VR Resources Ltd (TSX-V:VRR, OTCQB:VRRCF) said it had completed this year's Fall drill program at its Hecla-Kilmer (H-K) project in Ontario, which has now "proven itself" as a rare earth element bearing hydrothermal system of potential significance.
Five holes, for a total of 2,604 meters (m), were drilled, which were focused on a large, gravity anomaly and VR said it expected to have all mineral and geochemical data in hand by the end of the year.
The explorer also told investors it had now received final geochemical data from expanded sampling of drill core from its 2020 drill program at H-K, which confirmed the discovery, reported in July this year, of rare earth elements and critical metals, such as lithium and niobium.
"A re-logging and sampling of one 2020 hole showed that the rare earth concentrations exceeded "the cut-off grades commonly used in mineral resource estimates for REE deposits globally, and niobium and lithium are not far off," VR CEO Dr Michael Gunning noted in a statement.
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"Further, I want to remind our shareholders that drilling is still at the very earliest stage at H-K," added Gunning.
"In addition to waiting until all data are in hand from the nine holes completed to date in order to fully understand the potential of mineralization in the northern MVI and gravity anomaly, we have yet to complete permitted, first-pass drill holes located on the larger MVI magnetic anomaly located 2-3 km to the south, overlapping the boundary with the southern marginal phases of the complex.
"Overall, H-K has already proven itself as a REE-bearing hydrothermal system of potential significance to the current discussions across industry and government alike regarding the critical metals sector in North America. We look forward to providing further updates as we receive final data from this program."
The H-K property comprises 224 mineral claims in one contiguous block, which is around 6 x 7 kilometers (km) in size and covers 4,617 hectares (Ha). It sits just 35 km southwest of VR's Ranoke property in northern Ontario.
Contact the author at giles@proactiveinvestors.com