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The Ranoke copper-gold project is located in northern Ontario, Canada. Recently staked by VR, the Ranoke property extends the Company’s platform of blue-sky exploration on large-footprint copper-gold systems using new exploration technologies and modern mineral deposit models.

Ranoke is centered on a large and complex magnetic and co-spatial gravity anomaly that is targeted as an iron oxide copper-gold pipe (IOCG), and the source to local and regional copper-gold-flourite heavy mineral anomalies. There is no outcrop in the region, and the near-surface target is under cover and not previously explored.

The magnetic anomaly is within the Kapuskasing Structural Zone (KSZ), a failed intra-cratonic rift hundreds of kilometres long which bisects the Archean Superior province between James Bay and Lake Huron. The KSZ is well defined based on geophysical surveys and geologic mapping; it is a mega-structure with a long-lived history of repeated ultrabasic and alkaline intrusions spanning 1.6 billion years, and it is a prospective setting for large IOCG deposits.

The Company has completed the scoping for three low-cost but high impact geophysical and geochemical surveys planned for the spring-summer field season, 2019. This work will refine drill targets already apparent from the compilation of high-quality regional government surveys, and archived mineral exploration assessment reports.

Upon completion of the planned first pass exploration, the Company will prioritize targets and evaluate the logistics for a first-pass drill program at Ranoke this fall, 2019.

Location and Access

The Ranoke property is in the Moose River basin in northern Ontario, Canada. It is located between the Mattagami and Missinaibi rivers. The nearest town is Moosonee located on tide water some 100 kilometres to the northeast at James Bay. Kapuskasing is located about the same distance to the southwest, on the Trans-Canada Highway (Provincial HWY 11).

The property is 15 kilometers west of the active CNR railway spur line which connects the town of Moosonee with the mainline at Cochrane on the Trans Canada Highway, thus providing port access to the Moose River region.

Coral Rapids is an Ontario hydroelectric facility located on the Abitibi River about 50 kilometres to the southeast of the property. Provincial Highway 634 provides road access to Coral Rapids from Smooth Rock Falls, located at the junction of HWY 634 with the Trans-Canada Highway.

The Ranoke property is located in a boreal region of lowland muskeg, with black spruce forest along river drainages. Topographic relief is minimal, and there is no outcrop in the lowland region; Ranoke is tens of kilometres north of the northern limit of exposed Archean Superior Province shield in northern Ontario.

Property Description and Ownership

Ranoke is a large property. It consists of 360 claims in one contiguous block covering 7,400 ha in an area approximately 12 x 12 kilometres in size.

The property is on Federal crown land. Mineral rights are managed by the provincial Ontario Ministry of Northern Development and Mines (MNDM). There are no annual payments, but the MNDM requires certain annual exploration expenditures and reporting (ie. mineral assessment reports) in order to maintain a mineral claim in good standing. The property falls within the Moose Cree First Nation traditional territory.

The property is owned 100% by VR. There are no underlying annual lease payments, nor are there any joint venture or carried interests associated with the property. There are no royalties attached to the property.

Planned Exploration, 2019

Ranoke is amenable for the effective use of new exploration technologies for base and precious metal deposits. Near-by towns with road access facilitate cost-effective exploration. Subdued topography will allow for optimal airborne geophysical surveys such as gravity and magnetics. Ground-based geophysical surveys such as induced polarization (IP), and grid-based geochemistry will also be useful because the Ranoke target, while covered, is believed to be near-surface based on the detailed examination of satellite imagery.

Work planned for May – June, 2019 includes:

  1. Airborne gravimeter and magnetic gradiometry survey over a 13 x 14 km area with 200 metre line spacing for 1,200 line-kilometres in total, including tie lines.
  2. Soil geochemistry test lines across the main magnetic anomalies using soil gas technology optimized for the surficial conditions (muskeg, soil & till) at Ranoke.
  3. VR will evaluate ground-based induced polarization geophysical surveys (IP) and/or airborne electromagnetic surveys (EM) over select targets at Ranoke based on the results of the gravity, magnetic and soil geochemistry surveys.

