VTEM Airborne Survey and NI43-101 Technical Report Complete for VR Resources Empire Copper-Nickel-PGM Project in Ontario
Rhea-AI Summary
VR Resources (OTCQB: VRRCF) reports three milestones in its farm-out of the Empire and Silverback Cu-Ni-PGM-Au projects in Ontario to Athos Metals. A VTEM+ airborne EM and magnetic survey over the Empire, Rambler and Mack properties is complete, with final processed data expected by month-end.
Athos has completed an NI 43-101 Technical Report for the Empire District Project, which the TSXV has accepted as a property of merit suitable to support Athos’ planned listing. Athos has also signed a merger agreement with Meed Growth Corp., expected to result in Athos becoming publicly listed. Following Athos’ go-public transaction, VR is to hold 9.9% of the resulting issuer, in addition to other considerations.
Positive
- VTEM+ airborne survey completed over Empire, Rambler, Mack; data due by month-end
- NI 43-101 Technical Report accepted by TSXV as property of merit
- Merger agreement between Athos and Meed Growth Corp. to enable public listing
- VR to hold 9.9% of the resulting issuer after Athos go-public transaction
- TSXV conditional acceptance of the Empire and Silverback transaction on April 23, 2026
Negative
- None.
News Market Reaction – VRRCF
On the day this news was published, VRRCF gained 13.56%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
AI-generated analysis. How Rhea-AI works. Not financial advice.
VANCOUVER, July 16, 2026 (GLOBE NEWSWIRE) -- VR Resources Limited (“VR” or the “Company”, TSXV: VRR; FSE: 5VR; OTCQB: VRRCF) is pleased to announce three important milestones for its previously announced farm-out transaction of its Empire and Silverback Cu-Ni-PGM-Au projects in Ontario to Athos Metals Corporation (“Athos”), a private company.
- VTEM+ airborne EM and magnetic survey is complete over Empire, Rambler and Mack properties;
- Athos receives TSXV approval for National Instrument 43-101 Technical Report, and;
- Athos enters into merger agreement with Meed Growth Corp. (TSXV: MEED.P), a TSXV listed Capital Pool Company, that is expected to result in Athos becoming publicly listed.
As described in the New Release dated February 26th, 2026, the first major exploration milestone for the proposed transaction is an airborne VTEM+ EM and magnetic survey covering the Empire project, a district-scale Cu-Ni-PGM-Au exploration strategy in northwestern Ontario. That survey is now complete, and final processed data and inversions from the survey are expected by the end of this month.
Follow-up drilling using the results from the VTEM+ airborne survey is the second, and final exploration milestone for the proposed transaction, and is anticipated for later this summer or fall, once final data from the airborne survey are received and integrated with existing project data in order to prioritize targets.
In connection with the proposed Transaction for the Empire and Silverback Projects as described in the news release dated February 26, 2026, Athos is moving forward to complete a go-public transaction. As required for the transaction, Athos has completed a National Instrument 43-101 Technical Report for the Empire District Project (the “Technical Report”). The TSXV confirmed in a letter dated May 26, 2026, that the Technical Report compliance review established the Empire District Project as a property of merit suitable to support Athos’ proposed public listing. On June 3, 2026, Athos also announced a definitive merger agreement with Meed Growth Corp. (TSXV: MEED.P), a Capital Pool Company listed on the TSXV that is expected to result in Athos becoming a publicly listed company in the coming months.
Pursuant to the terms of the Agreement for the transaction, and following the Go Public Transaction, VR will hold
Dr. Michael Gunning, Chief Executive Officer of the Company, commented: “We are pleased to see the Empire exploration strategy and transaction move along with pace. We believe in the copper-nickel-PGM-gold potential, and our
Further, that upside potential is near-term. With the VTEM+ airborne survey now complete, follow-up drilling is anticipated for later this summer or early fall, based on an ongoing integration of an ever-expanding array of the project database in order to prioritize drill targets.
I am impressed by the conviction demonstrated by the Athos team so far. We look forward to working with them in a similarly committed process over the coming months towards a successful close, and ultimately to the drilling planned for this emerging district, including the mineralized intrusion at Westwood shown in Photo 2, and located just off the TransCanada highway shown in Photo 1!”
