The Vancouver-based company announced it was acquiring the Reveille silver property, which is located nearly 75 kilometres along the same trend as Big Ten.
Reveille is situated along the Walker Lane mineral belt in west-central Nevada where numerous epithermal gold and silver deposits spurred nearly 160 years of production in the region.
READ: VR Resources to start exploration immediately on newly acquired Hecla-Kilmer property in northern Ontario
VR plans to explore Reveille this summer at the same time it plans a drill program on the Amsel gold target at Big Ten, according to the firm’s CEO Dr Michael Gunning.
“We have been evaluating this opportunity for more than a year now, and our work in the Big Ten caldera and epithermal system during the past three years provides an expertise and momentum for Reveille, and we intend to commence exploration immediately,” Gunning said in a statement.
VR Resources will be the first explorer to apply modern carbonate mineral deposit (CRD) models and exploration technology to the entire mineral system at Reveille, and be the first to drill test any number of vein, manto and breccia-pipe silver occurrences within the framework of a district-scale, integrated exploration model, Gunning told investors.
“We thank the vendor for his persistence over the past decade in consolidating this land package for the first time in its history, for it is that consolidation that gives VR the real opportunity for an exploration strategy with scale. We believe that the untested potential of this complex for a large-scale CRD silver system is significant, and we look forward to providing further updates as our work proceeds,” he said.
Under the term sheet, VR Resources will acquire 100% interest in Reveille from a private unnamed vendor for a total of US$70,000 cash and 200,000 shares of the exploration company, payable in two installments upon closing and again when a diamond drill program commences. The seller will also retain a net smelter returns royalty of 3% in the project.
Reveille consists of 57 mineral claims in one contiguous block covering 1,157 acres around 90 kilometres from Tonopah.
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