VR Resources Ltd. reported results for the recent, spring 2023 drill program as well as the initial results on mineralogy from the bulk sample extraction and beneficiation study for rare earth element mineralization (REE) at the company's Hecla-Kilmer ("H-K") project in northern Ontario. REE critical metals were discovered at Hecla- Kilmer in the very first reconnaissance drill program in 2020, with 24 holes completed to-date, including the three from this spring. Broad intersections with carbonatite dykes and vein breccia were obtained in two of the three new drill holes.

Most importantly, hole 024 at Pike Zone intersected a series of six vein and vein breccia zones with > 1% TREO. Mineralogy. Drill core from the entire intersection in Hole 013 was submitted in May to the SGS Lakefield laboratory in Ontario as a bulk sample for a mineralogical, beneficiation and metallurgical study.

Initial results indicate that 80% of the REEs are contained within the phosphate mineral apatite, with the remainder hosted in monazite, a phosphate, and parisite-synchysite, fluorocarbonates, which themselves occur most commonly as fine grained inclusions in apatite. The results underscore the volume potential for REEs at Hecla-Kilmers based on the sheer breadth of phosphate intersections containing REE. The new REE mineralogy from the bulk sample is consistent with previous data: The strong correlation between P205 and %PMREO in ICP-MS geochemical data from >1,500 geochemical samples from all 24 drill holes completed to date.

On-site, XRF and SWIR scanning of whole drill core in 2021 showed the correlation between TREO and P2O5 in the near-surface mineralization in Hole 004. The grants cover 50% of exploration costs up to a maximum of $200,000. While only seeing glimpsees of 1-3% TREO vein mineralization away from the 461 m continuous intersection starting from surface in Hole 13, the data from the new drill holes once again confirm the unusually high, 20% proportion of TREO as the high value PMREO (per permanent magnet) REO at Hecla-Killmer, a proportion that is maintained both across the hydrothermal system from South Rim to Pike Zone some 2.5 km to the north, and vertically, from surface to greater than 450 m depth at Pike Zone.

The new mineralogy date are no surprise. They are entirely consistent with results obtained from each of the technologies that have been utilized since 2020, the very beginning of exploration at Hecla-Kilsmer, in order to better understand the REE mineralization, including whole-core XRF scanning by GeologicAI, QEMSCAN mineralogy by SGS, ICP-MS geochemistry utilizing lithium-borate fusion for trace REE detection by ALS, and scanning electron microprobe analyses of individual mineral grains by RGS Inc. in London.