VANCOUVER, B.C., May 01, 2018 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V:VRR) (FSE:5VR) (OTCBB:VRRCF), the "Company", or “VR”, is pleased to announce the acquisition of the Kraut property, to expand its epithermal gold exploration strategy within the southern part of the Walker Lane belt in west-central Nevada.
As shown on Figure 1, the Kraut property is located approximately 5 kilometres northwest of the Company’s Danbo property in Nye County, Nevada. Kraut and Danbo are located in the southern part of the Monitor Range, approximately 50 kilometres northeast of Tonopah. Cost effective exploration is afforded by road access from Highway 82, with actively used historic ranch and mine roads throughout both properties.
The Kraut Property consists of 6 mineral claims in one contiguous block covering 124 acres (50 hectares). The broad terms of the proposed acquisition include:
- Agreement to acquire a 100% interest in the Kraut property (“the acquisition”) from Nevada Select Royalty, Inc. (“Nevada Select”), a wholly owned subsidiary of Ely Gold & Minerals Inc. (“Ely Gold”) (TSX-V: ELY, OTC: ELYGF), pursuant to a binding acquisition agreement dated April 27, 2018;
- An initial payment of USD$10,000 and the issuance of 50,000 common shares in the capital of VR to Ely Gold on closing of the Acquisition (“the Closing”);
- An additional payment of USD$50,000 and issuance of 50,000 common shares in the capital of VR to Ely Gold upon commencement by VR of a diamond drill program on the property;
- The acquisition agreement includes a defined Area of Interest extending from the existing claims;
- Nevada Select will be granted a Net Smelter Returns royalty of 2% on Closing, and;
- Closing is subject to acceptance by the TSX Venture Exchange.
The Company intends to commence surface exploration at Kraut early this summer. The work will be a natural extension of its work at Danbo during the past two years. There are accounts of periodic historic exploration at Kraut in the late 1950’s, early 1980’s and early 1990’s, including some shallow air-track drilling. The Company will leverage an improved understanding of the nearby Round Mountain gold deposit since that time, and recent innovations in exploration technologies for Tertiary epithermal gold systems in general in the Walker Lane Belt in Nevada in order to evaluate the large area of alteration and surface gold geochemistry evident at Kraut.
Commenting on the news today, VR’s CEO Dr. Gunning stated: “While the Company gears up for its upcoming follow-up drill program at Bonita, we are excited about the opportunity this acquisition provides to apply our exploration experience at Danbo to the large alteration system at Kraut. The drill permitting process is underway at Danbo, and we will look forward to providing details on summer exploration at Kraut when plans are in place.”
Please see the Company’s website at www.vrr.ca for more complete information on the Danbo property. 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, 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 diamond drill program on the Claims, and; assumption that TSX Venture Exchange approval will be received.
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.