- TSX.V: VRR
- Last Trade: 0.14 0.005 -3.45
Mr. Michael Gunning reports:
VANCOUVER, British Columbia, Nov. 12, 2019 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the “Company”, or “VR”, is pleased to provide an exploration update for its Big Ten epithermal gold project located in the Walker Lane mineral belt of west-central Nevada.
Figure 1.Gold and silver are associated with sulfide in the Tertiary, epithermal quartz veins in the Big Ten mineral trend. Colloform banded quartz with sulfide, open space vugs with drusy quartz and sulfide, and rhyolite fragments in quartz vein breccia lined by silica and sulfide are all evident at the Amsel, Danbo and Clipper properties. Additional photographs of sulfide-bearing vein samples with assays up to 1.2 g/t Au and 9.1 g/t Ag at Amsel, 33.9 g/t Au and 158 g/t Ag at Danbo, and 12.8 g/t Au and 107 g/t Ag at Clipper are provided at the Company’s website at www.vrr.ca.
Figure 2 shows the ground-based induced polarization (IP) geophysical survey now underway at Amsel which is designed to identify where sulfide-bearing quartz veins are concentrated within the large potassium-silica alteration cap and gold geochemical anomaly covering the Amsel hilltop.
The IP survey is the direct result of geological mapping and sampling and grid-based regolith soil sampling completed in July and augmented in September to cover the 2 x 3 km alteration footprint and geochemical anomaly at Amsel. The surface work included:
- 165 soil regolith samples from 100 m – spaced stations on ten lines for a grid area of 1.8 x 2.2 kms;
- 135 rock samples from the grid for spectral mapping of alteration minerals;
- 57 rock samples from prospecting and mapping for geochemistry;
- 7 samples for plain and reflected light petrology, and staining for potassium alteration.
This surface work demonstrated coincident enrichment in gold, silver, and antimony within the alteration footprint, as well as the high temperature minerals molybdenum, tungsten, and bismuth (see NR dated October 1, 2019). The current IP survey covers the entire multi-element geochemical anomaly, including occurrences of high temperature muscovite alteration in the southwest quadrant of the anomaly.
VR’s CEO, Dr. Michael H. Gunning commented today that “whilst the Company is well into its fall drill program on its copper-gold breccia target at Ranoke, we continue our work in Nevada, and in particular on the Big Ten gold project in Nevada. Surface programs completed this summer and fall have advanced the Amsel target considerably, establishing a robust, multi-element geochemical enrichment in precious metals, trace element epithermal indicators and high temperature base metal indicators across the entire alteration cap, and demonstrating a clear correlation between gold and silver to sulfide that will allow us to employ IP as an effective tool to map sulfide-bearing gold veins below the altered hilltop. The IP technology being employed will produce inversions allowing VR to evaluate a first-pass drilling strategy in 3-D space throughout the hilltop of alteration at Amsel. The 18Moz Round Mountain deposit nearby to the north provides a compelling analogue for Amsel, and we look forward to providing further updates when the results of the IP survey are in hand.”
The long section of the Big Ten gold trend and the cross-section of the alteration cap at Amsel in Figures 3 and 4 in the news release dated July 2, 2019, provide the district-scale context for gold at Big Ten.
The Company’s website at www.vrr.ca provides a more complete overview of the Big Ten epithermal gold project, including locations and descriptions of the seven individual properties, select property-scale plan maps with gold-silver assays from surface grab samples, and field photographs of epithermal textures in sulfide-bearing quartz veins. Included is a bulleted summary of the various airborne surveys and surface exploration programs completed by VR between 2016 – 2019.
About the Big Ten Project
The Big Ten project is located in Nye County in west-central Nevada. It is in the southern part of the Monitor Range, approximately 50 kilometres northeast of Tonopah. Cost effective exploration is afforded by road access to the property on Nevada State Highway 82, with actively used historic ranch and mine roads throughout and within the various properties along the trend.
There are currently seven properties along the 20 km length of the Big Ten mineral trend. They total 103 claims covering 2,105 acres. Each property is a single, contiguous claim block. The properties are owned 100% by VR, registered to the Company’s wholly-owned, Nevada-registered US subsidiary. There are no underlying annual lease payments on the property, nor are there any joint venture interests, carried interests, or back-in rights on the various properties. There is a 3% net smelter returns royalty on certain claims in the Danbo property, and a 2% net smelter returns royalty on the Amsel property.
The land package is the result of reconnaissance surface exploration by VR throughout 2018 and 2019, in follow-up to a high resolution airborne magnetic and radiometric survey, and an airborne hyperspectral survey used to map alteration minerals. Integrated results from the exploration define a structural corridor and mineral trend 20 kilometres long which transects the entire Big Ten volcanic caldera.
The Big Ten Tertiary volcanic caldera is located along the eastern margin of the Walker Lane mineral belt, host to numerous Cenozoic-aged gold and silver deposits in western Nevada. Big Ten is located immediately to the southeast of the Round Mountain (18 Moz gold) and Manhattan (800,000 oz gold) epithermal gold systems which occur in similarly aged rhyolite volcanic centers. The low-sulfidation character of the hydrothermal system at Big Ten is also comparable to that at Round Mountain.
Summary technical and geological information on the Company’s various properties is available at the Company’s website at www.vrr.ca.
VR submits all surface grab samples and/or drill core samples collected from Nevada-based exploration projects for geochemical analysis to the ALS Global (“ALS”) laboratory in Reno, Nevada. Sample preparation is completed in Reno. Analytical work is completed at the ALS laboratories located in Vancouver, BC., including ICP-MS analyses for base metals and trace elements, and gold determination by atomic absorption assay. Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures at the laboratory, as described by ALS.
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 by Justin Daley, P.Geo., Principal Geologist at VR and a non-independent Qualified Person who oversees and/or participates in all aspects of the Company’s mineral exploration projects. The content of this news release has been reviewed on behalf of the Company by the CEO, Dr. Michael Gunning, P.Geo., a non-independent Qualified Person.
About VR Resources
VR is an emerging junior exploration company focused on greenfields opportunities in copper and gold (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF). VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private company, and is currently well financed for its exploration strategy. The diverse experience and proven track record of its Board in early-stage exploration, discovery and M&A is the foundation of VR. The Company focuses on underexplored, large-footprint copper and gold mineral systems in the western United States and Canada; VR owns its properties outright, and evaluates 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, plans, anticipates, intends, 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: “The 18Moz Round Mountain deposit nearby to the north provides a compelling analogue …”, and “Surface programs completed this summer and fall have advanced the Amsel target considerably.”
This news release contains statements and/or information with respect to mineral properties and/or deposits which are adjacent to and/or potentially similar to the Company’s mineral properties, but which the Company has no interest or rights to explore or mine. Readers are cautioned that mineral deposits on adjacent or similar properties are not necessarily indicative of mineral deposits on the Company’s properties.
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 materiallyfrom 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.