November 17, 2021 09:00 ET | Source: VR Resources VR Resources
Vancouver, British Columbia, November 17, 2021 (GLOBE NEWSWIRE) - VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), "Company" or "VR" is pleased to provide from Ontario New data for the first of the five holes completed in October in the Hecla-Kilmer ("HK") project in the north. A 299 m intersection in borehole HK21-005, starting from near the surface, confirmed the discovery of a new large footprint REE and key metal system at HK:
Table 1 below summarizes the results of exploration and drilling conducted in Hong Kong so far.
Figure 1 shows the key intersections and drill collar locations of the nine drill holes completed so far in Hong Kong. The four drill holes completed in 2020 targeted the MVI (total magnetic vectorization) anomaly, and found rare earth elements ("REE") and critical metal mineralization with a width of more than 50 m (see data
Table 1, the photo of the core drill is shown in Figure 3). Of the five follow-up drill holes completed last month, the first one is reported here, and the remaining drill holes will be reported when the final geochemical data is received. The focus is on high contrast, 3.5 mGal co-space gravity anomaly and 2020 The annual target MVI magnetic anomaly is offset. The intersection of 299 m in hole 005 is located in the east-central part of the gravity anomaly.
HK confirmed as Canada's new rare earth and critical metal system
The new data from borehole HK21-005 confirms that the first round of exploration drilling in 2020 (borehole HK20-002 was reported in July) found that rare earth elements ("REE") and key metals such as niobium and lithium were found in NR-21-17 , And; drill hole HK20-004 was reported in NR-21-20 in October). Hole HK21-005 confirmed the strengthening of the mineral system within the main gravity anomaly.
Scale is important. Figure 1 shows the breadth of mineralization that has been apparent in HK's early drilling. The figure shows the niobium intersection of boreholes 002, 004, and 005 based on geochemical data at hand and borehole 003 based on XRF data. It also shows the width of the intersection of carbonate veins (ferrous iron ore) recorded in the remaining boreholes in 2021, which contains REE minerals.
Figure 2. Graphical log showing new geochemical data for hole 005, including total rare earth oxide (TREO), medium and heavy rare earth oxide (MHREO), and key metals niobium and tantalum (Nb-Ta).
Figure 3. The main minerals with rare earth elements in Hong Kong include monazite, bastnaesite, fluoroapatite and apatite, and pyrochlore used for niobium. Mineralization is located in sulfide-bearing carbonatite veins (ferrite), fluorite-carbonate vein breccias and hydrothermal breccias. Boreholes 004 and 005 are covered by the high-temperature calcium-potassium alteration combination, which starts from the surface and includes magnetite, biotite, and amphibole.
VR CEO Dr. Michael Gunning said: "These new data confirm and expand the potential significance of the rare earth elements and key metal components of the Hong Kong hydrothermal breccia system, as we first discovered during exploration and drilling last year.
Although our drilling is at a very early stage, there are already four different types of mineralization in HK: 1. REE Nb in veins and breccia carbonate veins; 2. Hydrothermal breccia lithium mineralization; 3. Copper sulfide in fine veins containing iron and silica, and; 4. Uplift of secondary gold in porphyry veins.
Among them, the REE Nb component of the HK hydrothermal system has significant potential value. Its potential value is based on: 1. The vertical and horizontal dimensions represented by the early intersection; 2. The characteristics of polymetallic metals such as niobium, light and heavy rare earths; 3. TREO concentration
The intersection of more than 299 m is similar to the average grade reported by many rare earth deposits around the world, and the niobium characteristic value of the entire 237 m in this interval is supported by 0.2%.
For shareholders who are more accustomed to gold or copper, the value indicators that measure the importance of the 5-hole 299 m intersection include: 0.2% Nb205 = 1.45 g/t gold or 1.9% copper, which is equivalent to $1750 per ounce of gold and the United States 4.3 USD/kg copper, based on current metal value (eg Kitco.com, metalary.com).
Mineralogy is also very important. Monazite is the main mineral host of rare earth elements in Hong Kong. The extraction of monazite has been confirmed, and North American facilities are expanding; Hong Kong is in line with current industry developments, and is in line with the North American governments' policy statement on domestic supply of rare earth elements and key metals to achieve economic transformation beyond fossil fuel-based be consistent.
