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

Silver Range Resources Ltd.

September 07, 2011 10:12 ET

Silver Range Resources Ltd. Drilling Returns 70.55 g/t Silver Over 104.7 Metres at Keg Main Zone, Southern Yukon

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 7, 2011) - Silver Range Resources Ltd. (TSX VENTURE:SNG)(TSX VENTURE:SNG.WT) ("Silver Range" or "the Company") is pleased to announce results from the first five diamond drill holes completed at the Company's wholly owned Silver Range Project, located about 30 km north of the town of Faro in southern Yukon. Highlights of this drilling include:

  • Drill hole Keg-11-09, which returned 70.55 g/t silver together with significant lead-zinc-copper-tin-indium values over 104.70 m, extending the Keg Main Zone a further 100 m to the east for a known strike length of 650 m; and
  • Drill hole Keg-11-07, which returned 30.99 g/t silver together with significant lead-zinc-copper-tin-indium values over 141.24 m, extending the known depth of the Keg Zone to approximately 200 m below surface.

Significant assay intervals for the first five holes are shown in the tables below. Three of the five reported holes (Keg-11-05, 07 & 09) lie in the eastern part of the Keg Main Zone while the other two holes (Keg-11-06 & 08) tested the Keg East Zone. To date, more than 13,000 m have been completed in 43 diamond drill holes at the Silver Range Project since June 2011. This drilling includes 22 holes at the Keg Main Zone, 7 holes at the Keg East Zone, 4 holes at the Drex Zone, 3 holes at the Snap Zone, 3 holes at the Rebel Zone, and 4 holes at the Owl Zone. Additional assay results will be reported when received and compiled. Maps showing the locations of completed and planned drill holes can be viewed at www.silverrangeresources.com.

Results from 2011 drill holes in the Keg Main Zone are presented below:

Estimated
Mineralized True
From To Interval Width Ag Pb Zn Cu Sn* In*
Hole No. (m) (m) (m) (m) (g/t) (%) (%) (%) (ppm) (ppm)
Keg-11-05 67.90 72.24 4.34 4.20 22.09 0.31 0.28 0.04 86 0.86
133.20 226.17 92.97 90.00 30.40 0.26 0.62 0.06 361 2.09
Including 135.13 172.82 37.69 36.20 49.62 0.45 1.25 0.08 569 4.16
And 213.97 224.64 10.67 10.33 65.68 0.66 0.44 0.16 661 1.87
Keg-11-07 111.86 253.10 141.24 105.00 30.99 0.28 0.83 0.10 304 5.18
including 213.35 253.10 39.75 29.55 71.74 0.60 2.03 0.24 391 14.39
284.00 290.35 6.35 4.72 12.27 0.01 2.85 0.42 134 24.17
Keg-11-09 25.45 130.15 104.70 102.00 70.55 0.54 0.60 0.17 778 1.77
including 25.45 38.71 13.26 12.92 86.16 0.69 0.70 0.25 845 2.26
and 53.94 63.09 9.15 8.91 128.70 1.19 1.01 0.19 985 2.39
and 78.33 108.81 30.48 29.69 119.90 0.72 1.14 0.32 1168 3.38
142.34 145.39 3.05 2.97 58.80 0.63 0.09 0.24 164 0.27
* Tin (Sn) and indium (In) are potential by-product metals

The Keg Main Zone is a mixture of fracture filling and skarn/replacement mineralization, hosted in a broad structural zone that cuts east-west across a section of clastic, cherty and carbonate-rich sedimentary rocks. It is located in an area with very few bedrock exposures. Assay results to date have extended the mineralized zone for a distance of 650 m across approximate true widths of 100 to 250 m, and to a depth of 200 m. In most cases the boundaries of the structural zone are gradational and areas of weaker mineralization often extend well beyond the significant assay intervals. The Keg Main Zone remains open to extension in both directions along strike, to depth and in some areas laterally into hangingwall and/or footwall rocks.

