The company said the reconnaissance drilling program that began in November will resume when daylight hours are longer and the weather is more stable. The drill rig itself will remain onsite, allowing for an efficient start-up in January.
“Although mother nature pushed back against our fall drill program at Ranoke, we now have the drill on site, program mobilization and set-up behind us, the first hole under our belt, an understanding of the [induced polarization (IP)] anomaly and obvious iron oxide alteration in drill core,” CEO Michael Gunning said in a statement. “We will return to Ranoke in January with conviction, and we look forward to providing further updates as the program advances.”
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When the Vancouver-based company does return, Gunning feels optimistic about the next steps. Geochemical data has shown an IP anomaly, which the company is confident represents extensive, secondary pyrite within limestone.
When drilling comes back online in January, VR Resources will move its drill from the IP anomaly (Hole 1), which is located on the periphery of a gravity anomaly, to the center of the gravity anomaly itself (Hole 2).
“Overall, we are keen to move the drill into the heart of the matter at Ranoke in the New Year: namely, the center of the large gravity anomaly, and the center of the large magnetic anomaly to the north (Hole 3),” Gunning said. ”The coincidence of the new and robust soil gas geochemical anomaly with the center of the magnetic pipe only increases our conviction that we are moving the drill in the right direction during this first-pass reconnaissance drill program.”
All told, the company’s Ranoke property consists of 360 contiguous claims covering 7,400 hectares.
Contact Andrew Kessel at [email protected]
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