VR Resources Closes Acquisition of Empire Properties in Northern Ontario and Commences Copper-Gold Exploration
Press Release
September 23, 2024, Vancouver, B.C.: 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 Empire, Silverback and Golden Bear mineral properties (the “Properties”; see Figure 1) in northern Ontario, and plans to commence exploration on them immediately.
Acquisition terms are provided in the previous news release dated Sept. 12, 2024, and are summarized here:
- The first 90% interest is acquired with an initial payment of $45,000 and the issuance of 600,000 shares.
- The remaining 10% interest can be acquired by a second payment of $5,000 and issuance of 400,000 common shares upon commencement of a diamond drill program on the Properties.
- A 2% NSR is granted and VR has the option to buy down for $4M for each half percent down to a 1% royalty in favour of the vendor
From VR’s CEO Justin Daley: “Empire and Silverback have been on VR’s radar for the past two years. We have monitored progress closely, as the vendor, Holbik Exploration, developed and began testing targets with airborne DIGEM geophysics and two scout holes on Silverback. Holbik has both re-examined regional datasets with an eye to new exploration models on historic showings, and been active on the ground prospecting (see Photo 1). I’m excited to be heading up to Thunder Bay this week to get my hands dirty on these new ideas and targets.
The Properties represent a new chapter for low-cost, high-impact exploration by VR Resources, continuing our strategy for large-footprint copper-gold systems on deep crustal structures in Ontario. Scoping is well underway for advanced 3D DCIP geophysics this fall to target the source for surface mineralization: a large-footprint, disseminated sulfide system with copper and gold.
We have been hard at work over the past week integrating these projects within our own regional databases and staking new opportunities nearby. Our expertise exploring under cover for our KSZ strategy north of Cochrane, paired with the deep regional knowledge of Holbik Exploration will enable us to quickly synthesize the results of Holbik’s initial exploration at Empire in order to identify and prioritize targets going forward.
We look forward to providing further updates soon as we advance these targets, boots on the ground.”
Technical Information
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., President & CEO at VR and a non-independent Qualified Person oversees and/or participates in all aspects of the Company’s mineral exploration projects, and the content of this news release has been reviewed on behalf of the Company by the Executive Chairman, Dr. Michael Gunning, P.Geo., a non-independent Qualified Person.
About the New Properties
The Properties now consists of 410 mineral claims in 3 contiguous blocks covering 15,229 hectares. The Properties are located on Federal crown land, with mineral rights administered by the provincial Ontario Ministry of Mines. There is a 2% net smelter royalty on the claims and within the Empire AOI (See Figure 1 NR-24-17). There are no annual payments, but the MENDM requires certain annual exploration expenditures and reporting (ie. mineral assessment reports) in order to maintain a mineral claim in good standing. The Properties falls within the Lac de Mille Lac and Wabigoon Lake First Nations traditional territories.
VR Resources Ltd. 1500 – 409 Granville St. Vancouver, BC, Canada, V6C1T2
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., President and CEO at VR and a non independent Qualified Person oversees and/or participates in all aspects of the Company’s mineral exploration projects, and the content of this news release has been reviewed on behalf of the Company by the Executive Chairman, Dr. Michael Gunning, P.Geo., a non-independent Qualified Person.
About VR Resources
VR is an established junior exploration company based in Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates, explores and advances large-scale, blue-sky opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada, and more recently, Canada’s newest discovery of a diamond-bearing kimberlite pipe at its Northway project. VR applies modern exploration technologies and leverages in-house experience and expertise in greenfields exploration to large-footprint mineral systems in underexplored areas/districts. The foundation of VR is the proven track record of its Board in early-stage exploration, discovery and M&A. The Company is financed for its mineral exploration 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:
“Justin Daley”
Justin Daley, MSc, P.Geo
President & CEO
For general information please use the following:
Website: www.vrr.ca
Email: info@vrr.ca
Phone: 778-731-9292
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