Photo 1. Site visit to the Westwood Cu-Ni-PGM showing (see Photo 2) on the Empire Property, February 17, 2026. View East down Highway 17, the Trans Canada highway, north and west of Thunder Bay, Ontario.
Photo 2. Sample from the Highway Showing in the Westwood ultramafic intrusion, Empire property. There is disseminated pyrrhotite and chalcopyrite throughout, with anomalous Cu, Ni, Pt, Pd and Au geochemistry. The pegmatoidal, course-grained, pyroxene-rich gabbroic rocks have a high magnesium, sanukitoid character which is an important signature for many base metal - PGM mineral deposits in Archean rocks of the Superior Craton in the Canadian Shield in northern and western Ontario.
TECHNICAL INFORMATION
Technical information disclosed by the Company has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101. Technical information contained in this document, and on the Company’s website, has been reviewed and approved on behalf of the Company by the President & CEO, Dr. Michael Gunning, PhD, P.Geo., a non-independent Qualified Person.
ABOUT VR RESOURCES LTD.
VR is an established junior exploration company based in Vancouver. VR evaluates, explores and advances opportunities in copper, gold and critical metals in Nevada, USA, and Ontario, Canada. VR applies modern exploration technologies, in-house experience and expertise in greenfields exploration to large-footprint mineral systems in underexplored areas/districts. The foundation of VR is the proven track record of its Board in early-stage exploration, discovery and M&A. VR owns its projects outright and evaluates new opportunities on an ongoing basis, whether by staking or acquisition. For more detailed information on the Corporation and its mineral exploration projects, please visit the Company’s website at www.vrr.ca.
ABOUT ATHOS METALS
Athos Metals Corp. is a Canadian mineral exploration company identifying and advancing critical minerals prospects in Canada. Athos’ initial focus is the 15,150-hectare Empire District Project, a district-scale Cu–Ni–PGE–Au exploration opportunity in the Marmion Terrane of northwestern Ontario with demonstrated mineralization and discovery potential. On June 3, 2026, Athos announced a definitive merger agreement with Meed Growth Corp. (TSXV: MEED.P), a Capital Pool Company listed on the TSXV that is expected to result in Athos becoming a publicly listed company in the coming months. For more information on Athos, please visit: www.athosmetals.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Dr. Michael H. Gunning
President & CEO
For general information please use the following:
| Website: Email: Phone: | www.vrr.ca info@vrr.ca 778-731-9292 |
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS:
This news release contains statements that constitute "forward-looking statements". Such forward looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects," "plans," "anticipates," "believes," "intends," "estimates," "projects," "potential" and similar expressions, or that events or conditions "will," "would," "may," "could" or "should" occur. Forward-looking statements in this document include statements concerning the completion of the Sale Agreement for the Company’s Empire Project in Ontario, the VTEM+ airborne survey and planned follow-up exploration, the timing of any public listing for Athos Metals Corp., and all other statements that are not statements of historical fact.
Although the Company believes the forward-looking information contained in this news release is reasonable based on information available on the date hereof, by their nature, forward-looking statements involve assumptions, known and unknown risks, uncertainties and other factors which may cause our actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. Examples of such assumptions, risks and uncertainties include, without limitation, assumptions, risks and uncertainties associated with: the ability to satisfy the conditions to completing the Transaction; the ability to close the Transaction; general economic conditions; adverse industry events; future legislative and regulatory developments in the mining sector; the Company’s ability to access sufficient capital from internal and external sources, and/or inability to access sufficient capital on favorable terms; mining industry and markets in Canada; the ability of the Company to execute its strategies; competition; and other assumptions, risks and uncertainties.
The forward-looking information contained in this news release represents the expectations of the Company as of the date of this news release and, accordingly, is subject to change after such date. Readers should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the company may elect to, it does not undertake to update this information at any particular time except as required in accordance with applicable laws.
Trading in the securities of the Company should be considered highly speculative. All of the Company’s public disclosure filings may be accessed via www.sedarplus.ca and readers are urged to review them.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in Policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/ffc64dd1-3ab1-4387-9c10-b712429a554e
https://www.globenewswire.com/NewsRoom/AttachmentNg/8fead3d1-e1d7-4432-8c25-1328f2d7451f
