Silver Range Resources Ltd. Completes Option Agreement with GGL Resources Corp. Regarding 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 RESOURCES LTD. COMPLETES OPTION AGREEMENT WITH
GGL RESOURCES CORP. REGARDING DISTRICT SCALE GREENSTONE BELT IN
NWT
September 11, 2017 – Silver Range Resources Ltd. (TSX-V:SNG) (“S ilver Range ”)
announces that it has received acceptance from the TSX Venture Exchange for its option
agreement with GGL Resources Corp. regarding the Pr ovidence Greenstone Belt (PGB) Project
in the Northwest Territories, as originally announced on August 2, 2017.
The PGB Project is centred approximately 250 kilometres no rtheast of Yellowknife NWT and
consists of 40 mineral claims and leases covering 30,657 hectares. The project contains
numerous gold and base metal showings covering approximately 90% of the known showings
along the 140 -kilometre-long greenstone belt. Si lver Range has mobilized surveyors and a
geological mapping team to the project to complete claim conversions and conduct detailed
mapping and additional sampling at several of the more advanced gold showings on the project.
Pursuant to the 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 has the optional right to explore GGL’s PGB Project for all metals and minerals, except
diamonds, for consideration consisting of:
a cash payment of $33,200;
the issuance of 1,000,000 Silver Range common shares to GGL;
the 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 include claims staked by either party within a defined area of interest in
the option agreement, subject to the acceptance of the other party.
a commitment to make annual mining lease payments for all portions of the PGB Project
it maintains under option in subsequent years; and
a one million dollar 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 calculate d in a manner
consistent with National Instrument 43-101, Silver Range will be granted ownership of the
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mineral claims and 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 purchased by Silver Range for one million dollars.
GGL will retain exploration and develop ment rights for diamonds on any mineral claims and
mining leases transferred to Silver Range.
The cash payment and share issuance disclosed above have each been made. All of the
1,000,000 Silver Range common shares issued to GGL are subject to a hold per iod expiring
January 9, 2018.
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
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.