VANCOUVER, Aug. 13, 2018 /CNW/ - Silver Range Resources
Ltd. (TSX-V:SNG) ("Silver Range") has finalized a letter of
intent (the "LOI") under which it has sold its Cabin Lake property
in the Northwest Territories to
Rover Metals Corp. (TSX-V:ROVR) ("Rover").
The Cabin Lake property is located 110 kilometres northwest of
Yellowknife and 38 kilometres
north of Behchoko in the Tlicho Traditional Territory, central
Northwest Territories. The property hosts high-grade gold in
iron formation within Archean metasedimentary rocks. Historic
work by Cominco Ltd., Freeport McMoRan Gold Company, and Aber
Resources Ltd. centred on a steeply east-plunging package of folded
sulphidized iron formation containing pyrite, pyrrhotite,
chalcopyrite and arsenopyrite. Three historic resources are
reported on the property in the NWT Minerals Database (NORMIN
085OSW0001). On the south limb of the fold, Aber Resources
Ltd. reported a resource of 100,000 tons at 0.3 ounces per ton gold
in their annual report while on the north limb of the fold, Energy
Mines and Resource Canada Mineral Bulletin MR223 records a mineral
inventory of 43,900 tonnes at 4.39 grams per tonne gold in the
Bugow Zone and 18,100 tonnes grading 7.89 grams per tonne gold in
the Andrew North Zone. The reader is cautioned that these
resources are historic in nature, do not comply with National
Instrument 43-101 and have not been verified by Silver
Range.
The LOI was originally signed on November
7, 2017 and amended on August
9, 2018. Under the terms of the LOI as amended, Silver
Range has received cash payments totaling $40,000 and has retained a 2% net smelter return
royalty interest ("the Royalty"). Rover may purchase up to
1.5% of the 2% Royalty for between $750,000 and $1,500,000, based on the contained ounces in any
future resource identified on the property. The Agreement
also requires Rover to make annual advance royalty payments of
$20,000 up to a maximum of
$220,000. Such payment will
commence in 2020. The Royalty applies to all production from
the claim comprising the property and any subsequently acquired
mineral rights within 5 kilometres of the claim boundaries.
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.
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.
