- VR Resources (TSXV:VRR) is expanding its property holding in west-central Nevada, USA, with its acquisition of the Reveille silver property
- The company will pay a total of just over C$100,000 and issue 200,000 common shares to a private vendor for the acquisition
- Located roughly 90 kilometres east of Tonapah, the property is comprised of 57 mineral claims within a contiguous block covering 1,157 acres
- A program of ground exploration at the Reveille property is expected to begin this summer
- VR Resources (VRR) is currently up 1.79 per cent and is trading at $0.28 per share at 3:04pm EDT
VR Resources (TSXV:VRR) is expanding its property holding in west-central Nevada, USA, with its acquisition of the Reveille silver property.
Located roughly 90 kilometres east of Tonapah, the property is comprised of 57 mineral claims within a contiguous block covering 1,157 acres.
The site sits on the southern part of the Walker Lane mineral belt, which is host to several Tertiary-aged epithermal gold and silver deposits with past production spanning a period of around 160 years.
Under the terms of the agreement, VR Resources will acquire a 100 per cent interest in the property from a private vendor for an initial payment of approximately C$33,800 in cash and the issuance of 100,000 common shares upon closing of the deal.
A further payment of roughly $67,600 will then be made, in addition to the issuance of another 100,000 common shares, following the commencement by VR Resources of a diamond drill program on the property.
The Reveille property will remain subject to a net smelter return royalty of three per cent.
Michael Gunning, CEO of VR Resources, noted that a program of ground exploration is expected to begin at the property this summer.
“We have been evaluating this opportunity for more than a year now, and our work in the Big Ten caldera and epithermal system during the past three years provides an expertise and momentum for Reveille, and we intend to commence exploration immediately.
“Although the various silver showings all have stand-alone merit for exploration, and several have been the focus of production potential in the past, the opportunity for VR is to be the first to apply modern carbonate mineral deposit models and exploration technology to the entire mineral system at Reveille…” he added.
VR Resources (VRR) is up 1.79 per cent and is trading at $0.28 per share at 3:04pm EDT.