Corporate
VR is an established Canadian junior mineral exploration company, registered in British Columbia and listed on the Venture Exchange (TSX.V) under the symbol VRR.V, with secondary listings in Frankfurt (5VR) and on the OTCQB in the United States (VRRCF).
Business activities include the evaluation, acquisition and exploration of mineral exploration properties for the purpose of discovering an economic mineral deposit. VR is advancing greenfield opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada, and most recently, a kimberlite breccia pipe field in northern Ontario. VR has the in-house experience and expertise in greenfields exploration to apply modern mineral deposit models and state-of-the-art exploration technologies to explore large-footprint systems in underexplored areas and mineral districts for new, blue-sky discoveries.
VR is the continuance of 4 years of active mineral exploration as a private company starting in 2014, followed by a successful IPO 2017. The founders are Michael Gunning, CEO, and Darin Wagner, Chairman. The Company is founded on their diverse careers in the global mineral exploration, and their proven track record in the junior mineral exploration sector, having steered three different companies in the past twelve years from discovery through successful M&A transactions for an aggregate valuation in excess of C$1.3B.
The goal of VR is explicit: leverage its experience and expertise in grassroots exploration towards early-stage discovery in order to capture the steepest part of the value creation curve in the exploration and mining process for its shareholders.
The Company maintains its day-to-day work out of an exploration office established in Vancouver, British Columbia. The Company employs a tight administrative cost structure, with a focus on translating publically-raised funds directly into its mineral exploration on the ground.
The Company’s treasury is strong going into 2024, at approximately $1.5 M, sufficient for corporate and administrative obligations through 2025. The Company limits its annual financing goals to rigorous annual exploration budgets in order to maintain a tight share structure. That structure includes a 10-12% insider position, maintained by participation in financings on an ongoing basis. Further, there is a collective holding of approximately 45% of the Company’s shares held by the CEO, seven mining-long resource investment funds and one strategic holding in an energy company.
The Company is focused on opportunities in mineral deposit districts which have been underexplored during the past 50 years of the modern exploration era. The Company applies modern mineral deposit models and new exploration technologies to properties with large hydrothermal and alteration footprints for critical metals, copper and gold, and most recently has discovered a new kimberlite breccia pipe complex and potential kimberlite field in northern Ontario.
VR explores properties it owns outright, 100%, in order to leverage their upside potential to shareholders. Mineral exploration properties in Nevada are held in a wholly-owned US subsidiary registered in Nevada. New opportunities are evaluated on an ongoing basis, whether by internal generative work and direct staking, by a joint venture or a direct acquisition of a property from a third party, or by a corporate transaction (e.g. merger).
The Company has completed independent, NI 43-101 compliant Technical Reports on two of its properties: the Bonita copper-gold porphyry property in Nevada, dated March 2, 2017, and; the Danbo epithermal gold-silver project in Nevada, dated January 27, 2020. Both are filed on SEDAR.
VR strives for technical excellence in its work, and corporate industry leadership. VR’s management has led numerous industry and research organizations in the past, and is recognized with numerous industry achievement and recognition awards.
Technical information contained on this website has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. The content of this document, and this website, has been prepared and reviewed on behalf of the Company by the CEO, Dr. Michael Gunning, PhD, P.Geo., a non-independent Qualified Person.
Current Exploration Plans For 2024
Two reconnaissance drill holes were completed in April – July 2024 for a total of 1,310 metres on the eastern end of the polymetallic porphyry-skarn mineral system exposed on surface at New Boston over a strike length of 3 – 4 kilometres. The two holes test the East Zone conductor identified in a state-of-the-art 3D array DCIP survey completed in 2023, along two different structural pathways for hydrothermal fluids.
Continuous geochemical sampling of drill core was completed across both holes. Summary graphic logs and figures are on the New Boston project page.
Key findings include:
- Continuous hydrothermal mineralization and potassic alteration starting at surface.
