Silver Range stakes and options the Yuge Property in Nevada
Silver Range stakes and options the Yuge Property in Nevada
TSX-V: SNG
VANCOUVER
,
Feb. 28, 2018
/CNW/ -
Silver Range Resources Ltd.
(TSX-V:SNG) ("Silver Range") announces that it has optioned the
Yuge property, a high grade gold prospect in northern
Nevada
to Trifecta Gold Ltd. ("Trifecta").
Gold on the Yuge property occurs with arsenopyrite in mesothermal quartz veins and adjacent wall rock. These occur in sub-parallel shear zones
up to
60 m
wide and over
1,200 m
long. Selected surface grab samples collected on the property by the Nevada Bureau of Mines and Geology
returned assays up to
15 g/t Au
and similar samples collected by Homestake Mining Company assayed up to
53.0 g/t Au
. Highest gold grades
were reported from near-surface oxidized vein material where documented run-of-mine sorted ore assayed greater than
34 g/t Au
and reported
sampling of a crown pillar returned
2.4 m
@ 16.8 g/t Au
including
0.6 m
@ 50.7 g/t Au.
Sulphide mineralization occurs at depths greater than
30 m
with arsenopyrite-rich material reportedly assaying greater than
17.4 g/t Au
. A reported true-width drill intersection in this material at
49 m
depth returned
3.3 m
@ 9.70 g/t Au
. Historical drilling intersected gold mineralization or open stopes in all holes reported but only to a maximum
depth of 100 metres. Silver Range believes there is considerable potential to discover similar mineralization at depth given the mesothermal
character of the veins and shears and the considerable depth extent of gold mineralization in deposits of this class.
The Yuge property is located in
Humboldt County
, approximately 55 kilometres south of
Denio
in the Varyville Mining District. The property
covers the Columbia and
Juanita Mines
which produced on a small scale between 1870 and 1937. Most recent reported production was 2,350
tons in 1936-37 from the Columbia Mine.
Under the terms of a
February 27, 2018
letter of intent, Trifecta can earn an initial 51% interest in the Yuge property by:
Reimbursing staking and recording costs of approximately
$7,100
(all values in U.S. dollars);
Completing a
$1,000,000
work program on or before
February 28, 2021
;
Paying Silver Range
$250,000
in cash and / or shares at Trifecta's election on or before
February 28, 2021
;
Granting Silver Range a 1% net smelter return ("NSR"); and
Granting Silver Range a success fee of
$1
per ounce, payable upon completion of a Preliminary Feasibility Study based on measured and
indicated resources greater than 500,000 ounces.
Silver Range will act as the operator for the first phase of exploration and thereafter at Trifecta's election in return for a 10% management fee.
Trifecta can earn an additional 24% interest in the Yuge Property by:
Completing an additional
$2,000,000
work program on or before
February 28, 2023
;
Paying Silver Range
$500,000
in cash and / or shares at Trifecta's election on or before
February 28, 2023
;and
Granting Silver Range an additional 1% NSR which can be purchased by Trifecta for
$1,000,000
at any time prior to production.
Once fully vested, Trifecta and Silver Range would enter into a joint venture agreement to continue exploration of the property. Should either
party's interest be diluted to below 10%, it would be converted into a 1% NSR, half of which could be purchased for
$1,000,000
.
Silver Range recently obtained access to a large proprietary database of exploration data collected by major and junior mining companies
operating in
Nevada
and
Utah
from the 1970's through the early 2000's. The Yuge property is the first project generated from mining this data.
Historical data cited in this press release is based on reports by Homestake Mining Company, Westamerica Enterprises. and Extension Energy
Inc. This data has not been independently verified by Silver Range but has been checked for internal consistency and against Nevada Bureau of
Mines and U.S. Bureau of Mines public domain data. 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/February2018/28/c4515.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 08:21e 28-FEB-18