Location is equally important, in terms of advanced and non-advanced REE and key metal projects and deposits. I would like to remind our shareholders to read the first paragraph of the "About Hecla-Kilmer" section at the end of this press release to understand the location of the project in terms of provincial railway, power and highway infrastructure.
Our drilling so far and these new geochemical data are only the starting point of the multiphase complex of mineral systems and host seen in Hong Kong. We will have a more accurate understanding of the potential of all four types of mineralization in Hong Kong, especially copper and gold, when: 1. We have the geochemical and mineral data of all nine boreholes completed so far in the north. Magnetic and gravity anomalies , And; 2. We have completed additional exploration and drilling of a large magnetic anomaly area located 2 to 3 kilometers south of the current drilling, located on the southern edge of the complex. To be sure, we are just beginning to describe the mineralization associated with the large gravity anomaly, and the rest of this very large complex has not yet been drilled and tested.
We look forward to providing further updates as we obtained additional geochemical data from the remaining boreholes completed in October, received proprietary AI analysis of XRF mineral data, and integrated new magnetic, density, and Complete 3D model of structural data. "
Hecla-Kilmer ("HK") is a large multi-phase alkaline intrusive rock containing carbonate rocks with a diameter of 4-6 kilometers. It dates from the Proterozoic and is located on the western edge of the crustal-scale Kapuskasing tectonic belt, which divides the Archean Upper Craton in northern Ontario into two.
As part of the Ashland Petroleum and Elgin Oil Company’s regional base metal exploration program, shallow six-hole diamond drilling was planned to be completed in 1970. One hole was discarded, and the other 5 holes were completed with a total of less than 854 m, all located at the magnetic height of the concentric belt outside the complex. No geochemical sampling or data were reported. As part of the regional diamond exploration program, Selco Exploration Company completed two drill holes in the surrounding magnetic elevations in 1981; they intersect ultrabasic rocks and breccias, which are located around the outer concentric zone of the multiphase HK complex . After early drilling in Hong Kong, an aerial magnetic survey of the area covering Hong Kong was completed in 1993 for diamond exploration; it provided high-resolution details of the magnetic anomalies in the concentric zoning of Hong Kong.
The opportunity for VR is to become the first company to use modern IOCG and carbonate rock deposit models to explore the multiphase HK complex and hydrothermal breccia system as a whole, and use
New exploration techniques were previously unavailable at the completion of historical drilling. VR completed its first airborne electromagnetic measurement in Hong Kong in June 2020 using Geotech Ltd.'s most advanced VTEM system. Flying over a 6 x 7 km measurement block with a line spacing of 100 meters, for a total of 450 line-km, the data provides high-resolution details. The company also completed independent 3-D inversions of magnetic and EM data to improve modeling. Finally, in the winter of 2021, a ground gravity survey covering an area of 1.5 x 3.5 km was completed, and high-resolution data was generated from 597 stations on an equidistant grid spacing of 100 m. Readers can refer to NR-20-08 on June 18, 2020 for photos of magnetite-copper-fluorite veins and vein breccia displacements in the 1970 historic boreholes, which are located in the VR portrayal Around the edge of the new gravity anomaly, and gold particles recovered from the cored rubble. VR's current exploration is using these newly acquired geophysical data to explore the sources of copper and gold in the historical core gravel, and expand the new discoveries of rare earths and key metals in our first drilling in 2020, and 2021.
The technical and geological summary information of the company's various exploration assets can be obtained on the company's website www.vrr.ca.
VR submits all drill cores scanned by GeologicAI XRF and SWIR and sawn drill core samples for geochemical analysis to the ALS Global Ltd. ("ALS") laboratory facility in Timmins, Ontario, and the final geochemical The analysis work was completed in the ALS laboratory in the northern part of Vancouver, British Columbia, including lithium borate fusion, ICP-MS and ICP-AES analysis of base metals, trace elements and a full set of REE analysis, as well as the determination of gold by atomic absorption fire method. The analysis results are subject to industry standards and the QAQC sample program in accordance with NI 43-101, which is performed by the company externally and in the laboratory according to the description of ALS. The sample of HK20-002 reported on July 22, 2021 has been sent to SGS Canada Inc. through similar procedures and analysis, as described in the previous press release.
