October 9, 2018 - Silver Range Resources Ltd. (TSX-V:SNG) (“Silver Range”) is pleased to announce high grade gold results from recent surface exploration on a Witwatersrand-type prospect at its wholly owned Tree River Project in Nunavut.
From August 15 to 23, a two-man crew conducted geological mapping and prospecting along an auriferous Archean quartz pebble conglomerate (QPC). At the Main Zone, the site of historic work by BHP Billiton and Strongbow Exploration, grab samples returned up to 114 g/t Au and a chip sample returned 0.20 m @ 540 g/t Au. A second zone of mineralization, 3.6 km along strike (West Zone), returned grab samples up to 14.05 g/t Au. A total of 88 rock samples were collected during the program, 57 of which were taken from the QPC. Four of the QPC samples assayed greater 9 g/t Au and background gold content in the QPC, estimated by averaging 53 QPC samples grading less than 2.5 g/t Au, is very anomalous at 0.203 g/t Au.
The QPC ranges from 5 to 8 m thick in exposures along the seven km of investigated strike length. Mineralized areas within the QPC, primarily near the base, contain disseminated pyrite, arsenopyrite and locally chalcopyrite and stibnite. The Main Zone is exposed intermittently over a strike length of 650 m and is strongly silicified. The West Zone is partially exposed over a length of 300 m and remains open along strike in both directions. Mineralization there is characterized by high arsenopyrite (scorodite) content. The presence of visible gold along fractures at the Main Zone, together with recrystallized quartz and sulphides, and some sulphide-bearing fractures indicate that the mineralization is at least partially remobilized. There is no evidence of any major nearby structure and surrounding rocks are metamorphosed to greenschist facies, suggesting remobilization is likely local and related to regional metamorphism. The QPC has been dated between 2,940 and 2,700 Ma based on detrital zircons (Jackson, 1997). This places it in the favourable time window for the “Great Gold Deposition Event” (Hennigh, 2016). Gold deposits in the Witwatersrand district in South Africa and the Pilbara region of Western Australia were formed during this favourable geological time period.
Work on the Tree River Project was conducted by Aurora Geoscience Ltd. of Yellowknife NT under the supervision of Senior Project Manager Carl Schulze, P.Geo. Samples were shipped under secure chain of custody to ALS Laboratories in Yellowknife, NT for sample preparation. Pulps were shipped to North Vancouver, BC for assaying and geochemical analyses. Rock samples were analyzed by Ultra-Trace Aqua Regia ICP-MS (ALS Code ME-MS41) and fire assayed for gold (50 g sample) (ALS Code Au-AA26).
A summary of the Tree River Project is available on Silver Range’s website at www.silverrangeresources.com/projects/nunavut/tree-river/
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 is actively seeking joint venture partners to explore the assets in its portfolio.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
President, C.E.O. & Director
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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.