VR Confirms IP Anomaly at its Ranoke Copper-gold Property in Ontario, and Prospecting Discovers Iron Oxide Breccia in the Area

Tuesday, 17. September 2019 13:30

VANCOUVER, British Columbia, Sept. 17, 2019 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or “VR”, is pleased to provide an update for its Ranoke copper-gold property in Ontario. 

  • IP chargeability anomaly:  A TITAN24 DCIP induced polarization survey confirms a broad IP chargeability anomaly 1.1 kilometres across within the high-density gravity anomaly at Ranoke;

  • Iron Oxide hydrothermal breccia boulders:  Prospecting discovers cobbles of sulfide-bearing hematite hydrothermal breccia in a riverbed 12 kms south of the property. The breccia provides a potential analogue for the IP and gravity anomaly targeted at Ranoke for copper and gold.

VR completed three test lines of TITAN24 DCIP (Quantec Geoscience Ltd., Ontario) over the 2.5 mgal, high density gravity anomaly roughly 4 km across at Ranoke (see news release dated August 21, 2019). The purpose of the IP survey is to test for chargeable sulfide minerals within the gravity anomaly. 

Figure 1.  The IP anomaly is evident on all three lines.  It is strongest on Line 1 in the core of the gravity anomaly, and it is shallowest in the western portion of both Lines 2 and 3; the easterly plunge of the integrated IP anomaly as defined by the three lines is directly correlative with the steep easterly plunge of the high density body defined in the Company’s 3-D inversion block model of the gravity survey data. 

Figure 1 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ea209d06-9f47-4965-91f5-8092364869ec

Figure 2.  Line 1 defines a broad and moderate contrast, 6-7 mrad IP chargeability anomaly that is approximately 1.1 kilometres across and located in the core of the gravity anomaly within the Ranoke magnetic complex.  The IP anomaly correlates with an equally broad zone of high resistivity. Further, it correlates with a high contrast zone of low magnetic intensity within the Ranoke magnetic complex.

Figure 2 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/47148540-8cbf-4a4a-88c3-83608a31c003  

Figure 3.  Regional prospecting by VR this summer discovered sulfide-bearing hematite hydrothermal breccia in a river bed 12 kilometres south of the property.  VR measured the physical properties of the breccia and the low magnetic susceptibility and high density, IP chargeability and resistivity are consistent with the gravity, IP and resistivity anomalies shown in Figures 1 and 2, within a zone of low magnetic intensity in the middle of the Ranoke magnetic complex.  One sample submitted for geochemical analysis contains 45% Fe and confirms the nearly massive hematite nature of the breccia.  As important in the geochemical analysis is the elevated contents of phosphorous and cerium which is consistent with the well-established geochemical affinity of iron oxide copper-gold breccia deposits in Australia.

Figure 3 accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/fe6ebcca-536c-491a-9a53-362d8a5692c4

From VR’s CEO Dr. Michael H. Gunning “this survey confirms the potential that a copper sulfide – bearing iron oxide breccia pipe is the root cause of the gravity anomaly at Ranoke.  We are grateful for the technical expertise and diligence demonstrated by the field crew and technical services group at Quantec for their extended work on the design, execution and interpretation of this TITAN24 survey because the resultant anomaly adds a key focal point for our copper-gold targeting within the large gravity anomaly.  The sulfide-bearing hematite hydrothermal breccia discovered to the south of the property is from an area with published alluvial gold occurrences, and the rock sample in Figure 3 provides our shareholders with a tangible potential analogue for the copper-gold iron oxide breccia pipe we are targeting at Ranoke.  We look forward to providing further updates as our work advances towards a first-pass drill program.” 

About the Ranoke Property

The Ranoke property is located in northern Ontario, Canada.  Infrastructure in the region is shown on location figures provided at the Company’s website at www.vrr.ca.  The property is 15 kilometers west of the CNR railway spur which supplies Moosonee located on tide water 100 kilometres to the northeast, and is 50 kilometres north of road access to Coral Rapids, an Ontario hydroelectric facility serviced by Highway 634.  Exploration at Ranoke is facilitated by the town of Cochrane which is located about 100 kilometres to the south on the Trans Canada Highway, and is the major service hub to the region. 