VR has completed the compilation, synthesis and interpretation of all available regional federal and provincial government survey data in the area, and archived provincial mineral exploration assessment data.

VR anticipates to have all exploration data in hand by the end of the summer and will prioritize targets and evaluate logistics at that time for a first-pass drill program in the fall of 2019.

Ranoke Exploration Target

Ranoke is located immediately north of a robust copper-gold-flourite heavy mineral anomaly evident in several rivers in the Coral Rapids area, based on a regional alluvium survey completed by the Ontario Geological Survey in 2001 and 2002. The unique mineral assemblage underscores the potential for an IOCG deposit source (iron oxide copper-gold) for the anomaly.

The Ranoke property covers a well defined, high intensity magnetic anomaly evident on the Geological Survey of Canada aeromagnetic map of the region. The Ranoke anomaly is a complex of up to seven discrete, well defined magnetic bodies which occur at a regional-scale structural intersection approximately 12 x 12 kilometres in size. The individual magnetic anomalies are up to 2.5 kilometres in diameter; they have vertical, pipe-like geometries with sharply defined margins based on 1VD magnetic maps.

The northern magnetic anomaly at Ranoke is coincident with a specific, circular gravity high evident in the Geological Survey of Canada regional gravity survey.

The schematic cross-section shown at the bottom of the list of figures below this text illustrates the target at Ranoke; a near-surface, large, vertical, magnetic, dense IOCG pipe. This cross-section is a representation of one of up to seven such features which collectively delineate the overall anomaly and structural intersection at Ranoke. The IOCG pipes are the inferred covered source to copper and gold grains observed in the unconsolidated overburden in nearby reverse circulation drill holes completed in the early 1980’s during a reconnaissance evaluation of Cretaceous-aged coal seams in the Moose River Basin.

Previous Property Exploration

The Ranoke target is previously unexplored: it is under cover, it is north of exposed Archean Superior Province shield, and it is north of immediate road access in northern Ontario. The specific area of the Ranoke property is not included in any mineral exploration assessment reports filed with the MNDM, and there are no historic drill holes located at Ranoke in the NMDM drill hole database.

Regional Geology and Exploration

The Moose River Basin has a varied, checkerboard history of mineral exploration for the past 100 years. Cretaceous coal seams were the focus at the turn of the previous century, while diamond exploration has dominated in the region during the past 50 years.

Overall, exploration in the region is hindered by the lack of outcrop in the boggy, lowland terrain, and by the cover of up to 400 metres of mid-Paleozoic (Devonian) marine shelf strata and Cretaceous in-land basinal strata overlying Archean basement. Archean orogenic gold and VMS deposits occur in the surrounding sub-provinces of the Superior craton, but there are no active base metal or precious metal mines in the Moose River Basin region. The Attawapiskat diamond mine (“Victor”) of Debeer’s located well to the north along the Attawapiskat River is nearing the end of its mine life after more than a decade in production.

The oldest mineral exploration in the Moose River region relates to coal, which is documented as far back as 1672 when the Abitibi River was part of an important fur trading route linking Hudson Bay with the Great Lakes. There are lignite occurrences exposed in the banks of the Abitibi River north of Coral Rapids. The coal seams were first studied in detail by the Geological Survey between 1871 and 1912. They extend westward from the Abitibi River within the confines a small Cretaceous successor basin named the Moose River Basin which is less than 50 kilometers in diameter. More than one hundred shallow drill holes were completed by the Ontario Department of Mines between 1926 and 1930 to evaluate the resource, leading ultimately to the completion of two shafts and some 389 metres of interconnecting drifts. Drilling resumed in the early 1950’s with the completion of an additional 182 holes. In 1981, the Ontario Energy Corporation re-visited the potential of the coal and evaluated lignite stratigraphy farther to the west, in the region between the Mattagami and Missinaibi rivers. Hundreds of shallow drill holes were completed on a lease which exceeded 1 million acres. Drill holes were completed around, but not on, VR’s current Ranoke copper-gold property.

