Vancouver, B.C., March 18, 2021 – Silver Range Resources Ltd. [TSX-V:SNG] (“Silver Range” or the “Company”) is pleased to provide an update on exploration work conducted at its wholly-owned Stinson and Lucky Boy Properties in Nevada.
Stinson Property Area Exploration
The Stinson Property is about 38 kilometres north of Ely in White Pine County along the east flank of the Egan Range. Exploration by Silver Range in 2016 and 2017 located gold-bearing shear-hosted quartz-hematite veins in sericitic gouge hosted in Cambro-Ordovician quartzite and limestone. Sampling during 2016 at the Stinson Mine returned grab samples up to 6.94 g/t Au and a chip sample grading 1.6 m @ 8.16 g/t Au (Silver Range News Release dated November 7, 2016). In 2017, work at the adjacent Ben Hur Mine returned grab samples assaying up to 248 g/t Au and a best chip sample of 1.5 m @ 20.6 g/t Au (Silver Range News Release dated June 20, 2017).
The gold occurrences on the Stinson Property together with six other known gold showings are associated with north‐striking faults and contacts in a 7-kilometre-long corridor terminating in the Steptoe Warm Springs Pluton, three kilometres north of the Stinson Property. Speculating that the known high-grade gold mineralization in the area might indicate the presence of a larger system, Silver Range defined a 47 square kilometre area of interest and staked four additional claim blocks covering the known gold showings last fall. Initial grab sampling of dump material collected during staking returned up to 9.99 g/t Au. In addition, stream sediment sampling at the mouth of drainages was completed during the work program. Systematic fine fraction stream sediment sampling will be completed throughout the area of interest during the coming season.
Lucky Boy Property Exploration
Lucky Boy is a high-grade silver prospect located 18 km north of Lovelock in Pershing County. The property covers the Lucky Boy Mine, a silver exploration target, and extensions to the east. Silver Range staked and briefly explored the property in 2016, collecting grab samples returning up to 1,535 g/t Ag and 2.17 g/t Au from dump material (Silver Range News Release dated February 21, 2017). Last fall, the Company conducted a soil geochemical survey over the property, collecting 247 samples on a grid consisting of 100 m spaced lines and sample stations spaced 25 m apart. In addition, the crew conducted geological mapping and additional rock sampling. Work to date has defined a series of mapped and inferred east to east-northeast trending faults cutting the granodioritic host rocks on the property. These faults locally contain quartz-chalcopyrite-galena-pyrite bearing veins, up to 1.8 m wide and traced for 200 m near the Lucky Boy Mine. Both gold and silver soil geochemical responses occur over the known workings and at other locations along the inferred or defined fault traces. The soil response in gold is unusually strong in light of the relatively low tenor of gold noted in rock samples collected to date. Total magnetic field and high frequency electromagnetic surveys followed by trenching are planned to locate new mineralization on the property and define drill targets. Results from work to date at Lucky Boy are available on Silver Range’s website at www.silverrangeresources.com. A video interview with Proactive Investors discussing these developments is available here.
A total of 55 grab samples were collected on targets near Stinson. Gold values ranged from below detection limit to 9.99 g/t Au with 6 of 55 samples returning more than 1 g/t Au. Silver values ranged from below detection limit to 774 g/t Ag with 3 of 55 samples returning greater than 100 g/t Ag. At Lucky Boy, a total of 14 grab samples were collected. Silver values ranged from 0.5 to 302 g/t Ag with 2 of 14 samples returning values greater than 100 g/t Ag. No gold values in excess of 5 g/t Au were returned from the Lucky Boy rock samples. Rock samples from both programs were secured and transported under chain of custody to ALS Minerals facilities in Reno, Nevada for sample preparation. Pulps were shipped to North Vancouver for assaying and geochemical analyses. Rock samples were analyzed by ALS Ultra-Trace™ Aqua Regia ICP-MS (ME-MS41) and fire assayed for gold (30 g sample) (Au-AA25). Samples that exceeded routine method detection limits for silver were assayed by inductively coupled plasma-atomic emission spectroscopy (ICP-MS) (Ag -OG46). Soil samples were dried, screened to -80 mesh and analyzed by ALS Labs Super Trace™ procedure (AuME-ST43) employing ICP-MS and a 25 g aliquot to ensure reproducible gold analyses.
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.
About Silver Range Resources Ltd.
Silver Range is a precious metals prospect generator working in Nevada and Northern Canada. It has assembled a portfolio of 44 properties, 10 of which are currently under option to others and one which has converted to a paying royalty interest. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
“Michael A. Power”
President and Chief Executive Officer
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.