The Ranoke property is large.  It consists of 360 claims in one contiguous block covering 7,400 ha in an area 12 x 12 kilometres in size.  The Ranoke property was staked directly by VR.  It is owned 100% by VR, free and clear of any interests or royalties.

Technical Information

Summary technical and geological information on the Company’s various exploration properties is available at the Company’s website at www.vrr.ca.

Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101.  Justin Daley, P.Geo., Principal Geologist at VR and a non-independent Qualified Person oversees and/or participates in all aspects of the Company’s mineral exploration projects.  The content of this news release has been reviewed on behalf of the Company by the CEO, Dr. Michael Gunning, P.Geo., a non-independent Qualified Person.

About VR Resources

VR is an emerging junior exploration company focused on greenfields opportunities in copper and gold (TSX.V: VRR; Frankfurt: 5VR; OTCBB: VRRCF).  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 is focused on exploring large copper-gold mineral systems in the western United States and Canada.  VR is the continuance of 4 years of active exploration in Nevada by a Vancouver-based private exploration company.  VR is well financed for its exploration strategy. VR owns its properties outright, and evaluates new opportunities on an ongoing basis, whether by staking or acquisition. 

ON BEHALF OF THE BOARD OF DIRECTORS:

“Michael H. Gunning”

_____________________________
Dr. Michael H. Gunning, PhD, PGeo
President & CEO

For general information please use the following: 

Website:www.vrr.ca 
Email:info@vrr.ca 
Phone: 604-262-1104 

Forward Looking Statements

This press release contains forward-looking statements.  Forward-looking statements are typically identified by words such as: believe, expect, anticipate, intend, estimate, and similar expressions or are those which, by their nature, refer to future events.  Forward looking statements in this release include but are not limited to: “The hydrothermal breccia provides a potential analogue for the IP and gravity anomaly targeted at Ranoke for copper and gold.”; “this IP and resistivity survey confirms the potential that a copper sulfide – bearing iron oxide breccia pipe is the root cause of the gravity anomaly at Ranoke.”

Although the Company believes that the use of such statements is reasonable, there can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements.  The Company cautions investors that any forward-looking statements by the Company are not guarantees of future performance, and that actual results may differ materially from those in forward-looking statements.  Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings are available at www.sedar.com; readers are urged to review these materials.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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Figure 1

Schematic integration of IP chargeability and gravity anomalies at Ranoke, shown on a 1VD magnetic base map. The IP anomaly on Line 1 is 1.1 kilometres across, as shown in Figure 2; also shown on Figure 2 is the profile across the 4 kilometre wide gravity anomaly. The IP anomaly is shallowest in the western part of both Lines 2 and 3; the southeast plunge of the integrated IP anomaly on all 3 lines correlates directly with the high-density body defined in the Company’s 3-D inversion block model of the gravity survey data.
Figure 2

IP chargeability and resistivity profiles from Line 1 at the Ranoke property (see line location in Figure 1). Data are from TITAN24 DCIP survey completed by Quantec Geoscience Ltd., September, 2019. The correlation of the chargeability anomaly with high resistivity is consistent with the properties of a cobble of sulfide-bearing iron oxide breccia discovered in a riverbed 12 kilometres to the south of the property (see Figure 3). The gravity profile in the third profile down shows the correlation of the IP anomaly with the center of the gravity anomaly at Ranoke. The lower panel shows the correlation of gravity and IP anomalies with a high-contrast magnetic low zone within the Ranoke magnetic complex.
Figure 3

Photograph and select geochemistry from a hand sample of hydrothermal iron oxide breccia composed of massive hematite with disseminated pyrite discovered in a riverbed 12 kilometres south of the Ranoke anomaly. The low magnetic susceptibility high resistivity, chargeability (IP) and density measured in this sample by VR are compatible with the IP, resistivity and gravity anomalies shown in Figures 1 and 2, within a zone of low magnetic intensity. This underscores the potential for an iron oxide copper-gold breccia pipe at Ranoke.
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