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

Silver Range Resources Ltd.

August 07, 2012 08:00 ET

Silver Range Resources Intercepts 4,620 g/t Silver (134.8 opt) Over 0.53 m at Hammer Zone, Silver Range Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 7, 2012) - Silver Range Resources Ltd. (TSX VENTURE:SNG)(TSX VENTURE:SNG.WT) ("Silver Range" or "the Company") is pleased to announce complete or partial results from 15 of 21 diamond drill holes located within the Hammer Zone at its wholly owned Silver Range Project in southern Yukon. The Hammer Zone is a bonanza-grade, silver-rich epithermal vein system that was discovered in late 2011. It is one of 24 silver-bearing mineralized zones that have so far been identified on the 1,100 sq km Silver Range Project. A total of four drills are working on the project - two are systematically expanding the bulk tonnage silver-zinc-copper-lead Keg Main Zone while the other two are sequentially testing other high-grade silver zones as they become drill ready.

The Hammer Zone is located 12 km over gentle terrain from the historical Faro mine and mill site in an area of exceptional infrastructure. Highlights from 2012 work include:

  • Bonanza grades of 4,620 g/t silver (134.8 opt) over 0.53 m has been intersected from sulphide mineralization and 1,590 g/t silver (46.4 opt) over 0.70 m from oxide mineralization;
  • Three subparallel high-grade, silver-bearing veins have been identified to date in the Hammer Zone epithermal system, with assay results from a fourth vein pending. Individual veins are spaced about 75 m apart;
  • Veins have been traced by drilling for strike lengths of up to 600 m, and through a vertical range of 280 m. All veins are open for extension along strike and to depth; and
  • High-grade silver mineralization has been discovered in several new areas near the Hammer Zone and within the surrounding 17 km long Mt Mye Trend. Results will be released as additional work is completed and targets are advanced to the drill stage.

In total, 20 holes (3,662 m) have been completed at the Hammer Zone. Once the current hole in this phase of drilling is completed, assay results will be compiled and interpreted in advance of bringing in a larger drill to test the vein system to depth. Significant drill hole assays obtained to date are summarized in the following table, while maps and sections can be viewed at www.silverrangeresources.com. Results for the remaining holes at the Hammer Zone and from drill programs elsewhere at the project will be announced after receipt and compilation of data.

Hole No. From
(m)
To
(m)
Interval
(m)*
Ag
(g/t)
Pb
(%)
Zn
(%)
Vein Mineralization
Type
HAM-12-001 Hole abandoned
HAM-12-002 22.70 24.40 1.70 764.59 1.781 0.198 West Oxide
incl 22.70 23.70 1.00 1010.00 2.700 0.240 West Oxide
HAM-12-002 53.40 55.62 2.22 45.09 0.063 0.020 Central Oxide
incl 53.40 54.00 0.60 98.00 0.097 0.047 Central Oxide
HAM-12-003 47.30 48.50 1.20 328.00 0.185 0.121 East Oxide
HAM-12-004 No significant results
HAM-12-005 38.10 38.60 0.50 980.00 0.228 0.629 Central A Oxide
HAM-12-005 66.60 68.00 1.40 472.12 0.218 0.666 Central B Oxide
incl 67.50 68.00 0.50 1290.00 0.580 1.710 Central B Oxide
HAM-12-006 50.70 51.20 0.50 578.00 1.400 0.585 Central A Oxide
HAM-12-006 81.70 83.00 1.30 36.80 0.029 0.185 Central B Oxide
HAM-12-006 125.60 126.80 1.20 43.10 0.004 0.005 East Oxide
HAM-12-007 No significant results
HAM-12-008 36.60 37.70 1.10 23.30 0.018 0.102 Central Oxide
HAM-12-008 107.00 107.80 0.80 537.00 0.176 0.572 West Oxide/Sulphide
HAM-12-009 56.30 58.00 1.70 164.70 0.048 0.133 West Oxide
incl 56.30 56.80 0.50 507.00 0.082 0.178 West Oxide
HAM-12-009 86.20 86.90 0.70 17.50 0.017 0.074 Central A Oxide
HAM-12-009 117.50 118.00 0.50 58.30 0.013 0.140 Central B Oxide
HAM-12-010 Results pending
HAM-12-011 49.60 50.30 0.70 6.81 0.021 0.029 West Oxide
HAM-12-011 128.70 130.00 1.30 1052.77 0.642 0.430 Central Oxide
incl 128.70 129.40 0.70 1590.00 1.130 0.466 Central Oxide
HAM-12-012 No significant results
HAM-12-013 Results pending
HAM-12-014 Hole abandoned
HAM-12-015** 218.70 222.40 3.70 53.20 0.620 1.218 Central Sulphide
incl 218.70 219.20 0.50 134.00 1.875 3.920 Central Sulphide
incl 221.90 222.40 0.50 237.00 2.520 4.700 Central Sulphide
HAM-12-016 12.60 14.10 1.50 18.33 0.031 0.036 West Oxide
incl 13.60 14.10 0.50 30.70 0.057 0.070 West Oxide
HAM-12-016 262.35 264.00 1.65 140.20 2.068 3.425 Central Sulphide
incl 263.24 264.00 0.89 258.00 3.800 6.300 Central Sulphide
HAM-12-017** 185.15 186.78 1.63 1509.53 2.933 1.661 Central Sulphide
incl 186.25 186.78 0.53 4620.00 8.990 4.840 Central Sulphide
HAM-12-018 Results pending
HAM-12-019 Results pending
HAM-12-020 Results pending

