Silver Range acquires high grade silver past producer and defines drill targets in Nevada
Silver Range acquires high grade silver past producer and
defines drill targets in Nevada
VANCOUVER
,
Jan. 18, 2018
/CNW/ -
Silver Range Resources Ltd.
(TSX-V:SNG) ("Silver Range") is pleased to provide an update on
recent work completed in
Nevada
.
High grade silver property acquired east of
Tonopah
The Hannapah Property
is 28 kilometres east of
Tonopah
in
Nye County
and covers the Richardson Mine and several peripheral prospects
along the trend of the controlling Hannapah Fault. The Richardson Mine is reportedly the largest producer in the Hannapah Mining District, an
area underlain by Oligocene volcanics containing widespread vein-hosted epithermal silver-gold mineralization. Composite grab samples collected
from dump material at the Richardson Mine confirm historical grades with analyses up to
568 g/t Ag
and
1.01 g/t Au
. Grab samples of altered
rhyolite collected northeast of the Richardson Mine returned up to
2.42 g/t Au
and
301 g/t Ag
. A total of 20 samples were collected of which 5
samples returned gold analyses greater than 0.5 g/t Au and 7 samples returned silver analyses greater than 50 g/t Ag. Silver Range intends to
conduct a program of soil sampling and ground geophysics on the property to map the structural framework in the area and identify prospective
vein systems on and adjacent to the controlling fault.
Bulk tonnage gold system identified at Strongbox
The Strongbox Property
located in Tule Canyon,
Esmeralda County
, hosts widespread high-grade intrusive related or orogenic quartz veins,
several of which have been mined on a small scale. Grab samples from these veins have returned analyses up to
27.2 g/t Au and 292 g/t Ag
(
Silver Range Press Release dated
December 13, 2016
). During
November 2017
, Silver Range sampled the large alteration envelope
surrounding the veins. A
60 m
chip sample taken at
5 m
intervals returned
40 m
@ 0.469 g/t Au including
20 m
@ 0.923 g/t Au
. All samples
within this interval returned analyses greater than 0.14 g/t Au. The sampling was conducted orthogonal to the presumed strike of a fault zone
roughly coincident with Tule Canyon and which is intensely altered in the area of the historic Dark Secret Mine.
Drill target defined at Gold Chief
The Gold Chief Property
is located 9 km north of
Caliente
in
Lincoln County
and covers the past-producing Gold Chief Mine and a peripheral
prospect. The Gold Chief Mine reportedly produced
5224 t @ 6.18 g/t Au
from 1913 to 1914 and shipped 189 T @ 1.1 OPT Au-equivalent
during high-grading operations in the late 1930's. In 2016, Silver Range sampled the back of a collapsed stope which returned
14 m
@ 1.93 g/t
Au including
4 m
@ 3.86 g/t Au
with best results (
1 m
chip) of
4.58 g/t Au
(
Silver Range Press Release dated
November 7, 2016
).
Mineralization at Gold Chief is carbonate-hosted and is localized along the north-striking Stampede Detachment Fault and an orthogonal lateral
ramp fault. In October and
November 2017
, Silver Range completed a three-dimensional induced polarization and electrical resistivity (3D-IP)
survey on the property designed to detect mineralization along both of these faults. The survey covered approximately 12 line-km and employed
expanding pole-dipole arrays reading variable spaced (20 –
80 m
) dipoles to the 10
th
separation on orthogonal survey lines spaced
100 m
apart.
The data was subsequently inverted in three dimensions.
The inversion results defined the structural architecture in the vicinity of the Gold Chief Mine and
delineated a compelling drill target at depth
near the mine workings
. The resistivity inversion clearly imaged both the Stampede Detachment Fault and the intersection with the lateral ramp
fault while the chargeability inversion delineated a high at a depth of 80 metres straddling the Stampede Detachment Fault. A historical drill hole
completed by Homestake Mining Company intersects the margin of the chargeability high and bottomed in material described as containing 2 - 6%
grey sulphides. This drill intersection, the absence of fresh sulphides near surface at the Gold Chief Mine and the depth to the top of the
chargeability high suggest the chargeability anomaly is likely caused by disseminated sulphides rather than clay minerals which persist to surface in
the mine workings. The geophysical surveys imaged features to a depth of approximately 150 metres and the inversion results indicate that the
resisitivity and chargeability anomaly sources are open at depth. Silver Range is designing a drill program to test the prospective targets identified
by the geophysical surveys.
A short video presentation describing the result to date at the Gold Chief Property is available
here
and the company website.
Samples collected at Hannapah and Strongbox were secured and shipped to ALS Minerals facilities in
Reno, NV
for sample preparation and to
North Vancouver, BC
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). 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 a precious metals prospect generator working in
Nevada
,
Nunavut
and the Northwest Territories. The company is actively seeking
joint venture partners to explore the assets in its portfolio.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
"Mike Power"
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.
SOURCE
Silver Range Resources Ltd.
View original content: http://www.newswire.ca/en/releases/archive/January2018/15/c5720.html
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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, [email protected],
www.silverrangeresources.com
CO: Silver Range Resources Ltd.
CNW 08:00e 18-JAN-18