Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) announced it had delineated several targets that suggest mineralization at its Strongbox property in Nevada is “much more widespread” than previously interpreted.
A soil geochemical survey was conducted on a 2,220-metre-by-600-metre grid on the known bedrock mineralization and identified numerous anomalies greater than 100 parts per billion (ppb) gold (Au), up to 4,290 ppb Au (4.29 g/t gold).
The highest sample in the survey was collected in an area where float grab samples returned up to 5.6 g/t Au, Silver Range told shareholders.
READ: Silver Range Resources acquires two new gold properties in western Nevada
Strongbox is located in Esmerelda County, Nevada, near the mining town of Tonopah.
Chip sampling across workings at the Dark Secret Mine by Silver Range in 2017 returned 40 metres at a grade of 0.469 g/t Au, including 20 metres at 0.695 g/t Au.
Silver Range told investors it believes a bulk tonnage target might be present here or at other locations on the property.
In other project news, Silver Range said that ATAC Resources has decided to drop its option on the East Goldfield project after drilling failed to meet its expectations.
Meanwhile, Centerra Gold is set to acquire the neighbouring Goldfield District development project from Waterton Nevada Splitter for US$206.5 million.
Silver Range also said it had granted stock options to a director and a consultant entitling them to purchase up to 620,000 shares at a price of $0.14 per share for a five-year period. The options are subject to vesting provisions under which 25% of the options will vest at the conclusion of each three months during the first year of the exercise period.
Vancouver-based Silver Range is a precious metals prospect generator working in Nevada and northern Canada. It has a portfolio of 45 properties, 13 of which are currently under option to others.
Contact Angela at angela@proactiveinvestors.com
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