Silver Range Options Cabin Lake to Rover Metals
Silver Range Options Cabin Lake to Rover Metals
TSX-V: SNG
VANCOUVER
,
Nov. 14, 2017
/CNW/ -
Silver Range Resources Ltd.
(TSX-V:SNG) ("Silver Range") has signed a binding Letter of Intent
to option its Cabin Lake property in the
Northwest Territories
to Rover Metals Corp. ("Rover") .
The Cabin Lake property is located 110 kilometres northwest of
Yellowknife
and 38 kilometres north of Behchoko in the Tlicho Traditional
Territory, central Northwest Territories. The property hosts high-grade gold in iron formation within Archean metasedimentary rocks. Historic
work by Cominco Ltd., Freeport McMoRan Gold Company, and Aber Resources Ltd. centred on a steeply east-plunging package of folded
sulphidized iron formation containing pyrite, pyrrhotite, chalcopyrite and arsenopyrite. Three historic resources are reported on the property in the
NWT Minerals Database (NORMIN 085OSW0001). On the south limb of the fold, Aber Resources Ltd. reported a resource of 100,000 tons
at 0.3 ounces per ton gold in their annual report while on the north limb of the fold, Energy Mines and Resource Canada Mineral Bulletin MR223
records a mineral inventory of 43,900 tonnes at 4.39 grams per tonne gold in the Bugow Zone and 18,100 tonnes grading 7.89 grams per tonne
gold in the Andrew North Zone. The reader is cautioned that these resources are historic in nature, do not comply with National Instrument 43-
101 and have not been verified by Silver Range. Sampling of the Bugow and
Andrew North
showings by Silver Range in 2016 returned check
samples assaying up to
13.2 g/t Au
with 5 of 15 samples collected returning assays greater than
5 g/t Au
. Past exploration concentrated on the
fold limbs and the inferred fold nose remains a highly prospective untested target based on data available in the public domain.
The terms of the option grant Rover the right to acquire 100% of the Cabin Lake property for total consideration, including a staged initial payment
and advance royalty payments, of
$260,000
payable in cash and shares. Silver Range will retain a 2% net smelter return on precious metal
production. The NSR may be bought down to 0.5% for
$250,000
per 0.5% if the resources defined are less than 1,000,000 ounces Au at the
date of the NSR purchase or
$500,000
per 0.5%, if the resources defined are greater than 1,000,000 ounces Au at the date of the NSR
purchase.
Work on this project was managed by Aurora Geosciences Ltd. of
Yellowknife, NT
under the supervision of
Gary Vivian
, P.Geol. Samples
were secured and shipped under chain of custody to ALS Minerals facilities in
Yellowknife NT
for sample preparation and to
North Vancouver
for assays and geochemical analyses. Samples were analyzed by Ultra-Trace Aqua Regia ICP-MS (ALS code ME-MS41) and fire assayed for
gold (25 g sample) (ALS code Au-AA25). 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
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/November2017/14/c2131.html
%SEDAR: 00032028E
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],
http://www.silverrangeresources.com
CO: Silver Range Resources Ltd.
CNW 07:30e 14-NOV-17