VR Confirms Porphyry Copper-Gold Mineralization at Bonita Property, Nevada, and Plans Follow-Up Drilling in 2018
VANCOUVER, British Columbia, Jan. 09, 2018 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V:VRR) (FSE:5VR), the "Company", or “VR”, is pleased to announce the confirmation of porphyry-style copper-gold mineralization at its Bonita property in Humboldt County, Nevada. Plans are underway for follow-up drilling in 2018.
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A series of maps, drill sections and drill core photos are appended to this news release at www.vrr.ca/news, including copper and gold geochemistry which is shown in drill hole graphic logs, to illustrate the key exploration vectors obtained from this drill program, including:
- Copper Queen:
- Continuous alteration in Hole 1 for 505 m, spanning inner propylitic, phyllic and potassic facies in gabbro, sodic diorite, and porphyritic monzodiorite dykes, including 205 m of hydrothermal breccia, quartz-sulfide veins with local chalcopyrite veins and anomalous Cu-Au geochemistry;
- Continuous alteration in Hole 4 for 689 m, spanning inner propylitic, phyllic and potassic alteration facies in gabbro, sodic diorite, and porphyritic monzodiorite dykes, including 339 m of iron carbonate silica-specularite and silica-sulfide hydrothermal breccia facies with local Cu-Au geochemical anomalies throughout;
- Hemco: Continuous and pervasive alteration in Hole 3 for 306 m, spanning sodic and phyllic facies in sodic diorite and monzodiorite dykes; specularite vein breccia and disseminated iron oxide are throughout the hole; copper veins occur locally both near surface and at depth in the hole.
This initial-phase drill program has confirmed the key attributes of the porphyry hydrothermal system delineated during the past three years of surface exploration at Bonita, the vertical extent of pervasive alteration facies mapped across the 6 kilometre width of the system (see cross section on page 2 of appended figures to this news release), and the association of copper and gold mineralization (see graphic drill logs on pages 7, 10 and 18 of the figures appended to this news release).
Four drill holes were completed in the fall 2017 drill program, for a total of 1871 m. Pervasive and continuous alteration intersected from the top to the bottom of drill holes 1, 3 and 4 dictated extensive geochemical sampling on a continuous basis. A total of 871 samples were taken, normally on successive 1.5 metre intervals. There is a strong correlation between anomalous gold and copper geochemistry in all drill holes, consistent with the alkaline affinity of the Bonita igneous complex based on whole-rock geochemistry.
Plans are now underway for follow-up drilling at Bonita in 2018. Priorities include:
- A drill hole 200 metres west of Hole 4 at Copper Queen, targeting the potassic altered core of the inner-propylitic alteration in Hole 4, and below surface geochemical anomalies at the 1936 mine;
- A drill hole 300 metres south of Hole 3 at Hemco, targeting the potassic altered core to the pervasive phyllic alteration in Hole 3, and at the center of a large (1,000m diameter) resistivity high anomaly.
Exploration targets yet to be drill tested at Bonita and to be considered for this program include:
- The strongest and broadest IP chargeability anomaly at Bonita: the Whiskey Bottle Breccia target located some 1.5 kilometres south of Copper Queen, and;
- The strongest polymetallic copper-moly-lead geochemical anomaly at Bonita: the Corral target located a further 2.5 kilometres south of Whiskey Bottle.
Commenting on the news today, VR’s CEO Dr. Gunning emphasized: “Results of the 2017 drill program confirm the porphyry copper-gold model for the district-scale hydrothermal footprint at Bonita. Follow-up drilling in 2018 will pursue the strong exploration vectors evident in drill core with respect to alteration intensity, copper sulfide vein intensity, copper-gold geochemistry at both Copper Queen and Hemco. The 2017 drill program has moved us closer to realizing an unusual discovery-based value creation potential for our shareholders given the scale of the Bonita system and its direct age and tectonic correlation to the past-producing Yerington porphyry copper camp in central Nevada, combined with the current strength of the global copper sector and the stable regulatory framework Nevada provides for exploration and mining.”
The drilling planned for Bonita in 2018 can be facilitated by a simple amendment to VR’s existing drill permit.
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.
The property was acquired directly by staking, upon introduction to the historic workings of copper-gold iron oxide breccias in the region by prospector Ron Berdahl. It is owned 100% by VR, free and clear of any interests or royalties. The property is on land administered by the federal BLM. VR has conducted successive exploration programs at Bonita for the past three years, culminating in first pass drilling in 2017.
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.
The Bonita property continues to be the primary focus of the Company’s copper-gold exploration strategy in Nevada. The property is large, encompassing a district of historic copper, gold and iron workings over an area of about 4 x 5 kilometers. An even larger alteration footprint which is clearly delineated by airborne magnetic and hyperspectral surveys, and refined by detailed geological mapping includes outer propyllitic, argillic, sodic, and phyllic alteration zones, with silica-specularite and iron-carbonate – chlorite hydrothermal breccia bodies (dykes and diatremes) at several locations.
Bonita is a mafic alkaline, polyphase middle Jurassic batholith that is the same age as the past-producing Yerington porphyry copper camp located some 150 kilometers to the south, in west-central Nevada. VR completed an independent NI 43-101 compliant Technical Report in January, 2017.
Technical Information
Samples for geochemistry are submitted to the ALS Global facilities in Reno, Nevada, with final analytical work done 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. Industry-standard and NI 43-101 compliant QAQC sampling procedures including systematic insertion of sample duplicates and standards was established and practiced on-site and throughout the program by the Company’s Principal Geologist.
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 exploration space (TSX.V:VRR) (Frankfurt:5VR). 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 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. 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
| For general information please use the following: | ||
| Website: www.vrr.ca | Renmark Financial Communications Inc. | |
| Email: info@vrr.ca | Barry Mire, Account Manager for VR: | |
| Phone: 604-262-1104 | E-mail: bmire@renmarkfinancial.com | |
| Tel.: (416) 644-2020 or (514) 939-3989 | ||
| Website: www.renmarkfinancial.com | ||
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: the drilling planned for Bonita in 2018; discovery-based value creation potential for our shareholders.
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://www.globenewswire.com/NewsRoom/AttachmentNg/47e77465-a862-412b-ac3b-106e2f86bed3