Silver Range Resources Ltd.

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Michelle

The Michelle property covers numerous carbonate-hosted, lead-, silver- and gallium-bearing, non-sulphide and sulphide zinc prospects. It is owned 100% by Silver Range Resources Ltd. and is not subject to any underlying royalty interests.

The property encompasses 782 mineral claims (158 km2) that adjoin the Dempster Highway, approximately 130 km north-northeast of Dawson City in central Yukon and 415 km south-southwest of Inuvik in western NWT (Figure 1).

The property lies in a belt of Proterozoic and Paleozoic platformal carbonate rocks that stretch through northern BC, western NWT, Yukon and Alaska. Notable carbonate-hosted mineral deposits within this belt include Pine Point, Gayna River, Prairie Creek, Goz and Blende. Exploration has shown that much of the mineralization at the Michelle property can be categorized as supergene non-sulphide zinc, which likely resulted from deep weathering of pre-existing Mississippi Valley-Type (MVT) deposits. High levels of silver, gallium and indium make the Michelle project exceptional among similar zinc-lead deposits within the Canadian Cordillera.

Sixteen mineralized zones have been discovered within an 16 by 6 km area on the property (Figure 2). The host stratigraphy comprises a thick section of Cambrian to Devonian limestone and dolostone, which are cut by large faults of uncertain age. Most of the mineralized zones are marked by weak gossans located on or near ridge crests, where the softer mineralized rocks are least likely to be covered by harder unmineralized talus. Mineralization consists almost exclusively of cavity-, fracture- and/or breccia-hosted, secondary oxide minerals, predominantly limonite and smithsonite. Rare residual galena with a cerussite or anglesite envelope is present in some showings. Relatively unoxidized sulphide consisting of nearly massive sphalerite, galena and pyrite with a coating of hydrozincite was only observed in one location (Dynasty Zone). None of the zones have been fully delineated, but all appear to be controlled by both structure and stratigraphy. The zones are marked by intense soil geochemical anomalies, as defined by values of 1000 to 43000 ppm zinc, 500 to 62600 ppm lead, and 5 to 270 g/t silver.

Zinc is the most widespread metal on the property and is a significant component in all mineralized zones. Lead and silver and are highly correlated and are abundant in several of the zones. Sporadic, highly elevated gallium, germanium, indium and bismuth values were also obtained from some samples. The relative abundance of silver, gallium and bismuth suggests a higher temperature of formation than is common in most MVT and non-sulphide zinc deposits. Peak values for rocks collected on the property are 45.21% zinc, 81.68% lead, 2300 g/t silver and 1120 ppm gallium.

Diamond drilling has been performed by a previous owner in four of the mineralized zones -- Gully, Peak, Blender and Nanny. Most of the drill holes tested the near surface parts of the Gully and Peak zones, over respective strike lengths of 500 and 200 m. Both zones have demonstrated good continuity of weak to moderate grade zinc ± lead ± silver ± gallium mineralization, with localized higher grade lenses. None of the drill holes has explored more than 95 m (Gully) and 133 m (Peak) below surface on the host structures. Significant intersections were obtained from most holes in both zones, including 22.71% zinc, 17.38% lead, 510.7 g/t silver and 253 ppm gallium over 7.94 m at Gully Zone and 0.55% zinc, 15.18% lead, 2134 g/t silver over 2.96 m at Peak Zone. Drilling at these zones has shown that oxidation is very intense and deep. No zinc or iron sulphide minerals were observed in the drill core. No drill results were released for the Blender or Nanny zones, but visual examination of drill core reportedly revealed moderately mineralized structures at both zones.

Non-sulphide zinc (after MVT) deposits, which were important historical metal producers, are remerging as attractive mining targets due to recent developments in hydrometallurgical techniques and their low environmental impact. In contrast to most documented non-sulphide zinc deposits, the Michelle property hosts highly variable and complexly distributed supergene-style mineralization that is locally enriched in zinc ± lead ± silver ± gallium ± germanium ± indium ± bismuth. Work to date suggests that several of the showings have good potential for co-product or by-product credits.

Technical information in this summary has been approved by Matthew R Dumala, P.Eng., a geological consultant to Silver Range Resources Ltd. and qualified person for the purposes of NI 43-101.
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