VANCOUVER, British Columbia, July 02, 2019 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or “VR”, is pleased to outline its plans for exploration this summer at its Big Ten epithermal gold project in the Walker Lane belt of west-central Nevada. The Big Ten project currently includes seven properties, all 100% owned by VR, covering approximately 1,526 acres along a structurally controlled, 20 km long mineral trend within the Tertiary Big Ten volcanic caldera (property map available at www.vrr.ca).
Surface work planned for July will focus on the large-footprint quartz-adularia alteration lithocap at the Amsel property in the central part of the Big Ten mineral trend. Importantly, the alteration at Amsel occurs 5 and 10 kilometres to the northwest along-strike respectively from the high grade gold-silver epithermal quartz vein systems at the Danbo and Clipper properties.
Figure 1. VR completed a high resolution airborne magnetic and radiometric survey over the northern half of the Big Ten trend in 2018. A large, high contrast potassium radiometric anomaly was detected at Amsel over a 2 by 3 kilometre area. One of only two significant anomalies in the survey block, it is coincident with silica alteration in rhyolite tuff that forms a resistant hill at Amsel and is interpreted to be a quartz-adularia lithocap atop an underlying epithermal gold system (see Photo 1 below).
Figure 2. Exploration in the 1980’s defined a gold and arsenic soil anomaly in the lithocap at Amsel, independent of any airborne radiometric surveys. The grid did not extend over the southern part of VR’s airborne anomaly, where the radiometric response is the strongest. Three reverse circulation drill holes completed in 1982 to an average depth of only 334 feet confirmed anomalous gold in intervals of up to 18 metres; this drilling underscores the potential for higher grade gold deposition below the lithocap.
VR plans to commence fieldwork at Amsel in mid-July. Grid-based mapping and sampling will cover the entire silicified hill top and radiometric anomaly at Amsel. Data will provide geochemical vectors in gold, silver and arsenic within a completely-defined quartz-adularia alteration lithocap. Work will include:
- Grid-based soil geochemistry for gold, silver and epithermal trace element indicators;
- Alteration mineral mapping using hyperspectral analyses of rock samples, and;
- Outcrop-scale, grid-based geological mapping and sampling of quartz veins and fractures.
Gold is associated with sulfide minerals in the epithermal quartz veins systems at the Danbo and Clipper properties. Pending the results from the surface geochemistry at Amsel, a follow-up induced polarization (IP) geophysical survey will be considered for this fall to test for sulfide minerals below the lithocap hilltop.
Figure 3 is a property-scale geologic cross-section showing the volcanic setting of the quartz-adularia alteration and radiometric anomaly at Amsel, near the crystalline basement at the western margin of the Big Ten caldera. This setting is comparable to the Round Mountain gold deposit located in the next volcanic center to the north where cumulative and ongoing mine production now exceeds 15 M ounces of gold (Kinross Gold Corporation). The cross-section also illustrates the target at Amsel, a large volume
deposit of disseminated and fracture-hosted gold located below the gold-anomalous quartz-adularia lithocap, comparable to the Round Mountain analogue.
Figure 4 demonstrates the relevance of the radiometric anomaly, silica alteration and gold-arsenic soil anomaly at Amsel by showing the proximity to the gold-silver bearing epithermal quartz veins exposed at surface at the Clipper and Danbo properties located to 2.5 and 5.5 kilometres to the southeast along-trend, respectively. Plan maps with grab sample assays from along the entire strike length of the quartz vein systems at Danbo and Clipper are available on the Company’s website. The vein systems and alteration footprints shown on this figure underscore the collective mineral potential of the Big Ten trend.
VR’s CEO Dr. Michael H. Gunning reiterated that “We increased the size of the Amsel property from 6 to 26 claims based on the results of our airborne survey in 2018, and the correlation of a large radiometric anomaly to a known gold soil anomaly. While the highest gold and silver grades obtained to date in grab samples from quartz veins along the 20 km Big Ten mineral trend are from the Danbo and Clipper properties, the strongest hydrothermal fluid system recognized in the trend is at Amsel based on the size of the alteration lithocap. The potential role of the lithocap is to trap hydrothermal fluids and focus the deposition of gold below, as occurred at Round Mountain to the north. There is ample evidence for the fertility in gold of fluids along controlling structures in the Big Ten caldera. With numerous properties along the entire length of the Big Ten trend, VR has the ability to explore and evaluate the complete epithermal gold system within the Big Ten caldera, both laterally and vertically. Modern exploration tools and current mineral deposit modeling for the nearby Round Mountain and Manhattan gold systems will allow VR to refine and improve upon the historic exploration at Amsel, and ultimately identify and prioritize drill targets. We look forward to providing further updates as our exploration unfolds this summer.”