- All 563 samples across 601 m (1,972 ft) in Hole 001 have hydrothermal mineralization. Copper averages 0.05% with max 0.60%, and 1.0 g/t Ag with up to 14 g/t, & 76 ppm Mo on average.
- All 620 samples across 709 m (2,326 ft) in Hole 002 have hydrothermal mineralization, Copper averages 0.07% with max 0.50%, and 1.5 g/t Ag with up to 32.7 g/t, & 35 ppm Mo on average.
- Copper-moly-silver mineralization in limestone host rock.
- 48m @ 0.11% Cu, 115 ppm Mo & 1.55 g/t Ag from 0 m (surface) in Hole 001
- 117.6m @ 0.10% Cu, 118 ppm Mo & 1.9 g/t Ag from 1 m in Hole 002. o 98m @ 0.12% Cu, 24 ppm Mo & 2.3 g/t Ag from 441 m in Hole 002.
The recently acquired Silverback property (NR-24-17) has potential for intrusion related gold and copper mineralization at the centre of the property, as well as recently mapped ultramafic intrusive horizons with anomalous nickel mineralization to the northeast. Geophysics and drilling in the first half of 2024 revealed a large scale alteration system and gold mineralization in sheeted quartz veining around sericite altered quartz feldspar porphyry dykes. This property is fully permitted for work listed in 2024/2025.
Plans for Q4 2024 include:
- Complete assay of drilling from Spring 2024.
- Baseline till survey across southern portion of property, down ice from known mineralization.
- Detailed 3D array DCIP geophysics to map resistive basement features, like causative intrusions, and develop targets around chargeability anomalies.
- Trenching, stripping, and sampling of key outcrops and structural zones on the property to better understand controls on mineralization.
- Follow-up scout drilling to test existing 6-channel time domain conductor from 1980s, Tier 1 DIGEM conductor targets (flown in winter 2023), and new targets from DCIP survey.
The recently acquired Empire District properties (NR-24-17) cover several large magnetic bodies mapped as mafic to ultramafic intrusions with noted gold – copper and PGE mineralization at the discovery outcrop cut by the Trans Canada Highway. Discovery by Hobik Exploration was on boulder train mapping and OGS lake sediment geochemistry. Work will follow-up on DIGEM survey in Winter 2023 and detailed lake sediment geochemistry. This property is fully permitted for work listed in 2024/2025.
- Trenching, stripping, and sampling of key outcrops and structural zones on the property to better understand controls on mineralization.
- Scope and plan regional magnetic surveys on priority targets to northeast along trend.
- Prospecting and staking on regional magnetic features.
- Detailed 3D array DCIP geophysics to map resistive basement features, like causative intrusions, and develop targets around chargeability anomalies.
- Scout drilling to test Tier 1 DIGEM conductor targets (flown in winter 2023) and new targets from DCIP survey.
The East Zone’s porphyry intrusions plunge westward towards the GW fold structure, showing copper-bearing gossans at surface and at the top of our drill holes. The IP anomaly at Jeep Mine reveals increased conductivity at depth. Both areas appear connected to the central GW fault system. Our drill holes show increasing mineralization in monzonite porphyry as they move towards this central structure.
We plan to conduct an MT survey to complement our 2023 DCIP survey for a clearer picture of the mineralized intrusions beneath Jeep and GW, developing targets to advance towards further drilling in 2025.
Michael Gunning, PhD, PGeo
Founder and Executive Chairman
Dr. Gunning is a Professional Geologist with over 30 years of experience in mineral exploration and geological research. His experience spans work in federal and provincial geological surveys, exploration in North and South America with Cominco (now Teck), and proven executive leadership in the junior exploration sector, including recent success in the sale of two companies. He is extensively published, holds several industry awards, and is past-president of numerous industry organizations.
