VR Resources closes acquisition of Empire properties and begins copper-gold exploration, Ontario
VR Resources Ltd. [TSXV: VRR; FSE: 5VR; OTCBB: VRRCF] reported that it has successfully closed the recently announced Acquisition Agreement for the Empire, Silverback and Golden Bear mineral properties 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.
Justin Daley, CEO, said, “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. 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 of diseminated 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.”
The properties now consists of 410 mineral claims in 3 contiguous blocks covering 15,229 hectares. The properties are located on Federal crown land, with mineral rights administered by the provincial Ontario Ministry of Mines. There is a 2% net smelter royalty on the claims and within the Empire AOI. 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 properties falls within the Lac de Mille Lac and Wabigoon Lake First Nations traditional territories.