Silver Range Resources Ltd.
TSX VENTURE : SNG
TSX VENTURE : SNG.WT

Silver Range Resources Ltd.

January 26, 2012 10:07 ET

Silver Range Drilling Continues to Expand Keg Main Zone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 26, 2012) - Silver Range Resources Ltd. (TSX VENTURE:SNG)(TSX VENTURE:SNG.WT) ("Silver Range" or "the Company") is pleased to announce results from the final 15 diamond drill holes completed at the Keg Main Zone and 11 reconnaissance drill holes from the Keg East, Rebel, Owl and Drex Zones at the Company's wholly owned Silver Range Project. The 800 sq km Silver Range Project is located in an area of exceptional infrastructure, 10 to 40 km north of the town of Faro in southern Yukon.

Highlights:

  • Continued expansion and delineation of the Keg Main Zone, with broad intervals of silver-lead-zinc-copper-tin-indium mineralization returned from systematic grid drilling;

  • Extension of the Keg Main Zone to a strike length of 850 m and to vertical depths of 350 m, remaining open for expansion in both strike directions and to depth;

  • Encouraging mineralized intercepts at other target areas, including 155.84 g/t silver, 12.43% lead and 3.07% zinc over 6.16 m at the Rebel Zone; and

  • Given the positive drill results, an extensive drilling program designed to further extend the Keg Zone is planned for 2012 and a preliminary metallurgical testwork program has been initiated.

Significant assay intervals from drill holes completed at the Keg Main, Keg East, Rebel, Owl and Drex Zones are shown in the tables below. Maps showing drill hole locations and cross-sections can be viewed at www.silverrangeresources.com. Final results from all 2011 reconnaissance sampling at the Silver Range project and more detailed plans concerning 2012 exploration will be reported separately.

Drilling at the Keg Main Zone has continued to intersect broad intervals of silver-lead-zinc-copper-tin-indium mineralization (see table below). The results have expanded the zone for a distance of 850 m, across approximate true widths of 50 to 250 m and to vertical depths of 350 m. Cross-sectional views indicate a favourable orientation of the mineralized zone relative to topography. The eastern part of the Keg Main Zone appears to be complicated by faulting and/or lithological changes, but elsewhere it shows strong continuity. The Keg Main Zone remains open to extension along strike to the east and west, to depth and in some areas laterally into hangingwall and/or footwall rocks.

