VANCOUVER, British Columbia, April 05, 2018 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V:VRR) (FSE:5VR) (OTCBB:VRRCF) (the "Company" or “VR”) is pleased to announce the acquisition of new ground to further expand the size of its Junction copper-silver property located in northern Nevada. In addition, surface exploration is now underway at Junction, guided by geological mapping and prospecting completed in the fall of 2017, with details to be reported in a separate release.
The size of the Junction property has now been increased ten-fold from that acquired in September, 2017, to a total of 160 claims covering 3,306 acres (1,338 hectares). The increase includes:
- Staking of an additional 125 mineral claims during the past four months, in order to cover the 6,000 metre trend of surface copper-silver occurrences;
- The acquisition of an additional 20 claims adjacent to the northeast end of the Company’s main block of claims, to cover a cluster of similar, surface copper-silver occurrences. The acquisition of a 100% interest in the unpatented mineral claims (the “Claims”; the “Acquisition”) from an individual (the “Vendor”) is based on a binding acquisition agreement dated April 4, 2018, and includes the following terms:
— An initial payment of US$6,000 and 50,000 shares in the capital of VR to the Vendor on closing of the Acquisition (“the Closing”);
— Payment of 50,000 shares in the capital of VR to the Vendor if VR completes a first-pass diamond drill program on the Claims;
— A Net Smelter Returns royalty of 3% on Closing to the Vendor, subject to VR’s right to buy down up to one half of the royalty, equal to 1.5%, for US$500,000 per half a percent;
— Closing subject to acceptance by the TSX Venture Exchange.
There is no area of interest associated with the Acquisition.
Commenting on the news today, VR’s CEO Dr. Gunning reiterated: “Simply stated, this ten-fold increase in the size of the Junction property speaks to our conviction on its mineral potential for copper and silver. The consistent rock and mineral associations in nearly 30 different occurrences now identified at surface along a trend more than 6 kilometres long demonstrate a robust mineral system which the Company will explore aggressively in 2018, including expanded geochemistry, and grid-based ground and airborne geophysics, all towards prioritizing integrated exploration targets for first-pass diamond drilling.”
Please see the Company’s website at www.vrr.ca for more complete information on Junction, including field photographs from the copper-silver mineral trend.
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 is a new listing in the junior exploration space (TSX.V:VRR) (Frankfurt:5VR) (OTCBB:VRRCF). 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 exploring for large copper-gold mineral systems 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 its exploration strategy, which is currently focused on three core properties, namely Bonita, Junction and Danbo. 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”
Dr. Michael H. Gunning, PhD, PGeo
President & CEO
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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: if VR completes a first-pass diamond drill program on the Claims; prioritizing integrated exploration targets for first-pass diamond drilling.
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.
A photo accompanying this announcement is available at: http://resource.globenewswire.com/Resource/Download/bd8e7ec8-b624-4eb3-a36b-cbb54bb4c045