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VR Resources looks well positioned to execute on plans in Nevada and Ontario

Snapshot

The junior explorer's focus is to uncover, using new and innovative techniques, large copper-gold mineral systems

VR Resources Ltd -

Quick facts: VR Resources Ltd

Price: 0.18 CAD

TSX-V:VRR
Market: TSX-V
Market Cap: $10.93 m
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  • Management has a strong track record in discovery and M&A
  • Properties are 100% owned to leverage discovery upside
  • Mining friendly jurisdictions

What VR Resources does:

VR Resources Ltd (CVE:VRR) (OTCMKTS:VRRCF) is a junior explorer, which is advancing assets in Nevada and Ontario, both mining-friendly jurisdictions. Notably, VR owns 100% of its properties.

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 kilometer (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 copper, gold project, which was staked by the firm in 2019 and is a large-scale iron oxide copper-gold target. Ranoke is a greenfield, blue-sky opportunity, the company has said.

Consisting of 360 contiguous claims covering 7,400 hectares, the project lies 15 km west of a CNR railway spur and is 25 km north of road access to Otter Rapids, an Ontario hydro-electric facility serviced by Highway 634.

How is it doing:

Last year saw VR Resource's Big Ten property in Nevada advance and drilling started at the Ranoke project, Ontario, through the work was put on hold in December due to the weather.

Significantly, the same month, the group told investors it had identified a "large and integrated" target anomaly at its Amsel property at the Big Ten gold project.

The hill at Amsel is a large topographical feature at the asset with a surface footprint defined by this 2 x 2 kilometer (km) gold-silver soil anomaly.

Data had improved VR's understanding of how Amsel compares to the 18 million ounce Round Mountain deposit, which lies nearby to the north, the firm explained

"Based on the size, clarity and intensity of the IP anomaly, VR will now move forward with the permitting process it started earlier in the year for first-pass drilling on the Big Ten project, and we look forward to providing further updates as our work proceeds in 2020."

The firm also announced a flow-through placing to raise up to C$541,475 gross for exploration at Ranoke.

And on March 17, after three holes - out of a seven hole program - were sunk on Ranoke to a depth of between 500 to 650 metres, VR Resources said it was putting the work on hold because all surface water around the property had frozen.

An intercept from one hole showed fluorite-carbonate veins that are often concurrent with copper and gold grains and a key attribute of an iron oxide copper-gold breccia body, it explained.

Inflection points:

  • Drilling restart at Ranoke
  • Drill permitting news for Big Ten

What the boss says:

In December last year, VR Resources' president and CEO Michael Gunning told Proactive's Steve Darling that it had been a year of progress in Nevada and Ontario and that target ready exploration had now been completed at Big Ten.

Referring to the Amsel hill, he said: "It's turned out to be a real target with an amazing analogue at Round Mountain to the north so the ball's in our court.  We'll get going on drill permitting in the new year and that's that."

Gunning also said he was excited about the Ranoke program and confident on the fundamentals for precious metals copper and gold heading into 2020.

"It was a terrific year to see Big Ten and Ranoke advance. The treasury is terrific going into 2020. The company is in a position to execute its plans."

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Watch

Full interview: VR Resources finds IP anomaly at Big Ten in Nevada, Drill...

VR Resources (CVE:VRR-OTCBB: VRRCF) President and CEO Michael Gunning sat down with Steve Darling from Proactive Vancouver with news the company has completed some GEO physical works on their project in Nevada, Big Ten. Gunning talks about what they found and how this helps in the drilling...

on 19/12/19

4 min read