Drilling Update at Vr’S Ranoke Copper-GOLD Property IN Ontario NR-20-02
VR RESOURCES LTD.
1750 - 700 West Pender St.
Vancouver, BC, Canada, V6C 1G8
Tel: 604-262-1104; [email protected]
TSX.V: VRR: www.vrr.ca
DRILLING UPDATE AT VR’S RANOKE COPPER-GOLD PROPERTY IN ONTARIO
NR-20-02
March 17, 2020. Vancouver, B.C.: VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or
“VR”, is responding to difficult drilling conditions and rising drill costs by suspending the current drill program at
Ranoke, with plans to restart later this spring or summer when surface conditions improve.
From VR’s CEO, Dr. Michael H. Gunning “We can’t drill without water, and as of late last week, all surface waters
at Ranoke were completely frozen, all ponds and all creeks. D elays and difficulties related to water has both
impeded the length of the holes completed, and pushed our drill costs to unacceptable levels , so in the broader
context of current market uncertaint y and volatility, VR is responding by suspending drilling with three holes
complete, with plans to return later this spring or summer to complete the first-pass drill program when ground
conditions for water will foster more efficient drilling . Strategic thinking is required during the current market
cycle, and VR will recognize that this is simply not the right time to be fighting our drill costs. We continue to
advance our Big Ten gold project in the Walker Lane in Nevada, with news to follow. The Company is well funded
to execute its strategies for 2020, reporting a $2.2m working capital in February.”
As shown on Figure 1, three holes are now complete at Ranoke, all to the depth of betwee n 500 - 650 metres.
They constitute a north-south transect across the western part of the main gravity anomaly, and across the
southern contact of the main magnetic anomaly. The next four holes will form an east-west transect across
Ranoke, including the eastern part of the gravity anomaly:
- Holes 4 and 5 will test shallow, near-surface IP anomalies associated with the north-trending fault which
forms the western boundary of the Ranoke magnetic complex, and;
- Holes 6 and 7 will test the magnetic low coincident with the eastern arm of the main gravity anomaly
(Figure 2). Hole 2 was located on the western periphery of this magnetic low.
As shown in Figure 3, fluorite-carbonate veins were intersected in a basement intrusion in Hole 3. The fluorite
is magmatically derived and hydrothermally precipitated. The fluorite veins in Hole 3 are significant: 1. Fluorite
grains occur with copper and gold grains in the multi-element anomaly in the regional OGS geochemical survey
data, and; 2. Fluorite is a key attribute in the mineral deposit model for an iron oxide copper-gold breccia body
or carbonatite intrusion targeted at Ranoke.
The north-trending fault shown on Figure 1 which forms the western boundary of the Ranoke complex is evident
on all inversion and derivative products from both the gravity and magnetic surveys. Holes 4 and 5 will test the
possibility for structurally-controlled mineralization at Ranoke along this fault.
The east-west fault shown on Figure 1 is based on the disruption of the otherwise coherent, high intensity gravity
anomaly. Hole 1 completed in November and located near the fault intersected numerous specularite veins,
and iron carbonate breccia zones and potassium alteration (see news release dated Nov . 4, 2019); Holes 6 and
7 will follow this up and test the center of the magnetic low coincident with the eastern arm of the gravity
anomaly for mineralization related to this structure.
Ranoke has never been drilled. The goal of this first pass drill program is unchanged: to fully test the centers of
the IP, gravity and magnetic geophysical anomalies, and coincident soil gas geochemical anomalies, for copper
VR RESOURCES LTD.
1750 - 700 West Pender St.
Vancouver, BC, Canada, V6C 1G8
Tel: 604-262-1104; [email protected]
TSX.V: VRR: www.vrr.ca
and gold hosted in a large -scale, hydrothermal iron oxide breccia body or carbonatite intrusion emplaced into
older Archean gneiss along the western ma rgin of the Kapuskasing structural zone which bisects the Archean
Superior craton, and has a long-lived history of mafic and carbonatite intrusions and kimberlitic diatremes which
collectively span nearly 1.6 billion years of activity.
The Company will report any material geochemistry when the program is complete and data are in hand from
all of the drill holes.
