VR Resources Confirms 50m Base Metal Sulfide Intersection at Silverback Project in Ontario, with Gold Assays Pending NR-24-22
VR Resources Ltd.
1500 – 409 Granville St.
Vancouver, BC, Canada, V6C1T2
VR Resources Confirms 50m Base Metal Sulfide Intersection at Silverback
Project in Ontario, with Gold Assays Pending
NR-24-22
October 22, 2024, Vancouver, B.C.: VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or
“VR”, is pleased to report new base metal results from the recent drill program conducted by Holbik Exploration in spring
2024 on VR’s recently acquired Silverback Ni-Cr-Co-Cu and Au -Cu-Mo project (see Release dated September 12, 2024) ,
located near Thunder Bay, Ontario.
Results. The two-hole, 314m maiden drill program at Silverback tested near-surface conductors derived from the recent, 2023
DIGEM frequency-domain airborne survey targeting sulfide mineralization below glacial till cover (see Figure 2). Over 100m
of sericite-altered porphyry with disseminated pyrite was intersected in Hole 2, above the 50m base metal interval; similar
alteration was seen in porphyry dykes in Hole 1 (see drill section in Figure 1 below). New base metal data for the massive
sulfide in Hole 2 are shown below; fire assay gold and PGE results are expected soon.
• 0.10% Ni, 0.15% Cr, 171 ppm Cu, and 86 ppm Co over 50m starting at 160m in Hole 2.
• Ni-Cr-Co grades increase with depth toward western margin of a mafic dyke with strong conductor.
• Millerite (NiS) observed in mafic feeder dyke aligns with high nickel tenors of ~77% (Photo 1).
Potential. The Silverback Project covers two distinct mineral systems: a large Archean mafic-ultramafic intrusive complex on
the north margin of the Lac des Mille Lacs (LDML) Greenstone Belt ( Figure 3), and a second overlapping intrusion-related
gold-copper system. Anomalous nickel mineralization is associated with high-magnetic feeder dykes and mafic bodies found
across 3.5 km in grab samples and drill results (see Figure 2); remobilized copper, gold, and molybdenum mineralization has
been observed on north -south shear zones, locally hosting up to 9.5 g/t gold and 5.6% copper . The source of the gold and
copper is inferred to be a buried Archean porphyry intrusion which is now evident in both drill holes.
Figure 1. Schematic NW-SE section of drilling results from Hole 2 at Silverback to 210m depth. The hole is dominated by an altered porphyry intrusion
with quartz-carbonate veining and disseminated pyrite, for which gold assays are pending. The bottom 50m of drilling encountered a Ni-Cr- mineralized
dyke with grades increasing towards a larger DIGEM conductor (red ellipses) at the western contact of the feeder dyke.
From VR’s CEO Justin Daley: "While we await fire assay gold data for the altered porphyry intrusion in Hole 2, we are pleased
that the new base metal data for mineralization below the altered porphyry confirms the nickel potential of the mafic intrusive
complex, with peridotite, outlined by a detailed magnetic survey flown in 2023. No previous drilling exists in the project area,
and neither of the mineralization styles have previously been documented.
VR Resources Ltd.
1500 – 409 Granville St.
Vancouver, BC, Canada, V6C1T2
These drilling results prove the effectiveness of using electromagnetic (EM) techniques for targeting both mineral deposit
models and styles of mineralization on the project and highlights the potential of drilling remaining conductor targets in
concert with planned 3D IP geophysics in the coming weeks. Further, a 1980 EM survey by the OGS shows a 6 -channel
conductor, potentially indicating massive sulfides, adjacent to the intrusion and coincident with a DIGEM conductor.”
Figure 2. Simplified geophysical targeting map for the Silverback project showing the 7km across magnetic response outline of the nickel-
enriched mafic intrusion. Importantly, ultramafic peridotites are observed on the east margin of the claims indicating a larg e, layered
intrusion with potential for cumulate nickel sulfide. Spring 2023 drilling tested two smaller conductors from the DIGEM survey, shown in
purple (deeper) and red (shallower). An untested 6-channel EM anomaly from 1980 OGS survey Map 80534 coincides with a 2-line DIGEM
conductor, adjacent to the mafic intrusion, and near a 99th percentile gold in lake sediment anomaly.