Upon completion of his PhD at the University of Western Ontario, Dr. Gunning spent nearly a decade leading global exploration projects, and learning the business of exploration within a multi-national and fully integrated mining and smelting company at Cominco. Following Cominco, Dr. Gunning accepted the role of lead Mineral Deposits Research Geologist with the Saskatchewan Geological Survey, which included both original, field-based mapping and research and mineral industry reporting. He also chaired the Energy file within the governments Strategic Development initiative.
This work led Dr. Gunning to the uranium junior exploration sector in Vancouver. As CEO of Hathor Exploration Limited, he led successive resource and PEA milestones for the Roughrider uranium deposit discovery, and he guided Hathor successfully through a hostile takeover bid and a $654 M acquisition by Rio Tinto in 2012, which was one of the top ten M&A deals in the global mining sector that year. He built on that success as Executive Chairman of Alpha Minerals which was acquired in 2013 for $190 M following the discovery of the Patterson Lake uranium deposit in Saskatchewan. Overall, Dr. Gunning successfully led the financing of more than $60 M in venture capital in three successive companies over a nine year period towards exploration and development in the uranium sector in Canada.
Dr. Gunning founded VR in 2014 to pursue greenfields exploration for new Critical Metals discoveries in North America, and has served as its President and CEO for the past decade, since inception. During that time, he successfully raised in excess of $20 M to fund active and continuous exploration over a ten year period.
Dr. Gunning is a past-President of the Saskatchewan Geological Society and the Society of Economic Geology Student Chapter at Western. He served on the AME BC Roundup Committee and presented at the annual AME Exploration Safety Workshop for more than a decade, and he was awarded by the industry with both the prestigious Dave Barr Award for Leadership in Exploration Health & Safety for 2011 and the Colin Spence Award for Excellence in Global Mineral Exploration for 2012.
Having played field hockey at the club, university, national and international level, he is a past Director of Field Hockey Canada and Chair of the Canadian Men’s Field Hockey Olympic Trust, and he holds several provincial awards recognizing service to sport.
Keith Inman
Director
Mr. Inman is a partner in the Business Law group of Pushor Mitchell LLP, a full-service law firm located in Kelowna, British Columbia, with a practice focused on advising emerging and mid-market companies on corporate/commercial and securities law related matters, including corporate finance and M&A transactions.
Craig Lindsay
Director
Mr. Lindsay is the Managing Director of Arbutus Grove Capital Corp. He has over 25 years of experience in corporate finance, investment banking and business development in both North America and Asia. His focus has been on mineral resources in the western United States, most recent serving as Founder, President and CEO of Otis Gold Corp. until its sale to Excellon Resources Inc. (TSX) in 2020. Previously, Mr. Lindsay was Founder, President and CEO of Magnum Uranium Corp. until its merger with Energy Fuels Inc. in July 2009. Prior to that he was a Vice President in the Corporate Finance and Investment Banking Group at PricewaterhouseCoopers LLP and a Partner in the Pacific Rim Group, a financial and business services company located in Hong Kong. Managing Director of Arbutus Grove Capital Corp. since 2003.
Lindsay was a founding Director of Malaspina Capital Ltd. (ASE) and was responsible for identifying its merger with Miranda Mining Corp, a Mexican based gold producer that was subsequently acquired by Wheaton River Minerals. He was also a Founding Director of Rebel Capital Inc (TSXV), and was responsible for identifying and negotiating its merger with Electric Royalties Ltd. He was a Director of Philippine Metals Inc. from 2011 to 2022 and has been a Director of successor company Revolve Renewable Power Corp. since 2022. He is currently a Director of Excellon Resources Inc (TSX), Electric Royalties Ltd (TSXV), Silver North Resources Ltd. (TSXV).
Mr. Lindsay has a Bachelor of Commerce degree from the University of British Columbia, an MBA from Dalhousie University and is a Chartered Financial Analyst. He is the Immediate Past National Chair of the Hong Kong Canada Business Association and former President of the Vancouver Section, a past Chair of the Family Services of Greater Vancouver and a member of the Board of Governors of Crofton House School.
