VANCOUVER, BRITISH COLUMBIA / ACCESSWIRE / November 15, 2018 / SilverRange Resources Ltd. (TSX-V:SNG) ("Silver Range") has optioned its Gold Chief Property to CrocanCapital Corp. ("Crocan").
The Gold Chief Property is located 9 kilometres north of Caliente in LincolnCounty, Nevada, and covers the past-producing Gold Chief Mine and a peripheralprospect.The Gold Chief Mine reportedlyproduced 5224 t @ 6.18 g/t gold from1913 to 1914 and shipped 189 T @ 1.1 OPT gold-equivalent during high-gradingoperations in the late 1930's.In 2016,Silver Range sampled the back of a collapsed stope which returned 14 m @ 1.93g/t gold including 4 m @ 3.86 g/t gold with best results (1 mchip) of 4.58 g/t gold.
Mineralization at Gold Chief iscarbonate-hosted and is localized along the intersection of the north-strikingStampede Detachment Fault and an orthogonal lateral ramp fault.In 2017, Silver Range completed a three-dimensional inducedpolarization and electrical resistivity (3D-IP) survey on the property whichdefined two drill targets. Theresistivity inversion clearly imaged the structural intersection hosting theGold Chief Mine mineralization while the chargeability inversion delineated ahigh at a depth of 80 metres straddling the Stampede Detachment Fault, north ofthe mined mineralization.The edge ofthis latter target was intersected in a historical drill hole completed byHomestake Mining Company which bottomed in material described as containing 2 -6% grey sulphides.Both targets are opendown-dip.
The terms of the option entitle Crocan toacquire a 100% interest in the Gold Chief Property for aggregate cash paymentsof $160,000 and aggregate issuances of 650,000 Crocan shares by November 2,2021.Silver Range shall retain a 2% netsmelter return, half of which may be purchased for $1,000,000.In addition, Silver Range shall be entitledto receive a one-time cash payment $2.00 for each ounce of gold orgold-equivalent identified as a measured or indicated resource compliant withNational Instrument 43-101 and to receive a one-time cash payment $2.00 foreach ounce of gold or gold-equivalent identified as a proven or probablereserve compliant with National Instrument 43-101.
Technical information in this news release hasbeen approved by Mike Power, M.Sc., P.Geo., President and CEO of Silver Rangeand a Qualified Person for the purposes of National Instrument 43-101.Historical data cited in this release iscontained in Nevada Bureau of Mines and Geology publications and files and hasnot been independently verified by Silver Range.
Silver Range is a precious metals prospectgenerator working in Nevada, Nunavut and the Northwest Territories.Silver Range has a portfolio of 18 activeprojects in Nevada.In total, thecompany has assembled a portfolio of 42 properties, 14 of which are currentlyoptioned and being explored by partners. Silver Range is actively seeking joint venture partners to explore thehigh grade precious metal targets in its portfolio.
Additional information on Silver Range'sproperties may be found on the company's website at www.silverrangeresources.com.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
"Mike Power"
President, C.E.O. & Director
For further informationconcerning Silver Range or its explorationprojects please contact:
Investor Inquiries
Richard Drechsler
Vice-President,Communications
Tel: (604)687-2522
NA Toll-Free:(888) 688-2522
rdrechsler@silverrangeresources.com
http://www.silverrangeresources.com
Neither the TSX VentureExchange nor its Regulation Services Provider (as that term is defined in thepolicies of the TSX Venture Exchange) accepts responsibility for the adequacyor accuracy of this release.
This news release may containforward looking statements based on assumptions and judgments of managementregarding future events or results that may prove to be inaccurate as a resultof exploration and other risk factors beyond its control, and actual resultsmay differ materially from the expected results.
SOURCE: Silver Range Resources Ltd.
