VR Resources buys Hecla-Kilmer complex to bolster copper-gold exploration in Ontario

VR Resources Ltd (CVE:VRR) (OTCQB:VRRCF) is expanding its Ranoke copper-gold exploration operation in Ontario by acquiring the Hecla-Kilmer (HK) carbonatite complex and mineral property.

The company will pay private vendors $15,000 and issue 75,000 common shares at closing and an additional $50,000 and 100,000 shares once the company begins a diamond drill program on the property. The vendors will also be granted a net smelter returns royalty of 3%.

The HK complex is located roughly 35 kilometers southwest of VR Resources’ Ranoke property and consists of 80 mineral claims in a block covering 1,649 hectares.

READ: VR Resources closes upsized, non-brokered private placement that raised C$2.2 million

 Both Ranoke and HK are centered on large magnetic anomalies located along the western margin of the Kapuskasing Structural Zone (KSZ), a crustal-scale fault zone which bisects the Archean Superior craton and hosts numerous alkaline, ultrabasic and carbonatite intrusions and kimberlites, the company said. 

There hasn’t been any previous exploration for copper-gold breccia systems at HK, meaning VR has the opportunity to be the first to apply modern mineral deposit models and exploration technology at the site.

“While the company continues to evaluate strategies to return to Ranoke within the framework of a safe working environment with regard to COVID-19, we are excited about this opportunity to expand the Ranoke strategy to include a second, large, zoned and previously untested magnetic anomaly and intrusive complex along the KSZ,” CEO Michael Gunning said in a statement.

“Our work on Ranoke during the past two years gives us a running head start at HK, and we intend to commence exploration immediately,” he added. “We believe that the untested potential of this complex for a large-scale copper-gold hydrothermal system is significant, and we look forward to providing further updates as our exploration proceeds.”

Contact Andrew Kessel at [email protected]

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Story by ProactiveInvestors