VR Resources (VRR.V) on Thursday said that two holes are complete and a third is underway at the Silverback project in northwestern Ontario.

The company said data from the down-hole EM survey at the Westwood target at the Empire Project has also arrived. VRR expects all remaining geochemical data from the December drill program next week.

"The geological observations so far at Silverback are consistent with our exploration model, using state-of-the-art 3D DCIP data to identify sulfide anchored to a major structure that is evident in our magnetic data," said VR Resources Chief Executive Justin Daley. "The presence of trace molybdenite in drill core, along with disseminated pyrite in silicified porphyry with stockwork veining is particularly exciting as it reminds us of known intrusion-related gold systems in the Archean Superior craton elsewhere in Ontario."

The final geochemical data from Westwood's drill program has been delayed due to staffing challenges at the laboratories in both Thunder Bay and Calgary through the holiday season and into January. The lab is now operating at full capacity and projects a three-week turn around for drill core samples from the current program at Silverback.