Silver Range Resources Ltd (CVE:SNG) (OTCMKTS:SLRRF) (FRA:8SR) said it has received the results from an extensive exploration effort at its Silver Mountain property in Nevada.
Through the program, which ran from March through June, Silver Range was able to stake two new projects, complete reconnaissance work near the Gold Chief property, as well as the recently expanded Steptoe project; and conduct exploration programs at the Strongbox property and the Cambridge project.
The precious metals company is a prospect generator working in Nevada and Northern Canada. To date, Silver Range has assembled a portfolio of 47 properties, of which nine are currently under option to others and three have been converted to royalty interests.
READ: Silver Range Resources options Legal Tender property in Nevada to QLM Royston Hills
The first of the two newly identified targets is The Silver Mountain property located in Esmeralda County, near the Nevada-California border. The property covers two silver prospects covering deep epithermal to mesothermal veins.
Each was previously mined on a small scale. The Gulch Showing is considered high grade, returning grab sample analyses up to 3,270 grams per ton (g/t) silver with four of eight samples collected returning analyses greater than 900 g/t silver.
As noted in the announcement, at the Old Cabin Showing, a mile to the southwest, mineralization is an unusual sequence of numerous stacked, tabular extensional quartz veins exposed over more than 30 metres (m) up a small ridge. Grab samples from this zone returned up to 394 g/t silver. A total of 31 samples were collected at Silver Mountain with 10 of these returning analyses greater than 200 g/t silver.
In Lincoln County, Nevada, Silver Range conducted a regional stream sediment program, focused on the Cobalt Canyon Stock where indicators associated with gold mineralization were discovered.
According to the company, a total of 105 stream sediment samples were collected. The survey conclusively indicates that the locus of gold response in the Chief Mountain area is centered on Silver Range’s Gold Chief property and provides new impetus to conduct additional exploration on this drill-ready target.
Additionally, a regional stream sediment program was also conducted at the recently expanded Steptoe project in the Egan Range, White Pine County.
The Steptoe project, which encompasses the company’s Stinson property, is a sediment-hosted gold target located in the Eastern Carbonate Trend, which hosts the Long Canyon and Kinsley Mountain deposits. The project consists of seven claim blocks covering eight prospects or small mines in a 47 square kilometers area of interest, south of the Eocene Steptoe Pluton.
A total of 133 stream sediment surveys have been collected in the project area to date. Rock sampling incidental to the program on Silver Range claims returned up to 5,240 g/t silver and 24.6 g/t gold from six samples with three samples returning better than 2 g/t gold.
Exploration programs were also conducted at the Strongbox Property in Esmeralda County, and a detailed geochemical soil sample survey was completed at the joint venture Cambridge project in Lyon County.
On the corporate level, Silver Range reported that it has granted 300,000 options to purchase company shares at $0.21 per share.
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