VR Resources Initiates Spring Exploration Program At Bonita Copper-Gold Property, Nevada
VANCOUVER, British Columbia, April 26, 2017 (GLOBE NEWSWIRE) — VR Resources Ltd. (TSX.V:VRR) (FSE:5VR) the (“Company“, or “VR”), is pleased to announce that the 2017 exploration program has begun at its wholly-owned Bonita Property located in northwestern Nevada. A two week field program now underway will include:
- Geological mapping, prospecting and rock sampling;
- Soil sampling: 150 to 200 samples to be collected on 7 lines 4 different target areas;
- Repair and maintenance of local access roads, following winter season rains.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/bfd1eec0-a6a7-4357-81f0-849c3253703b
Bonita is a large property covering a number of historic copper, gold and iron showings (see satellite image on www.vrr.ca). The showings are unified by a single, district-scale hydrothermal system with a large, mappable alteration footprint covering the entire property within which copper sulfide and gold mineralization has been sampled by VR over an area of about 4×5 kms (see copper analyses from select grab samples on www.vrr.ca).
The current program is the continuation of 2½ years of successive early stage surface exploration programs by VR at Bonita, commencing in 2014. A summary of previous exploration work is available at www.vrr.ca, and includes:
- Compilation of regional geologic data, ASTER satellite data, and magnetic and gravity geophysical surveys;
- Geological mapping, prospecting and rock sampling: 3 separate programs; 109 rock samples;
- High resolution helicopter-borne magnetic and radiometric survey over a 10×10 km area;
- High resolution airborne hyperspectral survey over a 10×10 km area, including calibration by ground-based mineral mapping using a hand-held spectrometer;
- Soil sampling; 541 samples on 13 lines totalling 27 line-kms;
- Petrology (19 samples); Geochronology (2 samples);
- Ground gravity survey: 5×5 km area, 200m symmetric grid, 924 stations;
- IP ground geophysical survey, 3 test lines completed.
The Company has outlined eight priority targets for drill testing porphyry-style copper-gold mineralization at Bonita based on the integration of a wide array of geological, geochemical and geophysical exploration data. The overall potential of the various targets within the Bonita hydrothermal system is underscored by the aerial extent of sulfide mineralization at surface, and the intensity and zonation of alteration.
The Company continues to develop plans for a first pass drill program to test several of the targets. In-person meetings are being held in Nevada during the current field program to secure:
- A drill permit from the federal Bureau of Land Management, and;
- Bids for the planned summer drill program at Bonita from drill companies active in the region.
The Company looks forward to providing further updates as exploration continues at Bonita, including an IP geophysical survey planned for later in May.
About 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 5×7 kms (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.
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.
ON BEHALF OF THE BOARD OF DIRECTORS:
Michael Gunning, PhD, PGeo
President & CEO
For general information please use the following:
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, postulate 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 references to a two-year exploration strategy; first-pass drilling of its core asset and the acquisition of new assets. 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 may be accessed via www.sedar.com and 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
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