VR Continues to Advance its KSZ Strategy for Large Iron Oxide – Copper – Gold Systems in Northern Ontario

Press Release

August 20, 2024, Vancouver, B.C.: VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCQB: VRRCF), the “Company”, or “VR”, continues to advance its Kapuskasing Structural Zone (“KSZ”) regional exploration strategy for critical metals in northern Ontario.

From VR’s CEO, Dr. Michael Gunning, “The recent sale of the Hecla-Kilmer REE discovery (“H-K”) highlights the success of the KSZ strategy, and frees-up the Company to advance its other properties in the district, shown in Figure 1, and also to evaluate new properties and new opportunities. Our primary focus continues to be on the potential of the KSZ to host Iron-oxide copper-gold (“IOCG”) systems.

Our discovery of cobbles of specularite breccia with sulfide in the Mattagami River in 2018 led to the intersection of specularite vein breccia in our first hole at our Ranoke property. The subsequent discoveries of REE-bearing apatite in an IOA system with carbonatite at Hecla-Kilmer, and then diamond-bearing kimberlite at Northway highlight the multi-commodity discovery potential of the KSZ district.

The Halfway property discussed below is the next target for discovery in our ongoing KSZ strategy. We know what to do. We have seven years of expertise working with the regional data. We have experience in applied magnetic survey technologies. We understand the IOCG-IOA model in this district. And we have the conviction to get our hands dirty on the ground, as the photos in this news release attest.”

Context. VR Resources’ REE discovery within the Hecla-Kilmer alkaline-carbonatite complex was the result of the Company’s KSZ district-scale exploration strategy which began in 2018. H-K’s unique REE-enriched apatite mineralization with magnetite belongs to an iron oxide apatite (IOA) hydrothermal mineral system which forms at the deeper, higher temperature end of the IOA – IOCG spectrum.

The ongoing strategy is focused on identifying large hydrothermal-magmatic mineral systems with critical metals like copper and gold associated with the deep crustal structures of the KSZ. To evaluating large-scale geophysical and geochemical anomalies anchored by KSZ structures, VR leverages:

•  State-of-the-art exploration technologies.
•  Modern IOCG mineral deposit models.
•  In-house expertise to manage and analyze large regional data sets, and;
•  In-house expertise for cost effective exploration in the district.

A historic drill hole at Halfway reports iron and copper sulphides in a breccia with magnetite adjacent to a high-level alkaline intrusion. The property is located 7 km to the southeast of H-K and is centered on a 1.5 km in diameter magnetic high evident on regional magnetic maps (Figure 2) . The anomaly is proximal to, but very different from, the large and complexly zoned magnetic anomaly at H-K. Importantly, Halfway is located just 10 km from active rail, hydro-electric infrastructure, and highway access at Otter Rapids, where the Company has based its exploration camp since 2018.

Going Forward. We are targeting the potential at Halfway to host structurally controlled copper-gold mineralization (IOCG). That potential is illustrated by VR’s discovery of cobbles of sulfide-bearing, hematite-cemented hydrothermal breccia in the Mattagami River during the maiden 2018 reconnaissance drill program for the regional KSZ strategy. One of the cobbles is shown in Figure 3a; it is located roughly

VR RESOURCES LTD.
1500 – 409 Granville St.
Vancouver, BC, Canada, V6C1T2
Tel: 778-731-9292; info@vrr.ca
TSX.V: vrr www.vrr.ca

midway between Halfway and the Ranoke Property where our work began, and where stockwork specularite (iron oxide) and veins were intersected in drill core (Figure 3b).

The Company has met with several geophysical service companies to evaluate the use of new, ultra- high resolution, full tensor magnetic technology to better define internal structures and external boundaries of the Halfway anomaly. We will continue to scope opportunities for a survey this fall, knowing we have the ability to leverage our accumulated expertise gained over the past seven years exploring the large magnetic anomalies at our Ranoke, H-K and Northway properties in order to optimize results at Halfway.

Location Matters

Halfway is located just 10 km from Otter Rapids, with access from Highway 634, active rail (Ontario Northern), and hydro-electric power (dam) servicing the provincial grid. The Company has based its regional exploration out of a camp at Otter Rapids since 2018. The Trans-Canada highway and CN national rail line are 140 km to the south, at Cochrane.

All of the properties in the KSZ strategy shown in Figure 1 and outside the recently sold H-K property where VR retains a strategic royalty purchase option, are owned 100% by VR. They are located on provincial crown land. Mineral rights are managed by the provincial Ontario Ministry of Mines. Exploration permitting is on a 30-day process. There are no annual payments for the properties, but the Ministry requires certain annual exploration expenditures and reporting (ie. mineral assessment reports) in order to maintain the mineral claim in good standing.

The properties fall within the Moose Cree and Taykwa Tagamou First Nations traditional territories. Technical Information

Summary technical and geological information for the Company’s various exploration properties is available at the Company’s website at www.vrr.ca.

Technical information for this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Justin Daley, P.Geo., VP Exploration and a non-independent Qualified Person oversees all aspects of the Company’s mineral exploration projects, and the content of this news release has been reviewed on behalf of the Company by the CEO, Dr. Michael Gunning, P.Geo., a non-independent Qualified Person.

About VR Resources

VR is an established junior exploration company based in Vancouver (TSX.V: VRR; Frankfurt: 5VR; OTCQB: VRRCF). VR evaluates, explores and advances opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada, and most recently, a kimberlite breccia pipe discovery in northern Ontario. VR applies modern exploration technologies and leverages in-house experience and expertise in greenfields exploration to large-footprint mineral systems in underexplored areas/districts. The foundation of VR is the proven track record of its Board in early-stage exploration, discovery and M&A. The Company is financed for its mineral exploration and corporate obligations. VR owns its properties outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition.

VR RESOURCES LTD.
1500 – 409 Granville St.
Vancouver, BC, Canada, V6C1T2
Tel: 778-731-9292; info@vrr.ca
TSX.V: vrr www.vrr.ca

ON BEHALF OF THE BOARD OF DIRECTORS:

“Michael H. Gunning”
Dr. Michael H. Gunning, PhD, PGeo
President & CEO

For general information please use the following:
Website: www.vrr.ca

Email: info@vrr.ca
Phone: 778-731-9292

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