VANCOUVER, Sept. 6, 2018 /CNW/ - Silver Range Resources Ltd. (TSX-V:SNG) ("Silver Range" or the "Company") announces that it has entered into an agreement (the "Amending Agreement") with Rover Metals Corp. (TSX-V:ROVR) ("Rover") and Panarc Resources Ltd. amending the terms of Rover's option (the "Option Agreement") to acquire a 100% interest in the Up Town Gold Property (the "Property").
The Amending Agreement extends the timeframes within which Rover must incur expenditures on the Property and make payments to Silver Range.
Pursuant to the Amending Agreement, Rover must make the following payment to Silver Range in order to exercise the First Option (as defined in the Option Agreement) and acquire a 75% undivided interest in the Property:
- $45,000 by September 9, 2018;
- another $45,000 by April 30, 2019 (payable in cash or shares at the option of Rover); and
- a further $120,000 by February 2020.
The Amending Agreement also provides for an amendment to the terms upon which Rover can exercise the Second Option (as defined in the Option Agreement) to acquire an additional 25% undivided interest in the Property. Rover can exercise the Second Option by issuing to Silver Range on or before September 30, 2020 the lesser of (a) 4.5% of its outstanding common shares, on a fully-diluted basis, or (b) 2,500,000 common shares.
About Up Town Gold
The Up Town Gold project is an Archean lode-gold prospect located in Yellowknife, Northwest Territories. It adjoins the historic 8.1 million ounce Giant Mine gold deposit and TerraX Minerals' (TSX-V:TXR) Yellowknife City Gold Project. The 3,227 hectare property hosts ten high-grade gold occurrences. Property-wide lithogeochemical surveys, prospecting, and geophysical surveys have defined two structural corridors containing vein-hosted mineralization and a third containing shear zone hosted gold mineralization (Fox South Shear Zone). The most advanced showing, the Rod Vein, was drilled to a shallow depth in the 1960's and mined on a small scale in 1979 by previous owners. Sampling in the open pit at the Rod Vein in 2015 by Panarc Resources returned grab samples assaying up to 318 g/t Au and channel sampling results up to 1.20 m @ 17.27 g/t Au. Manson Creek Resources Ltd. ("Manson Creek") drill tested the Rod Vein in 2013 north of the 1979 production pit with best results of 2.22 m @ 27.47 g/t Au. The Fox South Shear Zone is 1,100 m west of the Brock Shaft at the Giant Mine and consists of a reverse shear zone 10 to 70 m wide mapped over a strike length of 400 m. Grab samples from this zone collected in 2012 by Manson Creek assayed up to 30.3 g/t Au and channel samples assayed up to 1.1 m @ 2.20 g/t Au. Manson Creek also drilled two shallow holes into the zone, the best assays being 4.14 m @ 2.62 g/t Au and 2.13 m at 4.67 g/t Au.
The Up Town Gold property remains largely unexplored. Only 2 of 8 known veins and vein systems were drill tested during Rover's summer 2017 exploration program. None of the known gold zones have been drill tested at depth. The results of the 2017 drill program will be integrated with recent surface mapping, geochemical sampling, airborne geophysical surveys and historical shallow drill data to define prospective structural traps that may host significant high-grade gold mineralization either along strike or beneath the known gold occurrences.
Technical information in this news release has been approved by Mike Power, M.Sc., P.Geo., President and CEO of Silver Range and a Qualified Person for the purposes of National Instrument 43-101.
ABOUT SILVER RANGE
Silver Range is a precious metals prospect generator working in Nevada, Nunavut and the Northwest Territories. The Company currently has 12 of its 41 projects under option and is seeking partners to explore the other projects in its portfolio.
ON BEHALF OF THE BOARD
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.
For further information: concerning Silver Range or its exploration projects please contact: Investor Inquiries: Richard Drechsler, Vice-President, Communications, Tel: (604) 687-2522, NA Toll-Free: (888) 688-2522, [email protected], http://www.silverrangeresources.com