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Silver Range Resources receives “promising” gold results from Cabin Lake project, provides Tree River update

The company said drill results from Cabin Lake, in which it retains a royalty, included 22.01 metres of 7.94 grams per tonne gold

Silver Range Resources Ltd. -
Silver Range Resources said it is also set to collect samples from its promising Tree River Project in Nunavut

Silver Range Resources Ltd (CVE:SNG) said it has received “promising” results from Rover Metals Corp (CVE:ROVR) for the first two drill holes at the Cabin Lake project in Canada’s Northwest Territories, which included 22.01 metres (m) of 7.94 grams per tonne (g/t) gold.

Rover Metals has an option to acquire the Cabin Lake project, at which point Silver Range will retain a royalty on the property that includes advance royalty payments totaling $260,000.

Silver Range Resources also reported that it has received a fully-costed exploration program proposal to bulk sample the gold and diamond-bearing Tree River Conglomerate at its wholly-owned Tree River Project in Nunavut, which will systematically collect 50 kg, 1 m x 1 m panel samples from bedrock.

READ: Silver Range Resources says 'grade is king' as it follows the prospect generator model in the US and Canada

Initial sampling would consist of collecting samples every 200m along the seven kilometres of prospective conglomerate exposed on the property, at which point all samples would be analyzed for gold and a subset would also be analyzed for diamonds.

The company noted that proposed work program would be conducted between late June and August 2021, and that permitting for this project has been initiated.

Silver Range Resources also said the Tree River Conglomerate, described as North America's only Pilbara-style target, is an auriferous Mesoarchean conglomerate similar in age, setting and style of mineralization to major gold deposits in the Witwatersrand of South Africa and the Pilbara Region in Australia.

The company also announced that Canarc Resources Ltd terminated the option it held to acquire a 100% interest in Silver Range's Hard Cash and Nigel Properties in Nunavut, effective November 16, 2020. Silver Range Resources said it has retained Aurora Geosciences to compile all data collected on the property by Canarc over the past two years and to investigate untested targets on this high-grade gold project.

Silver Range Resources is a precious metals prospect generator with a portfolio of 43 properties in Nevada and Canada.  

Contact Sean at sean@proactiveinvestors.com

Quick facts: Silver Range Resources Ltd.

Price: 0.185 CAD

TSX-V:SNG
Market: TSX-V
Market Cap: $15.17 m
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