VR Resources acquires new ground in northern Ontario

• VR Resources (TSXV:VRR) is set to acquire 100 per cent of the Hecla-Kilmer carbonate complex and mineral property in northern Ontario
• As consideration for the deal, the company will pay a total of C$65,000 in cash and issue an aggregate of 175,000 common shares
• The vendors will also be granted a net smelter return royalty on the property of three per cent
• The Hecla-Kilmer property sits roughly 35 kilometres southwest of VR’s existing Ranoke property, and will bolster the company’s copper-gold interests in the region
• VR Resources (VRR) is currently steady and is trading at 27 cents per share 

VR Resources (TSXV:VRR) is set to acquire 100 per cent of the Hecla-Kilmer carbonate complex and mineral property in northern Ontario.

Consisting of 80 mineral claims within one contagious block over 1,649 hectares, the Hecla-Kilmer property sits roughly 35 kilometres southwest of the company’s existing Ranoke property.

Pursuant to the binding agreement, VR Resources will pay an initial C$15,000 and issue a total of 75,000 common shares to the vendors upon closing of the acquisition.

A further $50,000 in cash and 100,000 common shares will be issued upon VR Resources’ commencement of a diamond drill program within 24 months of the closing date.

In addition, the vendors will be granted a net smelter return royalty on the property of three per cent.

Both the Hecla-Kilmer and Ranoke properties are located on substantial magnetic anomalies that extend along the western edge of the Kapuskasing Structural Zone.

To date, there have been no exploration or drilling efforts undertaken for copper-gold breccia systems at the Hecla-Kilmer property, presenting a significant opportunity for VR Resources.

Michael Gunning, President and CEO of VR Resources, noted that while the company is currently exploring strategies to resume work at Ranoke under post-COVID conditions, he is excited to add a second, untested complex to the VR’s portfolio.

“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,” he said.

VR Resources (VRR) is currently steady and is trading at 27 cents per share at 2:41pm EDT.