February 7, 2019 – Vancouver, BC – Silver Range Resources Ltd. (TSX-V:SNG) (“Silver Range”) has received prospecting permits covering a large gold target near the Meadowbank Mine in Nunavut.
The Atlantis Project consists of two prospecting permits covering 31,778 hectares on the east half of NTS Sheet 66H14. The property covers 21 square kilometres of highly prospective Archean mafic volcanic rocks which were first identified on Geological Survey of Canada maps published in 2002. The property is 55 km north-northwest of Agnico Eagle’s Amaruq Deposit, currently being prepared for production. Amaruq in turn is 54 km north-northwest of the Third Portage and Vault Deposits.
The Meadowbank and Vault Deposits at the Meadowbank Mine are hosted in a mixed succession of Archean metavolcanics and metasedimentary rocks whereas the Amaruq Deposit is hosted in Archean mafic and ultramafic rocks. For the complex as a whole, Agnico Eagle declared Proven and Probable Reserves as of December 31, 2017 of 24.771 Mt @ 3.40 g/t Aui. In the early 1990’s, Comaplex Resources Ltd. discovered by prospecting the showings which became the Meadowbank, Vault and Amaruq Deposits. The volcanic outlier covered by the Atlantis Project was unknown at that time, appearing on a geological map in 2002 (Geological Survey of Canada Open File 4236). Nunavut Mining Recorder records show that the Atlantis Project area was on the eastern edge of a large block of prospecting permits granted to Uranium North from 2011 to 2013; no exploration appears to have been conducted in the immediate project area. Silver Range considers the Atlantis Project to be highly prospective to host economic gold mineralization given the proximity of the project to the Meadowbank Mine Complex and the fact that the target is underlain by the same rock types hosting the Amaruq Deposit.
Silver Range intends to conduct preliminary prospecting, mapping and sampling at Atlantis during the coming summer exploration season.
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.
Silver Range is a precious metals prospect generator working in Nevada, Nunavut 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
For further information concerning Silver Range or its exploration projects please contact:
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.
i Paquin Bilodeau, D. et al (2018) Technical Report on the Mineral Resources and Mineral Reserves at Meadowbank Gold Complex including the Amaruq Satellite Mine Development, Nunavut, Canada as at December 31, 2017. NI 43-101 Report prepared for Agnico Eagle Mines Ltd.