VANCOUVER, B.C., Aug. 30, 2017 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V:VRR) (FSE:5VR), the "Company", or “VR”, is pleased to announce the expansion of its copper-gold exploration strategy in Nevada with the acquisition of the Junction copper-gold property, located approximately 50 kilometres to the north of the Company’s Bonita Property where drilling is ongoing.
A photo accompanying this announcement is available at
Bonita continues to be the principal focus of the Company’s copper-gold exploration in Nevada. The acquisition of the Junction property dovetails on the recent staking of the Big Creek property to reinforce the Company’s evolving understanding of the copper-gold potential of the region. The Company has expertise to leverage, and synergies to exploit, by applying its extensive exploration experience at Bonita to the nearby Big Creek and Junction properties.
The Junction property consists of 15 claims in one contiguous block covering 310 acres (125 hectares). It is located in Humboldt County, near the Nevada – Oregon border, and immediately east of Highway 140 and the town of Denio Junction (see Figure 1).
The broad terms of the proposed acquisition include:
- Agreement to acquire a 100% interest in the Junction property (“the Acquisition”) from Sunrise Resources PLC (“Sunrise”) pursuant to a binding acquisition agreement dated August 28, 2017.
- An initial payment of US$10,000 and 50,000 shares in the capital of VR to Sunrise on closing of the Acquisition (“the Closing”).
- Payment of 50,000 shares in the capital of VR to Sunrise if VR completes a first-pass diamond drill program on the Junction property. If a drill program is not completed within 18 months of Closing, the property and any new exploration data are returned to Sunrise.
- Payment of 250,000 shares in the capital of VR to Sunrise if VR completes and files an NI 43-101 technical report containing a mineral resource estimate on the Junction property.
- Sunrise will be granted a Net Smelter Returns royalty of 3% on Closing, subject to VR’s right to buy down up to one half of the royalty for US$500,000 per half a percent.
- An Area of Interest of 2 miles extending from the current property boundaries.
- Closing subject to acceptance by the TSX Venture Exchange.
The property was staked directly by Sunrise in 2015. Copper and gold mineralization is established over an area of approximately 1.2 square kilometers, in two or more recognized zones. VR is planning follow-up exploration for this fall, including mapping, geochemistry and geophysics. There are historic workings on the property from the 1960’s, but the newly recognized gold and copper zones are not fully delineated (they are open) and they have not been tested by diamond drilling.
Detailed information on the geology and exploration potential at Junction will be provided when VR’s exploration planned for later this year commences.
The Bonita Property
The Bonita property is large, encompassing a district of historic copper, gold and iron workings (see “satellite image” under Bonita Property at www.vrr.ca). The workings are unified by a single, district-scale hydrothermal system with a large, mappable alteration footprint covering the entire property, within which copper sulfide and gold mineralization has been sampled by VR over an area of about 4 x 5 kilometres. The current drill program will test four of eight specific, robust exploration targets for porphyry copper-gold mineralization, based on the integration of geological mapping, mineral alteration vectors, rock and soil geochemical anomalies, and gravity, magnetic, resistivity and IP chargeability geophysical anomalies established by VR over three years of successive exploration programs.
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 Resources Ltd. (“VR”) is a new listing in the junior exploration space (TSX.V:VRR) (Frankfurt:5VR). 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 discovering and delineating large deposits 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 a two year exploration strategy already in-place, including first-pass drilling of its core asset, the Bonita Property. 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, 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, 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: planned exploration at Junction property this fall; closing of the Acquisition Agreement; two-year exploration strategy.
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
For general information please use the following: Website: www.vrr.ca Email: firstname.lastname@example.org Phone: 604-262-1104 Renmark Financial Communications Inc. Barry Mire, Account Manager for VR: E-mail: email@example.com Tel.: (416) 644-2020 or (514) 939-3989 Website: www.renmarkfinancial.com