VR Resources Ltd (TSX-V:VRR, OTCQB:VRRCF) said that new assay results from the first two drill holes from the recently completed third drill program at its Hecla-Kilmer (H-K) property in northern Ontario confirmed additional broad intersections of critical metals.
Highlights from the results include 80 metres at 0.67% total rare earth oxides (TREO) within 131 metres at 0.41% TREO in one hole, and 13 metres at 0.94% TREO within 88 metres at 0.50% TREO in another.
Individual one metre samples from the 13-metre intersection in Hole 11 contain up to 2.3% TREO, up to 39.1% iron oxide (Fe2O3), and up to 11.2% Phosphorus pentoxide (P2O5).
READ: VR Resources completes third drill program at Hecla-Kilmer project in northern Ontario
VR has now confirmed rare earths and critical metals in seven of 11 drill holes at Hecla-Kilmer, over intervals ranging from 50 to 299 metres, with total REE concentrations of 0.5% on average, and up to 2.3 % TREO, according to the company. The mineralization covers an area of approximately 700 by 1,000 metres in the northwestern part of the complex.
Meanwhile, the ratio of up to 20% middle and heavy rare earth oxide within the 13 metre intersection of 0.94 % TREO in one hole is more than double compared to the intersections in previous drilling, the company added. In particular, dysprosium and terbium are highly valuable for their use in the production of permanent magnets used in electric vehicles and wind energy turbines.
CEO Michael Gunning told shareholders that the new data confirms the potential for a large volume of critical metals in the polymetallic breccia system that VR discovered at Hecla-Kilmer.
Gunning highlighted the scale, composition, and polymetallic nature of the deposit.
"The potential of this discovery lies in the polymetallic nature of the intersections made to date, and the sheer scale of the hydrothermal breccia system both laterally and vertically,” Gunning said in a statement.
“The relevance of H-K to the rapidly developing critical metal strategies of governments across North America underscores its potential value to VR, and we look forward to providing further updates as new data are received."
The company anticipates receiving the remainder of the assay data over the next few weeks.
Contact Angela at angela@proactiveinvestors.com
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