Michael Gunning, PhD, PGeo
Chief Executive Officer
Dr. Gunning is a Professional Geologist with over 30 years of experience in mineral exploration and geological research. His experience spans work in federal and provincial geological surveys, exploration in North and South America with Cominco (now Teck), and proven executive leadership in the junior exploration sector, including recent success in the sale of two companies. He is extensively published, holds several industry awards, and is past-president of numerous industry organizations.
Upon completion of his PhD at the University of Western Ontario, Dr. Gunning spent nearly a decade leading global exploration projects, and learning the business of exploration within a multi-national and fully integrated mining and smelting company at Cominco. Following Cominco, Dr. Gunning accepted the role of lead Mineral Deposits Research Geologist with the Saskatchewan Geological Survey, which included both original, field-based mapping and research and mineral industry reporting. He also chaired the Energy file within the governments Strategic Development initiative.
This work led Dr. Gunning to the uranium junior exploration sector in Vancouver. As CEO of Hathor Exploration Limited, he led successive resource and PEA milestones for the Roughrider uranium deposit discovery, and he guided Hathor successfully through a hostile takeover bid and a $654 M acquisition by Rio Tinto in 2012, which was one of the top ten M&A deals in the global mining sector that year. He built on that success as Executive Chairman of Alpha Minerals which was acquired in 2013 for $190 M following the discovery of the Patterson Lake uranium deposit in Saskatchewan. Overall, Dr. Gunning successfully led the financing of more than $60 M in venture capital in three successive companies over a nine year period towards exploration and development in the uranium sector in Canada.
Dr. Gunning founded VR in 2014 to pursue greenfields exploration for new Critical Metals discoveries in North America, and has served as its President and CEO for the past decade, since inception. During that time, he successfully raised in excess of $20 M to fund active and continuous exploration over a ten year period.
Dr. Gunning is a past-President of the Saskatchewan Geological Society and the Society of Economic Geology Student Chapter at Western. He served on the AME BC Roundup Committee and presented at the annual AME Exploration Safety Workshop for more than a decade, and he was awarded by the industry with both the prestigious Dave Barr Award for Leadership in Exploration Health & Safety for 2011 and the Colin Spence Award for Excellence in Global Mineral Exploration for 2012.
Having played field hockey at the club, university, national and international level, he is a past Director of Field Hockey Canada and Chair of the Canadian Men’s Field Hockey Olympic Trust, and he holds several provincial awards recognizing service to sport.
Blaine Bailey, CPA, CGA
Chief Financial Officer
Mr. Bailey is a Chartered Professional Accountant, CGA working with public and private companies over the past 20 years. Mr. Bailey brings complementary skills to the team in areas of finance, administration, and financial reporting. Mr. Bailey is currently the CFO of GR Silver Mining Ltd., Panorama Capital Corp., and Cirrus Gold Corp.
Mr. Bailey received his Bachelor of Commerce degree (Honours) from the University of Manitoba in 1977, and qualified for the CPA, CGA designation in British Columbia in 1983. Mr. Bailey has served in the capacity of accountant for Molson Brewery B.C. Ltd. and controller for Nabob Coffee Co. with head offices in Zurich, Switzerland.
Cyndi Laval
Corporate Secretary
Ms. Laval is a partner at the law firm of Gowling WLG (Canada) LLP, Vancouver, B.C. and is the leader of the firm’s Corporate Finance, M&A and Private Equity Group in Canada.
Ms. Laval practices M&A, Corporate Finance and Mining Law, and has over 20 years of experience. Her practice involves advising issuers on merger transactions, corporate finance activities, such as equity and debt financings, stock exchange listings, corporate and securities regulatory compliance, corporate reorganizations, corporate governance, and mining-related transactions.
