VR Receives NOI Permit with Expanded Drill Site Coverage for its New Boston Moly-Copper-Tungsten- Silver Porphyry Project in Nevada

VR Resources secures expanded drill permits and targets follow-up at New Boston’s Jeep Mine.

What the company is saying

VR Resources Limited announces that the Nevada Bureau of Land Management has approved its expanded NOI drill permit and associated bond, enabling immediate follow-up drilling at the New Boston project. The company highlights recent site visits on October 8-9, confirming logistics and inspecting all 16 newly permitted drill sites, up from the original 8. The narrative centers on technical progress, emphasizing the significance of drill hole NB26-003, which intersected 317 m at 0.77% CuEq* from surface, above 419 m at 0.48% CuEq*, across 2,892 ft of continuous polymetallic veining. Management, led by President & CEO Dr. Michael Gunning, frames the permitting as a critical milestone and stresses that exploration modeling and geochemical vectors from NB26-003 now guide the next drill targets. The company references the logistical advantages of existing road access and regional infrastructure, including HWY 95, but does not provide cost data. Technical information is stated to be NI 43-101 compliant and reviewed by Dr. Gunning as a Qualified Person.

What the data suggests

The company has completed the regulatory process for expanded drilling at New Boston, with the NOI permit amendment approved in four business days on September 16 and the reclamation bond approved on October 9. Sixteen drill sites are now permitted, doubling the previous number and allowing for a broader follow-up program. Drill hole NB26-003, completed in June, returned a 317 m interval at 0.77% CuEq* from surface and a further 419 m at 0.48% CuEq*, over a total of 2,892 ft (881 m) of continuous polymetallic stockwork veining containing molybdenum, copper, tungsten, and silver. Mineralized sheeted veins extend for 2,100 m east-west across Jeep Mine through the East Zone. The technical disclosure is detailed, with clear site logistics and infrastructure described, but there are no new resource estimates, cost figures, or financial data. The operational progress is concrete, with all regulatory and logistical milestones for drilling now met.

Analysis

The announcement is factual and focused on operational milestones: permit expansion approval, site visits, and specific drill results at New Boston. The majority of claims are realised and supported by concrete technical data (e.g., drill intercepts, permit dates, site numbers). Forward-looking statements are limited to planning and intent to drill follow-up holes, which is standard for an exploration-stage update. There is no exaggerated language or overstatement of future value; the tone is positive but proportionate to the progress described. No large capital outlay or financial projections are disclosed, and the only capital mention is a reclamation bond with no dollar value or implied near-term financial risk. The gap between narrative and evidence is minimal, with technical facts substantiating the company's claims.

Risk flags

• ●Exploration-stage risk remains high, as the project is pre-resource and no economic assessment or compliant resource estimate is disclosed. The investment case relies on the success of follow-up drilling and the potential for economic grades and scale.
• ●There is no disclosure of budget, cash position, or cost per meter drilled, leaving capital sufficiency and funding runway unaddressed. While the company states it is well funded, the absence of quantified financials limits visibility on how long operations can be sustained.
• ●Permitting and site access risks appear mitigated for the current phase, but longer-term development will require additional regulatory, technical, and possibly community milestones. No mention is made of environmental, social, or legal challenges beyond the current drill permit.

Bottom line

VR Resources has cleared all regulatory hurdles for expanded drilling at the New Boston project, with 16 sites now permitted and immediate operational readiness confirmed. The technical results from NB26-003 are strong for an early-stage copper-polymetallic system, with 317 m at 0.77% CuEq* and 419 m at 0.48% CuEq*, but the project remains pre-resource and pre-economic assessment. The company’s narrative is credible and supported by concrete operational milestones, though the absence of financial data or resource estimates means the investment case is still speculative. The next major catalyst will be the results from the upcoming drill program, which will determine if the mineralization is continuous and scalable. Investors should focus on the quality and continuity of follow-up drill results as the key value driver from this point.

Announcement summary

(FSE:5VR, OTCQB:VRRCF) VR Resources Limited announced that its NOI drill permit expansion application and associated bond have been approved by the Nevada Bureau of Land Management (BLM), allowing drilling to proceed at the New Boston project. A site visit was completed on October 8-9 to inspect the 16 sites now approved for drilling and to finalize project logistics. The initial NOI permit for the Jeep Mine area was received on March 6, 2026, identifying eight potential drill sites and enabling the completion of drill hole NB26-003 in June. Drill hole NB26-003 intersected 317 m at 0.77% CuEq* starting at surface, above 419 m of 0.48% CuEq*, in 2,892 ft (881 m) of continuous polymetallic stockwork veining with molybdenum, copper, tungsten, and silver mineralization. The company submitted an amendment to the NOI permit on September 11 to double the number of potential drill sites from 8 to 16, which was approved in four business days on September 16. The reclamation bond for the new permit was submitted on October 6 and approved on October 9. The 3D-array DCIP geophysical survey completed by VR in 2023 expanded the coverage of the chargeability anomaly at Jeep Mine, with chargeability values ranging from 15–21 mV/V. Mineralized sheeted veins strike for 2,100 m east-west across Jeep Mine through East Zone. The company has completed two site visits in the past two weeks and is planning follow-up drilling focused on the 2,892 ft intersection in NB26-003. Existing road access and regional infrastructure, including HWY 95 in the Soda Springs valley, support cost-effective exploration at New Boston. Technical information has been reviewed and approved by Dr. Michael Gunning, President & CEO, PhD, P.Geo., a non-independent Qualified Person. On-site field videos and additional technical details are available on the New Boston Project Page on the company’s website.

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