Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF, FRA:8SR) has highlighted encouraging results from a spring drilling program conducted by its partner, Excalibur Metals at the Bellehelen silver-gold project in Nye County, Nevada.
According to Excalibur, the first drill hole at Spyglass, BH26001, intersected 360 grams per tonne (g/t) silver and 2.03 g/t gold over 1.52 metres within a broader mineralized interval grading 16.7 g/t silver and 0.10 g/t gold over 100.58 metres. The company said the hole ended within the wider mineralized zone, indicating mineralization remains open at depth.
The intercept is located within a previously untested target area and is being interpreted as part of a larger mineralized structural system. Excalibur said follow-up drilling will be aimed at assessing the continuity, geometry and grade distribution of the zone, as well as testing potential extensions of higher-grade mineralization.
Excalibur, which holds an option to earn a 100% interest in the property, completed a 3,122-metre reverse circulation drilling program across 10 holes at the Spyglass Ridge target.
Assay results have been received for six holes, while results from four additional holes remain pending.
In addition to the headline intercept, BH26001 returned several shallower intervals containing anomalous gold and silver values. Excalibur said these results support the presence of a mineralized structure extending toward surface and represent targets for future step-out drilling.
Another hole, BH26004, returned several intervals of anomalous gold mineralization near the bottom of the hole, including 0.73 g/t gold over 1.52 metres. The remaining reported holes, BH26002, BH26003, BH26005 and BH26006, largely returned gold and silver values below detection limits.
Excalibur said the results indicate elevated precious metals mineralization from surface to depths of at least 300 metres, expanding the potential exploration target area. The company noted similarities between Bellehelen and other Nevada epithermal gold-silver systems that exhibit vertically extensive mineralization.
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John Gilbert, CEO of Excalibur, said the initial drilling at Spyglass provided evidence that the mineralized system extends both laterally and at depth.
“We are just as excited by the wide halo of elevated gold and silver values - unquestionably a successful proof-of-concept,” Gilbert said.
“Considering that Spyglass represents a target area of just over 1% of the larger 10 km+ mineralized trend at Bellehelen, we believe we're just getting started showing the Project's potential.”
Under an option agreement originally signed in December 2022 and most recently amended in July 2025, Excalibur can acquire a 100% interest in Bellehelen by making cash and share payments to Silver Range through September 2029, granting a 2% net smelter return royalty, and making additional payments tied to any defined mineral resource identified on the property.
Excalibur has indicated it plans further drilling at Spyglass in late 2026 or early 2027.