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.
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