VR Acquires New Ground to Expand Its Copper-Gold Strategy At Ranoke in Northern Ontario

VANCOUVER - VR Resources Ltd. reported the acquisition of the Hecla-Kilmer carbonatite complex and mineral property (HK) to bolster its Ranoke copper-gold exploration strategy in northern Ontario.The Hecla-Kilmer complex is located approximately 35 kilometers southwest of the Company’s Ranoke property in northern Ontario.  Compared to the Ranoke property, it is located half the distance to the Ontario hydro-electric facility at Otter Rapids and the northern terminus of Highway 634 which links the region to the towns of Cochrane and Kapuskasing along the northern Trans-Canada Highway located some 100 km’s to the south.

Both the Ranoke and HK properties are centered on large magnetic anomalies located along the western margin of the Kapuskasing Structural Zone, a long-lived, crustal-scale fault zone with bisects the Archean Superior craton and hosts numerous alkaline, ultrabasic and carbonatite intrusions and kimberlites.  Hecla-Kilmer is one such occurrence; it is a zoned, polyphase carbonatite complex 4 – 6 km’s across.  There has been no previous exploration or drilling for copper-gold breccia systems at HK; the opportunity for VR is to be the first to apply modern IOCG and carbonatite copper-gold mineral deposit models and exploration technology to the large-scale complex at HK.

CEO Michael Gunning said, “While the Company continues to evaluate strategies to return to Ranoke within the framework of a safe working environment with regard to COVID-19, we are excited about this opportunity to expand the Ranoke strategy to include a second, large, zoned and previously untested magnetic anomaly and intrusive complex along the KSZ.  We will illustrate our conviction on the potential of this target shortly, once requisite approvals are obtained and the Agreement is closed.  Our work on Ranoke during the past two years gives us a running head start at HK, and we intend to commence exploration immediately.  We believe that the untested potential of this complex for a large-scale copper-gold hydrothermal system is significant, and we look forward to providing further updates as our exploration proceeds.”

The HK property consists of 80 mineral claims in one contiguous block covering 1,649 hectares.  Like the Ranoke property, HK is located on Federal crown land, with mineral rights administered by the provincial Ontario Ministry of Energy, Northern Development and Mines (MENDM). There are no annual payments, but the MENDM requires certain annual exploration expenditures and reporting (ie. mineral assessment reports) in order to maintain a mineral claim in good standing. The property falls within the Moose Cree First Nation traditional territory.