Technical Information
Surface grab samples and drill core samples were submitted for geochemical analysis to the AGAT laboratory in Thunder Bay,
Ontario. Drill core was logged, cut and sampled at the Holbik Exploration warehouse in Upsala, Ontario, with s ample
preparation completed by AGAT in Thunder Bay alongside gold and PGE determination by atomic absorption assay . ICP-MS
analyses for base metals and trace elements is performed at AGAT’s laborator y in Calgary, AB. Analytical results are subject
to industry -standard and NI 43 -101 compliant QAQC sample procedures, including the systematic insertion of sample
duplicates, blanks and certified reference material (CRM) done both externally and internally at the laborato ry by AGAT, as
described by AGAT.
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., President & CEO at VR and a non -independent Qualified Person
oversees and/or participates in all aspects of the Company’s mineral exploration projects, and the content of this news release
has been reviewed on behalf of the Company by the Executive Chairman, Dr. Michael Gunning, P.Geo., a non -independent
Qualified Person.
VR Resources Ltd.
1500 – 409 Granville St.
Vancouver, BC, Canada, V6C1T2
About the Silverback Project
The project now consists of 71 mineral claims in 1 contiguous block covering 4,442 hectares. The project is located on
Federal crown land, with mineral rights administered by the Ontario Ministry of Mines. There is a 2% net smelter royalty
on the claims . There are no annual payments, but the Ministry requires certain annual exploration expenditures and
reporting (ie. mineral assessment reports) in order to maintain a mineral claim in good standing. The Properties falls within
the Lac de Mille Lac First Nation traditional territories.
Figure 3. The Silverback Project straddles the northern margin of the LDML Greenstone Belt and is on an important NE trending structure
with Neoarchean sanukitoid intrusions inferred to be related to regional gold mineralization. OGS magnetic basemap is shown with detailed
magnetics from the 2023 DIGEM survey outlining the nickel-mineralized, magnetic, mafic intrusions across the project area.
VR Resources Ltd.
1500 – 409 Granville St.
Vancouver, BC, Canada, V6C1T2
About VR Resources Ltd.
VR is an established junior exploration company based in Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR
evaluates, explores and advances opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada. VR
applies modern expl oration technologies, in -house experience, and expertise in greenfields exploration to large -footprint
systems in underexplored areas/districts. The foundation of VR is the proven track record of its Board in early -stage
exploration, discovery and M&A. The Company is financed for its mineral exploration and corporate obligations. VR owns its
properties outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
VR has recently contracted Existing Agency Inc. (“Existing”), a subsidiary of Red Cloud Financial based in Toronto, Ontario, for
promotional and media services for the Company. The services include the production of media, management of social media
accounts, and distribution of Company news and updates on those channels. The Media Services Agreement with Existing is
for a period of 6 months with the option to extend, and with monthly cash payments for a total cost of $30,000. Existing does
not have any interest, directly or indirectly, in VR, or any right to acquire an interest.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Justin Daley”
Justin Daley, MSc, P.Geo
President & CEO
For general information please use the following:
Website: www.vrr.ca
Email: [email protected]
Phone: 778-731-9292
Forward Looking Statements
This news release contains statements that constitute "forward -looking statements". Such forward looking statements
involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance
or achievements, or developments in the industry to differ materially from the anticipated results, p erformance or
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VR Resources Ltd.
1500 – 409 Granville St.
Vancouver, BC, Canada, V6C1T2
This news release may also contain statements and/or information with respect to mineral properties and/or deposits which
are adjacent to and/or potentially similar to the Company’s mineral properties, but which the Company has no interest in nor
rights to explore. Readers are cautioned that mineral deposits on similar properties are not necessarily indicative of mineral
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Photo 1. Photos from recent site visit to the Silverback Project and drill core from April 2024 drilling. Upper: Sample from the surface
expression of the nickel-chromium mineralized mafic dyke intersected at the bottom of Hole 2 with visible nickel sulfides. Lower: Sulfides
in the fine to medium grained mafic intrusion from 187m in Hole 2 . The intrusion is an altered pyroxenite with no visible olivine or other
silicate hosts to Ni mineralization.