Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF, FRA:8SR) has announced that exploration at its East Goldfield property in Nevada identified two gold-bearing feeder structures that the company believes warrant further investigation, as geological mapping and a new geophysical survey continue to refine drill targets.
The company completed a three-phase sampling program using portable gas-powered diamond drills to investigate several prospective high sulphidation feeder structures, or ledges.
The shallow drilling program, with holes ranging from one to 10 metres in depth, was designed to assess the extent and character of near-surface gold mineralization identified in earlier surface chip and grab samples.
Silver Range said two of the three ledges tested were auriferous. It added that historical exploration at East Goldfield suggests significant gold mineralization on the property is likely blind, with gold-bearing ledges at surface potentially indicating mineralization at depth.
The two auriferous ledges are located between 1,000 and 1,100 metres northwest of the Tom Keane Mine exploration target. The company said that target has been defined by 18 drill holes at an average depth of 100 metres, while previous surface samples from ledges cutting the target returned gold values ranging from trace amounts to 1.83 grams per tonne.
Property-scale geological mapping completed in May identified a zone of deformation that coincides with a strong quartz-alunite alteration anomaly. Silver Range said the deformation zone appears to be an asymmetric south-dipping flower structure that likely predates lithocap formation.
The company said the inferred south-dipping root fault may have served as a conduit for mineralizing fluids and could be the source of much of the known gold mineralization on the property. It also identified residual quartz lithocap in outcrop more than 900 metres west of the Tom Keane target, which it said suggests a large exploration fairway exists south of the exposed quartz-alunite alteration.
Silver Range also announced that Big Sky Geophysics has begun a 60-kilometre three-dimensional induced polarization and resistivity survey covering the full extent of the East Goldfield property. The survey is designed to detect targets to depths of at least 500 metres with sufficient detail to define future drill targets and is expected to be completed by the end of August.