Silver Range Resources Ltd (CVE: SNG) told investors Thursday that it has closed the second tranche of a previously announced placing and updated them on its exploration activity.
The second tranche saw the prospect generator issue over 5.2 million units at C$0.08 each, for gross proceeds of C$418,000. Each unit consisted of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.16 until May 26, 2022.
On April 6, the group announced that it had closed the first tranche of the placing, raising C$104,000 gross, which it said would be used for exploration at its prospects in Nevada, in the US and Nunavut and the Northwest Territories in Canada.
On the exploration front, Silver Range Resources revealed it completed a brief sampling program at the Tree River project in Nunavut in late April
At the Main Zone, which was originally explored by BHP Billiton and Strongbow Exploration, Silver Range said its work returned grab samples of up to 114 grams per ton (g/t) gold, while a chip sample at 0.20 metres (m) returned 540 g/t of the precious metal. This zone contains visible gold at the highest-grade exposure, the firm said.
The West Zone is 3.6 kilometres along strike and returned grab samples up to 14.05 g/t gold, it added. Samples were collected at the Main and West Zones and results are pending.
In addition, operations have resumed in Nevada, the company said. Geophysical surveys and trenching are planned at the Loner Property where surface mineralization exposed in old workings returned 1.83 m at 25.7 g/t gold from the brow of an adit and grab samples up to 16.60 g/t gold.
At the East Gold Point property, geochemical and geophysical surveys, along with mapping and sampling are planned to investigate the inferred eastern extension of mineralization mined beneath the town of Gold Point. Reconnaissance work will also be carried out on several new targets, added Silver Range.
The firm also noted that as a result of the coronavirus (COVID-19) pandemic, it has experienced delays in preparing its financial results for the period to March 31, 2020 and will delay filing them in line with the blanket relief granted by Canadian Securities Administrators.
Silver Range said it intends to file the documents before mid-June under the terms of the 45-day extension announced by the British Columbia Securities Commission.
The company has a portfolio of 45 properties, eight of which are currently under option to others. Silver Range says it is actively seeking other joint venture partners to explore the high precious metal targets in its portfolio.
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