Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF), the prospect generator, said it has formed a joint venture with private firm Mercury Nevada Exploration Inc to consolidate, explore and jointly market their respective claims at the Hannapah project in Nevada, USA.
Both companies believe the asset may host "significant" epithermal silver-gold mineralization including potential bulk tonnage. They aim to carry out frequency domain electromagnetic field surveys ahead of detailed rock and soil sampling, geologic and alteration mapping, and shallow drilling.
The project sits just 28 kilometres (km) east of Tonopah near McKinney Tanks Summit and comprises 55 Federal lode claims.
"Surface rock sampling by Mercury, Silver Range and former option partner Infield Minerals have returned widespread high-grade silver and lower gold assays," noted Silver Range in a statement.
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The best results to date include 568 grams per ton (g/t) silver and 1.01 g/t gold from a composite sample of dump material at the Richardson mine; a nearby grab sample to 598 g/t silver; and 2.42 g/t gold and 301 g/t silver from altered rhyolite northeast of the Richardson mine, it added.
The Hannapah mine was developed in two shafts from 1902 through 1907 and made small shipments until shut down by a fire in 1907. It was briefly reactivated between 1927 and 1928.
The Richardson mine was staked in 1907 and mined intermittently by the owner until his tragic death in 1935, while the Silver Glance mine at the west end of the Hannapah project reportedly produced $300,000 in silver and gold between 1905 and 1907. It was briefly reactivated in 1930 with no recorded additional production, the company added.
Silver Range is a precious metals prospect generator working in Nevada and Northern Canada. It has a portfolio of 43 properties, of which 11 are currently under option to others. Four other properties have been converted to royalty interests. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.
Contact the author at giles@proactiveinvestors.com