The reader is referred to the Company’s website for a more complete description of the Big Ten epithermal gold project, including individual property locations and descriptions, property-scale plan maps with gold-silver assays from surface grab samples, and field photographs of epithermal textures in sulfide-bearing quartz veins. This includes a bulleted description of the various airborne surveys and surface exploration programs completed by VR between 2016 – 2018. The staking of additional targets along the 20 km length of the Big Ten mineral trend as a result of this work is described in the previous NR dated May 8, 2019.
About the Big Ten Project
The Big Ten Tertiary volcanic caldera is located along the eastern margin of the Walker Lane belt, host to numerous Cenozoic-aged gold and silver deposits in western Nevada. Big Ten is located immediately to the southeast of the Round Mountain and Manhattan epithermal gold systems which occur in similarly aged rhyolite volcanic centers and contain 16 M and 800,000 ounces of gold, respectively. The low-sulfidation character of the hydrothermal system at Big Ten is also comparable to that at Round Mountain.
The project currently comprises seven properties owned 100% by VR and comprising 75 claims covering 1,526 acres. There is road access to the properties from Highway 82, with services available at Tonopah 50 kilometres to the southwest. The land package is the result of reconnaissance surface exploration by VR through the summer and fall of 2018, integrated with results from a concurrent, high resolution airborne magnetic and radiometric survey, and airborne hyperspectral survey used to map alteration minerals. The integrated results of the various surveys define a structural corridor and mineral trend 20 kilometres long which transects the entire Big Ten caldera.
Summary technical and geological information on the Company’s various properties is available at the Company’s website at www.vrr.ca.
VR submits all surface grab samples and/or drill core samples collected from 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, and reviewed by Justin Daley, P.Geo., Principal Geologist at VR and a non-independent Qualified Person who 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). 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 is focused on large, underexplored copper-gold mineral systems in the western United States and Canada. VR is the continuance of 4 years of exploration in Nevada by a private exploration company. VR is financed for its exploration strategy and owns its properties outright. VR 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
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, plans, anticipates, intends, 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: Surface work planned for July …”, and “VR has the ability to explore and evaluate the complete epithermal gold system within the Big Ten caldera, both laterally and vertically.”
Although the Company believes that the use of such statements are 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.
Figure 1. Plan map of the Amsel property showing historic soil geochemistry and RC drilling from the early 1980’s, as well as the potassium anomaly generated from the high resolution airborne magnetic and radiometric survey completed by VR in 2018. The historic grid work did not cover the southern part of the radiometric anomaly and altered hilltop at Amsel.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/51d12eda-fd16-49ce-8b73-9076b4900a0c
Figure 2. Plan map showing the grid-based surface geochemistry planned by VR for 2019 to cover the entire 2018 airborne radiometric anomaly at Amsel. The historic soil grid demonstrated gold and arsenic anomalies in the quartz-adularia lithocap and hill at Amsel, but did not cover the southern and strongest part of the radiometric anomaly.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/a7d42d2f-8db0-45e4-8e06-a7e56cb3310b
Photo 1. View east at the hill top at the Amsel property interpreted to be a quart-adularia alteration lithocap. There is no historic grid work, trenching or drilling in the southern part of the lithocap and associated radiometric anomaly (right portion of photo). The potential for gold mineralization below the lithocap is untested; three historic reverse circulation drill holes less than 400 feet long contain long intervals of anomalous gold geochemistry, but drilling did not extend below the lithocap.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/102780e7-dd6b-42ae-b2c8-1dd0ef796384
Figure 3. Topographic profile and geologic cross-section across the Big Ten mineral trend at Amsel. Alteration and gold mineralization at Amsel is hosted in a rhyolite volcanic succession near the contact with crystalline basement at the western margin of the 27 million year old Big Ten Tertiary volcanic caldera.
Shown is the unexplored target at Amsel of disseminated gold below the gold-bearing alteration lithocap.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/1274e32b-c924-4280-b504-d6c742182612
Figure 4. Topographic profile and schematic geologic long section along the central and southern part of the 20 kilometre long Big Ten mineral trend, located along the western margin of the Tertiary-aged Big Ten volcanic caldera located along the eastern margin of the Walker Lane belt in west-central Nevada.
Shown is the disseminated gold target at Amsel, below the gold-bearing alteration lithocap.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/e13e44fd-6e17-4ce8-a731-69df2700c388