TSX-V: SNG
VANCOUVER, June 21, 2018 /CNW/ - Silver Range
Resources Ltd. (TSX-V: SNG) ("Silver Range") is pleased to
announce results from initial exploration work on the Yuge property
with partner Trifecta Gold Ltd. (TSX-V:TG) ("Trifecta").
Silver Range granted Trifecta a staged option to earn up to a 75%
interest in the Yuge Property as announced February 28, 2018.
An initial reconnaissance program managed by Silver Range in
late April and early May focused on three zones – Columbia, Juanita
and Josie. A total of 68 rock geochemical samples were
collected during the program; 35 of the 68 rock and/or chip samples
collected returned greater than 1 g/t gold. Significant rock
sample results are listed below and a map showing their locations
is available on Silver Range's website.
- Columbia – 150, 75.4, 34.9, 10.5, 7.4, and 7.13 g/t gold
- Juanita – 11.4, 6.35, and 5.85 g/t gold
- Josie – 86.1, 45.2, 42.2, 36.2, 25.7, 21.6, 16.7, 13.1, and
5.49 g/t gold
"Results from our preliminary work at Yuge are extremely
positive," stated Dylan Wallinger,
Trifecta's President and Chief Executive Officer. "We have
confirmed the presence of high-grade gold mineralization at and
adjacent to the historical mines, and have also identified a
potential bulk-tonnage target that was not recognized by previous
workers."
Gold mineralization occurs with sulphides (arsenopyrite and
pyrite) or their weathered products (scorodite and iron
oxides). Only minor amounts of quartz or silica accompany the
mineralization. The veins are found in fault/shear zones that
cut andesites, andesitic epiclastics and diorites, but seem to be
best developed within and on the margins of mapped diorite
intrusions.
The Josie target is a large area located south of the former
Juanita Mine that contains scattered historical diggings, which
Trifecta is evaluating for its bulk tonnage potential.
Mineralization at the Josie target was collected over a
500 m long by up to 200 m wide area, from structures that trend
oblique to the Columbia/Juanita system. Most samples at Josie
were taken from vein exposures or float, but a 2 m chip sample, mapped as weathered 'andesite'
with minor iron oxide, contained 1.84 g/t gold. Vein
exposures in partially collapsed trenches graded up to 45.2 g/t
gold over 0.35 m and 42.2 g/t
gold over 0.4 m. The limits
of the Josie target have not been defined.
At Columbia, multiple grab samples grading greater than 5 g/t
gold were collected from a series of trenches over a strike length
of 65 m. Soil samples were
collected on a test line over an undisturbed section of the
Columbia Vein to determine the effectiveness of soil sampling on
the property. Peak values were 7.2 g/t gold-in-soil, 6.18 g/t
silver-in-soil and 8050 ppm arsenic-in-soil.
Results from the initial program indicate that gold
mineralization at Yuge is more widespread than documented in the
limited historical data and may occur in hitherto undocumented
structural settings. In response to these positive results,
additional claims have been staked, more than doubling the size of
the property. In addition an airborne total magnetic field and
radiometric survey was completed by Precision GeoSurveys
Inc. Further work will include a program of geological mapping
focused on structure, additional prospecting, systematic soil
sampling, and alteration (Short-Wave Infrared) mapping, followed by
trenching and ground geophysical surveys to define drill
targets.
The Yuge property is located in Humboldt County, northern Nevada, approximately 55 km south of
Denio in the Varyville Mining
District. The property covers the historical Columbia and
Juanita Mines, which produced
high-grade gold on a small scale between 1870 and 1937, from strong
veins located more than 1,000 m apart
within the same structural corridor. Previous mining only
extended down to the bottom of the oxidized zone. Diamond
drilling by previous operators below the Columbia workings produced
a true-width sulphide intersect, grading 9.70 g/t gold over
3.3 m, starting 49 m below surface.
Additional information on the Yuge Property may be found on
Silver Range's website at www.silverrangeresources.com.
Samples were secured and transported by the field crew 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
Ultra-Trace Aqua Regia ICP-MS (ME-MS41) and fire assayed for gold
(30 g sample) (Au-AA25). Samples that exceeded the detection
limits of the routine methods were assayed for silver and copper by
inductively coupled plasma-atomic emission spectroscopy
(Ag/Cu-OG46) and for gold by gravimetric analysis (Au-GRA21).
Soil samples were analyzed by ICP-MS (ME-MS41L). Field work
and sampling were supervised by Roger
Hulstein, P.Geo.
Historical data cited in this press release is based on reports
by Homestake Mining Company, Westamerica Enterprises and Extension
Energy Inc. This data has not been independently verified by
Trifecta but has been checked for internal consistency and against
Nevada Bureau of Mines and U.S. Bureau of Mines public domain
data. Technical information in this news release has been
approved by Matthew R. Dumala,
P.Eng., a geological engineer with Archer, Cathro & Associates
(1981) Limited 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
Nunavut, Nevada and the Northwest Territories.
The company has assembled a portfolio of 38 properties, 12 of which
are currently optioned and being explored by partners. Silver
Range is actively seeking joint venture partners to explore the
high grade precious metal targets in its portfolio.
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.