The technical information in this press release was prepared in accordance with Canadian regulatory requirements specified in National Instrument 43-101. Justin Daley, P.Geo., VR exploration manager and chief geologist, is a non-independent qualified person responsible for supervising and/or participating in all aspects of the company’s mineral exploration projects. The content of this press release represents the company’s chief geologist. Executive Officer Dr. Michael Gunning (P.Geo.) awarded that he is a non-independent qualified person.
The Hecla-Kilmer complex is located 35 kilometers southwest of the company's Ranoke property in northern Ontario. It is located 23 kilometers northwest of the Ontario hydropower facility in Otter Rapids, the northern terminus of the Ontario Northern Railway and Highway 634, which connects the area with the towns of Cochrane and Kapuskasing along the Canadian Northern Highway. It is approximately 100 kilometers away southward.
Hong Kong real estate is huge. It consists of 224 mineral resources and is located in a contiguous block with an area of approximately 6 x 7 kilometers and an area of 4,617 hectares. The property is 100% owned by VR. The property has no potential annual lease payments, nor does it have any joint ventures or rebate interests. The property has industry standard royalties, including repurchase clauses to support VR.
Like the Ranoke property, HK is located on provincial government land, and the mineral rights are managed by the Northern Ontario Ministry of Development and Mining (MNDM). No annual fee,
However, MNDM requires certain annual exploration expenditures and reports. The property belongs to the traditional territory of the aborigines of Muskri and Tekhwa Tagamu.
VR is a mature junior exploration company focusing on greenfield opportunities for copper and gold (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR is a 4-year continuation of a Vancouver private company actively exploring in Nevada. The diversified experience and track record of its board of directors in early exploration, discovery, and mergers and acquisitions are the foundation of VR. The company focuses on underexplored large-scale mineral systems in the western United States and Canada, and has provided sufficient funds for its exploration strategy and corporate obligations. VR fully owns its assets and continuously evaluates new opportunities, whether through mortgages or acquisitions.
The company will continue its normal business in 2021 within the framework of the revised exploration plan to respond to the COVID-19 pandemic, with the goal of ensuring the health and safety of employees and project personnel.
On behalf of the board of directors:
Dr. Michael H. Gunning, President and CEO of PGeo
For general information, use the following:
This press release contains forward-looking statements. Forward-looking statements are usually identified by the following words: beliefs, expectations, expectations, intentions, estimates, assumptions and similar expressions, or according to their nature, refer to expressions of future events. The forward-looking statements in this press release include "New data from the HK21-005 drill hole confirms the discovery of rare earth elements ("REE") and key metals", "We look forward to providing further updates as we have completed the remaining drill holes in October. "Kong" and "VR continue to evaluate new opportunities, whether through mortgages or acquisitions."
This press release contains statements and/or information about mineral resources and/or deposits that are adjacent to and/or may be similar to the company's mineral resources, but the company has no interest and no exploration rights. Readers should note that the mineral deposits of similar properties do not necessarily represent the mineral deposits of the company's properties.
Although the company believes that the use of such statements is reasonable, it cannot guarantee that such statements will prove to be accurate, and actual results and future events may differ materially from the expectations in such statements. The company cautions investors that any forward-looking statements made by the company are not guarantees of future performance, and actual results may differ materially from those in the forward-looking statements. Trading in the company’s securities should be considered highly speculative. All publicly disclosed documents of the company can be accessed through www.sedar.com and readers are urged to review these materials.
Neither TSX Venture Exchange nor its regulatory service provider (as the term is defined in the policies of TSX Venture Exchange) is responsible for the adequacy or accuracy of this press release.
The pictures attached to this announcement are available at https://www.globenewswire.com/NewsRoom/AttachmentNg/39772600-3839-4013-9b1c-e3326c076332
https://www.globenewswire.com/NewsRoom/AttachmentNg/f66e9ac5-29ff-4458-a3fa-10b2f14ac89e
https://www.globenewswire.com/NewsRoom/AttachmentNg/4f9a32a7-a650-48e8-9372-d92f81b475fc
https://www.globenewswire.com/NewsRoom/AttachmentNg/e6573dfb-a824-4f91-926b-e6495b307009