VANCOUVER, Feb. 13, 2018 /CNW/ - Silver Range
Resources Ltd. (TSX-V:SNG) ("Silver Range") is pleased to
announce that it has been awarded prospecting permits covering an
Archean conglomerate-hosted (Pilbara style) high grade gold target
in Nunavut with historical grab
samples up to 142 g/t gold.
Mineralization at the Tree River property is similar in age,
setting and style to gold mineralization recently discovered by
Novo Resources in the Pilbara district of Australia:
- Gold is hosted in a regionally extensive shallow marine
conglomerate.
- The host conglomerate is dated between 2,940 and 2,700 Ma based
on detrital zircons in proximal sediments, placing it in the
favourable time window for the "Great Gold Deposition Event" (Q.
Hennigh, 2016).
- Pods of high grade gold mineralization are present within a
much larger envelope of lower grade material.
- Carbonaceous seams parallel to bedding are locally
abundant.
- Pyrite is abundant and a significant proportion is reported to
be rounded and detrital in origin.
The Tree River property is located 155 kilometres southeast of
the coastal community of Kugluktuk
and consists of three prospecting permits covering 39,250
hectares. Gold mineralization was discovered in the area by
BHP Billiton ("BHP") in the early 1990's and the district was
explored by BHP and Strongbow Exploration Inc. from 1992 through
2007. Gold is hosted in two Archean conglomerate beds
overlying mafic volcanics. The uppermost quartz pebble
conglomerate (QPC) has a mapped strike length of 4.8 km and is from
15 to 20 m thick. The
conglomerate is grain supported with pyrite and carbonaceous matter
in the matrix. Pyrite is ubiquitous ranging from a background
of 1-2% to from 5-25% in lenses within the conglomerate.
Arsenopyrite, stibnite and sphalerite are reported to occur
with pyrite. The QPC is particularly enriched in gold with
background values in excess of 100 ppb Au, numerous grab samples in
excess of 1 g/t Au and local occurrences of high grade gold
returning grab samples up to 142 g/t Au and channel samples
up to 0.35 m @ 63.15 g/t
Au. Exploration to date has been restricted to
prospecting, mapping and limited channel sampling with no
drilling. In addition, the regional extent of the host
conglomerate has not been determined as exploration was focused in
the area of the principal showings.
Silver Range intends to conduct systematic sampling, geological
mapping and focused prospecting at Tree River in the coming season,
building on the solid technical data collected by Strongbow and
incorporating the latest insights into the developing "Wits 2.0"
deposit model.
A summary of the Tree River Project is available at
www.silverrangeresources.com
Information including analytical results cited in this news
release were extracted from assessment reports filed with the
Nunavut Mining Recorder and cannot be independently verified by
Silver Range. Technical information in this news release has
been approved by Mike Power, M.Sc.,
P.Geo., President and CEO of Silver Range Resources Ltd. and a
Qualified Person for the purposes of National Instrument
43-101.
Silver Range is a precious metals prospect generator working in
Nevada, Nunavut and the Northwest Territories.
The company is actively seeking joint venture partners to explore
the assets in its portfolio.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
"Mike Power"
President, C.E.O. & Director
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
This news release may contain forward looking statements
based on assumptions and judgments of management regarding future
events or results that may prove to be inaccurate as a result of
exploration and other risk factors beyond its control, and actual
results may differ materially from the expected results.
SOURCE Silver Range Resources Ltd.