Silver Range Resources Ltd. Expands & Options GOLD Point Project
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. EXPANDS & OPTIONS GOLD POINT PROJECT
Vancouver, B.C. , July 29, 2020 - Silver Range Resources Ltd. (TSX-V: SNG) (“Silver
Range”) announces that it has consolidated the historic Gold Point district in southwestern
Nevada and optioned the project to GGL Resources Corp.
The Gold Point District
Gold Point is a high -grade gold and silver mining district, about 26 miles south of Goldfield and
43 miles northwest of Beatty. The district was discovered in 1868 and became known as
Hornsilver following the discovery of bonanza grade chlorargyrite in 1908. As mining
progressed to depth, gold predominated and the district was renamed Gold Point in the 1930’ s.
Underground mining of higher -grade portions of the veins in the district occurred intermittently
between 1882 and 1962 . The last operation ceased with the closure of their mill at Silver Peak.
Total historic production to date in the district has been estimated at approximately 74,000 oz
gold equivalent, silver being included in earlier production records.
Gold occurs in mesothermal orogenic or intrusion related quartz -limonite-hematite veins. The
veins occur in a west -northwest striking structura l corridor extending at least 4 km from Mount
Dunfee to west of the town of Gold Point. The veins are subparallel to the structural trend, dip
moderately to steeply northeast and generally rake east in the plane of the controlling structures.
The most s ignificant mining occurred on the Great Western, Welcome Stranger ( Townsite) and
Orleans veins. These were high grading operations, mining material averaging about 29 g/t Au
at a 10 g/t Au cutoff. The higher -grade portions of the veins ranged in width fr om around 1.5 m
to 7 m with stopes up to 13 m on the Great Western and Orleans veins. Stope maps indicate
abundant lower grade mineralization was left behind in the ribs and backs . The gold
mineralization persists to depth with material averaging 10.7 g/t Au collected in 35 samples from
the 900’ through 1020’ levels of the Orleans veins following mining. There has been no
significant modern exploration or drilling in the core of the Gold Point district si nce mining
ceased due to fragmented mineral tenure.
Consolidation
Silver Range has forged an alliance with Nevada Rand LLC (“Nevada Rand”) to consolidate the
major past producing mines and prospects in the Gold Point district. Nevada Rand is a family -
owned, underground mining contracting firm, well experienced in narrow vein high grading
operations. Since the 1990’s, they have acquired historic data and consolidated claim holdings
covering the Great Western and Orleans veins and most of the Townsite V ein. Silver Range’s
East Gold Point project is southeast of Nevada Rand’s claims and covers the eastern extension of
the structural corridor hosting the gold bearing veins at Gold Point. The Lucky Boy shaft on the
East Gold Point project was sunk where float containing visible gold was found and the
Hornsilver America shaft at the southeastern end of the East Gold Point property hosts gold
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bearing veins which returned up to 13.8 g/t Au in recent sampling. Silver Range and Nevada
Rand staked and jointly own buffer claims between their respective land positions. They have
been aggressively marketing the Gold Point project, seeking an opportunity to apply modern
exploration technology to finding new resources in this historic high-grade gold district.
More information on the Gold Point Project including a short video presentation can be found on
Silver Range’s website at www.silverrangeresources.com.
Gold Point Property option
The Gold Point Project has been optioned to GGL Resources Corp. (TSX.V – GGL) (“GGL”). GGL
has entered into three option agreements in respect of contiguous parcels of federal lode mining
claims near Gold Point in Esmeralda County, Nevada (hereinafter called the “Project Area”).
The first option agreement is with Silver Range in respect of the EGP property, consisting of 39
federal lode mining claims, and provides that GGL has the right to earn a 75% interest therein by
making cash payments tot aling CAD$180,000 and incurring aggregate expenditures on, in or
under the Project Area of an aggregate of CAD$1,500,000 on or before July 31, 2023. Upon
making these payments and incurring these expenditures, GGL will have earned a 75% interest
in and to the EGP property and will enter into a 75% / 25% joint venture with Silver Range for
the further exploration and development of the property. Upon exercising the option, Silver
Range will be entitled to receive a one -time cash payment of US$4.00 per ounc e based on the
number of ounces of gold identified in the earlier of a measured or indicated mineral resource, or
a proven or a probable mineral reserve, as contained in a NI 43 -101 compliant technical repor t
applicable to the EGP property.
The second option agreement is with Nevada Rand and entitles GGL to acquire a 100% interest
in the LBD property, consisting of 10 federal lode mining claims, by making cash payments
totaling US$1,000,000 and incurring expenditures on, in or under the Project Area of not less
than US$850,000 on or before July 31, 2025. This option agreement also provides that Nevada
Rand shall retain a 2% net smelter return royalty related to mineral products from commercial
production from the LBD property. GGL has the right to purchas e one-half of the royalty for
US$1,000,000.
The third option agreement is with Silver Range Resources Ltd. and Nevada Rand (collectively
the “Optionors”), pursuant to which GGL has been granted the right to acquire a 100% interest in
and to the TOM property, consisting of 14 federal lode mining claims, by incurring expenditures
on, in or under the Project Area of not less than US$1,500,000 on or before July 31, 2023. Upon
exercising the option, each of the Optionors will be entitled to receive a one -time cash payment
of US$1.00 per ounce based on the number of ounces of gold identified in the earlier of a
measured or indicated mineral resource, or a proven or a probable mineral reserve, as contained
in a NI 43 -101 compliant technical report applicable to the TOM property. The option
agreement also provides that each of the Optionors shall retain a 1% smelter return royalty
related to mineral products from commercial production from the TOM property. GGL has the
right to purchase one -half of each of the royalties for a payment of US$1.00 for each ounce of
gold contained in any measured or indicated resource, or any proven or probable reserve.
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. Information concerning his torical exploration, development and
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mining at Gold Point is based on Nevada Bureau of Mines and Geology archive material and on
historic information provided by Nevada Rand LLC.
About Silver Range Resources Ltd.
Silver Range is a precious metals prospect generator working in Nevada and Northern Canada .
It has assembled a portfolio of 45 properties, 9 of which are currently under option to others .
Silver Range is actively seeking other joint venture partners to explore the high precious metal
targets in its portfolio.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
“Michael A. Power”
President and Chief Executive Officer
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.