VANCOUVER, March 6, 2018 /CNW/ - Silver Range Resources
Ltd. (TSX-V:SNG) ("Silver Range") is pleased to announce that
it has significantly expanded the size of the South Kitikmeot Gold
Project ("Project") in western Nunavut and has optioned the Project to Amaroq
Gold Corp. ("Amaroq")
On February 1, 2018, Silver Range
was awarded Prospecting Permits covering 47,460 hectares in the
area of its Bling, Gold Bugs and Esker Lake Properties. The
South Kitikmeot Gold Project now covers 72,810 hectares including
both claims and permits. The new permits cover favourable
host rocks near Project claims with known high-grade iron formation
gold occurrences and drill intersections.
On March 5, 2018, Amaroq signed a
Letter of Intent with Silver Range to purchase a 100% interest in
all claims and permits comprising the South Kitikmeot Gold Project
for consideration in cash and shares, staged over 5 years. Cash
consideration totals $1,725,000 while
share consideration includes 5% of Amaroq's shares at the time of
initial public offering and 1,000,000 shares issued in tranches
over the next four years. Silver Range will retain a 3% net smelter
return, up to 2% of which could be purchased for $4,000,000. Silver Range will be the operator for
exploration work during the first season, and beyond at Amaroq's
discretion, and will be paid a management fee equal to 5% of
exploration expenditures.
Silver Range and Amaroq are planning a summer field program
involving systematic gold-in-till sampling, magnetic and
electromagnetic field surveys, to locate targets on hitherto
unexplored ground and to expand existing drill targets.
The South Kitikmeot Gold Project covers known gold occurrences
along a 200 km long package of metasedimentary rocks which host the
Lupin Mine (3.4 M oz gold (production
to date)) and the Back River Project (5.3
M oz gold (Measured and Indicated Resources)) currently
being advanced to production by Sabina
Gold & Silver Ltd. (TSX:SBB). The South Kitikmeot
Gold Project includes the following prospects:
- Esker Lake: Iron-formation hosted gold in three settings
at Brandon Hill, Sheit Lake and Wasp
Lake. Surface grab samples have assayed up to 61 g/t Au and
drill intersections up to 3.0 m @
11.7 g/t Au.
- Gold Bugs: Three high gold showings with surface grab
samples returning up to 33.2 g/t Au embedded within a 7 km
long section of thick folded iron formation.
- Qannituq: Covers prospective Beechey Lake
metasediments, adjoining Sabina's Back River Project main claim
block and 3.4 km along strike with its Llama Deposit.
Reconnaissance prospecting during 2017 located auriferous iron
formation hosted quartz veining on the Qannituq claims; a
significant finding given 98% of the property is till-covered.
- Uist: Regional scale folded iron formation hosting three
high grade gold zones returning grab samples assaying up to
156.28 g/t Au. Drill targets have been defined by total
magnetic field and horizontal loop electromagnetic field surveys at
the Billie and Holiday Showings.
- Ujaraq: Covers iron formation immediately east of the
Finn Property and the Lupin Mine leases. Boulder sampling has
returned up to 28.11 g/t Au and the best of 9 holes
intersecting iron formation returned 6.27
m @ 2.13 g/t Au.
- Hiqiniq: Covers iron formation immediately west of the
Lupin Mine leases. Surface samples have been collected assaying up
to 11.16 g/t Au.
- Bling: Arsenopyrite-rich iron formation, associated
with a 700 m long EM conductor along
a volcanic-sediment contact, returned grab sample assays up to
47.1 g/t Au and trench sampling results of 2.0 m @ 16 g/t Au.
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.
Silver Range is a precious metals prospect generator working in
Nunavut, Nevada and the Northwest Territories. The company has
assembled a portfolio of 39 properties, 12 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.
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.
