VANCOUVER, British Columbia, May 11, 2017 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX-V:VRR) (FSE:5VR) the ("Company", or “VR”), is pleased to announce that an induced polarization (IP) geophysical survey is underway at its wholly owned Bonita Property located in northwestern Nevada, USA.
VR has identified 8 integrated and specific targets for buried porphyry copper stocks within a large, mappable porphyry hydrothermal system evident over the entire property at Bonita. Induced polarization surveys are used in porphyry copper exploration to test for sulfide-bearing rocks which produce chargeability anomalies. Eight test lines have been designed for the IP survey to evaluate the specific, circular - to elliptical-shaped targets at Bonita for chargeability, as shown on a satellite image of the Bonita property available on www.vrr.ca.
The IP work at Bonita is being done by Zonge International, based out of Reno. Three of eight lines were completed in December, 2016; this program will complete the remaining 5 lines. The field crew mobilized on Monday, May 8, and the survey commenced on Bonita yesterday, Wednesday, May 10. The work is expected to take approximately two weeks to complete. The company will evaluate extending, and/or in-filling the IP survey when the set of eight test lines are complete.
Other exploration activities are ongoing at Bonita, as described in the previous news release on April 24, 2017 (www.vrr.ca). Work includes:
- Collection of 207 soil samples from 5 lines, to augment 514 samples collected from 13 lines previously.
- Geochemical data are expected this month;
- Detailed geological mapping of four key target areas at Bonita;
- Ongoing consultation with the BLM regarding the drill permit at Bonita;
- Ongoing discussions with various drilling companies for a drill contract at Bonita;
The Company is also making a number of field examinations to evaluate potential copper-gold opportunities elsewhere in Nevada during this field program at Bonita.
The Company continues to develop plans for a first pass drill program to test at least two of the eight integrated targets at Bonita. The Company looks forward to providing further updates as exploration continues as drill planning progresses.
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 6,735 acre block of 326 claims covering an area of approximately 5 x 7 kms (see satellite-based image at www.vrr.ca). The property was acquired by staking in 2014, 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.
There is very good road access both to, and within, the Bonita property. A national railroad and state power line are approximately 20 kms 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.