VANCOUVER, British Columbia, June 25, 2020 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or “VR”, is pleased to announce that it has successfully Closed the recently announced Acquisition Agreement for the Reveille silver property in Nevada (see terms in previous News Release dated June 22, 2020), and plans to commence exploration on the ground immediately.
VR has been evaluating the Reveille property in the field for nearly two years. It covers an historic primary silver camp that dates back to the 1870’s, but lacks any modern exploration or drilling. The following photos and maps are from various field visits, and the integration of private exploration data into our regional database developed during the past 5 years for our epithermal gold exploration in the Big Ten caldera nearby to the northwest:
Figure 1. Scale. The Reveille is property is large at 2 x 3 km’s, covering a district of silver showings hosted in a sequence of Paleozoic limestone in the outer ring complex of the Tertiary Goblin Knobs caldera.
Figure 2. Complete CRD mineral system. This is the first time that modern exploration technologies and current mineral deposit models will be applied systematically across the Reveille Property. The CRD model (Carbonate Replacement Deposit) unifies the numerous surface showings of high-grade silver in vein stockworks, manto replacement bodies and chimney-style breccia pipes. The model also underscores a new, large scale and high value target at Reveille, namely the root of the numerous vertical breccia pipes and vein stockworks observed but virtually unexplored in the central part of the property. Evidence for the stock shown schematically in the cross-section as the root of the CRD mineral system includes: 1. mapped phyllic alteration in rhyolite tuff both on the northern and eastern margin of the property, and; 2. altered, porphyritic dykes exposed at several showings.
The dimensions of the individual showings at Reveille are large, replacement is intense and silver assays are high:
- Photo in Figure 3. Silver Ace showing. Metre-scale breccia pipes with associated quartz vein stockworks occur within completely altered limestone at the Silver Ace and Saddle showings, where quartz veins observed at surface up to 2 m wide contain coarse-grained freibergite and up to 1,100 g/t Ag in grab samples. Silver-bearing tetrahedrite is also disseminated in altered limestone country rock.
- Photo in Figure 4. Lincoln showing. A series of mineralized, chimney-style breccia pipes at Lincoln span 900 m of strike and 300 m of vertical relief in the valley. Six grab samples of brown-red silica with freibergite in semi-massive replacement of breccia range from 306 – 2,810 g/t Ag.
- Pete & Zebra showings. A breccia body at Pete has a continuous chip sample with 320 g/t Ag across 12 m. The breccia is anchored along a radial fault with 1,500 m of mapped but untested strike length potential (Figure 2), with the Zebra breccia at the other end. The fluid history at Zebra is dynamic: both the fragments and the matrix of the breccia are altered, and there are local mantos of massive, zebra-textured replacement and mineralization, with grab samples of brown silica and sulfide with up to 1,000 g/t Ag.
VR will evaluate each silver showing at Reveille on its own merit via detailed mapping and sampling in the coming weeks, but VR will also “step back” to evaluate the potential for a large-scale, sub-surface root to the CRD mineral system as a whole, something that has never been done before.
From VR’s CEO Dr. Michael Gunning “Our regional data base from our Big Ten Tertiary epithermal gold project is ready for this expansion, and we are keen to take our learning curve from that caldera to Reveille, with the goal of providing our shareholders with a pure play on silver with greenfields, blue-sky discovery potential. We believe in the stand-alone potential of the silver grades in the massive mantos and breccias at surface at Reveille, but we are perhaps even more excited to be the first group to explore for the root of the vertical breccia pipes and stockworks in the center of the property, and the central overall driver to the mineral system which produced a near-complete alteration of virtually the entire ridge & mountain of host limestone. To that end, we intend to throw every modern exploration tool in the tool box at Reveille this summer, starting immediately with high-resolution airborne magnetics, EM and hyperspectral surveys.
I would like to thank the vendor for both his patience in working with VR during the past couple of years, and more to the point, his efforts towards consolidation of a land package that captures an entire mineral system which provides VR with an opportunity for a high-grade silver discovery with scale. We continue to advance our permitting on the Amsel gold target, and our plans remain firm for a first-pass drill program later this summer. In the mean time, we look forward to providing additional updates as we advance our exploration of the high-grade silver system at Reveille during the next few months, on the ground!”
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 and has reviewed the content of this news release. The Company’s CEO, Dr. Michael Gunning, P.Geo., is also a non-independent Qualified Person.
The Reveille property is located approximately 90 km’s east of Tonopah, Nevada. Access is via Highway 6, with local roads and trails in and around the property itself.
The Reveille property consists of 57 mineral claims in one contiguous block covering 1,157 acres (468 hectares) over an area of approximately 2 x 3 km’s. The property is on federal land administered by the BLM, and are outside of the BLM’s broadly defined area of sage grouse protection. There are no underlying annual lease payments on the property, nor are there any joint venture or carried interests on the property.
About VR Resources
VR is an emerging junior exploration company focused on greenfields opportunities in copper and precious metals (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF). VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private company. 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 focuses on underexplored, large-footprint mineral systems in the western United States and Canada, and is well financed for its exploration strategies and corporate obligations. 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
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 “The CRD model underscores a new, large scale and high value target at Reveille, namely the root of the vertical breccia pipes and vein stockworks observed at surface”, “we continue to advance our permitting on the Amsel gold target, and our plans remain firm for a first-pass drill program later this summer”, and “VR evaluates new opportunities on an ongoing basis, whether by staking or acquisition.”
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.
Figure 1 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/4a6f1aeb-2b12-43d1-aeae-ec5989ca0a43
Figure 2 is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/c64bd32b-1cb6-4b43-97c2-3569034c6367
Figures 3 are available at
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