VANCOUVER, British Columbia, Dec. 04, 2019 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or “VR”, is pleased to provide an exploration update for its Ranoke copper-gold project in northern Ontario.
The window has closed for workable fall weather towards cost-effective drilling at Ranoke. The reconnaissance drill program started in November is now on hold until January when daylight hours are longer and weather is more stable. The drill rig and supplies remain on site so that start-up in January will be efficient (Photo 1).
The first of three planned holes is complete. The Company will provide a complete summary upon the completion of the program this winter, when all geochemical data are in hand. Short of that, it is clear that the IP anomaly targeted in Hole 1 (see Figure 2 in previous news release dated Oct. 31, 2019) is related to extensive, secondary pyrite in open space fillings and lining fragments in limestone directly above the Archean basement. This hydrothermal activity is also evident in the basement itself, in the form of vein stockworks of pyrite and specularite (iron oxide) within mottled, potassium-altered orthogneiss (Photo 2).
Ranoke is a large target (Figure 1). When drilling resumes in January, the drill will be moved from the IP anomaly located on the periphery of the gravity anomaly to Hole 2 located in the center of the gravity anomaly 600 metres to the northwest, and then to Hole 3 in the center of the magnetic anomaly more than 1.5 kms to the northwest.
Results of the reconnaissance soil gas geochemistry survey conducted in the summer were received during the drill program. The survey was deployed in June, before magnetic and gravity surveys were flown. Four test lines were completed across four different areas of the Ranoke magnetic complex based on existing, regional magnetic data. There were 128 stations in all, spaced 100 metres apart. Three different data streams were collected and analyzed: organic compounds, sulfur compounds and vapour phase multi-elements.
The objective of the survey was simply to determine if any of the main magnetic bodies in the Ranoke Complex show evidence for a buried, degassing sulfide body at depth. The results are clear (Figure 2): there is a large, multi-faceted anomaly over the northern magnetic pipe that is unique to the entire 12 km magnetic complex at Ranoke. The anomaly includes sulfur compounds, propane and ethane organic compounds and the elements copper, gold and molybdenum in vapour phase. The anomaly includes 9 sample sites spanning 1,100 m across the RTP magnetic center of the 2.5 km in diameter magnetic pipe. Drill Hole RK19-003, planned for January, will test the strongest part of the soil gas anomaly, in the center of the large magnetic pipe (Figure 1).
From VR’s CEO Dr. Michael H. Gunning “Although mother nature pushed back against our fall drill program at Ranoke, we now have the drill on site, program mobilization and set-up behind us, the first hole under our belt, an understanding of the IP anomaly and obvious iron oxide alteration in drill core. Overall, we are keen to move the drill into the heart of the matter at Ranoke in the New Year: namely, the center of the large gravity anomaly, and the center of the large magnetic anomaly to the north. The coincidence of the new and robust soil gas geochemical anomaly with the center of the magnetic pipe only increases our conviction that we are moving the drill in the right direction during this first-pass reconnaissance drill program. We will return to Ranoke in January with conviction, and we look forward to providing further updates as the program advances.”
The helicopter-assisted drill program will resume in January from where it left off, from the road-accessible camp located at the near-by Ontario Power Generation hydro-electric facility at Otter Rapids.
About the Ranoke Property
The Ranoke property is located in northern Ontario, Canada. Infrastructure in the region is shown on location figures provided at the Company’s website at www.vrr.ca. The property is 15 kilometers west of the CNR railway spur which supplies Moosonee located on tide water 100 kilometres to the northeast, and is 50 kilometres north of road access to Otter Rapids, an Ontario hydro-electric facility serviced by Highway 634. Exploration at Ranoke is facilitated by the town of Cochrane which is located about 100 kilometres to the south on the Trans Canada Highway, and is the major service hub to the region.
The Ranoke property is large. It consists of 360 claims in one contiguous block covering 7,400 ha covering a 12 x 12 km area. The Ranoke property was staked directly by VR. It is owned 100% by VR, free and clear of any interests or royalties.
Summary technical and geological information on the Company’s various exploration properties is available at the Company’s website at www.vrr.ca.
The AGI soil gas technology deployed at Ranoke was chosen based on the hydrogeology and geomorphology and surficial geology of the area. It was developed by Applied Geochemical Imaging LLC, with laboratories in Newark, Delaware, and summary information available at the company’s website at www.agisurveys.net/minerals.html.
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., Principal Geologist at VR and a non-independent Qualified Person oversees and/or participates in all aspects of the Company’s mineral exploration projects. 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 VR Resources
VR is an emerging junior exploration company focused on large, underexplored copper-gold mineral systems in the western United States and Canada (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF). It is the continuance of 4 years of exploration in Nevada by a private exploration company, with a foundation built upon the diverse experience and proven track record of its Board in early-stage mineral exploration, discovery and M&A. VR is well financed for its exploration strategy. It 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, PGeo
President & CEO
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, 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: “The drill rig and supplies remain on site so that start-up in January will be efficient.”; “Overall, we are keen to move the drill into the heart of the matter at Ranoke in the New Year.”
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 are available at www.sedar.com; 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.
Photos accompanying this announcement are available at