: Two large (750 -1,000 m in diameter) conductivity cylinders (pipes) are evident at Corral and Hemco in the airborne resistivity survey completed in 2017, concurrent with first pass drilling;
- Figure 3: The conductive pipe at Hemco is surrounded by a ring of high resistivity alteration, including copper-gold- bearing iron oxide breccia and albite-altered latite dykes exposed at surface;
- Figure 4: The conductivity of the pipe at Hemco comes to the near-surface below valley cover, and has a vertical extent of greater than one kilometer;
- Figure 5: Schematic cross-section of the alkaline porphyry stock / breccia pipe model for Hemco, based on four years of exploration data. Drill hole BN-17-003 last fall was located in the alteration halo and confirmed the correlation between copper and gold mineralization, and showed increasing alteration to depth; the first drill hole planned for this program will test the center of the conductive pipe;
- Figure 6: The conductive pipe at Hemco is recessive, and forms a circular bowl surrounded by ridges. The target is covered and previously untested; historic workings are on the peripheral ridges;
- Figure 7: Panoramic photo of the covered conductive pipe target at Corral, in the southern part of the Bonita porphyry system;
- Figure 8: The conductive pipe at Corral is similar in size and geometry (steep southeast plunge) to the pipe at Hemco. The exploration target at Corral includes coincident gravity low anomaly inferred to be alteration-related, and a multi-element soil geochemistry anomaly including Cu, Mo, Pb and Tl.
Commenting on the news today, VR’s CEO Dr. Gunning stated: “The scale of the hydrothermal system at Bonita, and the size of the breccia pipe targets in this drill program speak for themselves. The first drill hole planned for this program will test the center of the conductivity pipe feature at Hemco, based on the exploration vectors for increasing alteration intensity and mineralization from Drill Hole 3 last fall, which was collared in the alteration halo. The conductivity pipes at both Hemco and Corral are recessive, covered and historically untested, and their respective size underscores an unusual upside potential to the Company and its shareholders. We look forward to providing updates as the program unfolds.”
This drill program is the continuation of four years of exploration by VR at Bonita (see Work Summary Table at www.vrr.ca). More specifically, it is the follow-up to the first pass diamond drill program completed at Bonita last fall (see news release dated January 9, 2018, at www.vrr.ca). First pass drilling confirmed the porphyry copper-gold exploration model and the widespread hydrothermal system at Bonita. A property description, location maps and field photographs are available at the Company’s website at www.vrr.ca.
About the Bonita Property
The Bonita property is located in Humboldt County in northwestern Nevada, USA, approximately 200 km northeast of Reno, and 75 km northwest of the town of Winnemucca. There is road access both to, and within, the property, and there is railroad and powerline infrastructure approximately 20 kilometres to the south. Bonita is located in desert-like basin and range physiography, affording nearly year-round working conditions.
The Bonita property is large, consisting of one contiguous block of 429 claims totaling 3,586 ha (8,862 acres), covering an area of approximately 5 x 6 kilometres. It is owned 100% by VR, free and clear of any interests or royalties. The property is on land administered by the federal BLM. VR has conducted successive exploration programs at Bonita for the past three years, culminating in first pass drilling in 2017.
The Bonita property encompasses a district of historic copper, gold and iron workings over an area of about 4 x 5 kilometers. An even larger alteration footprint spans 7 x 7 kilometers, as delineated by airborne magnetic and hyperspectral surveys, and refined by detailed geological mapping. Alteration facies progress inwards from distal propyllitic to argillic, sodic, and phyllic alteration, with silica-specularite and iron-carbonate – chlorite hydrothermal breccia bodies (dykes and diatremes) at numerous locations.
Bonita is a mafic alkaline, polyphase middle Jurassic batholith that is the same age as the past-producing Yerington porphyry copper camp located some 150 kilometers to the south, in west-central Nevada. VR completed an independent NI 43-101 compliant Technical Report in January, 2017.
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 for 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, which is currently focused on three core properties, namely Bonita, Junction and Danbo. 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”
Michael H. Gunning, PhD, P.Geo.
President & CEO
|For general information please use the following:|
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: a total of 2,000 metres is planned for this drill program the sheer size of the pipe presents an unusual upside potential.
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 4. Sectional view through the ZTEM 3-D resistivity block model for the Bonita property, showing the large conductive pipe feature at Hemco. Shown are drill Hole 3 from 2017 in the alteration halo, and drill hole 5 planned for 2018, targeting the center of the pipe.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/dabe0a0a-a924-4001-981e-5c61f129fef5
Figure 6. Panoramic view to the northwest across the Bonita property at the Hemco drill target for 2018. The surface expression of the conductive pipe shown in Figure 4 is outlined by the dashed ellipse. The pipe feature is recessive, covered and previously untested; historic copper and gold workings are in the surrounding ridges, the alteration halo to the pipe feature.
A photo accompanying this announcement is available at http://resource.globenewswire.com/Resource/Download/7ab50dd8-f6ad-4a9b-8dd7-ebb999d95021