Drilling is Underway at VR Resources' Bonita Copper-Gold Property, Nevada
VANCOUVER, British Columbia, Aug.24, 2017(GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V:VRR) (FSE:5VR), the "Company", or "VR", is pleased to announce that drilling has commenced at its Bonita copper-gold property in Humboldt County, Nevada.
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Photos accompanying this announcement are available at:
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- The approved program includes 3,000 m of drilling in four holes, one drill hole on each of four different targets (see Figure 1; numbers 1 through 4);
- Drilling is now underway at the first hole at Copper Queen in the eastern part of the property.
(see Photo 1); - The program is expected to take 10 to 12 weeks to complete;
- The Company's Principal Geologist is managing the program full time on-site, and is logging and sampling drill core.
Geochemical samples will be submitted to the ALS Global facilities in Reno, Nevada, with final analytical work completed at the ALS laboratories located in Vancouver, BC.Industry-standard and NI 43-101 compliant QAQC sampling procedures will be established at the drill site from the outset.
This drill program will test four of eight specific, robust exploration targets for porphyry copper-gold mineralization at Bonita, based on the integration of geological mapping, mineral alteration vectors, rock and soil geochemical anomalies, and gravity and magnetic geophysical anomalies (see "Exploration Targets Map" under Bonita Property at www.vrr.ca).The recent Induced Polarization (IP) survey by VR produced well defined chargeability anomalies at seven of the eight target areas (see "IP Targets map" under Bonita Property at www.vrr.ca); the 4 drill holes this summer will test specifically the IP chargeability anomalies at Copper Queen, Whiskey Bottle, Bonita South and Hobbit.
The Bonita property continues to be the primary focus of the Company's copper-gold exploration strategy in Nevada.The current drill program is the culmination of some 2 1/2 years of surface exploration and targeting at Bonita (see "Work Programs" under Bonita Property at www.vrr.ca). The property is large, encompassing a district of historic copper, gold and iron workings.The workings are unified by a single, district-scale porphyry hydrothermal system with a large, mappable alteration footprint covering the entire property, within which copper sulfide and gold mineralization has been sampled at surface by VR over an area of about 4 x 5 kilometres (see "satellite image" under Bonita Property at www.vrr.ca).
The Company looks forward to providing future updates on the drill program.
About the Bonita Property
The Bonita property is located in Humboldt County in northwestern Nevada, USA, approximately 200 km northeast of Reno, and 75 km northwest of the town of Winnemucca.
The Bonita property is large, consisting of one contiguous block of 429 claims totaling 3,586 ha (8,862 acres), covering an area of approximately 5 x 6 kilometres (see satellite property image at www.vrr.ca).
The property was acquired by staking, and is owned 100% by VR, free and clear of any interests or royalties.There are no government-required exploration expenditures.VR has conducted successive exploration programs at Bonita over the past 2 1/2 years (see "work programs summary" at www.vrr.ca).
There is very good road access both to, and within, the Bonita property, and there is railroad and powerline infrastructure approximately 20 kilometres to the south.Bonita is located in desert-like basin and range physiography, affording nearly year-round working conditions.Vegetation is sparse, and there are no towns or settlements near the 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 Resources Ltd. ("VR") is a new listing in the junior mineral exploration space (TSX.V:VRR) (Frankfurt:5VR).VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company.The diverse experience and proven track record of its Board in early-stage exploration and discovery is the foundation of VR. The Company evaluates and explores copper and gold systems in the western United States, with a current focus in Nevada.VR is well financed, with a treasury in-place for a two year exploration strategy, including first-pass drilling of its core asset, the Bonita Property, in 2017.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"
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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 references to a two-year exploration strategy; first-pass drilling of its core asset and the acquisition of new assets.
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: info@vrr.ca
Phone: 604-262-1104
Renmark Financial Communications Inc.
Barry Mire, Account Manager for VR:
E-mail: bmire@renmarkfinancial.com
Tel.: (416) 644-2020 or (514) 939-3989
Website: www.renmarkfinancial.com