- Management has strong track record in discovery and M&A
- Properties are 100% owned to leverage discovery upside
- Mining friendly jurisdictions
What VR Resources does:
The group's focus is to uncover, using new 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 focus has been on the hill at Amsel, which is a large topographical feature at the asset with a surface footprint defined by this 2 km x 2 km gold-silver soil anomaly.
After a recent increase, the Amsel property now consists of 66 claims covering 1,363 acres.
Elsewhere, the Bonita project in Nevada is a large porphyry copper-gold system discovered by VR with a 5 km by 7 km footprint and five to six specific targets. It covers 7,872 acres and has 381 claims. 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.
The same month, VR announced it had identified a "large and integrated" target anomaly at its Amsel property at Big Ten.
On April 15 this year, the group told investors it had discovered new high-grade silver and gold mineralization at Amsel via a surface grab sample. The group found 4.1 grams of gold per ton (g/t) and 311 g/t silver in the sample.
The sample was one of 135 grid samples collected systematically for alteration mineral mapping, as opposed to visible mineralization.
VR Resources has filed an NI 43-101 technical report on Amsel, including all data collected during 2018 and 2019, and recommends first-pass drilling of the untested target.
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.
What the boss says:
Following the Amsel sample discovery this month CEO Michael Gunning told Proactive that if all goes well the firm should have its permit by this summer for drilling in the back half of this year at the Nevada property.
Referring to the current coronavirus pandemic, he added: " In this very unusual time that we're in, VR is more or less working seamlessly."
He said the discovery of high-grade gold and silver via the sample had enhanced VR's conviction as to the potential of this system.
"This Amsel fluid system is really robust and we have to have our eyes open to the potential for high-grade gold and silver, even in rocks that we're not expecting and essentially anywhere in the system".
Gunning added: "Not only is the target exciting, but I know that VR can explore this in a very cost-effective way and it's a really important attribute for any project, for any company right now in this cycle."