VR Resources Limited (VR), (TSXV: VRR) (FSE: 5VR) (OTCQB: VRRCF) is pleased to announce two important milestones for its previously announced farm-out transaction of its Empire and Silverback Cu-Ni-PGM projects in Ontario to Athos Metals Corporation (Athos), a private company.
As described in the New Release dated February 26th, 2026, the first major exploration milestone for the proposed transaction is the completion of an airborne VTEM+ EM and magnetic survey for the Empire project, a district-scale copper-nickel-PGM exploration strategy in northwestern Ontario.
The survey is now underway. It is large, comprising approximately 1,500 line-kilometres in three separate blocks. It will cover the Rambler, Empire and Mack properties. It is expected to take approximately three weeks to complete, with final data anticipated sometime in July.
The goal of the survey is two-fold: 1. to refine magnetic and EM targets already established for the Westwood intrusion based on VR’s exploration and first-pass drilling in 2024. to identify new, coincident EM and magnetic anomalies elsewhere on the Empire property, and on the Rambler and Mack properties.
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, once final data from the airborne survey are received and integrated with existing project data, and targets are prioritized.
In connection with the proposed Transaction as described in the news release dated February 26, 2026, Athos is moving forward to complete a go-public transaction which would result in its shareholders receiving shares of a resulting issuer which are expected to be listed on the TSX Venture Exchange or the Canadian Securities Exchange in the coming months. Pursuant to the terms of the Agreement for the transaction, and following the Go Public Transaction, VR will hold 9.9% of the Resulting Issuer’s issued and outstanding shares, among other considerations paid in respect of the Transaction. VR received conditional acceptance of the proposed transaction from the TSXV in a letter dated April 23, 2026.
Dr. Michael Gunning, Chief Executive Officer of VR, commented: “We are pleased to see the Empire exploration strategy advancing. We believe in the copper-nickel-PGM-gold potential, and our 9.9% position will preserve the future upside potential of this district-scale project that we initiated two years ago.
“Further, that upside potential is near-term. With the VTEM+ airborne survey now underway, follow-up drilling is anticipated for late summer or fall, based on an ongoing integration of an ever-expanding array of exploration data in order to prioritize targets for the project.
“I am impressed by the conviction demonstrated by the Athos team so far. We look forward to working with Athos in a similarly committed process over the coming months, towards a successful Go-Public process, and ultimately to drilling anticipated for this summer in the emerging district, including the mineralized intrusion at Westwood shown Photo 1 and located just off the TransCanada highway!”
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