Ms. Laval was named Vancouver “Lawyer of the Year” for Mining by the Best Lawyers in Canada in its 2017 edition. She has also been named one of Vancouver’s 30 leading lawyers by the National Post and is recognized as a leading lawyer in The Best Lawyers in Canada, Legal 500 Canada, Lexpert’s Leading Canadian Lawyers in Global Mining, Canadian Legal Lexpert Directory, Who’s Who Legal: Canada and Who’s Who Legal: 100.
Prior to joining private practice, Ms. Laval worked in the policy department of the now TSX-V. Ms. Laval was a member of the TSX-V’s Local Advisory Committee from 2006 to 2013 and an instructor of the TSX-V Rules and Tools Corporate Governance Workshop from 2004 to 2010.
VR Resources Ltd. (“VR” or the “Company”) is an established junior mineral exploration company listed on the TSX Venture Exchange (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF), with its head office in Vancouver, British Columbia, Canada.
All of the Company’s public disclosure filings may be accessed under the Company’s profile on www.sedar.com and readers are urged to review these materials, including the latest technical report filed with respect to the Company’s mineral properties.
The information on this website provides a general overview of the activities of the Company and is not intended to be a comprehensive review of all matters concerning the Company. Although all information posted to this website was accurate at the time of posting, it may be superseded by subsequent disclosures. VR cannot warrant the information contained on this website to be exhaustive, complete or sufficient. In addition, many factors outside of VR’s control can alter the intended results of information presented by VR. The Company makes no representations nor provides any warranty as to the accuracy, currency or completeness of such information and the Company expressly revokes any responsibility of guarantees, expressed or implied, including and without limitation to, any guarantee of quality or compliance, in respect to any end result. The information on this website may be modified by the Company at any time without prior notice. In no event shall the Company be liable for any direct, indirect, consequential or other damages arising or connected with the use of this website or the information herein. Material on this website may contain inaccuracies, omissions or typographical errors, for which the Company assumes no responsibility. In no event shall the Company, its directors, officers, employees, representatives and advisers, be held liable or responsible for any claim or damage, direct or indirect, special or consequential, incurred by the user arising out of the interpretation, reliance upon or other use of the information contained on this website.
For greater clarity, no guarantees are made or implied with regard to the success of VR’s proposed ventures.
There may be statements and/or information on this website with respect to mineral properties and/or deposits which are adjacent to and/or potentially similar to the Company’s mineral properties, but which the Company has no interest or rights to explore or mine. Users are cautioned that mineral deposits on adjacent or similar properties are not necessarily indicative of mineral deposits on the Company’s properties.
This website and the material posted on it do not constitute an offer to sell or solicitation of an offer to buy any securities of VR. Trading in the securities of the Company should be considered highly speculative. Users of this website interested in investing should conduct their own assessment of materials and seek independent professional investment advice prior to making any investment decisions based on materials prepared and/or presented by VR.
Technical information has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Justin Daley, P.Geo., President & CEO at VR and a non-independent Qualified Person oversees and/or participates in all aspects of the Company’s mineral exploration projects and has prepared and reviewed on behalf of the Company all Information posted on this website, unless otherwise indicated.
In Ontario, surface grab samples and drill core samples were submitted for geochemical analysis to the AGAT laboratory in Thunder Bay, Ontario. Drill core was logged, cut and sampled at the Holbik Exploration warehouse in Upsala, Ontario, with sample preparation completed by AGAT in Thunder Bay alongside gold and PGE determination by atomic absorption assay. ICP-MS analyses for base metals, whole rock, and trace elements is performed at AGAT’s laboratory in Calgary, AB. Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures, including the systematic insertion of sample duplicates, blanks and certified reference material (CRM) done both externally and internally at the laboratory by AGAT, as described by AGAT.
