Silver Range options three Walker Lane projects to Walker Lane Resources
Suite 1016 – 510 West Hastings Street
Vancouver, B.C. V6B 1L8
Tel: 604-687-2522
www.silverrangeresources.com
TSX-V: SNG
Silver Range options three Walker Lane projects to Walker Lane Resources
March 26, 2025 – Silver Range Resources Ltd. (TSX-V:SNG) (“Silver Range”) announces that
it has optioned three properties located in the Walker Lane of western Nevada to Walker Lane
Resources Ltd. (“WLR”) (TSX-V: WLR) (formerly CMC Metals Ltd, TSX-V:CMB).
Tule Canyon Property
Silver Range and WLR have executed a Letter of Intent (“LOI”) granting WLR the option to
acquire 100% of the Tule Canyon Property (“Tule Canyon”). WLR has a first option to acquire
80% of Tule Canyon by paying Silver Range an aggregate $480,000 over four years (all amounts
in United States currency) and completing 1,500 m of diamond drilling by March 8, 2028. A
second option to acquire the remaining 20% of Tule Canyon may be exercised by WLR identifying
a National Instrument 43-101 compliant measured or indicated resource at Tule Canyon (the “Tule
Resource”) by the end of 2033.
A milestone payment of $10 per ounce of gold (or the equivalent value in other commodities) as
contained in the Tule Resource will be due to Silver Range within six months of the identification
of the Tule Resource. Approximately 50% of all cash payment under both option stages may be
made in WLR shares.
Lastly, following the acquisition of a 100% interest in Tule Canyon by WLR, Silver Range will
retain a 2.5% net smelter return (“NSR”) in the property, which may be reduced to 1.0% by the
payment of $500,000 per 0.5% prior to the commencement of commercial production at Tule
Canyon.
The Tule Canyon Property is 95 km south of Tonopah and 80 km northwest of Beatty near the
Nevada-California border. Mineralization on the property occurs along a 5-kilometre-long trend
coincident with a major structural inflection in the Sylvania Pluton mapped by regional
aeromagnetic surveys. Gold and silver mineralization is hosted in numerous quartz veins with
mesothermal textures. Precious metals are associated with hematite, pyrite, yellow plumbo-
jarosite or similar lead oxides, rare galena and copper oxides. The western end of the trend
covering the Ingall’s Vein and the China Doll zone are silver-dominant with mineralization
returning up to 4,320 g/t Ag and up to 31.8 g/t Au. The eastern end of the trend is gold-dominant
with assays up to 37.3 g/t Au at surface and 27.6 g/t Au underground. Silver assays from material
collected in this area range up to 183 g/t Ag. Mining in Tule Canyon dates from prior to 1848 when
Mexican placer miners first began work in the area. Hard rock mining on the property dates from
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the 1890’s at the Dark Secret Mine. Mining at the nearby Eastside Mine and the Ingalls Vein
occurred during the late 1900’s with a small heap leach operation constructed at the latter property.
A small open pit mining operation at the Dark Secret Mine during the 1980’s reportedly shipped
material to Goldfield for processing. In the pit, coalescing veins appear to form a bulk tonnage
target. A chip-trench sample across the bottom of the pit returned 40 m @ 0.469 g/t Au including
20 m @ 0.695 g/t Au. Grab samples of vein material in the pit returned up to 14.1 g/t Au. Despite
the past history of mining and high-grade surface mineralization on the property, there is little
evidence of modern exploration activity and no known drilling.
Cambridge Property
Silver Range, Auburn Gold Mining LLC (“Auburn”) and WLR have executed a LOI granting
WLR the option to acquire 100% of the Cambridge Property (“Cambridge”). WLR has a first
option to acquire 75% of Cambridge for total consideration of $460,000 over four years, incurring
$1,500,000 in exploration expenditures and completing 1,500 metres of diamond drilling on the
property. A second option to acquire the remaining 25% of the property can be exercise by WLR
making an additional aggregate $75,000 to Silver Range and Auburn and by identifying a National
Instrument 43-101 compliant measured or indicated resource at Cambridge (the “Cambridge
Resource”) by the end of 2033.
Up to 48% of all cash payment under both option stages may be paid in WLR shares. Following
the exercise of the second option, a milestone payment of $10 per ounce of gold (or the equivalent
value in other commodities) as contained in the Cambridge Resource will be due to Silver Range
and Auburn within six months of the identification of the Cambridge Resource. In addition, Silver
Range and Auburn will retain a combined 2.5% NSR on Cambridge, which may be reduced to
1.0% by the payment of $500,000 per 0.5% prior to the commencement of commercial production
at Cambridge.
