VR Resources Acquires Three New Projects to Expand Its Copper-Gold Strategy in Northern Ontario

Press Release

Sept 12, 2024, Vancouver, B.C.: VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the “Company”, or “VR”, is pleased to announce the acquisition of the Empire, Silverback and Golden Bear mineral property (“Properties”) in order to bolster its copper-gold exploration strategy in northern Ontario.

The acquisition of these properties represents a natural extension of the KSZ strategy, 600 km away, on similarly long-lived, crustal-scale structures intersecting greenstone belts within the Archean Superior craton. Like the KSZ strategy, each project is associated with large magnetic complexes identified as intrusive bodies with demonstrated copper-gold mineralization in hydrothermal – magmatic systems. The opportunity for VR is to be the first to apply the latest mineral deposit models and research with modern exploration technology on the projects, and to expand upon the previously unrecognized Empire District.

As shown in Figure 1 , the Properties are located along and near the Trans Canada highway in northwestern Ontario. The drill-ready Silverback intrusion related gold-copper project (Photo 1) is just 2 hours drive from Thunder Bay, and the Empire district, a trend of previously unrecognized mafic intrusion Ni-Cu-PGE targets with gold, begins at the Highway 17 roadcut discovery outcrop (Photo 2). Golden Bear is a recently discovered copper-silver-gold breccia (Photo 3) target 20 km south of Dryden, Ontario.

The binding terms of the proposed acquisition agreement of the Properties include:

• Option to acquire a 100% interest in the Properties (“the Acquisition”) from a private vendor (the “Vendor”), pursuant to a binding acquisition agreement dated Sept 11, 2024;
• The first 90% interest is acquired with an initial payment of $45,000 and the issuance of 600,000 common shares in the capital of VR to the Vendor on closing of the Acquisition (“the Closing”);
• The remaining 10% interest can be acquired by a second payment of $5,000 and issuance of 400,000 common shares in the capital of VR to the Vendor upon commencement of a diamond drill program on the property, at VR’s discretion, within 24 months of the Closing;
• The Vendors will be granted a Net Smelter Returns royalty of 2% on Closing, and;
• Closing is anticipated to be on or before Oct 1, 2024 and is subject to acceptance by the TSX Venture Exchange.

From VR’s CEO Justin Daley: “The acquisition of these properties from Holbik Exploration represents the culmination of two years of discussion, assessment and guidance on these targets between Mike, Byron and myself. Recent work on these projects includes scout drilling, stripping, and first-pass geophysics, with both Empire and Silverback permitted for drilling. We plan to hit the ground running with advanced 3D DCIP and regional magnetics planned in the coming weeks, working toward drill testing targets this winter.

Despite the historic and currently producing mines in the region, as shown in Figure 1, the Empire properties are specifically in areas that are historically unexplored due to widespread thin cover, and VR has the expertise to unlock value for large copper-gold systems in exactly this environment. We look forward to working closely and exclusively with Holbik Exploration to advance these projects and to continue staking and developing new projects in Ontario.”

About the Empire Properties

The Properties consists of 335 mineral claims in 4 contiguous blocks covering 1,649 hectares. The Properties are located on Federal crown land, with mineral rights administered by the provincial Ontario Ministry of Mines. There are no annual payments, but the MENDM requires certain annual exploration expenditures and reporting (ie. mineral assessment reports)

in order to maintain a mineral claim in good standing. The properties falls within the Lac de Mille Lac and Wabigoon Lake First Nations traditional territories.

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., President and CEO at VR and a non independent Qualified Person oversees and/or participates in 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 Executive Chairman, 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 large-scale, blue-sky opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada, and more recently, Canada’s newest discovery of a diamond-bearing kimberlite pipe at its Northway project. 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.

ON BEHALF OF THE BOARD OF DIRECTORS:

“Justin Daley”

Justin Daley, MSc, 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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