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VR Resources eyeing busy year ahead in Nevada as drilling gets underway at Reveille silver-copper property

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  • Management has strong track record in discovery and M&A
  • Properties are 100% owned to leverage discovery upside
  • Mining friendly jurisdictions

What VR Resources does:

VR Resources Ltd (CVE:VRR) (OTCMKTS:VRRCF) is a junior explorer, which is advancing assets in Nevada and Ontario – both mining-friendly jurisdictions. Notably, VR owns 100% of its properties.

The group’s focus is to uncover, using new techniques, large copper-gold mineral systems, and the firm is continuing what was over four years of exploration in Nevada by a Vancouver-based private exploration company.

The firm’s Big Ten epithermal gold property in the Walker Lane belt of Nevada comprises seven properties along a district-scale 20 kilometer (km) trend and multiple claims. The properties are the Hat Peak, Kano, Amsel, Danbo, Little Joe, Clipper and Fischer properties. There is easy access to power and rail and an international airport in Reno.

The focus has been on the hill at Amsel, which is a large topographical feature at the asset with a surface footprint defined by this 2 km x 2 km gold-silver soil anomaly.

After an ncrease, the Amsel property now consists of 66 claims covering 1,363 acres.

Elsewhere, the Bonita project in Nevada is a large porphyry copper-gold system discovered by VR with a 5 km by 7 km footprint and five to six specific targets. It covers 7,872 acres and has 381 claims. The firm believes the Bonita system to be similar to the nearby Yerington mine deposits, which have generated 162 million tonnes of 0.55% copper.

In Ontario, VR owns the previously unexplored Ranoke copper, gold project, which was staked by the firm in 2019 and is a large-scale iron oxide copper-gold target. Ranoke is a greenfield, blue-sky opportunity, the company says.The Hecla-Kilmer project, 35km away, is a direct extension of the ongoing exploration strategy at the Ranoke property towards a blue-sky discovery of a large footprint iron oxide – copper-gold hydrothermal breccia system.

Consisting of 360 contiguous claims covering 7,400 hectares, the Ranoke project lies15 km west of a CNR railway spur and is 25 km north of road access to Otter Rapids, an Ontario hydro-electric facility serviced by Highway 634.

How is it doing:

On March 2 this year, the company said the first phase of a planned two-stage reverse circulation (RC) drill program was now underway at its Reveille silver-copper property in Nevada.

It comes as the junior awaits a permit for the nearby Amsel gold project to the north where it continues to plan for a drill program this summer.

Reveille lies along the same trend as Big Ten and the Amsel project.

VR’s CEO Michael Gunning said the goal for Reveille was “simple”, namely  a greenfields discovery which identifies for the first time silver and copper mineralization “proximal to the source and driver to the overall CRD mineral system”.

An induced polarization (IP) study at the property has been completed and inversion models and 3D voxels derived from the survey are expected in April this year.

Targets have been attained from detailed sampling and surveying and lie on the western side of this district-scale property for both silver-copper CRD mineralization, and for gold related to late, Carlin-style fluids, the firm added.

On February 15, the firm announced the launch of a non-brokered flow-through (FT) private placing to raise a C$150,000 gross. VR said it will use the gross proceeds of the financing for exploration on its properties in Ontario, and more specifically for a detailed ground-based gravity geophysical survey at the Hecla-Kilmer (H-K) property near its Ranoke property in Ontario planned for March.

Also to follow-up to the results of the first pass drilling completed last fall, with the specific goal of identifying high-density copper sulfide concentrations within the newly discovered hydrothermal breccia system at H-K to target in the next phase of drilling.

Last year, the company sank four holes on the northern magnetic anomaly at the property for 1,971 metres (m) before the onset of winter.

A hydrothermal breccia and sulfide alteration system which comes to surface and has more than 600m of continuous vertical extent was seen in two drill holes.

In April 15 last year, the group told investors it had discovered new high-grade silver and gold mineralization at Amsel via a surface grab sample. The group found 4.1 grams of gold per ton (g/t) and 311 g/t silver in the sample.

The sample was one of 135 grid samples collected systematically for alteration mineral mapping, as opposed to visible mineralization.

VR Resources has filed an NI 43-101 technical report on Amsel, including all data collected during 2018 and 2019, and recommends first-pass drilling of the untested target.

Inflection points:

  • Reveille exploration results
  • Permit for Amsel drilling
  • Precious metals moves

What the boss says:

In its most recent update to the market, CEO Michael Gunning told investors: “The targets are ready, the permit is in hand, the drill crew and rig are on site and the weather is terrific. Our strategy is simple: to provide our shareholders with the near-term upside potential of a copper silver discovery at Reveille this winter as we await the permit for our nearby Amsel gold project to the north where we continue to plan for a drill program this summer.”

Contact the author at [email protected]

Story by ProactiveInvestors


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