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

Silver Range Resources Ltd.

October 10, 2012 08:00 ET

Silver Range Drilling Extends Higher-Grade, Near-Surface Mineralization at Keg Main Zone and Commences Resource Estimate

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 10, 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 8 diamond drill holes completed in 2012 at the bulk-tonnage Keg Main Zone at its wholly-owned Silver Range Project. The Keg Main Zone is the most advanced of 24 silver-bearing mineral zones that have been identified to date at the 1,100 sq km Silver Range Project, located in an area of exceptional infrastructure near the town of Faro in southern Yukon.

Highlights:

  • Drilling has extended a higher-grade corridor of near-surface mineralization within the northern part of the Keg Main Zone to a 900 m strike length;
  • Drill hole Keg-12-66 returned 51.86 g/t silver together with significant lead-zinc-copper-tin-indium values over 30.0 m. This drill hole opens up further exploration potential for higher-grade mineralization to the west-northwest; and
  • Based upon encouraging results, preparations are underway for an initial resource estimate on the Keg Main Zone. Results from this study and a program of metallurgical testwork are expected during Q-1, 2013.

The most significant assay intervals from the last 8 holes are listed in the following table. Maps showing drill hole locations and other information can be viewed at www.silverrangeresources.com. Assay results are pending for another 22 diamond drill holes and 19 reverse circulation drill holes from other high-grade and bulk tonnage targets throughout the project area.

Hole No. From
(m)
To
(m)
Interval
(m)
Ag
(g/t)
Pb
(%)
Zn
(%)
Cu
(%)
Sn
(ppm)
In
(ppm)
KEG-12-063 111.11 115.00 3.89 62.98 0.93 0.38 0.17 265 0.93
KEG-12-066 14.00 49.33 35.33 12.80 0.20 0.54 0.05 236 2.81
and 80.00 128.00 48.00 36.64 0.22 0.66 0.10 261 2.25
incl 98.00 128.00 30.00 51.86 0.29 0.99 0.15 288 3.46
incl 104.00 118.30 14.30 92.41 0.49 1.75 0.30 440 6.13
KEG-12-067 134.09 158.00 23.91 9.98 0.25 0.20 0.03 192 0.33
KEG-12-069 11.00 39.50 28.50 16.70 0.10 0.52 0.13 193 2.06
and 98.00 122.00 24.00 31.70 0.28 0.88 0.30 188 3.02
  • True widths estimated to be approximately 80-90% of intersected lengths.
  • Tin (Sn) and indium (In) are potential by-product metals.
  • Drill holes Keg-12-58, 62, 65 and 68 were drilled on the periphery of the zone and were weakly mineralized or barren.

Assay results from drill holes Keg-12-66 and Keg-12-69 confirm continuity of a higher-grade, east-west trending corridor that has now been traced for a 900 m strike length. The corridor is typically from 30 to 100 m thick and extends from surface to depths of 110 to 230 m down-dip. Drill hole Keg-12-66 is the westernmost hole completed to date on this higher-grade trend. It intersected higher-grade mineralization further to the north than previously recognized and opens up significant exploration potential to the west-northwest of the current drilling. Within the higher-grade corridor, fracture-filling and skarn-type mineralization is concentrated within an antiformal fold hinge. Highlights from previously released drill holes along this trend include:

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-10-04 24.34 64.46 40.12 49.63 0.74 1.71 0.17 180 14.70
KEG-11-05 135.13 172.82 37.69 49.62 0.45 1.25 0.08 569 4.16
KEG-11-07 213.35 253.10 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
including 78.33 108.81 30.48 119.90 0.72 1.14 0.32 1168 3.38
KEG-11-12 77.12 96.00 18.88 60.78 0.67 1.59 0.21 275 13.78
KEG-11-15 6.10 47.85 41.75 46.62 0.47 0.27 0.06 138 0.91
KEG-11-16 212.72 247.00 34.28 46.66 0.24 1.91 0.33 280 23.58
KEG-11-17 156.06 220.37 64.31 40.55 0.39 1.02 0.10 235 6.49
and 258.17 297.79 39.62 41.81 0.25 1.15 0.41 383 12.30
KEG-11-18 65.60 120.69 55.09 58.46 0.70 1.92 0.17 205 16.37
KEG-11-22 122.02 197.20 75.18 57.46 0.31 2.41 0.64 912 17.66
KEG-11-23 236.83 271.61 34.78 40.09 0.21 1.67 0.55 398 14.42
KEG-12-47 6.64 75.39 68.75 63.45 0.48 0.43 0.09 448 0.96
including 11.00 39.70 28.70 131.59 0.95 0.77 0.15 651 1.70
KEG-12-48 277.16 318.35 41.19 48.81 1.04 1.16 0.12 317 4.70
including 277.16 302.08 24.92 76.98 1.68 1.87 0.19 480 7.59
KEG-12-56 5.00 47.00 42.00 45.65 0.60 0.39 0.11 569 1.09
  • Values in drill holes Keg-10-4, Keg-11-17, Keg-11-18 and Keg-11-22 are subintervals within previously-reported intervals.

Given the encouraging results, the Company has commenced preparations for an initial resource estimate at the Keg Main Zone. Results from this study and a program of metallurgical testwork are expected during Q-1, 2013.

All analyses for the 2012 program are being performed by ALS Minerals with sample preparation in Whitehorse and assays and geochemical analyses in North Vancouver. Core samples are routinely analyzed for gold by fire assay followed by atomic absorption (Au-AA24) and 48 other elements by inductively coupled plasma-mass spectrometry (ME-MS61). Samples in mineralized intervals that exceed the detection limits of the routine methods are assayed for silver, lead, zinc and copper by inductively coupled plasma-atomic emission spectroscopy (Ag/Pb/Zn/Cu - OG62). Tin was analyzed for by pressed pellet x-ray fluorescence spectroscopy (Sn-XRF05).

Rigorous procedures are in place regarding sample collection, chain of custody and data entry. Certified assay standards, coarse reject duplicates, field duplicates and blanks are routinely inserted into the sample stream to ensure integrity of the assay process. All of the results reported have passed the QAQC screening.

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

For further information concerning Silver Range or its exploration projects please see the contact information below.

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

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

    Silver Range Resources Ltd. - Corporate Information
    Bruce A. Youngman
    Chairman
    (6040 687-2522

    Silver Range Resources Ltd. - Investor Inquiries
    Richard Drechsler
    Corporate Communications
    (6040 687-2522 or NA Toll-Free: (888) 688-2522
    rdrechsler@silverrangereources.com
    www.silverrangeresources.com