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VR Resources set to raise C$541,475 for Ranoke copper-gold exploration

Earlier this month, it said drilling at Ranoke had been put on hold until January due to the weather conditions

VR Resources Ltd -
Geochemical data for Ranoke has already shown an IP anomaly, which the company is confident represents extensive, secondary pyrite within limestone

VR Resources Ltd (CVE:VRR) (OTCMKTS:VRRCF) revealed it has arranged a flow-through (FT) private placing to raise up to C$541,475 gross for the exploration at its Ranoke copper-gold project in Ontario next year. 

Earlier this month, the resource group said drilling at Ranoke had been put on hold until January due to the weather conditions.  

The reconnaissance drilling program that began in November will resume when daylight hours are longer and the weather is more stable, it had said. 

The drill rig itself will remain onsite, allowing for an efficient start-up. Ranoke consists of 360 contiguous claims covering 7,400 hectares.

READ: VR Resources shares nudge higher as it identifies 'large' anomaly at Amsel prospect in Nevada

This financing will consist of up to around 1.48 million FT shares at C$0.365 each, and certain insiders intend to participate, the company said.

The closing date is expected to be on or before December 31 this year and is subject to all regulatory approvals, including TSX Venture Exchange approval.

Geochemical data for Ranoke has already shown an IP anomaly, which the company is confident represents extensive, secondary pyrite within limestone.

When drilling comes back online in January, the firm has said it 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),” CEO Michael Gunning has 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."

"We will return to Ranoke in January with conviction, and we look forward to providing further updates as the program advances."

Shares were unchanged in Toronto at C$0.34 each.

Contact the author at giles@proactiveinvestors.com

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Price: 0.39 CAD

TSX-V:VRR
Market: TSX-V
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