The Cambridge Property is located 33 km south of Yerington in Lyon County, NV. It is a joint
venture between Silver Range and Auburn Gold Mining LLC. Gold was first discovered in the
area in the 1860’s and intermittent mining at the Cambridge Mine is reported between 1878 and
1942. The property is underlain by Cretaceous quartz monzonite locally covered by a thin blanket
of Tertiary volcanic rocks. The quartz monzonite is cut by north-trending, steeply-dipping faults
or shears hosting mesothermal gold mineralization in quartz veins. Mineralization has been traced
to a depth 137 metres (450 feet) in workings at the Cambridge Mine. The veins contain coarse
grained, ribbon banded white quartz together with visible gold, pyrite, galena, pyrrhotite,
chalcopyrite, lesser tetrahedrite and amorphous black sulphides in disseminations and clots. Grab
and chip samples across the property have returned analyses to 93.8 g/t Au and trench samples
have returned up to 3.2 m @ 14.65 g/t Au. Silver from trace to 274 g/t Ag is associated with the
gold mineralization. There are three known gold zones on the property – the Cambridge Mine,
Price Lode and North Trends – which have an aggregate strike length of approximately 2.7
kilometres.
Silver Mountain Property
Silver Range and WLR have executed a LOI granting WLR the option to acquire 100% of the
Silver Mountain Property (“Silver Mountain”) for total consideration of $200,000, payable in
installments of $5,000 per year until 2034 with a final payment of $150,000 by August 1, 2035.
Up to half of the final payment may be made in WLR shares. In addition, WLR would be required
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to complete 1,000 metres of drilling during the term of the option. A milestone payment of $10
per ounce of gold (or the equivalent value in other commodities) will be due to Silver Range within
six months of the identification of a National Instrument 43-101 compliant measured or indicated
resource at Silver Mountain. In addition, Silver Range will retain a 2.5% NSR on the property,
which may be reduced to 1.0% by payment of $500,000 per 0.5% prior to the commencement of
production at Silver Mountain.
The Silver Mountain Property is located in Esmeralda County, approximately 57 kilometres south
of Goldfield, near the Nevada-California border. The property covers the Old Cabin and Hidden
Gulch showings, each of which was mined on a small scale. Mineralization on the property
appears to be mesothermal in character. At the Hidden Gulch showing, underground chip
sampling has returned up to 0.6 m @ 1,415 g/t Ag and 0.48% Cu from a sample across the face of
a drift in the Silver Bowl Mine, the most significant workings along the principal structure. On
surface, chip sampling returned up to 0.4 m @ 1,245 g/t Ag from a vein exposed in a pit near the
southern end of the principal structure. Mineralization occurs in a 250-metre long steeply west-
dipping normal fault within a 370 m long structural corridor hosting high-grade silver
mineralization. West of the principal fault, at least one east-dipping antithetic fault parallels the
main fault in its hanging wall. Sampling across one of these antithetic veins returned 0.65 m @
546 g/t Ag. Previously reported grab sampling along this structure returned assays up to 3,270 g/t
Ag. The Old Cabin showing, a mile to the southwest of Hidden Gulch, hosts mineralization is an
unusual sequence of numerous stacked, tabular extensional quartz veins, exposed over more than
30 m up a ridge. Grab samples from this zone have returned assays up to 394 g/t Ag.
Technical information in this news release has been approved by Mike Power, M.Sc., CPG,
President and CEO of Silver Range Resources Ltd. and a Qualified Person for the purposes of
National Instrument 43-101.
About Silver Range
Silver Range is a precious metals prospect generator working in the Southwest United States and
Northern Canada. It has assembled a portfolio of 31 properties, 11 of which are currently optioned
to others and also retains 8 royalty interests on vended projects. Silver Range is actively seeking
other joint venture partners to explore the high-grade precious metals opportunities in its portfolio.
Additional information on Silver Range’s properties may be found on the company’s website at
www.silverrangeresources.com.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
“Mike Power”
President, C.E.O. & Director
For further information concerning Silver Range or its exploration projects please contact:
Investor Inquiries
Mike Power
Tel: (604) 687-2522
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NA Toll-Free: (888) 688-2522
http://www.silverrangeresources.com
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.