Operates in mining friendly Nevada and Ontario
- Using new and innovative techniques for find large copper-gold mineral systems
The Ranoke property in Ontario is a greenfield, blue-sky opportunity
What the company does:
The focus is to uncover, using new and innovative techniques, large copper-gold mineral systems, and the firm is continuing what was over four years of exploration in Nevada by a Vancouver-based private exploration company.
The firm's Big Ten epithermal gold property in the Walker Lane belt of Nevada comprises seven properties along a district-scale 20 kilmeter (km) trend and multiple claims. The properties are the Hat Peak, Kano Amsel, Danbo, Little Joe, Clipper and Fischer properties. There is easy access to power and rail and an international airport in Reno.
The Bonita project in Nevada is a large porphyry copper-gold system discovered by VR with a 5km by 7km footprint and five to six specific targets. It covers 7,872 acres and has 381 claims. First-pass drilling took place in November 2017 and June 2018 and work is set to continue in 2019.
The firm believes the Bonita system to be similar to the nearby Yerington mine deposits, which have generated 162 million tonnes of 0.55% copper.
In Ontario, VR owns the previously unexplored Ranoke Ontario, which was staked by the firm this year and is a large-scale iron oxide copper-gold target.
Ranoke is a greenfield, blue-sky opportunity, the company says, and it has hosted considerable exploration work this year.
How is it doing:
Recent newsflow has centred mainly on financings and exploration at the Ranoke property. In June, VR said it had brought in over C$800 million via a private placing with the flow-through funds going to explore the Ontario project.
The common share proceeds would also be used on ongoing exploration expenditures at projects in Nevada, property evaluations, and for general corporate purposes, the firm said.
Excitingly, at Ranoke, the firm said on August 21 that it had discovered a large gravity anomaly, measuring 4km by 8 km, which is evidence of a large body of copper suphide. It comes after the firm had previously identified a magnetic anomaly that indicated a robust vertical body continuous from surface to depth.
“I am not sure that this airborne survey could have delivered a more definitive anomaly and more compelling evidence for a large and coherent body of high-density copper sulfide related to variably magnetic iron oxide minerals at Ranoke,” CEO Dr Michael H Gunning told investors.
"This survey confirms and advances the potential for a large IOCG (iron oxide copper gold) mineral deposit at Ranoke, one which VR has the expertise, conviction and funding to advance," he added.
On September 17, VR said it had completed further modern exploration at Ranoke with an induced polarization (IP) survey over three lines on the anomaly to test for chargeable sulfide minerals, which were confirmed.
"This survey confirms the potential that a copper sulfide-bearing iron oxide breccia pipe is the root cause of the gravity anomaly at Ranoke," Gunning said in a statement.
"We look forward to providing further updates as our work advances towards a first-pass drill program," he added. A three-hole diamond program is planned for this Fall or the coming winter.
In July, VR outlined its plans for exploration at the Big Ten epithermal gold project in Nevada, with work earmarked for the Amsel property there. The company completed an airborne magnetic and radiometric survey over the northern half of the Big Ten trend last year and a large anomaly was detected over a 2km by 3km area.
The firm has recently been on the ground at Amsel collecting surface geochemistry and hoped to report results sometime in September. Work at the site is set to include grid-based soil geochemistry for gold, silver and epithermal trace elements, mapping using analyses of rock samples, and geological mapping and sampling of quartz veins and fractures.
- Drilling to start at Ranoke
- Exploration results from Big Ten project
What the boss says:
VR Resources' CEO Michael Gunning spoke to Proactive last month and explained what was so exciting about the Ranoke anomaly: "It's not just large ... it's very high intensity."
Referring to Amsel at Big Ten in Walker Lane, the company boss added: "We are doing surface geochemistry and mineral chemistry mapping that I view as technology that simply wasn't available 20 or 30 years ago."