VR Expands the Strike Extent of the Tertiary Epithermal Gold, Quartz Vein System at Its Danbo Property in Nevada to 1,500 Metres
VANCOUVER, British Columbia, Jan. 11, 2018 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V:VRR) (FSE:5VR), the "Company", or “VR”, is pleased to report the highlights of the 2017 exploration program on the Company’s Danbo property, and expansion of the property size by 50% as a result. The Danbo property is located along the northern margin of the Walker Lane Belt in western Nevada, in a setting analogous to the nearby Round Mountain gold mine and past-producing Paradise Peak epithermal gold deposit.
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Highlights illustrated by maps, sections and field photographs included with this news release and posted on the Company’s website www.vrr.ca/news include:
- 35 of 81 surface grab samples returned > 1 g/t gold. Select samples spanning the system include:
- 9.1 g/t Au and 16.9 g/t Ag from the northern end;
- 53.3 g/t Au and 55 g/t Ag from the north-central area;
- 33.9 g/t Au and 158 g/t Ag from south-central area;
- 9.9 g/t Au and 29.8 g/t Ag from the southern end;
- Three parallel epithermal quartz vein sets are mapped at surface for 1.3 kilometres along strike, within an associated geochemical footprint 1.5 kilometers long by 1.1 kilometres wide based on soil geochemistry and an airborne hyperspectral survey used to map alteration minerals
- Gold mineralization spans a minimum of 107 vertical metres within the exposed hydrothermal system;
- An increase in property size by 50% to 38 claims covering 627 acres (254 ha).
The gold grade at Danbo consistently increases with increasing depth into the hydrothermal system. This relationship confirms the grade potential along the entire 1.5 km strike length of the epithermal vein system, below fertile but low grade veins exposed at high toporgraphic elevations at either end of the system. Silver is consistently present in gold-bearing quartz vein samples from throughout the system at Danbo.
Commenting on the news today, VR’s CEO Dr. Gunning reiterated: “Field work in 2017 has reinforced our conviction with regard to both the lateral extent and gold-silver grades of the epithermal vein system at Danbo. Despite the prospective regional setting of Danbo along the northern margin of the Walker Lane and proximity to known Tertiary volcanic hosted gold systems such as Round Mountain and Paradise Peak, it has never been tested by diamond drilling; Danbo thus provides for an unusual discovery-based value creation potential for our shareholders, and is now firmly established in our exploration planning for 2018.”
VR will initiate the drill permitting process at Danbo in Q1 2018. Road access both to and within the property will facilitate cost-effective drilling. VR will also evaluate the utility of high resolution geophysical surveys such as electromagnetic (EM) or induced polarization (IP) to map sulfide-bearing quartz veins in the sub-surface as a guide to prioritizing drill targets.
Geologic Setting: Quartz veins at Danbo are hosted in a sub-horizontal Tertiary pyroclastic sequence of rhyolite lapilli tuff and ash flow tuff. Four sub-horizontal geological units are mapped, with no evidence of major faults. Individual veins are centimetres to decimetres wide, with metre-scale zones of quartz vein breccias observed in the central part of the property. Most veins exhibit white weathering argillic alteration halos. Drusy quartz in open space is nearly ubiquitous at Danbo. Bladed quartz after carbonate forms veins at high elevation at the north and south end of the property, and provide evidence of hydrothermal boiling high in the epithermal vein system. Banded, colloform vein textures are observed only in the central and topographically lowest part of the property where the deepest observed parts of the epithermal system are exposed; higher gold grades are typically obtained from these veins which are interpreted to represent the deepest parts of the exposed vein system. Quartz veins commonly contain trace to 1%, fine grained sulfide minerals as disseminated grains.
Additional information is available on the Danbo project page on the Company’s website at www.vrr.ca.
About the Danbo Property
The Danbo property is located in Nye County in west-central Nevada, approximately 50 kilometres north and east of Tonopah. Cost effective exploration is afforded by road access to the property on Highway 82, with actively used historic ranch and mine roads throughout the property, and connecting it to the highway.
The Danbo property is a contiguous block of 38 claims covering 627 acres (254 hectares). The property is on federal land administered by the Bureau of Land Management (BLM), and part of the Toiyabe National Forest, managed by the federal Forest Service. There is no privately-owned land within the property. The property is outside of BLM’s broadly defined area of sage grouse protection.
The property is owned 100% by VR, registered to the Company’s wholly-owned, Nevada-registered US subsidiary Renntiger Resources USA Ltd. There is a standard royalty on 8 core claims. There are no underlying annual lease payments on the property, nor are there any joint venture or carried interests on the property.
The Danbo property is located along the northern margin of the Walker Lane mineral belt in central Nevada. It occurs in an extensional, Tertiary-aged rhyolite volcanic centre analogous to the setting of the nearby Round Mountain gold mine currently in production, and the past producing Paradise Peak gold mine operated by FMC Mining Corp. between 1986 and 1994. The potential for VR is to be the first company to fully evaluate and diamond drill test the 1,500 metre strike length of the low-sulfidation, gold bearing epithermal quartz vein system exposed at surface at Danbo.
Technical Information
Rock samples for geochemistry are submitted to the ALS Global facilities in Reno, Nevada, with final analytical work 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.
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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Dr. 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: grade potential along the entire 1.5 km strike length of the vein system; “offers the potential for discovery-based value creation; This relationship confirms the grade potential along the entire 1.5 km strike length of the vein system”.
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.
The Company’s public disclosure filings are available at 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/d4172939-2d0a-4468-8bfd-c7c5b9f6aae7