VR Resources Discovers Large Gravity Anomaly at it’s Ranoke Copper-Gold Property in Ontario, Initiates IP Geophysics and Commences Drill Permitting
TSX VENTURE: VRR
VANCOUVER, British Columbia, Aug. 21, 2019 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or “VR”, is pleased to announce that it has discovered a large and high amplitude gravity anomaly co-spatial with the magnetic anomaly at Ranoke copper-gold property in northern Ontario.
Figure 1. Gravity anomaly. See Figure 2 at the end of this News Release for a complete survey image, and Figure 3 for the co-spatial magnetic anomaly.
From VR’s CEO Dr. Michael H. Gunning “I am not sure that this airborne survey could have delivered a more definitive anomaly and more compelling evidence for a large and coherent body of high-density copper sulfide related to variably magnetic iron oxide minerals at Ranoke. Ranoke is in a tectonic setting favourable for a large IOCG system, and is surrounded by alkaline and ultramafic intrusions and diatremes which demonstrate a long-lived history of repeated intrusions along a crustal-scale mega-structure. This survey confirms and advances the potential for a large IOCG mineral deposit at Ranoke, one which VR has the expertise, conviction and funding to advance. To that end, I would like to acknowledge the work of Sander Geophysics Limited on the survey, from design and planning to final processing, and Condor Consulting Inc. for independent 3-D inversion modeling; their expertise and rigour with gravity data, and commitment to understanding the context for this survey within VR’s integrated exploration database has increased our confidence in the robust and rooted character of the Ranoke anomaly in three dimensional space. We will ensure for a similar level of execution for the upcoming follow-up IP survey, and look forward to providing further updates as our work advances.”
Figure 2. Gravity anomaly.
The gravity anomaly at Ranoke is both large, at approximately 4 x 8 kilometres in size, and high amplitude at > 2.5 mGal contrast to country rock. Key observations include:
- An independent 3-D inversion of the data models the northern, and strongest portion of the anomaly coming to near-surface;
- The 3-D inversion also models the northern portion of the anomaly to be near-vertical and continuous from near-surface to depth below the strongest, northern portion of the anomaly;
- The north-south elongation of the anomaly is coincident with the magnetic anomaly at Ranoke;
- This gravity anomaly is consistent with a gravity feature indicated in the historic, regional gravity data from the Geological Survey of Canada.
Figure 3. Magnetic anomaly.
This survey reproduces and refines the large magnetic complex and anomaly evident in the historic, regional magnetic data from the Geological Survey of Canada (compare Figure 3 below with Figure 2 in the previous news release dated June 11, 2019). Salient features of the magnetic anomaly include:
- The anomaly is high amplitude at > 1,000 nT contrast to country rock;
- The anomaly is sharply defined with near-vertical structurally controlled margins evident on first vertical derivative maps (1VD);
- An independent 3-D inversion of the data models the northern, circular magnetic feature as a vertical body continuous from surface to depth.
- The magnetic body is robust because it is apparent in all magnetic survey products, including
total magnetic intensity maps, vertical derivative maps and magnetic gradient maps.
The gravity signature of iron oxide copper gold deposits (IOCG) in Australia is well-established because of the high density of iron oxide and copper sulfide minerals in massive breccia form. As a result of the strong gravity anomaly now evident at Ranoke, the Company has:
- Confirmed plans for a ground-based induced polarization geophysical survey (IP), to test for chargeable sulfide minerals associated with the gravity and magnetic anomaly at Ranoke. The survey will deploy at the end of this week and will take approximately two weeks to complete;
- Initiated the drill permitting process with the Ontario Ministry of Northern Development and Mines (MNDM).
About the Ranoke Property
The Ranoke property is located in northern Ontario, Canada. Infrastructure local to Ranoke 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 it is 50 kilometres north of road access to Coral Rapids, an Ontario hydroelectric 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 consists of 360 claims in one contiguous block covering 7,400 ha in an area 12 x 12 kilometres in size. The Ranoke property was staked directly by VR. It is owned 100% by VR, free and clear of any interests or royalties.
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 greenfields opportunities in copper and gold (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF). The diverse experience and proven track record of its Board in early-stage exploration, discovery and M&A is the foundation of VR. The Company is focused on exploring large copper-gold mineral systems in the western United States and Canada. VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company. VR is well financed for its exploration strategy. VR owns its properties outright, and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
ON BEHALF OF THE BOARD OF DIRECTORS:
“Michael H. Gunning”
Dr. Michael H. Gunning, PhD, PGeo
President & CEO
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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: “This survey confirms and advances the potential for a large IOCG mineral deposit at Ranoke.”; “The survey will deploy at the end of this week and will take approximately two weeks to complete.
Although the Company believes that the use of such statements are 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.
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