VANCOUVER, BC--(Marketwired - October 11, 2016) - Silver Range Resources Ltd. (TSX VENTURE: SNG) ("Silver Range") is pleased to announce results from a summer exploration program in the Ennadai Lake area in the western Kivaliq Region of Nunavut. Work was focused on two gold targets, the Hard Cash and the Nigel properties.
The Hard Cash property is located 310 km northeast of Stony Rapids, Saskatchewan. The property lies within the Archean Ennadai-Rankin Greenstone Belt, host to the Meliadine Deposit currently being developed by Agnico Eagle. The Hard Cash property covers 7 NUMIN gold occurrences previously explored by Homestake, Phelps Dodge and Giant Yellowknife Mines.
The most significant occurrence found to date is the Swamp Showing near the southwest shore of Ennadai Lake. The showing contains Archean lode gold style mineralization consisting of laminated quartz veins carrying pyrite, chalcopyrite, galena and silver sulphides. Mineralization occurs in a 100 m wide shear zone of intense sericite alteration cutting mafic volcanics. In 2012, sampling over a 200 m strike length returned up to 174 g/t Au and 1192 g/t Ag from float and 36 g/t Au from bedrock. Prospecting and sampling in August 2016 extended the zone to 1,400 m. Float samples collected during a mapping program returned grab samples up to 116 g/t Au. Further along strike, a newly discovered zone of quartz-ankerite veining in altered mafic volcanics returned bedrock grab samples up to 11.45 g/t Au. Work to date has defined a 3.4 km corridor of gold mineralization in both float and bedrock.
The Nigel property is a recent acquisition by Silver Range and is located 15 km west of the Hard Cash property in the same belt of favourable metavolcanic rocks that host the mineralization at Hard Cash. The Nigel property covers three structurally hosted Archean lode gold occurrences (NUMIN Nigel, Clyde and Bob showings) which consist of quartz-carbonate veins carrying pyrite and galena. These have returned historical assays up to 13.56 OPT Au (464.9 g/t Au). The showings were staked and explored in August 2016. Confirmatory sampling at the Nigel showing returned values of 398 g/t Au and 178 g/t Au. A sample of wall rock returned 2.57 g/t Au.
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.
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.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
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.