Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) announced that it has struck a definitive agreement to option its Bellehelen project in Nevada to Excalibur Metals Corp.
Excalibur, a private British Columbia company, will receive an option to purchase a 100% interest in Bellehelen for a cash payment of $300,000 and 200,000 Excalibur shares over four years; a 2% net smelter return; and a US$2 per ounce gold-equivalent payment on any future defined resource payable on the exercise of the option.
Excalibur is required to complete a listing on a Canadian stock exchange by May 30, 2023, according to Silver Range.
READ: Silver Range Resources options Legal Tender property to QLM Royston Hills
Bellehelen is a low sulphidation epithermal silver-gold prospect consisting of claims that cover most of the historic Bellehelen mining district around 70 kilometres east of Tonopah.
The option agreement comes as Silver Range revealed favourable results from confirmatory sampling conducted pursuant to the preparation of a NA 43-101 report on Bellehelen.
At the Eastern Showing, a grab sample of vein material exposed in a previously unsampled underground working returned 7.04 grams per ton (g/t) gold (Au) and 3,490 g/t silver (Ag). This sample was collected in the area where soil sampling had returned 3,530 parts per billion (ppb) Au from a sample errantly collected from excavated material.
Trenching of undisturbed ground immediately to the northwest of this location returned 20 metres at 0.17 g/t Au, Silver Range previously revealed.
Silver Range acquired Bellehelen in 2016 and since then has conducted prospecting, sampling, soil geochemical surveys, an airborne geophysical survey, and limited hand trenching.
Silver Range is a precious metals prospect generator working in Nevada and Northern Canada.
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