KEG MAIN ZONE - NEW DRILL RESULTS
Hole No. From
(m)
To
(m)
Interval
(m)
Ag
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Sn
(ppm)
In
(ppm)
KEG-11-24 53.00 56.00 3.00 31.40 0.12 0.18 0.01 27 0.60
270.00 345.00 75.00 17.51 0.07 0.95 0.19 174 19.56
including 270.00 315.07 45.07 23.73 0.09 1.39 0.22 166 30.29
and 323.00 345.00 22.00 10.89 0.05 0.41 0.17 228 4.58
364.00 371.00 7.00 15.52 0.10 0.11 0.06 99 0.48
KEG-11-25 102.72 108.81 6.09 18.56 0.18 0.17 0.02 114 0.43
236.83 250.66 13.83 35.23 0.42 1.57 0.16 207 7.57
279.50 428.85 149.35 17.41 0.15 0.79 0.11 184 6.32
including 279.50 322.17 42.67 32.22 0.27 1.74 0.11 215 16.07
KEG-11-26 143.00 144.00 1.00 96.00 1.49 1.48 0.04 1825 2.89
381.00 405.00 24.00 11.52 0.04 0.78 0.13 103 19.88
422.79 453.00 30.21 10.29 0.11 0.62 0.07 624 6.25
KEG-11-27 151.49 166.73 15.24 12.92 0.07 0.09 0.01 218 0.44
250.49 264.26 13.77 27.49 0.69 0.79 0.06 92 4.23
328.27 362.70 34.43 34.93 0.20 0.99 0.20 289 9.12
KEG-11-29 264.00 279.00 15.00 19.05 0.11 0.19 0.07 363 1.30
KEG-11-30 142.34 145.39 3.05 36.90 0.15 0.43 0.11 210 2.57
218.54 276.45 57.91 21.20 0.21 0.57 0.10 276 4.92
including 249.02 261.21 12.19 50.92 0.55 1.32 0.29 436 10.73
KEG-11-33 200.00 214.50 14.50 33.49 0.42 0.66 0.07 105 4.99
321.50 372.27 50.77 22.29 0.11 0.70 0.20 561 7.93
404.00 413.00 9.00 15.54 0.10 0.16 0.06 109 0.77
KEG-11-34 306.93 422.00 115.07 21.85 0.17 0.66 0.17 354 5.36
including 334.37 380.09 45.72 31.83 0.21 0.92 0.22 274 8.43
465.10 466.10 1.00 92.90 1.78 1.20 0.10 601 7.91
491.90 493.00 1.10 151.00 1.10 2.18 0.04 544 9.11
KEG-11-35 59.13 62.18 3.05 101.00 1.00 0.49 0.66 <5 0.47
KEG-11-36 95.00 98.00 3.00 20.30 0.09 0.12 0.10 84 0.79
353.00 359.00 6.00 16.80 0.06 1.10 0.20 125 14.12
390.50 422.00 31.50 10.76 0.02 0.93 0.21 197 22.04
KEG-11-37 375.52 421.83 46.31 29.05 0.13 0.66 0.12 212 9.27
471.53 482.19 10.66 47.54 1.00 1.03 0.35 2542 6.27
497.44 500.48 3.04 23.12 0.24 0.10 0.04 105 0.70
532.49 535.53 3.04 43.60 0.39 0.33 0.17 537 4.32
KEG-11-39 302.00 350.00 48.00 10.00 0.06 0.72 0.10 206 8.09
including 302.00 311.00 9.00 24.99 0.12 1.45 0.05 99 13.21
KEG-11-40 428.85 523.34 94.49 12.74 0.11 0.71 0.09 197 9.90
including 480.67 492.86 12.19 33.06 0.47 1.07 0.16 102 7.98
KEG-11-41 157.58 196.87 39.29 11.43 0.15 0.11 0.02 56 0.32
  • True widths not yet determined
  • Tin (Sn) and indium (In) are potential by-product metals.
  • Drill hole Keg-11-38 was drilled 335 m to the north of the Keg Main Zone entirely in footwall rocks and did not return significant mineralization.
  • Drill hole Keg-11-35 is a step-out hole located 500 m to the west of the Keg Main Zone.
KEG MAIN ZONE - HIGHLIGHTS OF PREVIOUSLY-REPORTED DRILLING
Hole No. From
(m)
To
(m)
Interval
(m)
Ag
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Sn
(ppm)
In
(ppm)
Keg-10-01 59.30 185.00 125.70 50.09 0.65 1.20 0.14 217 9.55
Keg-10-02 7.62 139.00 131.38 28.10 0.21 1.39 0.22 534 5.94
Keg-10-04 24.92 144.27 119.35 32.48 0.32 1.08 0.18 333 8.33
Keg-10-05 133.20 226.17 92.97 30.40 0.26 0.62 0.06 361 2.09
Keg-11-07 111.86 253.10 141.24 30.99 0.28 0.83 0.10 304 5.18
including 213.35 253.10 39.75 71.74 0.60 2.03 0.24 391 14.39
Keg-11-09 25.45 130.15 104.70 70.55 0.54 0.60 0.17 778 1.77
and 78.33 108.81 30.48 119.90 0.72 1.14 0.32 1168 3.38
Keg-11-15 6.10 47.85 41.75 46.62 0.47 0.27 0.06 138 0.91
Keg-11-16 45.00 247.00 202.00 20.73 0.12 0.86 0.14 137 9.55
including 45.00 100.00 55.00 31.07 0.21 1.18 0.19 165 9.52
and 212.72 247.00 34.28 46.66 0.24 1.91 0.33 280 23.58
Keg-11-17 156.06 326.74 170.68 32.60 0.28 1.05 0.20 254 8.80
Keg-11-18 46.00 250.00 204.00 36.60 0.42 1.09 0.13 159 9.04
Keg-11-22 41.75 197.20 155.45 37.02 0.22 1.41 0.35 580 9.95

Results for 3 reconnaissance drill holes completed at the Keg East Zone are shown below. Narrow significant intervals occur where fractures are stronger and better mineralized. Previously reported drilling at the Keg East Zone intersected a well-mineralized stockwork fracture zone that averaged 30.81 g/t silver together with lead-zinc-tin-indium values over a 70.11 m interval in drill hole Keg-11-14. Several features, including the presence of calcite gangue, lower chalcopyrite contents, and very high ratios of silver to lead, suggest that the Keg East Zone is in a more distal setting than the Keg Main Zone. Given the zonation towards higher silver, lead and tin contents in the eastern part of the Keg Main Zone, the 1,000 m undrilled strike length between the Keg Main and Keg East Zone represents a priority target for locating additional silver-rich polymetallic mineralization.

Preparations are currently underway for a substantial 2012 drilling program at the Keg area, designed to: further expand the Keg Main Zone; test the favourable 1,000 m strike length between the Keg Main and Keg East Zones; and evaluate several IP geophysical and/or geochemical targets identified within a 2 km radius around the zones.

