VR Resources Ltd.
VR Resources is an emerging junior exploration companyfocused on greenfields opportunities in copper and gold in the western United States and Canada.VRis the continuation of four years of active copper exploration in Nevada as a private company.
VR is currently focused on 3 core projects amongst a portfolio of 7 properties in Nevada and Ontario:
Big Ten Gold Project, Nevada
Reveille Silver-Copper Project, Nevada
Reveille is ready to drill in 2021
Ranoke & Hecla-Kilmer Copper-Gold Projects, Ontario
Both the Ranoke and Hecla-Kilmer (H-K) properties are:
Hecla-Kilmer (H-K) Project
A detailed ground-based gravity geophysical survey is planned for the H-K property in March, 2021, in follow-up to the results of the first-pass drilling completed in the Fall of 2020 (see news release dated Dec. 17, 2020). The specific goal of the survey is to identify high-density copper sulfide concentrations within the newly discovered hydrothermal breccia system at H-K.
Management and Directors
Dr. Michael Gunning, P.Geo., President and CEO, Director
Over 25 years of industry experience: mapping & mineral deposit research with both provincial and federal Geological Surveys;
Previously CEO of Hathor Exploration Ltd. acquired by Rio Tinto for C$654m in 2012;
Executive Chairman of Alpha Minerals acquired in 2013 for C$180m;
Exploration in the Americas with Teck Resources;
He is currently focused on VR Resources, 100%.
Darin Wagner, Chairman
Over 25 years of industry experience, starting in the Americas with Xstrata and Teck Resources, then a senior officer with New Millenium and Sydney Resources, both in successful mergers, then CEO of West Timmins Mining acquired by Lake Shore Gold in 2009 for $454M and CEO of Balmoral Resources acquired recently by Wallbridge Mining in May, 2020.
Craig Lindsay, Director
Over 20 years industry experience in corporate finance, investment banking and mineral exploration business development in North America and Asia; previously CEO of Magnum Uranium focused in Nevada and acquired by Energy Fuels Inc., and served as CEO of Otis Gold recently acquired by Excellon Resources in April, 2020.
Michael Thomson, Director
Over 35 years of experience in the securities industry. President of Independent Capital Partners Inc.
Blaine Bailey, CPA, CGA, Chief Financial Officer
Working with public and private companies over the past 20 years. Currently the CFO of GR Silver Mining Ltd.
On October 06, 2021, VR Resources Ltd. has received all of the rock and mineral chemistry data from drilling this summer on its Reveille silver-copper project in west-central Nevada:
Silver is confirmed in the large G1 breccia pipe, up to 97.9 grams per tonne (g/t).
Gold is confirmed over a 40-metre interval within the broad, 150-metre pyrite intersections at Kawich.
Kawich is confirmed as the potential porphyry centre driving Reveille based on a clear, high-temperature, copper-molybdenum-tungsten-antimony geochemical signature of the gold-bearing pyrite alteration zone.
The property has been expanded westward to cover the entirety of the Kawich target area and eastward to cover an EM (electromagnetic) conductor not previously explored and targeted for a covered copper-silver manto.
On September 14, 2021, VR Resources Ltd. has commenced drilling at its Hecla-Kilmer property and copper-gold-REE (rare earth elements) hydrothermal breccia target in Northwestern Ontario.
The four to six holes planned for the current program will comprise upward of 3,000 metres of drilling which is expected to take from four to six weeks to complete based on production rates from last year.
Geochemical data from this drilling are expected by year-end. VR will also obtain high-resolution magnetic susceptibility and density data hyperspectral data from the continuous scanning of core from each drill hole in its entirety with a field-portable XRF unit.
On July 14, 2021, VR Resources Ltd. has completed phase II of its first-pass RC (reverse circulation) drill program at its Reveille silver-copper and gold property in the Walker Lane gold-silver mineral belt in west-central Nevada. Four holes were completed for a total of 1,552 metres. The current drilling follows up on the geochemistry from the four Phase I drill holes completed in March, and it tests the Kawich anomaly that was delineated in the expanded 3D array, DCIP geophysical survey completed in May (see previous news release dated June 29th).
On June 29, 2021, VR Resources Ltd. has provided an update on the continuing exploration at its Reveille silver-copper and gold property in the Walker Lane gold-silver mineral belt in west-central Nevada. Phase II drilling is under way. In follow-up to results from the completion of five drill holes in March and in May for phase I of the Reveille drill program, phase II drilling is now under way. Four drill holes, each from 1,000 to 1,500 feet deep, are planned.
