VANCOUVER, BC--(Marketwired - November 07, 2016) - Silver Range Resources Ltd. (TSX VENTURE: SNG) ("Silver Range") is pleased to announce that it has completed a target generation program in Nevada and is adding new projects to its growing portfolio.
In July and August, Silver Range conducted a data mining project employing public and proprietary geological, geochemical and geophysical data. Results were reviewed and ranked by the Company's Technical Advisory Committee, three members of which have extensive experience identifying and evaluating mineral prospects throughout Nevada. Thirty one targets were identified for ground investigation and acquisition, contingent upon results. Silver Range field crews mobilized to Nevada in late August and demobilized in early November.
The following projects were staked and recorded following receipt of the first tranche of assays:
The Rand Property is located in Mineral County approximately 15 kilometres south of the Rawhide Mine. The property covers an early Mesozoic intrusive plug which hosts structurally controlled gold and copper mineralization. Initial grab sampling returned analyses up to 35.50 g/t Au. Soil sampling results suggest a correlation between gold and copper which may facilitate future exploration.
Ben Hur Property
The Ben Hur Property is located in White Pine County, approximately 35 kilometres north of Ely. Structurally controlled gold mineralization is hosted in an Upper Proterozoic through Cambrian quartzite and near surface mineralization was explored and mined through a series of shafts and adits. Initial grab sampling returned analyses up to 51.20 g/t Au.
The Stinson Property is located approximately 2.5 km north of the Ben Hur Property in White Pine County. It is a structurally hosted gold target with mineralization hosted in Silurian to Ordovician dolomite. Initial grab sampling from dumps and the backs of adits returned analyses up to 6.94 g/t Au. A chip sample across exposed mineralization in one working returned 3.8 m @ 2.57 g/t Au including 0.7 m @ 8.16 g/t Au.
Gold Chief Property
The Gold Chief Property is located in Lincoln County, 9 kilometres north of Caliente. The prospective target is "Carlinesque"-style carbonate-hosted gold mineralization. The property is underlain by Cambrian limestone and is centred on a large glory hole excavated to exploit a breccia zone. A chip sample across the exposed face in the pit returned 13.0 m @ 1.05 g/t Au including 3.0 m @ 2.83 g/t Au.
The Skylight Property is located in Nye County, 59 km northwest of Tonopah. The property is underlain by mid-Tertiary silicic ash flow tuffs and ignimbrites and by Triassic Luning Formation metasediments and metavolcanics. The property is centred on several large silica caps and associated epithermal vein systems. The most recent exploration in the area was conducted by Rimfire Minerals Corporation who identified the target in a joint venture with Newmont and completed several drill holes in the area (Rimfire News Release dated November 6, 2007). Rimfire reported surface grab sample assays up to 2.04 g/t Au and "anomalous Au-Ag values", in four of seven drill holes completed, including 1.766 g/t Au over 3.05 m in drill hole RC07-06. Silver Range cannot independently verify the information reported by Rimfire.
Work on this project is being managed by Aurora Geosciences Ltd. under the supervision of Gary Vivian M.Sc., P.Geo., CPG. Samples were secured and shipped to ALS Minerals facilities in Reno NV for sample preparation and to North Vancouver for assays and geochemical analyses. Rock samples were analyzed by Ultra-Trace Aqua Regia ICP-MS (ALS code ME-MS41) and fire assayed for gold (30 g sample) (ALS code Au-AA25).
Silver Range will release additional results of this program following receipt of sample results and claim recordation. Final results are expected by mid-December.
Technical information in this news release has been approved by Mike Power, M.Sc., P.Geo., CPG, President and CEO of Silver Range Resources Ltd. and a Qualified Person for the purposes of National Instrument 43-101.
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. The company is actively seeking joint venture partners to explore the assets in its portfolio.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
President, C.E.O. & Director
For further information concerning Silver Range or its exploration projects please contact:
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.