/NOT FOR DISSEMINATION OR DISTRIBUTION IN
THE UNITED STATES AND NOT FOR
DISTRIBUTION TO UNITED STATES
NEWSWIRE SERVICES/
VANCOUVER, April 19, 2018 /CNW/ - Silver Range
Resources Ltd. (TSX-V: SNG) ("Silver Range") announces the
closing of the private placement announced March 14, 2018. The private placement
consisted of the issuance of 4,615,333 units at a price of
$0.15 per unit, for gross proceeds of
$692,300. Each unit consisted
of one common share and one share purchase warrant, with each
warrant entitling the holder to purchase one additional common
share at a price of $0.25 until
April 17, 2020. In the event
the closing price of Silver Range's shares is $0.35 or greater for a period of ten consecutive
trading days subsequent to the expiry of the statutory hold period,
Silver Range will have the right to provide all warrant holders
with notice that the expiry date for the warrants has been
shortened to thirty calendar days from the issuance of notice.
All of the securities issued as part of this private placement
will be subject to a hold period in Canada expiring on August 18, 2018. Silver Range paid a cash
finder's fee of $900 to Canaccord
Genuity Corp. in connection with the closing of this private
placement.
Operations update
Silver Range has commenced spring exploration work in
Nevada. A crew has mobilized to begin work on generative
projects until late May. A second crew will be mobilized
shortly to begin exploration work on the Yuge Property with partner
Trifecta Gold Ltd. (TSX-V: TG).
The Yuge 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. Gold on the Yuge property
occurs with arsenopyrite in mesothermal quartz veins and adjacent
wall rock 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 reported assays
up to 15 g/t Au and similar samples collected by Homestake
Mining Company reported assays 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
ore 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.
In Nunavut, Silver Range
intends to conduct prospecting, geological mapping, sampling and
geochemical surveys at its wholly-owned Tree River project during
the summer months. Tree River is located 155 km southeast of
Kugluktuk near the Arctic
Ocean. The property is underlain by mid- to late-Archean
gold-bearing conglomerate similar in stratigraphic setting,
lithology and style of mineralization to recently discovered gold
mineralization in the Pilbara region of Australia by Novo Resources Ltd.
Historic sampling by BHP Billiton and Strongbow Exploration Inc.
delineated a 30 metre thick quartz pebble conglomerate over a
strike length of at least 4.8 kilometres carrying background gold
concentrations of approximately 100 ppb Au and numerous occurrences
of gold returning grab samples assays greater than 1 g/t Au with
best results up to 142 g/t Au. Channel sample results
at the best showing returned up to 0.35
m @ 63.15 g/t Au. In addition to the work
planned for Tree River, Silver Range intends to conduct a regional
prospecting program to locate similar style mineralization
elsewhere in the Anialik Greenstone Belt.
Providence Greenstone Belt Property option terminated
Silver Range has terminated the option to explore the PGB
Property (Silver Range press release dated September 11, 2017) after receiving the results
of a 2017 sampling program.
Historical data concerning the Yuge Property 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. Historical data
concerning the Tree River Property cited in this news release were
extracted from assessment reports filed with the Nunavut Mining
Recorder and cannot be independently verified by Silver
Range.
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.
About Silver Range Resources Ltd.
Silver Range is a precious metals prospect generator working in
Nevada and Northern Canada.
It has assembled a portfolio of 38 properties, 12 of which are
currently optioned to 4 partners. Silver Range is actively
seeking other joint venture partners to explore the high precious
metal targets in its portfolio.
The securities referred to in this news release have not
been, nor will they be, registered under the United States
Securities Act of 1933, as amended (the "U.S. Securities Act") or
any state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available. This news release does not
constitute an offer of securities for sale, nor a solicitation for
offers to buy any securities. Any public offering of
securities in the United States
must be made by means of a prospectus containing detailed
information about the company and management, as well as financial
statements.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
"Michael A. Power"
President and Chief Executive Officer
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.
