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VR Resources puts drilling on hold at Ranoke until January due to weather

Geothermal results of the area have revealed extensive pyrite in what's referred to as an induced polarity anomaly

VR Resources Ltd drill hole RK 19-001
The company's drill rig will remain on site, allowing for an efficient start-up in January

VR Resources Ltd (CVE:VRR) (OTCMKTS:VRRCF) told investors Tuesday that drilling at its Ranoke copper-gold project in northern Ontario has been put on hold until January due to the weather conditions.  

The company said the reconnaissance drilling program that began in November will resume when daylight hours are longer and the weather is more stable. The drill rig itself will remain onsite, allowing for an efficient start-up in January. 

“Although mother nature pushed back against our fall drill program at Ranoke, we now have the drill on site, program mobilization and set-up behind us, the first hole under our belt, an understanding of the [induced polarization (IP)] anomaly and obvious iron oxide alteration in drill core,” CEO Michael Gunning said in a statement. “We will return to Ranoke in January with conviction, and we look forward to providing further updates as the program advances.”

READ: VR Resources says exploration at Amsel property at Nevada project will help inform first pass drilling

When the Vancouver-based company does return, Gunning feels optimistic about the next steps. Geochemical data has shown an IP anomaly, which the company is confident represents extensive, secondary pyrite within limestone. 

When drilling comes back online in January, VR Resources will move its drill from the IP anomaly (Hole 1), which is located on the periphery of a gravity anomaly, to the center of the gravity anomaly itself (Hole 2).

“Overall, we are keen to move the drill into the heart of the matter at Ranoke in the New Year: namely, the center of the large gravity anomaly, and the center of the large magnetic anomaly to the north (Hole 3),” Gunning said. ”The coincidence of the new and robust soil gas geochemical anomaly with the center of the magnetic pipe only increases our conviction that we are moving the drill in the right direction during this first-pass reconnaissance drill program.”

All told, the company’s Ranoke property consists of 360 contiguous claims covering 7,400 hectares. 

Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com 

Follow him on Twitter @andrew_kessel

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Price: 0.375 CAD

TSX-V:VRR
Market: TSX-V
Market Cap: $26.7 m
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