VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the “Company”, or “VR”, is pleased to announce the acquisition of the Empire, Silverback and Golden Bear mineral property (“Properties”) in order to bolster its copper-gold exploration strategy in northern Ontario.
The acquisition of these properties represents a natural extension of the KSZ strategy, 600 km away, on similarly long-lived, crustal-scale structures intersecting greenstone belts within the Archean Superior craton. Like the KSZ strategy, each project is associated with large magnetic complexes identified as intrusive bodies with demonstrated copper-gold mineralization in hydrothermal – magmatic systems. The opportunity for VR is to be the first to apply the latest mineral deposit models and research with modern exploration technology on the projects, and to expand upon the previously unrecognized Empire District.
As shown in Figure 1, the Properties are located along and near the Trans Canada highway in northwestern Ontario. The drill-ready Silverback intrusion related gold-copper project (Photo 1) is just 2 hours drive from Thunder Bay, and the Empire district, a trend of previously unrecognized mafic intrusion Ni-Cu-PGE targets with gold, begins at the Highway 17 roadcut discovery outcrop (Photo 2). Golden Bear is a recently discovered copper-silver-gold breccia (Photo 3) target 20 km south
of Dryden, Ontario.
The binding terms of the proposed acquisition agreement of the Properties include:
- Option to acquire a 100% interest in the Properties (“the Acquisition”) from a private vendor (the “Vendor”), pursuant to a binding acquisition agreement dated Sept 11, 2024;
- The first 90% interest is acquired with an initial payment of $45,000 and the issuance of 600,000 common shares in the capital of VR to the Vendor on closing of the Acquisition (“the Closing”);
- The remaining 10% interest can be acquired by a second payment of $5,000 and issuance of 400,000 common shares in the capital of VR to the Vendor upon commencement of a diamond drill program on the property, at VR’s discretion, within 24 months of the Closing;
- The Vendors will be granted a Net Smelter Returns royalty of 2% on Closing, and;
- Closing is anticipated to be on or before Oct 1, 2024 and is subject to acceptance by the TSX Venture Exchange.
From VR’s CEO Justin Daley: “The acquisition of these properties from Holbik Exploration represents the culmination of two years of discussion, assessment and guidance on these targets between Mike, Byron and myself. Recent work on these projects includes scout drilling, stripping, and first-pass geophysics, with both Empire and Silverback permitted for drilling. We plan to hit the ground running with advanced 3D DCIP and regional magnetics planned in the coming weeks, working
toward drill testing targets this winter.
Despite the historic and currently producing mines in the region, as shown in Figure 1, the Empire properties are specifically in areas that are historically unexplored due to widespread thin cover, and VR has the expertise to unlock value for large copper-gold systems in exactly this environment. We look forward to working closely and exclusively with Holbik Exploration to advance these projects and to continue staking and developing new projects in Ontario.”
Continue at VR Resources
