VR Resources sinks three holes at Ranoke, pauses drilling program due to frozen water sources
An intercept from one hole showed fluorite-carbonate veins that are a key attribute of an iron oxide copper-gold breccia body
Company
CVE:VRR
VR Resources Ltd is an established junior exploration company focused on greenfields opportunities in copper and gold. VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private company. The diverse experience and proven track record of its Board in early-stage exploration, discovery and M&A is the foundation of VR. The Company focuses on underexplored, large-footprint mineral systems in the western United States and Canada, and is well financed for its exploration strategies and corporate obligations. VR owns its properties outright, and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.
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An intercept from one hole showed fluorite-carbonate veins that are a key attribute of an iron oxide copper-gold breccia body
Reconnaissance drilling kicked off last November but was put on hold due to weather conditions
Earlier this month, it said drilling at Ranoke had been put on hold until January due to the weather conditions
Amsel is part of the firm's Big Ten gold project in the Walker Lane belt in Nevada, USA
Geothermal results of the area have revealed extensive pyrite in what's referred to as an induced polarity anomaly
At Amsel, a ground-based induced polarization (IP) is now underway, the company said
VR Resources is planning to drill an initial three holes that are expected to be between 500 and 1,000 metres deep
The junior recently doubled the size of its Amsel property on the firm’s Big Ten gold project in Nevada
Proceeds from the transaction are expected to fund exploration at the company's Ranoke project
The Vancouver-based junior recently doubled the size of the Amsel property on the firm’s Big Ten gold project in Nevada
VR said planning was now underway for IP geophysics over the large anomaly and to assess for first pass drill targets
At Ranoke in Ontario, the firm said on August 21 that it had discovered a large gravity anomaly which is evidence of a large body of copper suphide
An induced polarization (IP) survey was carried out over three lines on the anomaly, the firm said
The company said the gravity anomaly is evidence of a large body of copper sulphide at Ranoke
The private placement will be of up to 2,000,000 units at a price of $0.22 each, with each unit consisting of one common share of the company and one-half of a common share purchase warrant
The private placement will be of up to 2,000,000 units at a price of $0.22 each, with each unit consisting of one common share of the company and one-half of a common share purchase warrant
The work will include grid-based soil geochemistry for gold, silver and epithermal trace elements
In the second tranche, VR issued over 1.7 million units at C$0.13 each and 70,000 flow-through shares at C$0.15 each
The junior exploration company outlined its summer plans at the early-stage project, which consists of 345 contiguous claims covering over 7,000 hectares
According to the firm, the placement consisted of 4.3 million flow-through common shares at a price of C$0.15 per share, for gross proceeds of C$650,000