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VR Resources Acquires the Reveille Silver Property to Expand its Big Ten Epithermal Gold-Silver Strategy in Nevada
VANCOUVER, British Columbia, June 22, 2020 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or “VR”, is pleased to ann
About this update from Vr Resources Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, June 22, 2020 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the \"Company\", or “VR”, is pleased to announce the acquisition of the Reveille silver property located approximately 75 km’s to the southeast along trend from the Company’s Big Ten epithermal gold project in west-central Nevada. As shown on Figure 1, the Reveille property is located in the southern part of the Walker Lane mineral belt in Nevada, host to numerous Tertiary-aged epithermal gold and silver deposits with production spanning some 160 years, from the days of the Comstock lode at Virginia City in 1860 to the Round Mountain deposit today. Road access to Reveille is from Highway 6 leading east from Tonopah, with local roads and trails around and within the property. The broad terms of the proposed acquisition of the Reveille silver property include: Agreement to acquire a 100% interest in the Reveille property (“the Acquisition”) from a private vendor (the “Vendor”), pursuant to a binding acquisition agreement dated June 22, 2020; An initial payment of US$20,000 and the issuance of 100,000 common shares in the capital of VR to the Vendor on closing of the Acquisition (“the Closing”); An additional payment of US$50,000 and issuance of 100,000 common shares in the capital of VR to the Vendors upon commencement by VR of a diamond drill program on the property; The Vendor will be granted a Net Smelter Returns royalty of 3% on Closing, and; Closing is subject to acceptance by the TSX Venture Exchange. The Reveille property occurs in a setting of nested Tertiary volcanic centers in the Walker Lane. It is on the western margin of the Goblin Knobs Tertiary volcanic center where it is disrupted by the resurgent growth of the Kawich caldera. Silver occurs in veins, manto’s and breccia bodies within completely altered Paleozoic limestone which occurs in the outer ring complex of the Goblin Knobs caldera. There is artisanal production of silver dating back to 1870, but there has been no modern, systematic exploration of the district, and no diamond drilling of the various surface showings of silver. Commenting on the news today, VR’s CEO Dr. Michael Gunning stated: “While the Company continues to work towards a full Plan of Operations permit for a drill program planned for later this summer at our Amsel gold...