VR Resources Ltd (TSX-V:VRR, OTCQB:VRRCF) told investors it has staked the Northway project, which sits around 15 kilometres (km) northeast of its Hecla-Kilmer (H-K) property in Ontario following last year's discovery of a rare earths system at the latter.
Updating on the company's exploration strategy, VR's CEO Dr Michael Gunning, said the discovery of the new niobium-rare earth metals system at H-K was made last November.
One hole hit 238 metres (m) at 0.2% Nb205 with 0.5% total rare earth oxides (TREO), including sample intervals of 1.7 % TREO with 18% PMREO over 3m. PMREO is the sum of the high-value rare earth oxides Pr2O3, Nd203, Tb2O3 and Dy2O3, which are used in permanent magnets for wind turbines and electric vehicles.
READ: VR Resources intersects the broadest and highest-grade critical metal mineralization to date at Hecla Kilmer property in Ontario
"With that intersection, the company completed a thorough review of its regional database and staked the Northway property located approximately 15 km to the northeast," noted Gunning.
The firm said it is currently applying for a drill permit for the Northway asset.
"An ultra-high resolution drone magnetic survey was completed over Northway in March, during the set-up of the recently completed, third drill program at Hecla-Kilmer, which produced the recently announced intersection in Hole 013 of 243 metres @ 1.01% TREO, of which 19% are PMREO," the VR CEO added.
Gunning said the discovery at Hecla-Kilmer contributed to the "rapidly evolving" critical metal strategies of governments across North America aimed at growing domestic electric vehicle (EV) and wind turbine sectors in order to sustain the growth of the green economy.
"This relevance underscores the potential value of H-K to our shareholders, and we look forward to providing further updates as we receive final drill data from Hecla-Kilmer, and add Northway to an expanded and integrated exploration strategy going forward," said the company boss.
The Northway property spans 47 claims in one contiguous block, which is around 3 km by 3 km in size and covers 966 hectares (Ha). There are no underlying annual lease payments on the property, nor are there any joint venture or back-in interests. There is no royalty attached to Northway because it was staked by VR directly.
VR says it is an established junior explorer focused on large footprint, greenfields opportunities in copper, gold and critical metals in the western United States and Canada.
Contact the writer at giles@proactiveinvestors.com