VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / November 15, 2018 / Silver Range Resources Ltd. (TSX-V:SNG) ("Silver Range") has optioned its Gold Chief Property to Crocan Capital Corp. ("Crocan").
The Gold Chief Property is located 9 kilometres north of Caliente in Lincoln County, Nevada, and covers the past-producing Gold Chief Mine and a peripheral prospect. The Gold Chief Mine reportedly produced 5224 t @ 6.18 g/t gold from 1913 to 1914 and shipped 189 T @ 1.1 OPT gold-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 gold including 4 m @ 3.86 g/t gold with best results (1 m chip) of 4.58 g/t gold.
Mineralization at Gold Chief is carbonate-hosted and is localized along the intersection of the north-striking Stampede Detachment Fault and an orthogonal lateral ramp fault. In 2017, Silver Range completed a three-dimensional induced polarization and electrical resistivity (3D-IP) survey on the property which defined two drill targets. The resistivity inversion clearly imaged the structural intersection hosting the Gold Chief Mine mineralization while the chargeability inversion delineated a high at a depth of 80 metres straddling the Stampede Detachment Fault, north of the mined mineralization. The edge of this latter target was intersected in a historical drill hole completed by Homestake Mining Company which bottomed in material described as containing 2 - 6% grey sulphides. Both targets are open down-dip.
The terms of the option entitle Crocan to acquire a 100% interest in the Gold Chief Property for aggregate cash payments of $160,000 and aggregate issuances of 650,000 Crocan shares by November 2, 2021. Silver Range shall retain a 2% net smelter return, half of which may be purchased for $1,000,000. In addition, Silver Range shall be entitled to receive a one-time cash payment $2.00 for each ounce of gold or gold-equivalent identified as a measured or indicated resource compliant with National Instrument 43-101 and to receive a one-time cash payment $2.00 for each ounce of gold or gold-equivalent identified as a proven or probable reserve compliant with National Instrument 43-101.
Technical information in this news release has been approved by Mike Power, M.Sc., P.Geo., President and CEO of Silver Range and a Qualified Person for the purposes of National Instrument 43-101. Historical data cited in this release is contained in Nevada Bureau of Mines and Geology publications and files and has not been independently verified by Silver Range.
Silver Range is a precious metals prospect generator working in Nevada, Nunavut and the Northwest Territories. Silver Range has a portfolio of 18 active projects in Nevada. In total, the company has assembled a portfolio of 42 properties, 14 of which are currently optioned and being explored by partners. Silver Range is actively seeking joint venture partners to explore the high grade precious metal targets in its portfolio.
Additional information on Silver Range's properties may be found on the company's website at www.silverrangeresources.com.
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
[email protected]
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.
SOURCE: Silver Range Resources Ltd.