VR Resources Ltd. reported results from the first of five drill holes completed last fall at its Hecla-Kilmer project ("H-K") and critical metal discovery located in Northern Ontario. Data from the remaining drill holes are expected shortly. The first drill hole completed in the fall program was an extension of Hole 13 completed in June from 330 to 504 metres.

The composite stratigraphic column provides new data to illustrate the extension of the original 291 metre intersection to 461 metres. Salient features include: Mineralization starts at the bedrock surface, below an overburden of glacial till; Mineralization is continuous in nature, from bedrock surface to the end-of-hole at 504m; The REE mineralization remains open to depth, and is as strong as any REE interval higher in the 461 m intersection; there are no systematic changes down the hole in geology, density of carbonatite dykes and veins or intensity of potassic alteration; There are 49 one metre samples with > 2% TREO, and they span the entire 504m hole; The proportion of the high value PMREO does not vary from the range of 17-22% of TREO; Gold mineralization at the bottom of the hole correlates with a corresponding increase in REE mineralization, and is part of the same polymetallic fluid system. A series of four drill core photographs of the high grade TREO mineralization from bedrock surface to 504 m depth in hole HK22-013.

They provide examples of the carbonatite dykes and vein breccia mineralization and associated high temperature potassic alteration overprint present throughout the entire 461 metre intersection. The potential of the polymetallic REE + Nb mineralization with gold at Hecla-Kilmer is leveraged by scale, the sheer lateral breadth of the hydrothermal breccia system and high temperature potassic alteration and the +500 metre vertical extent of REE mineralization intersected to date. The plan map: 1. There are now intersections with > 1% TREO including 19-22% PMREO in 11 of the first 17 holes; 2. There is continuous mineralization from bedrock surface to 504 m depth, and it remains open; 3. There is high grade mineralization in at least three separate areas which span 2.5 km of the complex.

This REE critical metal discovery at H-K has progressed continuously since mineralization was first intersected at surface in Hole 4 during the first reconnaissance program in October, 2020. Since then, VR has expanded geochemical techniques to include anaylsis by lithium-borate fusion to optimize detection of all REEs, and utilized QEMSCAN thin section analysis to characterize REE mineralogy. Going forward: VR has commenced a study of drill core samples from Holes 13 and 15 using scanning electron microprobe (SEM) to determine exactly which minerals host the high value magnet rare earth elements.

Results are anticipated this quarter, and work will be ongoing through 2023; VR has initiated the scoping for concentration, metallurgy and mineral extraction studies using a bulk sample obtained from core from a dedicated drill hole with a representative, broad intersection of REE mineralization starting at surface. This work is planned for the first half of 2023, utilizing the world-class REE expertise at SGS Lakefield Laboratories in Ontario. Follow-up drilling is planned for the spring of 2023.

It will focus on supporting the afore-mentioned advanced-stage studies, and completing additional drill holes to evaluate the extent of mineralization discovered in the central core and south rim of the complex.