KEG EAST ZONE - NEW DRILL RESULTS
Hole No. From
(m)
To
(m)
Interval
(m)
Ag
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Sn
(ppm)
In
(ppm)
KEG-11-28 108.81 110.33 1.52 35.20 0.90 0.55 0.02 144 1.22
KEG-11-31 101.19 102.72 1.53 87.00 1.83 0.85 0.02 71 2.17
KEG-11-32 270.36 273.41 3.05 19.00 0.29 0.16 0.03 76 0.34
309.98 313.03 3.05 20.90 0.19 0.14 0.01 47 0.31
334.37 337.41 3.04 28.40 0.30 0.28 0.08 69 0.65
  • True widths not yet determined
  • Tin (Sn) and indium (In) are potential by-product metals.

Eleven reconnaissance drill holes were also completed at the Rebel, Owl and Drex Zones, with significant assay results shown in the table below. At the Rebel Zone, drill hole Reb-11-2 returned 155.84 g/t silver, 12.43% lead and 3.07% zinc over a 6.16 m interval. This hole cut fracture-related galena and sphalerite mineralization in partially oxidized volcaniclastic rocks. The 2011 Rebel drilling is located near the north margin of a broad (1,750 m by 1,100 m) area of strongly anomalous silver, zinc, lead, copper and tin soil geochemistry. Historical drilling in the Rebel area returned 2.28% zinc, 0.10% lead and 0.10% copper over 61 m, with no assays reported for silver and other elements. Several other previous Rebel holes cut fracture-related mineralization, but little systematic core sampling was done. Silver Range will complete step out drilling at the Rebel Zone in 2012. At the Owl Zone, drill hole Owl-11-3 intercepted a broader mineralized zone assaying 11.77 g/t silver together with lead-zinc values over a 28.13 m interval. This hole is situated 150 m to the south of the strongest soil geochemical anomalies in the Owl Zone (with values of 5.0 to 87.7 g/t silver), which will be more thoroughly drill tested in 2012. Holes at the Drex Zone were largely intended to obtain data targeting structural and stratigraphic orientations. Only a small portion of the Drex geochemical anomaly was tested and more drilling is planned in 2012.

REBEL, OWL AND DREX ZONES - DRILL RESULTS
Zone Hole No. From
(m)
To
(m)
Interval
(m)
Ag
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Sn
(ppm)
In
(ppm)
Rebel REB-11-01 27.78 28.78 1.00 98.00 6.07 0.89 0.06 403 1.24
Rebel REB-11-02 21.94 28.10 6.16 155.84 12.43 3.07 0.20 807 0.16
53.94 55.47 1.53 21.50 1.69 0.92 0.09 300 0.08
Owl OWL-11-03 65.44 93.57 28.13 11.77 0.21 0.23 0.02 106 0.51
Owl OWL-11-04 7.65 9.75 2.10 37.53 0.67 1.71 0.04 172 3.98
60.05 66.14 6.09 45.21 0.78 0.38 0.01 104 1.06
146.92 151.49 4.57 14.70 0.34 0.14 0.02 152 0.27
Drex DRX-11-02 15.24 18.29 3.05 87.70 0.00 0.02 0.02 17 1.22
Drex DRX-11-04 24.00 30.48 6.48 31.74 0.35 0.27 0.03 320 2.17
94.95 95.85 0.90 64.20 0.82 0.66 0.06 581 0.34
  • True width not yet determined
  • Tin (Sn) and indium (In) are potential by-product metals.

Silver Range is following rigorous sample handling and analytical procedures in regard to core from the property. Core samples are being processed in 36 sample batches with each batch including two assay standards, two blank samples and one duplicate sample. Analytical work is being done by ALS Chemex with sample preparation in Whitehorse and assays and geochemical analyses in North Vancouver. All core samples are being analyzed for gold by aqua regia and mass spectroscopy (Au-AA24), 50 other elements by aqua regia digestion followed by inductively coupled plasma combined with mass spectroscopy or atomic emission spectroscopy (ME-MS41) and tin using pressed pellet XRF (Sn-XRF05). Samples that exceed upper detection limits are assayed for silver, zinc, lead and/or copper by Ag/Zn/Pb/Cu-OG62. All standard, blank and duplicate samples passed QA/QC reviews.

Work at the Silver Range Project is being conducted by Archer, Cathro & Associates (1981) Limited. Matthew R. Dumala, P. Eng., has reviewed this news release and is the qualified person for purposes of National Instrument 43-101.

ON BEHALF OF THE BOARD

W. Douglas Eaton, President and Chief Executive Officer

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.

Contact Information

  • Corporate Information
    Silver Range Resources Ltd.
    W. Douglas Eaton
    President and C.E.O.
    (604) 688-2568

    Silver Range Resources Ltd.
    Bruce A. Youngman
    Chairman
    (604) 687-2522

    Investor Inquiries
    Richard Drechsler
    Corporate Communications
    (604) 687-2522 / NA Toll-Free: (888) 688-2522
    rdrechsler@silverrangeresources.com
    www.silverrangeresources.com