Silver Range Resources Ltd. [TSX-V:SNG] is pleased to provide an update on developments at its projects in Nunavut and the Northwest Territories.
Tree River exploration planning
Silver Range has received a fully-costed exploration program proposal to bulk sample the gold- and diamond- bearing Tree River Conglomerate at the company’s wholly owned Tree River Project. The Tree River Conglomerate is an auriferous Mesoarchean conglomerate similar in age, setting and style of mineralization to major gold deposits in the Witwatersrand of South Africa and the Pilbara Region in Australia. In addition to hosting locally high-grade gold, notably at the Main Showing, the Tree River Conglomerate has yielded diamonds. (Silver Range News Release dated October 10,2020).
The proposed exploration program will consist of systematically collecting 50 kg, 1 m x 1 m panel samples from bedrock. Initial sampling would consist of collecting samples every 200 metres along the seven kilometres of prospective conglomerate exposed on the property. Subsequent detailed sampling would be concentrated on the most promising areas identified during the first pass. Detailed geological mapping will be done in conjunction with the panel sampling and will be focused on defining the internal stratigraphy and geochemistry of the host conglomerate. All samples would be analyzed for gold and a subset would also be analyzed for diamonds. The proposed work program would be conducted between late June and August 2021. The Company has initiated permitting for this project.
Rover Metals drill program at Cabin Lake
Rover Metals Corp. (“Rover”) has informed the Company that it has recently completed a 9-hole diamond drill program at the Cabin Lake Property. The objective of the program was to confirm and expand the known deposit, concentrating initially on the Bugow Iron Formation in the eastern limb of a major fold. Results from the first two holes are promising and include 22.01 m @ 7.94 g/t Au. (Rover Metals News Release dated October 26, 2020). Once Rover has fully exercised the Cabin Lake option, Silver Range will retain a royalty on the property which includes advance royalty payments totaling $260,000. (Silver Range News Release dated November 14, 2017).
Hard Cash option termination
Effective November 16, 2020, Canarc Resources Ltd. (“Canarc”) terminated the option it held to acquire a 100 per cent interest in the Company’s Hard Cash and Nigel Properties in Nunavut. The Company has retained Aurora Geosciences Ltd. of Yellowknife to compile all data collected on the property by Canarc over the past two years and to investigate untested targets on this high-grade gold project.
Technical information in this news release has been approved by Mike Power, M.Sc., P.Geo., President and CEO of Silver Range Resources Ltd. and a Qualified Person for the purposes of National Instrument 43-101.
About Silver Range Resources Ltd.
Silver Range is a precious metals prospect generator working in Nevada and Northern Canada. It has assembled a portfolio of 43 properties, nine of which are currently under option to others. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.