* The reported intersections are drilled thicknesses and are believed to represent approximately 60 to 80% true widths. Weighted averages are calculated using interval widths.
** Partial results received - Central Vein only.

The silver mineralization at the Hammer Zone is hosted in northerly striking, nearly vertical veins that cut granitic rocks of the Mid-Cretaceous Anvil Batholith. The veins demonstrate good lateral and vertical continuity. To date, four veins spaced about 75 m apart have been discovered. Most drilling has targeted the Central Vein, which has been traced over a 600 m strike length and through a vertical range of 280 m. The veins are open to extension along strike and to depth.

Veins at the Hammer Zone are typically 40 to 70 cm wide and are surrounded by 3 to 10 m wide alteration halos featuring pervasive sericitization of mafic minerals and minor clay alteration of feldspars. Weathering of the altered rocks has created pronounced gullies that mark the surface traces of the veins where they cross a glacially truncated scarp. Elsewhere the veins are covered by overburden.

Drilling indicates vertical metal zonation in the veins, which together with mineralogical and textural features, is consistent with a silver-rich low sulphidation epithermal system. At the top of the system, the veins sometimes bifurcate into narrow veins and fractures but elsewhere the mineralization is mostly hosted in discrete structures. Near-surface drill intercepts are all pervasively oxidized. The oxide-sulphide interface has not yet been accurately defined - fresh sulphide mineralization has been cut 140 m vertically below surface but elsewhere oxidized mineralization extends to a vertical depth of at least 260 m. Where sulphides are present, the assemblage is a mixture of galena, sphalerite, chalcopyrite, pyrite, tetrahedrite and sulphosalts. Silver to base metal (Pb+Zn+Cu) ratios are strongly zoned, averaging about 2,500 g/t silver: 1% Pb+Zn+Cu near surface and gradually decreasing to about 70 g/t: 1% Pb+Zn+Cu in the deepest intercepts. Gangue minerals are chalcedonic and crystalline quartz with abundant rhodocrocite and other carbonate minerals. Characteristic textures include multistage brecciation, colloform and comb crystal growth and symmetrical banding. Core recoveries are excellent despite the oxidation and open space filling textures.

Concurrent with the Hammer drilling program, field crews are advancing numerous other high-grade targets within the 17 km long Mount Mye Trend through surface sampling, prospecting and mapping programs. Since June 2012, an additional 7,800 m of drilling has been completed at the Keg Main and other zones at the Silver Range Project. Results from these other zones will be reported when received and compiled.

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 and zinc by inductively coupled plasma - atomic emission spectroscopy (Ag/Pb/Zn - OG62) or for silver by a gravimetric technique (Ag-GRA21).

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. Mineralized samples from holes HAM-12-15, -16 and -17 were rushed and therefore results were received ahead of samples taken earlier.

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

  • 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
    (604) 687-2522

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