TSX-V: SNG
VANCOUVER, Nov. 14, 2017 /CNW/ - Silver Range Resources
Ltd. (TSX-V:SNG) ("Silver Range") has signed a binding Letter
of Intent to option its Cabin Lake property in the Northwest Territories to Rover Metals Corp.
("Rover") .
The Cabin Lake property is located 110 kilometres northwest of
Yellowknife and 38 kilometres
north of Behchoko in the Tlicho Traditional Territory, central
Northwest Territories. The property hosts high-grade gold in
iron formation within Archean metasedimentary rocks. Historic
work by Cominco Ltd., Freeport McMoRan Gold Company, and Aber
Resources Ltd. centred on a steeply east-plunging package of folded
sulphidized iron formation containing pyrite, pyrrhotite,
chalcopyrite and arsenopyrite. Three historic resources are
reported on the property in the NWT Minerals Database (NORMIN
085OSW0001). On the south limb of the fold, Aber Resources
Ltd. reported a resource of 100,000 tons at 0.3 ounces per ton gold
in their annual report while on the north limb of the fold, Energy
Mines and Resource Canada Mineral Bulletin MR223 records a mineral
inventory of 43,900 tonnes at 4.39 grams per tonne gold in the
Bugow Zone and 18,100 tonnes grading 7.89 grams per tonne gold in
the Andrew North Zone. The reader is cautioned that these
resources are historic in nature, do not comply with National
Instrument 43-101 and have not been verified by Silver Range.
Sampling of the Bugow and Andrew
North showings by Silver Range in 2016 returned check
samples assaying up to 13.2 g/t Au with 5 of 15 samples
collected returning assays greater than 5 g/t Au. Past
exploration concentrated on the fold limbs and the inferred fold
nose remains a highly prospective untested target based on data
available in the public domain.
The terms of the option grant Rover the right to acquire 100% of
the Cabin Lake property for total consideration, including a staged
initial payment and advance royalty payments, of $260,000 payable in cash and shares. Silver
Range will retain a 2% net smelter return on precious metal
production. The NSR may be bought down to 0.5% for $250,000 per 0.5% if the resources defined are
less than 1,000,000 ounces Au at the date of the NSR purchase or
$500,000 per 0.5%, if the resources
defined are greater than 1,000,000 ounces Au at the date of the NSR
purchase.
Work on this project was managed by Aurora Geosciences Ltd. of
Yellowknife, NT under the
supervision of Gary Vivian,
P.Geol. Samples were secured and shipped under chain of
custody to ALS Minerals facilities in Yellowknife NT for sample preparation and to
North Vancouver for assays and
geochemical analyses. Samples were analyzed by Ultra-Trace
Aqua Regia ICP-MS (ALS code ME-MS41) and fire assayed for gold (25
g sample) (ALS code Au-AA25). 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.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
"Mike Power"
President, C.E.O. & Director
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.
SOURCE Silver Range Resources Ltd.
