VR Resources Ltd. (VRR) has announced an update on its critical metal exploration strategy in northern Ontario.
Last November, VR discovered a new niobium rare earth metals mineral system on its Hecla-Kilmer (H-K) property. The company completed a thorough review of its regional database and staked the Northway property located to the northeast.
The company also completed a high-resolution drone magnetic survey over Northway in March, during the setup of the recently completed, third drill program at Hecla-Kilmer. An application is now underway for a new MNDM drill permit for Northway.
“This [information] provides the results of the drone magnetic survey at Northway… the location of Northway is shown within the regional-scale Kapuskasing Structural Zone and rift through the Superior craton, together with the locations of VR’s H-K and Ranoke properties,” VR’s CEO, Dr. Michael Gunning, said.
VR also found an anomaly at Northway noteworthy, as it shows to be like the northwestern part of the H-K complex where critical metal discoveries have been made in drill holes 5 and 13.
According to the company, critical metal mineralization intersected to date at Hecla-Kilmer is controlled by structures that disrupt patterns in magnetic and gravity maps.
“The discovery at Hecla-Kilmer contributes to the rapidly evolving critical metal strategies of governments across North America aimed at growing domestic EV and wind turbine sectors in order to sustain the growth of the green economy,” said Dr. Gunning.
VR Resources Ltd. (VRR) is down 6.25 per cent and is trading at $0.15 per share as of 4:29 p.m. ET.