In Nevada, VR submits all drill core samples for geochemical assay to ALS Global Ltd. (“ALS”). ALS has sample preparation facilities in both Reno, Nevada, which are utilized for sample submissions from VR. Final geochemical analytical work is done at the ALS laboratory located in North Vancouver, BC. Analytical techniques include lithium borate fusion, ICP-MS and ICP-AES analyses for base metals, trace elements and full-suite REE analysis, and gold determination by atomic absorption on fire assay. Analytical results are subject to industry-standard and NI 43-101 compliant QAQC sample procedures, such as the systematic insertion of both sample duplicates and geochemical standards, done both externally on the project site by the Company, and internally at the laboratory by ALS, as described by ALS.
This website and the material posted on it may include certain “forward-looking information” and “forward-looking statements” (together, “Forward-looking statements”) within the meaning of applicable Canadian and United States securities legislation, including, but not limited to, information that relates to analyses and other information that are based on forecasts of future results, estimates of amounts not yet determinable or assumptions of management.
Any statements found on this website and the materials posted on it which address events or developments that we expect to occur in the future are Forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as “expect”, “plan”, “anticipate”, “project”, “target”, “potential”, “schedule”, “forecast”, “budget”, “estimate”, “intend” or “believe” and similar expressions or their negative connotations, or that certain actions, events, conditions or results, “may”, “could”, “would”, “should”, “might” or “will” be taken, occur or be achieved.
Although the Company believes that the assumptions inherent in the Forward-looking statements, and the expectations represented by such statements are reasonable, Forward-looking statements are not guarantees of future performance, and accordingly, undue reliance should not be put on such statements due to their inherent uncertainty. There can be no assurance that a Forward-looking statement referenced herein will prove to be accurate.
Forward-looking statements by their nature are based on assumptions and involve known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such Forward-looking statements. Such risks, uncertainties and other factors include, among other things, the following: the ability of the Company to successfully raise money to fund its business and/or exploration programs; the ability of the Company to successfully operate its mineral exploration programs; the speculative nature of resource exploration; the effect of foreign exchange regulations on exploration programs in Nevada; the absence of mineral reserves on the Company’s properties; uninsured risks; uncertainty of actual capital costs and exploration program costs; changes in commodity prices, including copper and gold, but also other metals which in the past have fluctuated widely and which could affect the financial condition of the Company; currency exchange rate fluctuations; risks related to some of the Company’s properties being located in Nevada, including political, economic, and regulatory instability; uncertainty in the Company’s ability to obtain and maintain certain permits necessary for current and anticipated exploration operations; the Company being subject to environmental laws and regulations which may increase the costs of doing business and/or restrict planned exploration programs; risks associated with our dependence on third parties for the provision of critical services; risks associated with non-performance by contractual counterparties; risks associated with supply chain disruptions; title risks; social and political risks associated with operations in foreign countries; risks of changes in laws affecting our operations or their interpretation, including foreign exchange controls; and risks associated with tax reassessments and legal proceedings. We caution you that the foregoing list of important factors and assumptions is not exhaustive. Risks and certain other material assumptions regarding such Forward-looking statements are discussed in VR’s annual management discussion and analysis, annual financial statements and Technical Report filed on SEDAR at www.sedar.com.
Although VR has attempted to identify factors that would cause actual actions, events or results to differ materially from those disclosed in the Forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. Also, many of the factors are beyond the control of the Company. Accordingly, investors should not place undue reliance on Forward-looking statements. Actual results and developments may differ materially from those expressed or implied by the Forward-looking statements on this website.
Any Forward-looking statement speaks only as of the date on which it was made. The Company undertakes no obligation to reissue or update any Forward-looking statements as a result of new information or events after the date hereof except as may be required by law
Any Forward-looking statements on this website are qualified by this cautionary statement.
This website may provide links to third party websites or content posted on internet sites maintained by third parties. These links are provided solely as a convenience to you and the inclusion of any link does not imply endorsement, investigation or verification by the Company of the linked website or information contained therein or of their security or privacy practices. The Company shall not be responsible for the content of any other linked websites and makes no representation or warranty regarding any other websites or the contents on such websites. If you decide to access other websites, you do so at your own risk.
December, 2024