The helicopter-assisted drilling at Ranoke is based out of a road -accessible trailer camp located at the near-by
Ontario Power Generation hydro-electric facility at Otter Rapids.
About the Ranoke Property
The Ranoke property is located in northern Ontario , Canada. Infrastructure in the region is shown on location
figures provided at the Company’s website at www.vrr.ca. The property is 15 kilometers west of the CNR railway
spur which supplies Moosonee located on tide water 100 kilometres to the northeast, and is 25 kilometres north
of road access to Otter Rapids, an Ontario hydro-electric facility serviced by Highway 634. Exploration at Ranoke
is facilitated by the town of Cochrane which is located about 100 kilometres to the south on the Trans Canada
Highway, and is the major service hub to the region.
The Ranoke property is large . It co nsists of 360 claims in one contiguous block covering 7, 400 ha covering a
12 x 12 km area. The Ranoke property was staked directly by VR. It is owned 100% by VR, and is free and clear
of any interests or royalties.
Technical Information
Summary technical and geological information on the Company’s various exploration properties is available at
the Company’s website at www.vrr.ca.
Technical information for this news release has been prepared in accordance with the Canadian regulatory
requirements set out in National Instrument 43-101. Justin Daley, P.Geo., Principal Geologist at VR and a non-
independent Qualified Person oversees and/or participates in all aspects of the Company’s mineral exploration
projects. The content of this news release has been reviewed on behalf of the Company by the CEO, Dr. Michael
Gunning, P.Geo., a non-independent Qualified Person.
About VR Resources
VR is an emerging junior exploration company focused on large, underexplored copper-gold mineral systems in
the western United States and Canada (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF). It is the continuance of 4
years of exploration in Nevada by a privat e exploration company, with a foundation built upon the diverse
experience and proven track record of its Board in early -stage mineral exploration, discovery and M&A. VR is
well financed for its exploration strategy. It owns its properties outright, and evaluates new opportunities on an
ongoing basis, whether by staking or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS:
VR RESOURCES LTD.
1750 - 700 West Pender St.
Vancouver, BC, Canada, V6C 1G8
Tel: 604-262-1104; [email protected]
TSX.V: VRR: www.vrr.ca
“Michael H. Gunning”
_____________________________
Dr. Michael H. Gunning, PhD, PGeo
President & CEO
For general information please use the following:
Website: www.vrr.ca
Email: [email protected]
Phone: 604-262-1104
Forward Looking Statements
This press release contains forward-looking statements. Forward-looking statements are typically identified by words such
as: believe, expect, anticipate, intend, estimate, and similar expressions or are those which, by their nature, refer to future
events. Forward looking statements in this release include, but are not limited to : “VR is responding by suspending drilling
with three holes complete, with plans to return later this spring or summer to complete the first -pass drill program when
ground conditions for water will foster more efficient drilling.”
Although the Company believes that the use of such statements is reasonable, there can be no assurance that such
statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in
such statements. The Company cautions investors that any forward-looking statements by the Company are not guarantees
of future performance, and that actual results may differ materially from those in forward-looking statements. Trading in
the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings are
available at www.sedar.com; readers are urged to review these materials.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in Policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
VR RESOURCES LTD.
1750 - 700 West Pender St.
Vancouver, BC, Canada, V6C 1G8
Tel: 604-262-1104; [email protected]
TSX.V: VRR: www.vrr.ca
Figure 1. Location of planned and completed first-pass drill holes at Ranoke, plotted on an integrated geophysical plan map with
gravity anomaly contours on total magnetic intensity. Section Line A-A’ shown in Figure 2.
VR RESOURCES LTD.
1750 - 700 West Pender St.
Vancouver, BC, Canada, V6C 1G8
Tel: 604-262-1104; [email protected]
TSX.V: VRR: www.vrr.ca
Figure 2. North-south Section through the 3D magnetic inversion block model for Ranoke, showing the drill holes planned for the
main, integrated target of gravity high and magnetic low anomalies. Heavy dashed lines are the margins of the gravity anomaly.
Figure 3. Vein of fluorite-calcite-epidote cutting across foliation in Archean granodiorite intrusion at Ranoke.