VANCOUVER, Sept. 6, 2018 /CNW/ - Silver Range Resources
Ltd. (TSX-V:SNG) ("Silver Range" or the "Company") announces
that it has entered into an agreement (the "Amending Agreement")
with Rover Metals Corp. (TSX-V:ROVR) ("Rover") and Panarc Resources
Ltd. amending the terms of Rover's option (the "Option Agreement")
to acquire a 100% interest in the Up Town Gold Property (the
"Property").
The Amending Agreement extends the timeframes within which Rover
must incur expenditures on the Property and make payments to Silver
Range.
Pursuant to the Amending Agreement, Rover must make the
following payment to Silver Range in order to exercise the First
Option (as defined in the Option Agreement) and acquire a 75%
undivided interest in the Property:
- $45,000 by September 9, 2018;
- another $45,000 by April 30, 2019 (payable in cash or shares at the
option of Rover); and
- a further $120,000 by
February 2020.
The Amending Agreement also provides for an amendment to the
terms upon which Rover can exercise the Second Option (as defined
in the Option Agreement) to acquire an additional 25% undivided
interest in the Property. Rover can exercise the Second
Option by issuing to Silver Range on or before September 30, 2020 the lesser of (a) 4.5% of its
outstanding common shares, on a fully-diluted basis, or (b)
2,500,000 common shares.
About Up Town Gold
The Up Town Gold project is an Archean lode-gold prospect
located in Yellowknife, Northwest
Territories. It adjoins the historic 8.1 million ounce Giant
Mine gold deposit and TerraX Minerals' (TSX-V:TXR) Yellowknife City
Gold Project. The 3,227 hectare property hosts ten high-grade gold
occurrences. Property-wide lithogeochemical surveys, prospecting,
and geophysical surveys have defined two structural corridors
containing vein-hosted mineralization and a third containing shear
zone hosted gold mineralization (Fox South Shear Zone). The most
advanced showing, the Rod Vein, was drilled to a shallow depth in
the 1960's and mined on a small scale in 1979 by previous owners.
Sampling in the open pit at the Rod Vein in 2015 by Panarc
Resources returned grab samples assaying up to 318 g/t Au
and channel sampling results up to 1.20
m @ 17.27 g/t Au. Manson Creek Resources Ltd. ("Manson
Creek") drill tested the Rod Vein in 2013 north of the 1979
production pit with best results of 2.22
m @ 27.47 g/t Au. The Fox South Shear Zone is
1,100 m west of the Brock Shaft at
the Giant Mine and consists of a reverse shear zone 10 to
70 m wide mapped over a strike length
of 400 m. Grab samples from this zone
collected in 2012 by Manson Creek assayed up to 30.3 g/t Au
and channel samples assayed up to 1.1
m @ 2.20 g/t Au. Manson Creek also drilled two shallow
holes into the zone, the best assays being 4.14 m @ 2.62 g/t Au and 2.13 m at 4.67 g/t Au.
The Up Town Gold property remains largely unexplored. Only 2 of
8 known veins and vein systems were drill tested during Rover's
summer 2017 exploration program. None of the known gold zones have
been drill tested at depth. The results of the 2017 drill program
will be integrated with recent surface mapping, geochemical
sampling, airborne geophysical surveys and historical shallow drill
data to define prospective structural traps that may host
significant high-grade gold mineralization either along strike or
beneath the known gold occurrences.
Technical information in this news release has been approved by
Mike Power, M.Sc., P.Geo., President
and CEO of Silver Range and a Qualified Person for the purposes of
National Instrument 43-101.
ABOUT SILVER RANGE
Silver Range is a precious metals prospect generator working in
Nevada, Nunavut and the Northwest Territories.
The Company currently has 12 of its 41 projects under option and is
seeking partners to explore the other projects in its
portfolio.
ON BEHALF OF THE BOARD
"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.
