Canada-listed explorer VR Resources has discovered a Cretaceous-age porphyry copper system at its Junction property in Nevada – a project it bought from Sunrise Resources Plc (LON:SRES) in the summer of 2017.
As part of the sale, it was agreed that Sunrise would receive a 3% cut of future production, while the AIM company also has a small stake in VR.
Vancouver-based VR has completed two reconnaissance drill holes at Junction, one at each of the Denio Summit and Granite Mountain targets which lie at either end of the mineralised trend.
The plan now is to focus on those two areas, as well as the Lone Mountain target. Only Granite Mountain falls outside of the area where Sunrise holds the 3% net smelter royalty.
“This is great news,” said Sunrise executive chairman Patrick Cheetham.
“VR has stated that the upside potential of the porphyry-style copper mineralization discovered in this drill program lies in its age.
“The Junction property is hosted within a polyphase, middle Cretaceous batholith that has the same age as the Robinson porphyry copper deposit at Ely, Nevada which has a history going back to 1876 and which is still in production today operated as a large open-pit mine by KGHM Polska Miedz S.A. This is a proven analogue for further exploration at Junction.”