VR Introduction
Following the Company’s AGM on September 5th, 2024, the Board executed a succession plan founded on two years of planning. Dr. Gunning is appointed Executive Chairman upon the retirement of its founding Chairman, Darin Wagner. In turn, Justin Daley, founding VP Exploration, is appointed President and CEO, assuming the role filled by Dr. Gunning since inception of the Company. Mr. Daley brings to VR a new-generation approach and expertise in Big Data which he gained at Harvard Business School, where his studies focused on the application of AI and ML (artificial intelligence & machine learning) to modern mineral exploration and business management.
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. Justin Daley, MSc, P.Geo., VP Exploration at VR and a non-independent Qualified Person oversees all aspects of the Company’s mineral exploration projects. 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
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.
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 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.