Plans For Winter RC Drill Program At The Reveille Property

VANCOUVER - VR Resources Ltd. reported that planning is underway to commence with Phase I of a two-stage reverse circulation (RC) drill program planned for 2021 on its Reveille silver-copper CRD property in Nevada. VR has been working on Reveille continuously since June of last year, with field work wrapping up in the third week of December. Integrated targets are now delineated on the western side of the district-scale property for both silver-copper CRD mineralization, and for gold related to late, Carlin-style fluids. VR is planning a two-stage RC drill program to test the array of targets at Reveille to a depth of roughly 300 meters. Property-scale vectors towards the area are based on structural mapping, statistical analyses of single element and element ratio data from rock and soil geochemistry completed in 2020; the specific drill hole locations are based on recently completed 3D inversion models of magnetic and EM data.

The plan is to complete the northern 4 to 6 drill holes next month, in February, for a total of around 1,500 meters. The targets are based on clearly defined anomalies in magnetic, EM and gravity data which are in-hand.

VR has confirmed a Nevada-based drilling company with expertise in the region for this work. A site visit is complete. The company has proven both its ability and its integrity to VR during previous drill programs on other properties. The targets at Reveille are conducive to cost-effective drilling because they are on the western flank of the range where: elevation is low; topography is subdued, and; there is direct access from well-traveled existing roads.

Turn-around time for geochemical data is currently slow across the industry. As such, VR will use the lag time between the completion of Phase I drilling and receiving final geochemical data to complete an IP geophysical survey over the entire western flank of the property. State-of-the-art 3D DCIP technology of Dias Geophysical Ltd. will be utilized, based on proven results from the Company’s Amsel gold property located to the northwest. The 3D DCIP survey is contracted, and planned for February. Final 3D inversion block models should be available by the time the Company receives geochemical data from the RC drilling. The IP models will be valuable in areas to the south and west of the Phase 1 drill holes where volcanic cover is present; they will improve our drill targeting in the large magnetic anomaly that is the potential source and driver of the overall silver-copper CRD hydrothermal system at Reveille,.

The second phase of RC drilling is planned for later in the Spring. The drilling will be guided by: 1. Geochemistry from Phase I drilling, and 2. 3D DCIP geophysical models. This drilling will complete the first-pass evaluation of the array of targets on the western flank of the Reveille range where the historic workings are found. VR has recently submitted a Notice of Intent amendment to the BLM for the drill holes which is a simple modification of an existing drill permit held by the property vendor, and VR expects the permit review to be completed before the end of this month.

CEO, Michael Gunning, said, “Reveille is ready to drill. Our objective in 2020 was to identify the heart to the overall silver-copper CRD mineral system at Reveille. That target is now clear on the western flank of the range, defined by a wide array of geological, geophysical and geochemical data, anchored by a crust-scale regional range fault and Tertiary caldera ring fault, and previously unexplored. The magnetic and EM targets we plan to drill next month to test for the potential source and driver of the high-grade silver-copper mineralization exposed on the hills of the south Reveille range are straight forward; the data vectors are integrated, and they align with our geological mapping of structure and stratigraphy. I also want to emphasize the near-surface attributes of these new targets at Reveille. RC drilling will provide a cost-effective geochemical survey down to 300 meters or so in each area. We have identified the intensity of the jasperoid breccia alteration style in the rhyolite tuff cover rocks discovered in the valley during our recent mapping, and provides the evidence for hydrothermal fluids in the halo of the magnetic anomaly, reinforced by elevated pathfinder elements such as mercury, barium and manganese in new geochemical data. Overall, it is the silver and copper grades of the historic workings in the range, paired with the scale of the magnetic “core and halo” anomaly which underscores the potential of this drill program.

In regard to the new hand sample with 34 g/t gold in quartz veins in jasperoid outcrops which are, in essence, juxtaposed with the conductivity targets for silver-copper CRD mineralization, we will include in this upcoming Phase I program, a test of the high amplitude gravity low feature that could represent a low volume but high value, Carlin-style gold-bearing jasperoid pipe of de-calcified, low density breccia which ascended on the same structural framework which accommodated the high temperature, silver-copper CRD fluids.

As we experience further delays for the drill permit for our nearby Amsel gold project, a delay we understand from ongoing communication with the USFS is related to internal consultation processes at the USFS as opposed to any issues specific to our permit application, we will pursue the silver, copper and gold targets at Reveille this winter in order to provide near-term potential for our shareholders. We will plan for a drill program at Amsel early this summer, but in the meantime, will focus on execution at the drill bit for high grade silver and copper at Reveille this winter. We look forward to providing further updates as our planning unfolds for our core projects in 2021.”