Mineralization consists of sulphide-metal assemblages with varying amounts of sphalerite (zinc and indium), galena (lead and silver), chalcopyrite (copper), pyrrhotite, pyrite, arsenopyrite and stannite (tin). Although no intrusive rocks have been recognized yet in the immediate vicinity of the Keg Main Zone, a direct genetic link is indicated. Mineralization hosted in fractures appears to be zoned with proportionally more galena in the eastern part of the zone, where silver and tin contents are also highest on average. The proportion of fracture hosted pyrrhotite and chalcopyrite generally increases toward the west and at depth.

Results from previously announced 2010 drill holes in the Keg Main Zone are shown below:

Mineralized
From To Intervals+ Ag Zn Pb Cu Sn* In*
Hole No. (m) (m) (m) (g/t) (%) (%) (%) (ppm) (ppm)
Keg-10-01 59.30 185.00 125.70 50.09 1.20 0.65 0.14 217 9.55
Keg-10-02 7.62 139.00 131.38 28.10 1.39 0.21 0.22 534 5.94
Keg-10-03 150.75 231.70 80.95 15.67 0.64 0.26 0.07 114 4.21
Keg-10-04 24.92 144.27 119.35 32.48 1.08 0.32 0.18 333 8.33
+True widths of mineralized intervals are approximately 85% of intersected lengths
* Tin (Sn) and indium (In) are potential by-product metals

At the Keg East Zone, an approximately 100 m wide band of weakly mineralized fractures cuts through the drill site where holes Keg-11-06 & 08 are collared. Narrow significant intervals occur in these holes, which were drilled in opposite directions, where fractures are stronger and better mineralized. Most mineralization observed to date in the Keg East Zone is distinguished from that at the Keg Main Zone by the presence of calcite gangue and lower chalcopyrite contents. These features suggest it lies further from the center of the mineralized system. The geomorphological setting at the Keg East Zone is challenging, with a pervasive layer of frozen organic-rich overburden limiting the effectiveness of geological mapping, prospecting and soil geochemical surveys. Interpretation of induced polarization surveys that have just been completed across the Keg Main and Keg East Zones are expected to help target future drilling.

Results from 2011 drill holes in the Keg East Zone are presented below:

Estimated
Mineralized True
From To Interval Width Ag Pb Zn Cu Sn* In*
Hole No. (m) (m) (m) (m) (g/t) (%) (%) (%) (ppm) (ppm)
Keg-11-06 20.81 21.81 1.00 0.80 129.00 2.28 0.71 0.03 110 1.68
68.28 69.80 1.52 1.22 21.50 0.41 0.37 0.01 104 0.74
Keg-11-08 3.40 9.75 6.35 5.08 28.99 0.44 0.34 0.01 51 0.64
26.52 29.02 2.50 2.00 35.74 0.61 0.38 0.04 555 0.75
* Tin (Sn) and indium (In) are potential by-product metals

The Keg Main and East Zones are two of seven known areas of mineralization that have been identified at the more than 800 sq km Silver Range Project. The mineralized zones are marked by large and intense, multi-element soil geochemical anomalies. Comprehensive property-wide geochemical surveys that began in 2010 have continued in 2011, with more than 20,000 soil samples taken this summer. Some of the anomalies outlined by these surveys were located near the edges of the claim blocks, which led to the staking of another 755 claims in recent months. The Silver Range Project now encompasses more than 4000 claims, comprising the Keg Property and four smaller claim blocks.

The Keg Property is very favourably situated in regards to infrastructure. It lies 10 to 45 km north of the town of Faro, which formerly serviced the mines and mill of the Anvil zinc-lead-silver district. A heavy duty haulage road and a high voltage power line extend to the Anvil mill site, which is 25 km south of the Keg Main Zone.

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-TL44), 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-OG46. 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. Bernhardt Augsten, P. Geo, 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