Diamonds have been the focus of modern mineral exploration in the James Bay region. Exploration started in the 1960’s by DeBeers (Monoprose Canada), focused initially in the Attawapiskat River region well to the north of the Moose River Basin, and built on the pioneering Geological Survey of Canada regional aeromagnetic program. Ongoing and extensive regional till and alluvium heavy mineral sampling and high resolution magnetic surveys through the late 1980’s eventually led to the discovery of numerous kimberlite pipes, including Victor.

The Ranoke property is near the southeastern margin of the Paleozoic Hudson Platform of Devonian marine strata atop what is believed to be the deepest part of the Archean Superior craton. The property is within the Moose River Basin, a small, Cretaceous successor basin less than 50 kilometres across and located at the southeastern-most margin of the Paleozoic platform. Devonian and Cretaceous strata in the Moose River area were deposited on a gneissic crystalline basement of metamorphosed arc-related volcano-plutonic complexes of the Oxford-Stull (Uchi) sub-Province of the Archean Superior craton.

The Ranoke property occurs on the western margin of the Kapuskasing Structural Zone (KSZ), a failed intra-cratonic rift which bisects the Superior craton in complex, northeast-southwest trending zone of uplifted, high grade metamorphic rocks extending for more than 500 kilometres between Lake Superior and James Bay. There is believed to be more than 20 kilometres of vertical crustal displacement along the KSZ. It is clearly defined by positive gravity and magnetic domains on regional geophysical maps.

The KSZ has a long-lived history of repeated ultra-basic, alkaline and carbonatite intrusions and kimberlite facies diatremes spanning some 1.6 billion years, and as young as 125 million years ago. Intrusions in and around Coral Rapids and along the western margin of the KSZ where Archean rocks are exposed along major river drainages such as the Abitibi have been the focus of modern mineral exploration in the region, beginning in the early 1960’s.

Selection Trust (later named Selco) began alluvial sampling in the KSZ region in 1962, and were joined by Esso Minerals in 1979. The first composite kimerlite – lamprophyry dyke was drilled in 1967, followed by drilling of the Valentine carbonatite complex in 1969. Between 1979 and 1983, the Selco – Esso partnership completed regional heavy mineral sampling of till and alluvium over an area exceeding 100,000 hectares, and an aeromagnetic program launched in 1980 led to the identification of numerous post-Paleozoic, pipe-like anomalies, of which 45 were drill-tested; most were ultra-basic and alkaline intrusions, non copper-bearing, and four were kimberlite-facies diatremes.

The Aquitane Company of Canada Ltd. completed airborne and ground geophysics between 1972 and 1974 to evaluate the hydro-carbon potential of Paleozoic strata, and twelve diamond drill holes to test for base metal, MVT mineralization. A kimberlite west of Coral Rapids and south of Ranoke was also detected, delineated and drill-tested during this work. In 1978, Kerr-Addison Mines complete a series of reverse circulation drill holes near Coral Rapids to test exposed basal sandstone at the eastern edge of the Hudson Platform for uranium. These targets were re-visited and re-tested in 2006, during the re-surgent uranium exploration sector.

Regional-scale exploration in the KSZ - Moose River Basin region waned after 1983. Again, work that was done was focused on the ultra-basic and alkaline intrusions and diatremes in and around Coral rapids. Various small-scale airborne magnetic surveys and ground-based EM surveys, and local alluvium sampling programs have been completed at the property-scale between 1983 and 2005.

Lastly, one high resolution airborne magnetic survey was completed north of Ranoke in 2014. The survey targeted kimberlite anomalies over an area of approximately 1,600 square kilometres.

Sixty years after modern mineral exploration arrived in the region, VR is focused on a specific, unexplored and untested geophysical target in a lowland terrain area with no outcrop, and in a geologic domain where the Archean Superior shield is covered by Paleozoic and Mesozoic rocks of the Hudson Platform and Moose River Basin respectively.

Location Map, Ontario

Regional Infrastructure Map

Structural Setting of Magnetic Anomalies

Northern Magnetic Anomaly

Schematic Cross-Section and Target

Field Geochemistry Survey, June 2019