Shares of VR Resources continued to build on Monday's gains, up an additional 5% on Tuesday to C$0.21 in Canada and were trading at US$0.12 in the US.
The new property, Ranoke, is notable for its size and lack of previous exploration. The property consists of 345 claims in a single contiguous block covering over 7,000 hectares, and very near to the CNR railway that supplies the town of Moosonee, Ontario.
Ranoke extends the Vancouver-based company’s platform of blue-sky exploration on large footprint copper-gold systems using modern exploration techniques, the company said in a statement.
“VR is squarely focused on the strength of the copper space, the lack of new copper discoveries in stable mining jurisdictions, and the opportunity to apply new exploration technologies and current, refined mineral deposit models towards blue sky discoveries in North America,” said CEO Dr. Michael H. Gunning in a statement.
“Ranoke is remote, covered and unexplored, yet it is proximal to infrastructure; as such, the Ranoke magnetic feature presents a unique discovery potential for a large-scale iron oxide copper-gold deposit which VR has the expertise to define and test.”
VR Resources focuses on greenfields, or previously unexplored, opportunities in the copper and gold spaces. In addition to Ranoke, the junior explorer has assets in Nevada.
--Updates with share price--
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