VANCOUVER, BC / ACCESSWIRE / November 4, 2019 / Silver Range Resources Ltd. (TSXV:SNG) ("Silver Range") announces that an option granted to Benz Mining Corp ("Benz") in March of 2017 to acquire a 100% interest in the Mel property was terminated effective October 28, 2019. The option was terminated after Benz failed to make certain staged option payments.
The Mel property is an advanced stage Sedex style zinc-lead project favorably located in southern Yukon 80 km east of the community of Watson Lake and 440 km north along the Alaska Highway from the railhead at Ft. Nelson, BC. The property and hosts four known mineralized zones, the most advanced of which, the Mel Main Zone, hosts an inferred resource of 5.38 million tonnes grading 6.45% zinc, 1.85% lead and 44.79% barite (BaSO4), at a cut-off grade of 5.0% zinc-equivalent.
Drilling and trenching by Benz in 2017 successfully expanded known mineralization at the Mel Main Zone and demonstrated the favorable horizon remains open in all directions. Drilling at the southern end of the deposit intersected 1.34 m grading 14.15% zinc and 4.17% lead in hole MEL-17-51, while trenching to the north encountered 5.9 m grading 9.53% zinc, 0.95% lead and 57.52% barite in trench MTR-17-001 (50 m from current resource). Infill drilling confirmed the character of known mineralization with hole MEL-17-058 returning 8.45% zinc, 0.26% lead and 65.99% barite over 22.49 m. The Mel property is permitted for drilling and available for option.
Silver Range also reports that 389,483 shares at a price of $0.0909/share were issued to Michael Power, the Silver Range President as partial payment for geological consulting services provided to the company for the period April 1 through September 30, 2019.
Technical information in this news release has been approved by Matthew R. Dumala, P.Eng., a geological engineer with Archer Cathro & Associates (1981) Limited and a qualified person for the purpose of National Instrument 43-101.
About Silver Range Resources Ltd.
Silver Range is a high grade focused precious metals prospect generator working in Nevada and Northern Canada. It has assembled a portfolio of 42 properties, 12 of which are currently optioned to others. Silver Range is actively evaluating new prospects while seeking joint venture partners to explore the high precious metal targets in its portfolio.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
"Ian J. Talbot"
Chief Operating 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
[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.
SOURCE: Silver Range Resources Ltd.