VR Resources has already begun scoping for detailed state-of-the-art DCIP geophysics targeting a large body of disseminated mineralization on the gold – copper target identified in drilling this spring and will:
The recently acquired Silverback project has overlapping but distinct targets for an intrusion related copper-gold system and magmatic nickel-copper-PGEs hosted in layered ultramafics. It straddles the Lac de Mille Lac greenstone belt and the Marmion terrane in the central Wabigoon Subprovince. The property was staked in 2021 after the discovery of adjacent Ni-Cu-PGE and Cu-Au showings. Before vending to VR, the project was flown with airborne DIGEM and followed up with two short scout drillholes 1km apart on strong conductors anomalies.
The Silverback property is situated on the west side of Lac des Mille Lac, in the Bedivere Lake and Boot Bay Lake areas, approximately 120 km northwest of Thunder Bay and 62 km northeast of Atikokan. Year round access to the claim group is possible on recent logging roads from TransCanada Hwy 17 and Hwy 11, reaching the centre of the property.
Silverback is a large property. It comprises 91 tenure cells amalgamated into 10 mineral claims in one contiguous block covering 3,190 hectares in an area approximately 10 x 5 km in size.
The property is located on provincial crown land, with mineral rights administered by the provincial Ontario Ministry of Mines. There are no annual lease payments, but the MNDM requires certain annual exploration expenditures and reporting (ie. mineral assessment reports) in order to maintain a mineral claim in good standing. The property falls within the traditional territories of the Lac des Mille Lac First Nation.
The property is owned 90% by VR with remaining 10% transferred subsequent to commencement of drilling on one of 3 vended properties of the deal announced Sept 12, 2024 (NR-24-16). There is an industry-standard royalty attached to the property, including a buy-back provision to VR.