VR Resources Ltd. (“VR”) is a newly listed junior mineral exploration company on the Venture Exchange (March, 2017; TSXV: vrr.v). VR is registered in British Columbia, Canada, and operates out of a head office in Vancouver. The Company is well financed, with a working capital of just under C$ 4M as it moves into the 2018 exploration season.
VR is the continuance of 4 years of active mineral exploration in Nevada, USA, by a Vancouver-based private company founded and run by two geologists with diverse experience in global mineral exploration, and a proven track record in the junior sector, having steered the sale of three companies in the past seven years 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 mining for its shareholders.
The focus of VR is copper exploration in Nevada. The Company is focused on districts underexplored during the past 50 years of modern exploration. The Company applies current mineral deposit models and new exploration technologies to properties with large copper-gold footprints. Mineral exploration assets are owned 100%, and held in a wholly-owned, Nevada-registered subsidiary.
An independent, NI 43-101 Technical Report on the alkaline porphyry copper-gold system at the Bonita property located in Humboldt County in northwestern Nevada was the foundation for the public transition of VR in 2017. First pass drilling of an array of targets recommended in the report based on three years of integrated exploration data is underway. The potential upside to the Company of a drill-based discovery at Bonita is leveraged by multiple factors, including:
- Tight share structure of the new listing, including insider position of approximately 20%;
- 100% ownership of the asset; no joint venture interests, no carried interests, no royalties;
- Good infrastructure (roads; power; railroads) for cost-effective exploration and permissive of profitable mining should development of a discovery occur;
- A long history of regulatory support for the mining industry in the state;
- Major copper and gold mining companies are active in Nevada.
VR reviews new opportunities in copper and gold mineral exploration in the western United States on an ongoing basis. VR will bolster its portfolio by the acquisition or staking of any property that is aligned with its exploration strategy, presents synergies with the Company’s existing work, and has the opportunity to raise the value of the Company for its shareholders.
There is a long history of copper exploration and mining in the western United States. It is an important district for overall copper resource endowment based on extensive exploration and development mid-Century (1940’s through 1970’s), during the birth of modern porphyry copper exploration. The United States is an important supplier to global copper production, and many of the world’s largest copper companies are active in the western United States.