Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF, FRA:8SR) earlier this week outlined encouraging early-stage gold indications from its East Goldfield project in central Nevada and detailed plans for a substantial geophysical programme intended to define deeper drill targets.
CEO Mike Power told Proactive that the company had used small, man-portable drills to test the upper portions of three interpreted feeder structures. Two of the feeders returned encouraging indications, while the third did not.
Power referenced a result of approximately 1.83 grams per tonne gold, noting that the short drill holes did not represent true widths and were designed primarily to establish whether gold was present in the upper parts of the structures.
He said the presence of gold near surface was significant because the company believed that stronger mineralisation could occur farther down the interpreted feeder structures. Power described the structures as comparable to chimneys or tailpipes within the mineralised system.
“The fact that they’ve got it at surface is really promising because that’s not where you expect to find the high grade,” he said.
Silver Range Resources has worked at East Goldfield for approximately 10 years. Power said recent geological mapping, supported by aeromagnetic and radiometric survey data, had improved the company’s understanding of the project.
Potential catalysts include the receipt of access permits, the start of fieldwork and completion of the survey. The company hopes to finish the programme by the end of August, release results in September and identify prospective drill targets for the fall.