DRILLING UPDATE AT VR’S RANOKE COPPER-GOLD PROPERTY IN ONTARIO

VANCOUVER, British Columbia, March 17, 2020 (GLOBE NEWSWIRE) -- VR Resources Ltd. (TSX.V: VRR, FSE: 5VR; OTCBB: VRRCF), the "Company", or “VR”, is responding to difficult drilling conditions and rising drill costs by suspending the current drill program at Ranoke, with plans to restart later this spring or summer when surface conditions improve.

From VR’s CEO, Dr. Michael H. Gunning, “We can’t drill without water, and as of late last week, all surface waters at Ranoke were completely frozen, all ponds and all creeks.  Delays and difficulties related to water has both impeded the length of the holes completed, and pushed our drill costs to unacceptable levels, so in the broader context of current market uncertainty and volatility, VR is responding by suspending drilling with three holes complete, with plans to return later this spring or summer to complete the first-pass drill program when ground conditions for water will foster more efficient drilling.  Strategic thinking is required during the current market cycle, and VR will recognize that this is simply not the right time to be fighting our drill costs. We continue to advance our Big Ten gold project in the Walker Lane in Nevada, with news to follow.  The Company is well funded to execute its strategies for 2020, reporting a $2.2m working capital in February.”

As shown on Figure 1, three holes are now complete at Ranoke, all to the depth of between 500 - 650 metres.  They constitute a north-south transect across the western part of the main gravity anomaly, and across the southern contact of the main magnetic anomaly.  The next four holes will form an east-west transect across Ranoke, including the eastern part of the gravity anomaly:

• Holes 4 and 5 will test shallow, near-surface IP anomalies associated with the north-trending fault which forms the western boundary of the Ranoke magnetic complex, and;
• Holes 6 and 7 will test the magnetic low coincident with the eastern arm of the main gravity anomaly (Figure 2). Hole 2 was located on the western periphery of this magnetic low.

As shown in Figure 3, fluorite-carbonate veins were intersected in a basement intrusion in Hole 3.  The fluorite is magmatically derived and hydrothermally precipitated.  The fluorite veins in Hole 3 are significant: 1. Fluorite grains occur with copper and gold grains in the multi-element anomaly in the regional OGS geochemical survey data, and; 2. Fluorite is a key attribute in the mineral deposit model for an iron oxide copper-gold breccia body or carbonatite intrusion targeted at Ranoke.