VR Resources Ltd (CVE:VRR) (OTCMKTS:VRRCF) told investors on Thursday that drilling is underway on its Ranoke copper-gold project in Ontario.
Over the summer, the junior explorer announced it had discovered a large gravity anomaly that could be evidence of a robust body of copper suphide.
Vancouver-based VR Resources is planning to drill an initial three holes that are expected to be between 500 and 1,000 metres deep.
READ: VR Resources Ltd closes $1.2M financing to fund exploration in the US and Canada
The holes are designed to test geophysical attributes related to an iron oxide copper-gold target on the property, the company said in a statement.
The company has been working on Ranoke continuously for nearly a year and is now ready to drill, VR’s CEO Dr Michael Gunning told shareholders.
“With funds in hand from the recently completed financing, the company will commence first-pass drilling before the winter freeze-up, providing easier access to water required for drilling,” Gunning said.
The explorer’s initial program should take around three weeks to complete, according to Gunning. The company has identified nearly a dozen drill sites for a first-pass evaluation of the copper-gold breccia pipe target at Ranoke, he added.
"To understand the upside potential of Ranoke, one simply needs to appreciate the scale of the target as defined by our data,” Gunning said. “We will drill-test Ranoke with a balance of conviction and discipline, and we look forward to providing further updates as our drilling proceeds.”
Contact Angela at angela@proactiveinvestors.com
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