- VR Resources (VRR) identified a 3.5 mGal gravity anomaly at its Hecla-Kilmer property in Northern Ontario
- Planning is now underway for Phase II follow-up drilling, expected to take place in September
- The company has received the final data for the detailed, ground-based gravity survey carried out in March
- The new gravity anomaly is believed to represent the heart of the mineralization discovered last fall
- VR Resources is up 2.94 per cent on the day, with shares of the company trading at C$0.35 at 12:12 pm ET
VR Resources (VRR) identified a 3.5 mGal gravity anomaly at its Hecla-Kilmer property in Northern Ontario.
The company has received the final data for the detailed, ground-based gravity survey carried out in March over the multi-phase carbonatite complex on the Hecla-Kilmer property.
Planning is now underway for Phase II follow-up drilling, expected to take place in September. That drilling will test the new anomaly for the heart of the REE-bearing, IOCG hydrothermal breccia system discovered at Hecla Kilmer property in 2020.
The intervals of copper, gold and critical metal mineralization intersected last fall by VR are located on the eastern margin of a large and high amplitude gravity anomaly, according to the company.
The new gravity anomaly is believed to represent the heart of the mineralization discovered last fall when VR intersected a hydrothermal breccia and high temperature sulfide alteration system which comes to surface on the eastern margin of the new gravity anomaly. The mineralized breccia system has more than 600 m of continuous vertical extent in two drill holes.
“We simply could not have asked for a better execution of the survey in the field by Geophysics GPR International, nor for more definitive results in the final data. It is convincing to see such a large number of field station data points within the anomaly, together with the robust nature of the anomaly itself, including its large size, sharp boundaries and high contrast to surrounding host rock. But it is the location of the anomaly that is perhaps even more compelling. It is immediately west of the 600 m drill intersections from last fall of hydrothermal breccia and sulfide in a high temperature potassic alteration facies which literally comes to surface on the eastern margin of this newly defined gravity anomaly,” said VR CEO Dr. Michael Gunning.
“Indeed, we believe that the gravity anomaly is the center of the mineral system that produced the REE and critical metal mineralization in those intersections, and further, is the source of the copper and gold retrieved from the pile of core rubble from the camp site of the cursory, historic drill program completed in 1970, before the discovery of Olympic Dam, and before the development of the IOCG mineral deposit model and exploration target for Proterozoic copper-gold-REE hydrothermal breccia systems. We believe we have the very heart of that target-type in front of us now at H-K, and we plan to test it in September.”
VR Resources is up 2.94 per cent on the day, with shares of the company trading at C$0.35 at 12:12 pm ET.
