VANCOUVER, Feb. 13, 2018 /CNW/ - Silver Range Resources Ltd. (TSX-V:SNG) ("Silver Range") is pleased to announce that it has been awarded prospecting permits covering an Archean conglomerate-hosted (Pilbara style) high grade gold target in Nunavut with historical grab samples up to 142 g/t gold.
Mineralization at the Tree River property is similar in age, setting and style to gold mineralization recently discovered by Novo Resources in the Pilbara district of Australia:
- Gold is hosted in a regionally extensive shallow marine conglomerate.
- The host conglomerate is dated between 2,940 and 2,700 Ma based on detrital zircons in proximal sediments, placing it in the favourable time window for the "Great Gold Deposition Event" (Q. Hennigh, 2016).
- Pods of high grade gold mineralization are present within a much larger envelope of lower grade material.
- Carbonaceous seams parallel to bedding are locally abundant.
- Pyrite is abundant and a significant proportion is reported to be rounded and detrital in origin.
The Tree River property is located 155 kilometres southeast of the coastal community of Kugluktuk and consists of three prospecting permits covering 39,250 hectares. Gold mineralization was discovered in the area by BHP Billiton ("BHP") in the early 1990's and the district was explored by BHP and Strongbow Exploration Inc. from 1992 through 2007. Gold is hosted in two Archean conglomerate beds overlying mafic volcanics. The uppermost quartz pebble conglomerate (QPC) has a mapped strike length of 4.8 km and is from 15 to 20 m thick. The conglomerate is grain supported with pyrite and carbonaceous matter in the matrix. Pyrite is ubiquitous ranging from a background of 1-2% to from 5-25% in lenses within the conglomerate. Arsenopyrite, stibnite and sphalerite are reported to occur with pyrite. The QPC is particularly enriched in gold with background values in excess of 100 ppb Au, numerous grab samples in excess of 1 g/t Au and local occurrences of high grade gold returning grab samples up to 142 g/t Au and channel samples up to 0.35 m @ 63.15 g/t Au. Exploration to date has been restricted to prospecting, mapping and limited channel sampling with no drilling. In addition, the regional extent of the host conglomerate has not been determined as exploration was focused in the area of the principal showings.
Silver Range intends to conduct systematic sampling, geological mapping and focused prospecting at Tree River in the coming season, building on the solid technical data collected by Strongbow and incorporating the latest insights into the developing "Wits 2.0" deposit model.
A summary of the Tree River Project is available at www.silverrangeresources.com
Information including analytical results cited in this news release were extracted from assessment reports filed with the Nunavut Mining Recorder and cannot be independently verified by Silver Range. 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.
Silver Range is a precious metals prospect generator working in Nevada, Nunavut and the Northwest Territories. The company is actively seeking joint venture partners to explore the assets 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@example.com, http://www.silverrangeresources.com