The Vancouver-based firm revealed it has signed two letters of intent with the potential to fortify its existing exploration at Ranoke, a copper-gold property in Ontario, and Big Ten, a gold project in Nevada.
The company said both opportunities relate to greenfields exploration on large-footprint systems that have not seen modern, systematic exploration and drilling.
“These opportunities are a natural extension of our work at Ranoke and Big Ten; they lend themselves to a leveraging of our experience in each district during the past two years, and to synergies and efficiencies with our current exploration plans,” VR’s CEO Dr Michael Gunning said in a statement.
“If acquired, the opportunity near Ranoke will be integrated into our plans for completing the first pass drilling which we initiated this past winter. The opportunity near Big Ten will be explored on the ground this summer as we advance the permitting process for first pass drilling of the Amsel gold target planned for later this year,” he added.
The company anticipates converting the letters of intent into acquisition agreements in the coming weeks, it told shareholders.
VR Resources also announced a financing to support the firm’s expanded exploration strategy. The non-brokered private placement of C$1.34 million consists of up to 5 million units priced at C$0.22, with each unit comprised of one share and one-half of one warrant exercisable at C$0.35 for an 18-month period. The rest of the funds will come from up to 1 million flow-through shares offered at C$0.24 each.
The offering is expected to close by June 12 subject to regulatory approval.
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