VANCOUVER, Jan. 18, 2018 /CNW/ - Silver Range Resources
Ltd. (TSX-V:SNG) ("Silver Range") is pleased to provide an
update on recent work completed in Nevada.
High grade silver property acquired east of Tonopah
The Hannapah Property is 28 kilometres east of
Tonopah in Nye County and covers the Richardson Mine and
several peripheral prospects along the trend of the controlling
Hannapah Fault. The Richardson Mine is reportedly the largest
producer in the Hannapah Mining District, an area underlain by
Oligocene volcanics containing widespread vein-hosted epithermal
silver-gold mineralization. Composite grab samples collected
from dump material at the Richardson Mine confirm historical grades
with analyses up to 568 g/t Ag and 1.01 g/t
Au. Grab samples of altered rhyolite collected northeast
of the Richardson Mine returned up to 2.42 g/t Au and 301
g/t Ag. A total of 20 samples were collected of which 5
samples returned gold analyses greater than 0.5 g/t Au and 7
samples returned silver analyses greater than 50 g/t Ag.
Silver Range intends to conduct a program of soil sampling and
ground geophysics on the property to map the structural framework
in the area and identify prospective vein systems on and adjacent
to the controlling fault.
Bulk tonnage gold system identified at Strongbox
The Strongbox Property located in Tule Canyon,
Esmeralda County, hosts widespread
high-grade intrusive related or orogenic quartz veins, several of
which have been mined on a small scale. Grab samples from
these veins have returned analyses up to 27.2 g/t Au and 292 g/t
Ag (Silver Range Press Release dated December 13, 2016). During November 2017, Silver Range sampled the large
alteration envelope surrounding the veins. A 60 m chip sample taken at 5 m intervals returned 40
m @ 0.469 g/t Au including 20
m @ 0.923 g/t Au. All samples within this interval
returned analyses greater than 0.14 g/t Au. The sampling was
conducted orthogonal to the presumed strike of a fault zone roughly
coincident with Tule Canyon and which is intensely altered in the
area of the historic Dark Secret Mine.
Drill target defined at Gold Chief
The Gold Chief Property is located 9 km north of
Caliente in Lincoln County and covers the past-producing
Gold Chief Mine and a peripheral prospect. The Gold Chief Mine
reportedly produced 5224 t @ 6.18 g/t Au from 1913 to 1914
and shipped 189 T @ 1.1 OPT Au-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 Au including 4 m @ 3.86 g/t Au with best results
(1 m chip) of 4.58 g/t Au
(Silver Range Press Release dated November 7, 2016). Mineralization at
Gold Chief is carbonate-hosted and is localized along the
north-striking Stampede Detachment Fault and an orthogonal lateral
ramp fault. In October and November
2017, Silver Range completed a three-dimensional induced
polarization and electrical resistivity (3D-IP) survey on the
property designed to detect mineralization along both of these
faults. The survey covered approximately 12 line-km and
employed expanding pole-dipole arrays reading variable spaced (20 –
80 m) dipoles to the 10th
separation on orthogonal survey lines spaced 100 m apart. The data was subsequently
inverted in three dimensions.
The inversion results defined the structural architecture in the
vicinity of the Gold Chief Mine and delineated a compelling
drill target at depth near the mine workings. The
resistivity inversion clearly imaged both the Stampede Detachment
Fault and the intersection with the lateral ramp fault while the
chargeability inversion delineated a high at a depth of 80 metres
straddling the Stampede Detachment Fault. A historical drill
hole completed by Homestake Mining Company intersects the margin of
the chargeability high and bottomed in material described as
containing 2 - 6% grey sulphides. This drill intersection,
the absence of fresh sulphides near surface at the Gold Chief Mine
and the depth to the top of the chargeability high suggest the
chargeability anomaly is likely caused by disseminated sulphides
rather than clay minerals which persist to surface in the mine
workings. The geophysical surveys imaged features to a depth
of approximately 150 metres and the inversion results indicate that
the resisitivity and chargeability anomaly sources are open at
depth. Silver Range is designing a drill program to test the
prospective targets identified by the geophysical surveys.
A short video presentation describing the result to date at the
Gold Chief Property is available here and the company website.
Samples collected at Hannapah and Strongbox were secured and
shipped to ALS Minerals facilities in Reno, NV for sample preparation and to
North Vancouver, BC for assays and
geochemical analyses. Rock samples were analyzed by
Ultra-Trace Aqua Regia ICP-MS (ALS code ME-MS41) and fire assayed
for gold (30 g sample) (ALS code Au-AA25). 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.