On May 19, 2021, VR Resources Ltd. has provided an update on the continuing exploration at its Reveille silver-copper and gold property in the Walker Lane gold-silver mineral belt in west-central Nevada. Drill hole RVD21-001 completed to 109.7 m confirms a breccia pipe starting at surface at G1. The drill program is extended, with plans to start next week to complete 3 additional RC drill holes to target the base of the G1 pipe and its controlling structure. Final data for the 3D-array DCIP geophysical survey completed in March define a new, large and high amplitude IP anomaly; both the IP grid and the property have been extended westward.
On May 14, 2021, VR Resources Ltd. has closed its previously announced non-brokered private placement, consisting of 1,428,571 units at a price of 35 cents per unit and 1,190,476 flow-through (FT) shares at a price of 42 cents per FT share for total gross proceeds of $1-million.
On May 11, 2021, VR Resources Ltd. has arranged a non-brokered private placement for gross proceeds of $1-million. VR will use the gross proceeds of the financing for its mineral exploration business, and more specifically to solidify the company's plan for follow-up drilling this September at its Hecla-Kilmer IOCG project in Northern Ontario, in response to a large, high-amplitude and high-contrast gravity anomaly announced on May 05, 2021.
On May 05, 2021, VR Resources Ltd. has received the final data for the detailed, ground-based gravity survey carried out in March over the multiphase carbonatite complex on its Hecla-Kilmer property (H-K) located in Northern Ontario. The result is obvious; the intervals of copper, gold and critical metal mineralization intersected last fall by VR are located on the eastern margin of a large and high-amplitude gravity anomaly. The company is now planning for phase II, follow-up drilling in September to test the new anomaly for the heart of the rare-earth-element-bearing, iron-oxide-copper-gold hydrothermal breccia system discovered at H-K in 2020.
On April 14, 2021, VR Resources Ltd. has confirmed that the drill is back on site and turning at its Reveille property in Nevada. VR was able to secure a track-mounted diamond drill rig on route to a nearby project in order to complete a core hole on the jasperoid breccia-pipe gold target at Reveille named G1. The drill hole is located on a ridge of structurally controlled, gold-bearing jasperoid breccia related to a rhyolite intrusion which has replaced the host limestone stratigraphy along a fold hinge fault zone, with high-grade silver and copper in breccia zones to the northeast of G1 along the same structure.
Also, the video interview is now posted on the company website (www.vrr.ca), and the link is https://youtu.be/BEt5C7gu9P0
On March 17, 2021, VR Resources Ltd. has provided a brief update on the maiden reverse circulation drill program at its Reveille silver-copper property in Nevada.
Four of five RC (reverse circulation) drill holes planned for the phase I program at Reveille were completed in 10 days for a total of 4,347 feet by a truck-mounted TH75 rig. Each hole was between 1,000 and 1,200 feet long. Continuous geochemical sampling of every five feet run in each hole is complete, and hyperspectral scanning of each hole in its entirety is now under way. Hyperspectral data for mineral mapping is expected later in March, and assay data for silver, copper and gold, among a host of other elements, are expected by the end of April.
On March 11, 2021, VR Resources Ltd. has provided an update on compiled and integrated geochemical data from the recent four-hole reconnaissance drill program completed late in 2020 at its Hecla-Kilmer (H-K) carbonatite property and copper-gold breccia target in Northern Ontario. Results include:
A broad intersection of lithium mineralization discovered in drill hole HK20-002;
Broad intersections of critical minerals, niobium-thorium-REE (rare earth elements), discovered in drill holes HK20-002 and 004, with corresponding high density profiles confirmed in XRF scanning;
Detailed ground-based gravity survey is now underway to identify potential high density anomalies related to either copper-sulfide mineralization, and/or niobium-REE concentrations.
On March 2, 2021, VR Resources Ltd. announced that drilling is underway at its Reveille silver-copper property in Nevada. The RC drill program is Phase 1 of a planned two-stage program, with the current objective of completing upwards of 1,500 metres in 5 to 6 holes during the next 2 weeks. Geochemical results are expected in April, followed by Phase II drilling planned for May or June.
On February 26, 2021, VR Resources Ltd. announced that it has closed its non-brokered flow-through private placement (“Financing”) consist of 365,854 flow-through (FT) shares at a price of 41 cents per FT share for gross proceeds of $150,000.
VR has a strong treasury of approximately $3.3 m as of March 1, 2021, and will use the gross proceeds of the financings for active mineral exploration this winter on its properties in Nevada and Ontario, and for general administrative costs. Overall, the Company is sufficiently funded for its business through 2022.
On January 29, 2021, VR Resources Ltd. announced that it has Closed its non-brokered private placement consisting of 5,134,933 units at a price of $0.30 per Unit for gross proceeds of $1,540,480.