VANCOUVER, BRITISH COLUMBIA--(Marketwired - Aug. 4, 2016) - Silver Range Resources Ltd. (TSX VENTURE:SNG) ("Silver Range") announces that it has staked and completed an initial examination of the Itchen Property near the Lupin Gold Mine in Nunavut.
The Itchen Property is 348 kilometres north northeast of Yellowknife, NWT and 78 kilometres west southwest of the Lupin Gold Mine. The property is underlain by Archean metasedimentary rocks which host numerous iron-formation-hosted gold occurrences in an arcuate belt including the Lupin Mine to the east. Exploration in the Itchen Lake area dates to the early 1960's when gold was discovered at Contwoyto Lake. The development of the Lupin Mine in the early 1980's spurred a second round of exploration but the Itchen Lake area has been quiet since 1990.
The Itchen Property claims cover nine gold targets documented in the NWT Mineral Inventory (NORMIN). These are found in several tightly folded iron formation horizons up to 4 km long and up to 20 m thick. The iron formation consists of sulphide facies iron formation enclosed within silicate facies iron formation strata. Gold mineralization is hosted in the sulphide facies iron formation preferentially with discordant quartz veins in fold hinges. Results from historical work include grab samples to 20.06 g/t Au, trench samples up to 2.4 m @ 5.8 g/t Au and a best drill intersection of 1.1 m @ 1.1 g/t Au.
Silver Range Resources staked and explored the Itchen Property in early July 2016. Confirmatory sampling returned fire assay analyses to 6.64 g/t Au. Recent mapping and sample results are being compiled with historical data to design future work programs and define drill targets.
All work on the project is being managed by Aurora Geosciences Ltd. of Yellowknife, NWT under the supervision of Gary Vivian M.Sc., P.Geol. Samples were secured and shipped under chain of custody to ALS Minerals facilities in Yellowknife NWT for sample preparation and to North Vancouver for assays and geochemical analyses. Samples were analyzed by Ultra-Trace Aqua Regia ICP-MS (ALS code ME-MS41) and fire assayed for gold (30 g sample) (ALS code Au-AA25).
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.
Silver Range is building and exploring a portfolio of high grade gold targets in Nunavut, the Northwest Territories and Nevada to fulfil an increasing demand for gold projects in politically stable jurisdictions.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
Mike Power, President, C.E.O. & Director
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.