Silver Range acquires the Tesoro Project in Arizona
Silver Range Resources Ltd. (TSX-V:SNG) (“Silver Range”) announces that it has acquired a new high-grade gold prospect in Arizona.
The Tesoro Project is 70 kilometres northwest of Wickenburg in Yavapai County and consists of exploration permits covering three sections of Arizona State Land. The property includes the historic Organ Grinder Mine and Big Ben Mine showings which host gold in two settings. Quartz veins at both showings returned historic assays from grab and chip samples up to 52 g/t Au. In contrast, at the Organ Grinder Mine, a wide zone of shallow-dipping lower grade mineralization returned best historic trench sample results of 33 m @ 1.85 g/t Au and historic reverse circulation drill hole intersections of 4.6 m @ 1.06 g/t Au and 3.0 m @ 2.54 g/t Au. This lower grade zone was defined over a strike length of 160 metres and is open on-strike and down-dip. Soil sampling at the Big Ben Mine showing proved to be an effective tool with historic soil geochemical surveys outlining a 250 m long gold-in-soil anomaly with peak responses of 1,500 ppb Au, open on strike.
The Tesoro Project is underlain by Mid-Proterozoic coarse crystalline, porphyritic granite and granodiorite cut by dominantly north to northwest-striking steeply-dipping structures. Known gold mineralization occurs in structures deviating from the dominant trend. Hematite alteration is reported with the known mineralization.
The Organ Grinder Mine showing is the attributed location of mineralization discovered by three itinerant Italian musicians in the mid-1860’s. They perished shortly after their discovery while providing only general information as to its location. The Big Ben Mine showing is the attributed location of a mine discovered by Ben McLendon, one of the earliest American prospectors in Arizona. He located and worked a mine in the same general area of the Organ Grinder Mine until his demise without disclosing its exact location. In the 1980’s the property was explored by New Tyee Resources Ltd. and HiMac Resources Ltd. who conducted soil surveys, sampling, trenching (6 trenches) and reverse circulation drilling (7 holes). Sage Gold Inc. briefly explored the property in 2006, reporting rock and soil sample results.
Silver Range is completing the exploration permitting process and intends to conduct geological mapping, soil geochemical surveys and geophysical surveys in preparation for subsequent trenching and drilling to explore this property.
More information including a short video presentation on the Tesoro Project may be found at Silver Range’s website (www.silverrangeresources.com).
Technical information in this news release has been approved by Mike Power, M.Sc., CPG, President and CEO of Silver Range Resources Ltd. and a Qualified Person for the purposes of National Instrument 43-101. Historic analyses and other data cited in this news release were extracted from public domain reports in Arizona Department of Mines and Mineral Resources Mining Collection and other archival sources. Silver Range has not conducted any exploration work on the Tesoro Project, cannot independently verify the accuracy of the results cited herein, and has relied on assay certificates and statements of other Qualified Persons in the historic data in this disclosure.
Award of options
Silver Range has granted incentive stock options under its Incentive Stock Option Plan to a consultant, entitling this individual to purchase up to an aggregate 100,000 Silver Range shares at a price of $0.10 per share for a period of five years. These options are subject to vesting provisions under which 25% of the options will vest at the conclusion of each three months during the first year of the exercise period.
About Silver Range
Silver Range is a precious metals prospect generator working in the Southwest United States and Northern Canada. It has assembled a portfolio of 32 properties, 11 of which are currently optioned to others and also retains 9 royalty interests on previously-vended projects. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals opportunities in its portfolio.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
“Mike Power”
President, C.E.O. & Director
For further information concerning
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Investor Inquiries Mike Power Tel: (604) 687-2522 NA Toll-Free: (888) 688-2522 |
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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.