Silver Range Acquires District Scale Greenstone Belt IN Nwt
Suite 1016 – 510 West Hastings Street
Vancouver, B.C. V6B 1L8
Tel: 604-687-2522
www.silverrangeresources.com
TSX-V: SNG
SILVER RANGE ACQUIRES DISTRICT SCALE GREENSTONE BELT IN NWT
August 2, 2017 – Silver Range Resources Ltd. (TSX-V:SNG) (“Silver Range”) has signed a
Letter of Intent with GGL Resources Corp. to option the Providence Greenstone Belt (PGB)
Project in the Northwest Territories.
“Acquisition of the gold and base metal prospects within the PGB Project is a milestone step for
Silver Range as it strives to become one of the major explorers in NWT and Nunavut,” states
Mike Power, President & CEO of Silver Range. “The PGB Project is a n excellent complement
to Silver Range’s very prospective gold projects in the Ennadai -Rankin Greenstone Belt of
Nunavut.”
Providence Greenstone Belt Project
The Providence Greenstone Belt is centred 250 km northeast of Yellowknife and 80 km west of
the Ekati Mine in the central Northwest Territories. It is a 140 km long by 10 to 30 km wide belt
of ultramafic and mafic volcanic rocks capped by turbidites, metamorphosed to between
greenschist and lower amphibolite facies. The greenstone b elt is underexplored relative to other
known greenstone belts throughout the world , having only been fully mapped in the late 1970s.
Preliminary exploration has identified numerous gold and base metal occurrences along the full
length of the belt . To date, three drill-ready gold targets ( ATA 1006, 1004, 1518) have been
identified, each with historical surface assays in excess of 10 g/t gold . Much of the belt has yet
to be thoroughly prospected and Silver Range believes that the Providence Greenstone Belt has
the potential to host a significant gold deposit. In addition to the gold endowment, the belt hosts
unexplored volcanogenic massive sulphide and magmatic nickel occurrences.
The PGB Project covers 30,657 hectares in 11 claims and 29 leases encompassing approximately
40% of the greenstone belt and 90% of the known showings along it. Since 2005, GGL
Resources conducted over $7M of initial exploration consisting of belt -scale airborne total
magnetic field and EM surveys; regional prospecting and sampling; and diamond drilling at one
nickel occurrence. This database has laid the groundwork for future exploration , to be focused
on a number of prospective gold and base metal targets. To support this work, GGL has
permitted and constructed a 20 -man exploration camp in the centre of the belt and acquired drill
permits.
Terms of acquisition
Under the terms of this option agreement, GGL retains ownership of the PGB Project and the
exploration camp on it. GGL also retains the right to explore for diamonds on the PGB Project.
Silver Range will have the optional right to explore GGL’s PGB project for all metals and
minerals, except diamonds, in return for:
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a cash payment of $33,200 due on signing of a binding letter of intent;
issuance of 1,000,000 Silver Range common shares to GGL upon receipt of TSX Venture
Exchange acceptance;
surveying of certain mineral claims so that they can be converted to mining leases;
a commitment to make mining lease payments for the entire PGB project for at least 12
months;
a commitment to make annual mining lease payments for all portions of the PGB project
it maintains under option in subsequent years; and
a $1.0 million milestone payment upon completion of a positive Preliminary Economic
Assessment relating to a deposit(s) located within the PGB project.
If Silver Range discovers a deposit(s) with mineral resources that are calculated in a manner
consistent with NI 43 -101, Silver Range wi ll be granted ownership of claims or mining leases
surrounding those deposit(s) in return for a 1% net smelter return royalty payable to GGL on
metal or mineral production, excluding diamonds, from those deposit(s). One -half of the royalty
can be purchase d by Silver Range for $1.0 million. GGL will retain exploration and
development rights for diamonds on any claims or mining leases transferred to Silver Range.
Silver Range is a precious metals prospect generator working in the Northwest Territories,
Nunavut and Nevada. The company is actively seeking joint venture partners to explore the
assets in its portfolio.
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.
“Mike Power”
President, C.E.O. & Director
For further information concerning Silver Range or its exploration projects please contact:
Investor Inquiries
Richard Drechsler
Vice-President, Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
http://www.silverrangeresources.com
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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.