VR prepares for Bonita Cu-Au exploration in Nevada

Executive Summary

• VR Resources Ltd. has executed a contract with DIAS Geophysical Ltd. to commence field planning for a ground-based DCIP survey using DIAS32 3-D-array technology at the Copper Queen target on its Bonita porphyry copper-gold project in Nevada.
• The survey aims to provide precise exploration vectors for follow-up drilling, building on previous successful relationships with DIAS and initial reconnaissance drilling results from 2017 showing porphyry-style copper-sulphide veining.
• The company also announced the allocation of 1.95 million incentive stock options to directors, officers, employees, and consultants, following a recent $3.15-million financing.

Key Details

• Survey Contract: Executed with DIAS Geophysical Ltd. for DIAS32, 3-D-array IP and resistivity technology.
• Survey Type: Ground-based DCIP (Direct Current Induced Polarization) survey.
• Target Location: Copper Queen target on the Bonita porphyry copper-gold project in Nevada.
• Strategic Context: The proposal was scoped last fall; the company has prior working relationships with DIAS on three other Nevada properties and the Silverback project in Ontario.
• Survey Objective: To define precise drill targets based on surface mapping and previous exploration, specifically targeting the porphyry-style copper-sulphide veining intersected in 2017 reconnaissance drilling associated with anomalous copper-gold geochemistry.
• Timing: Exact timing depends on field logistics parameters; the company states the survey is "rolling" and expects new DCIP 3-D modelling soon.
• Stock Option Allocation:
  • Quantity: 1.95 million incentive stock options.
  • Exercise Price: 25 cents.
  • Term: Exercisable for a period of five years.
  • Recipients: Various directors, officers, employees, and consultants.
  • Compliance: In accordance with the company's stock option plan.
• Regulatory Disclosure: Technical information prepared in accordance with National Instrument 43-101; reviewed by Dr. Michael Gunning, PhD, PGeo.

Notable Quotes

• Dr. Michael Gunning, CEO: "On the heels of the successful, oversubscribed $3.15-million financing led by Centurion One Capital Corp., VR is immediately putting its exploration plan into action on our two principal polymetallic porphyry projects in Nevada."
• Dr. Michael Gunning, CEO: "We believe the DIAS32 technology in its 3-D-array DCIP ground surveys is industry-leading... As such, we are excited to see what this survey can do for precise drill target definition at Bonita."
• Dr. Michael Gunning, CEO: "The goal of the survey is clear: to provide a precise exploration vector for follow-up drilling based on the surface mapping and exploration surveys completed to date by VR... for which there is a clear association in anomalous copper-gold geochemistry."