Silver Range Resources Ltd. Closes Private Placement and Begins Exploration in Nevada
Vancouver, B.C., March 21,2019 - Silver Range Resources Ltd. (TSX-V: SNG) (“Silver Range”) announces the closing of the private placement announced February 27, 2019. The private placement consisted of the issuance of 1,822,727 common shares at a price of $0.11 per share, for gross proceeds of $200,500. No finders fees were paid and insiders purchased 1,431,818 shares for proceeds of $157,500. All of the securities issued as part of this private placement will be subject to a hold period in Canada expiring on July 22, 2019.
Silver Range has commenced spring exploration work in Nevada including generative work on several new targets and advanced exploration to define drill targets on three staked properties. In light of current market conditions and the opportunities they create, the company will concentrate on identifying and acquiring cost-effective targets with asymmetric risk-reward profiles, and on internal economies to reduce non-operational expenditures. Silver Range has optioned 16 of its 42 properties to 8 partners and continues to actively seek other joint venture partners to explore the high-grade precious metal targets in its portfolio.
Trifecta Gold Ltd. (TSX-V: TG) (“Trifecta”) intends to conduct an initial drill program during the coming exploration season at the Yuge Property in Humboldt County, Nevada. Historical drilling at Yuge returned 3.3 m @ 9.70 g/t gold, and recent surface rock sampling returned up to 150 g/t gold. Trifecta has a staged option to earn a 75% interest in Yuge by conducting a total of US$3,000,000 in exploration and paying Silver Range US$750,000.
In northern Canada, Canarc Resources Corp. (TSX-V: CCM) (“Canarc”) announced its intention to drill the Hard Cash property in 2019, where a 3.4 km trend of high grade surface rock samples follow a magnetic break and an EM resistivity low. In situ surface exposures along this trend have assayed up to 125 g/t gold and 719 g/t silver. Canarc can earn a 100% interest in Hard Cash, subject to a 2% NSR and success fees, by making staged payments totaling $150,000 and issuing Silver Range 1.5 million shares.
Silver Range holds a 2% NSR on a portion of the Cabin Lake Gold Project where Rover Metals Corp. (TSX-V: ROVR) is planning a 2019 drill program to expand the known historical high grade resource on the property.
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 with an explicit focus on higher grade gold and silver prospects.
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.
President, C.E.O. & Director
For further information concerning Silver Range or its exploration projects please contact:
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
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.