- Focused on high grade, surface assets
- Experienced technical and management team
- Working in favorable mining jurisdictions
What Silver Range Resources does:
The company itself does not generally undertake drilling, it leaves that to partners who fund and carry out the work in return for earning a share in the property.
This business model is nothing new but it works because it mitigates the inherent risk of exploration, improves the odds of success, and puts a lid on capital spend and therefore limits shareholder dilution.
Silver Range has 45 prospects (eight are optioned to others) and is focused on high-grade, surface assets, located in mining-friendly, gold and silver-rich jurisdictions, namely Nevada in the USA and Nunavut, North West Territories (NWT) and Yukon in Canada.
In Nevada, the company has the East Gold Point, which is an extension to a historic camp, and has analogs with the Mineral Ridge mine, where to date 697,715 ounces of 1.87 grams per ton (g/t) gold have been mined.
In the US state, the firm also has the Cold Springs, Skylight, Strongbox (surface gold found there up to 27 g/t), Stinson (high-grade surface grabs found here up to 248 g/t gold), Kawich and Gold chief prospects.
In Nunavut, it has the Grumpy (high-grade gold vein system), Hard Cash (optioned to Canarc Resources), Tree River (described as North America's only Pilbara-style target) and the Ennadai-Rankin belt.
The Northwest Territories projects comprise Cabin Lake, in which Silver Range has a royalty interest, the Up Town Gold project and the Itchen project
In the Yukon, the firm has the KEG project, the BARB deposit and the MEL deposit.
How is it doing:
In early 2021, Silver Range announced the completion of soil geochemical surveys on its Sniper gold-silver project in Nevada, with peak soil responses in gold and silver of 82.8 parts per billion (ppb) gold and 1.35 ppm silver, respectively, while rock sampling to date has returned assays from separate grab samples of up to 121 grams per tonne (g/t) gold and 1,375 g/t silver.
It noted that eight of 20 rock samples collected on the property to date have returned analyses greater than 5 g/t gold, with one chip sample assaying 0.40 metres (m) of 46.3 g/t gold.
The company also said it has identified a large soil anomaly in gold, silver and arsenic located along the inferred contact between Jurassic Sylvania Pluton granodiorite and an overlying roof pendant of Precambrian Wyman Formation carbonates and siltstone.
Then on February 4, Silver Range said it was boosting its property portfolio with the addition of a new high-grade silver asset. The Roughrider property in the Walker Lane, west central Nevada, consists of six claims that contain shear-hosted quartz veins and stockworks along a one-kilometre-long shear zone.
Roughrider has seen activity since at least the early 1900s, according to Silver Range. The company said it plans to conduct a program of soil sampling and geophysical surveys, followed by trenching and underground exploration to evaluate the mineralization at Roughrider and define drill targets.
In late 2020, Silver Range Resources struck an option deal with Victory Resources Corporation (CSE:VR) (OTCMKTS:VRCFF), in which Victory can acquire an 80% interest in Silver Range’s Loner property in Nevada over four years by paying US$140,000 in cash and U$$260,000 in cash and shares.
The asset lies in the southern Sonoma Range and currently comprises 16 claims covering historic workings and exposed low-sulphidation gold mineralization. It is also located about 12 miles to the south of Premier Gold Mine Ltd's (TSX:PG) (OTCMKTS:PIRGF) Goldbanks epithermal gold project.
Victory Resources announced at the end of January that it is set to begin drilling the Loner property once a permit is received, with between seven and ten diamond drill holes planned as part of a short-hole 500m program.
As well, Silver Range reported the receipt of high-grade gold and silver grab sample results from its newly-consolidated and expanded Bellehelen project in Nevada, with assays that included grades as rich as 1,490 g/t silver and 11.3 g/t gold.
Between August and October 2020, Silver Range completed an exploration program covering the expanded Bellehelen project area, with soil geochemical surveys locating anomalies associated with and extending known mineralization.
The Bellehelen project, which includes the Ajax, Ben Hur and Neversweat properties, is located in an area that saw limited and sporadic mining production from 1909 through to the 1930s.
And in November, Silver Range Resources revealed that it had received “promising” results from the Cabin Lake project in Canada’s Northwest Territories, in which it has granted an option to Rover Metals Corp (CVE:ROVR), with assays from the first two drill holes including 22.01m of 7.94 g/t gold.
Should Rover Metals exercise its option on Cabin Lake, Silver Range will retain a royalty on the property that includes advance royalty payments totaling $260,000.
- Up-coming partner drill programs
- Unveiling of new targets in Nevada
- Advancing its Grumpy gold project in Nunavut
What the boss says:
Silver Range president and CEO Mike Power summarized to Proactive's Steve Darling what the firm is all about: "We are a high-grade prospect generator. We need to see 5 g/t gold or gold-equivalent, so we look for prospects that have surface mineralization of that grade and they need to be in a deposit class, that could host a deposit of that grade.
"We don't look for the lower grade stuff regardless of the tonnage size ... in the hope that eventually we can put a portfolio of these together. In good times or bad grade is king."
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