VR Resources Ltd (CVE:VRR) (OTCQB:VRRCF) (FRA:5VR) offered a promising update on exploration at its Reveille silver-copper and gold property in the Walker Lane gold-silver mineral belt in Nevada.
The junior exploration company said drill hole RVD21-001, completed to 109.7 meters, confirmed a breccia pipe starting at surface at the jasperoid breccia-pipe gold target at Reveille named G1.
“The drill program is extended, with plans to start next week to complete three additional RC drill holes to target the base of the G1 pipe and its controlling structure,” said the company.
VR also said the final data for the 3D-array DCIP geophysical survey completed in March defines “a new, large and high amplitude Induced polarization (IP) anomaly and both the IP grid, and the property have been extended westward.”
“Our shareholders who have been following Reveille for the past year, know that our goal has been to apply modern mineral deposit models and new exploration technologies to look for the center of the overall Carlin/CRD mineral system at Reveille. We believe the large and data-robust IP anomaly is exactly that; the source and the driver for the numerous historic and high grade silver-copper workings in the hills, but located in the covered and previously unexplored valley to the west,” said CEO Dr Michael Gunning.
“Our expansion of both the property and the IP grid farther west demonstrate our conviction for that potential. Planning for the additional IP work is underway, and we hope to have it completed at the end of May.”
Dr Gunning said VR Resources would build out Phase II of the drilling at Reveille once it had enough geochemistry and completed 3D modeling of an expanded DCIP survey westward from the new IP anomaly in the valley.
“We plan to complete Phase II drilling sometime this summer,” he said. “Our decision to extend the drilling of the G1 gravity low for a gold-bearing jasperoid pipe speaks to our conviction of what we saw in the drill core rubble over the past few weeks. Ground conditions that are tough for the drillers are commonly good for the geologists.”
Dr Gunning added that the G1 drill hole, as “difficult as it was to complete,” proves the potential for the superposition of “a Carlin-style gold fluid system on the CRD silver-copper system at Reveille, with gold-bearing jasperoid breccia hosted on the same regional-scale structures and caldera margin faults as the silver and copper.”
“VR endeavours to bring modern mineral deposit modeling and exploration technologies to historic and proven districts like Reveille in order to turn up something new,” he said. “We look forward to providing updates as our drilling advances this summer.”
The company has received a small portion of geochemical assays, but expects to have full results on more than 800 samples in the coming weeks, as well as interpreted data from the hyperspectral scanning of RC chips used for the mapping of alteration minerals.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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