VANCOUVER, British Columbia, July 13, 2017 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V:VRR), (FSE:5VR), the "Company", or “VR”, is pleased to announce that all three critical pieces are in place for a summer drill program on it’s Bonita copper-gold property in Humboldt County, Nevada:
- Board of Directors approval for a 3,000 metre diamond drill program;
- Drill permit approved by the federal Bureau of Land Management (BLM), Nevada;
- Services agreement executed with Boart Longyear Company to carry out a 3,000 m diamond drill program.
The Company has just completed a field visit with Boart Longyear Company to the planned drill sites at Bonita. Specific logistical planning for the drill program is now underway; start-up is targeted for early August, and the program is anticipated to take two to three months to complete.
The initial plan is to complete at least one drill hole in each of four priority targets within the district-scale copper-gold porphyry hydrothermal system at Bonita. There are eight specific, robust exploration targets for porphyry copper-gold mineralization at Bonita, based on the integration of geological mapping, mineral alteration vectors, rock and soil geochemical anomalies, and gravity and magnetic geophysical anomalies (see Exploration Targets Map” at www.vrr.ca). The recent Induced Polarization (IP) survey by VR produced well defined chargeability anomalies at seven of the eight target areas (see “IP Targets map”, and previous News Release dated June 21, 2017, at www.vrr.ca); the drill holes this summer will test specifically the IP chargeability anomalies.
The Bonita property continues to be the primary focus of the Company’s copper-gold exploration strategy in Nevada. The current drill program is the culmination of some 2 ½ years of surface exploration and targeting at the Bonita property. The property is large, encompassing a district of historic copper, gold and iron workings (see “satellite image” under Bonita Property at www.vrr.ca). The workings are unified by a single, district-scale porphyry hydrothermal system with a large, mappable alteration footprint covering the entire property, within which copper sulfide and gold mineralization has been sampled at surface by VR over an area of about 4 x 5 kilometres.
About the Bonita Property
The Bonita property is located in Humboldt County in northwestern Nevada, USA, approximately 200 km northeast of Reno, and 75 km northwest of the town of Winnemucca.
The Bonita property is large, consisting of one contiguous block of 429 claims totaling 3,586 ha (8,862 acres), covering an area of approximately 5 x 6 kilometres (see satellite-based image at www.vrr.ca).
The property was acquired by staking, and is owned 100% by VR, free and clear of any interests or royalties. There are no government-required exploration expenditures. VR has conducted successive exploration programs at Bonita over the past 2 ½ years (see “work programs summary” at www.vrr.ca).
There is very good road access both to, and within, the Bonita property, with railroad and powerline infrastructure located approximately 20 kilometres to the south. Bonita is located in desert-like basin and range physiography, affording nearly year-round working conditions. Vegetation is sparse, and there are no towns or settlements near the property.
Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101, and reviewed on behalf of the Company by Dr. Michael Gunning P.Geo., a non-independent Qualified Person.
About VR Resources
VR Resources Ltd. (“VR”) is a new listing in the junior exploration space (TSX.V: VRR; Frankfurt: 5VR). The diverse experience and proven track record of its Board in early-stage exploration and discovery is the foundation of VR. The Company is focused on discovering and delineating large deposits in the western United States. VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company. VR is well financed for a two year exploration strategy already in-place, including first-pass drilling of its core asset, the Bonita Property. VR owns its exploration assets outright, and will evaluate new opportunities on an ongoing basis, whether by staking or acquisition.