Drilling is Underway at VR’s Hecla-Kilmer Copper-Gold Breccia Target in Northern Ontario - Seite 2

“With the same drill company, drill and drill crew from last year now on site again this year, and utilizing the same camp, camp location and helicopter support, we look forward to execution with the same efficiencies achieved in 2020. We will provide further updates as the program advances.”

Background

Hecla-Kilmer (“H-K”) is a multi-phase alkaline intrusive complex with carbonatite of inferred Proterozoic age and some 4 – 6 km across, emplaced along the western margin of the crustal-scale Kapuskasing structural zone which bisects the Archean Superior Craton in northern Ontario. The opportunity for VR is to apply current IOCG and carbonatite mineral deposit models and modern exploration technologies at H-K for the first time, ever.

A shallow, six-hole diamond drill program was completed in 1970 as part of a regional base metal exploration program by Ashland Oil and Elgin Petroleum. One hole was abandoned, and only 854 m were completed in total in 5 holes, all on magnetic highs in the outer concentric zones of the complex. Selco Exploration Company completed two drill holes in 1981 on peripheral magnetic highs as part of a regional diamond exploration program, and intersected ultra-basic rocks and breccias in the outer, concentric zones of the polyphase H-K complex. A high resolution airborne magnetic survey completed in the region in 1993 for diamond exploration, after the early drilling at H-K included coverage of the H-K alkaline complex and magnetic anomaly.

The reader is referred to the previous news release dated June 18^th, 2020, for photographs of magnetite-copper-fluorite vein and vein breccia replacement in core from the historic drill holes located around the periphery of the new gravity anomaly (see Figure 1), and gold grains retrieved from drill core rubble.

VR completed the first-ever airborne EM survey ever over the H-K complex in June, 2020, using the state-of-the-art VTEM+ system of Geotech Ltd. Flown at 100 m line spacing over a 6 x 7 km survey block for a total of 450 line-km’s, the data provide a high resolution of detail. The Company also had an independent, 3-D inversion of both magnetic and EM data completed for improved modeling for a potential magnetite-copper-gold hydrothermal breccia system (IOCG) within the multi-phase carbonatite complex at H-K.