VR Resources Ltd (CVE:VRR) (OTCQB:VRRCF) (FRA:5VR) has said that the drill is “back on site and turning” at its Reveille silver-copper project in Nevada to test a promising target.
The junior exploration company focused on opportunities in copper and precious metals said it was able to secure a track-mounted diamond drill rig on route to a nearby project to complete a core hole on the jasperoid breccia-pipe gold target at Reveille named G1.
The company said the drill hole is located on a ridge of structurally controlled, gold-bearing jasperoid breccia related to a rhyolite intrusion, with high-grade silver and copper in breccia zones to the northeast of G1 along the same structure.
READ: VR Resources plans phase 2 drilling in June at Reveille project as it updates on first phase
In a statement, VR Resources CEO Dr Michael Gunning said: “Committing to the diamond drill rig as it was on its way north to another job speaks to our conviction on both the definition and the amplitude of the gravity and multi-element geochemical anomaly, and to the upside potential of this jasperoid breccia body to our shareholders.”
“Obtaining drill core as opposed to RC chips will give us stronger geological logs, better data from hyperspectral scanning for mineral alteration, valuable high-definition photography of the entire hole, and stronger control for geochemical sampling and interpretation of data in the context of detailed geological logs,” he added.
Gunning noted that hyperspectral scanning on the first four RC holes completed last month is nearly complete and over 800 geochemical samples from continuous sampling of each of the first four holes in their entirety are "through the preparation lab and are in the queue for final analysis."
“Overall, we hope to have all geochemical data from the initial 4 holes by earliest May,” added Gunning. “To be clear, our intent is to lay out a Phase II drill program at Reveille using the new geochemical data from the first five holes, in addition to the final inversion models from the 3D-array DCIP geophysical survey that was also completed in February, and for which we have seen preliminary results.”
The company plans to provide updates as the drilling advances at Reveille this spring and summer.
VR Resources had completed four reverse circulation (RC) holes in February for a total of 4,347 feet by a truck-mounted TH75 rig, with each hole between 1,000 and 1,200 feet long. The G1 gravity target was not tested because the drill road and pad were not amenable to the truck-mounted rig, the company said.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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