VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the “Company”, or “VR”, is pleased to announce that it has successfully Closed the recently announced Acquisition Agreement for the Empire, Silverback and Golden Bear mineral properties (the “Properties”; see Figure 1) in northern Ontario, and plans to commence exploration on them immediately.
Acquisition terms are provided in the previous news release dated Sept. 12, 2024, and are summarized here:
- The first 90% interest is acquired with an initial payment of $45,000 and the issuance of 600,000 shares.
- The remaining 10% interest can be acquired by a second payment of $5,000 and issuance of 400,000 common shares upon commencement of a diamond drill program on the Properties.
- A 2% NSR is granted and VR has the option to buy down for $4M for each half percent down to a 1% royalty in favour of the vendor.
From VR’s CEO Justin Daley: “Empire and Silverback have been on VR’s radar for the past two years. We have monitored progress closely, as the vendor, Holbik Exploration, developed and began testing targets with airborne DIGEM geophysics and two scout holes on Silverback. Holbik has both re-examined regional datasets with an eye to new exploration models on historic showings, and been active on the ground prospecting (see Photo 1). I’m excited to be heading up to Thunder Bay this week to get my hands dirty on these new ideas and targets.
The Properties represent a new chapter for low-cost, high-impact exploration by VR Resources, continuing our strategy for large-footprint copper-gold systems on deep crustal structures in Ontario. Scoping is well underway for advanced 3D DCIP geophysics this fall to target the source for surface mineralization: a large-footprint, disseminated sulfide system with copper and gold.
We have been hard at work over the past week integrating these projects within our own regional databases and staking new opportunities nearby. Our expertise exploring under cover for our KSZ strategy north of Cochrane, paired with the deep regional knowledge of Holbik Exploration will enable us to quickly synthesize the results of Holbik’s initial exploration at Empire in order to identify and prioritize targets going forward.
We look forward to providing further updates soon as we advance these targets, boots on the ground.”
Continue at VR Resources
