Silver Range Defines a New, Large Undrilled Target at Cold Springs Project, Nevada
VANCOUVER, October 31, 2018 - Silver Range Resources Ltd. (TSX-V: SNG) ("Silver Range") is pleased toprovide an update on geological mapping, sampling and geophysical surveys recentlycompleted at its Cold Springs Property in Churchill County, Nevada.This work confirmed that the exposed high-gradegold & silver mineralization is on the periphery of a larger epithermal system,down-dropped to the west across a range front fault.Geophysical surveys over this down-faultedblock mapped a vertically persistent bedrock resistivity low beneath alluvialcover.This feature is interpreted to bean argillic envelope surrounding the basement source of the hydrothermalsystem.A video presentation describingthis new drill target can be found on Silver Range's website and here.
Geological mapping, sampling & drillcompilation
In early 2018, SilverRange purchased historical drill data, underground mapping and sample resultscollected at Cold Springs from 1981 through 1990 and constructed a drill database including all 47 drill holes completed to date on the property.In July, a geological mapping and samplingprogram was conducted.A total of 26rock samples were collected, 2 of which assayed greater than 5 g/t Au and 11 ofwhich returned greater than 1 g/t Au.Agrab sample of quartz containing grey banding yielded the peak assay of 12.9 g/t Au. Silver assays ranged as high as 687 g/t Ag from a specimen of similarmaterial, with 9 of 26 samples returning assays greater than 31 g/t Ag.
Cold Springs isunderlain by generally west-dipping rhyodacitic crystal through lithic-crystaltuff, capped by a maroon lithic tuff breccia. This assemblage is exposed on a central hill bounded to the west by anorth-striking normal range front fault, which has dropped the host assemblagedown-dip to the west.Gold mineralizationwas introduced in two phases of silicification, both confined to the cappinglithic tuff breccia and uppermost lithic-crystal tuff.The earlier phase of silicification consistsof widespread, pervasive, centimeter-scale quartz veining and silica floodingof permeable matrix.This style ofmineralization contains sub-economic gold and silver, averaging 0.113 g/t Auand 2.81 g/t Ag where thoroughly drill tested in the centre of the property byprevious operators.The second phase ofmineralization consists of cross-cutting, moderately west to southwest dipping,quartz-chalcedony veins.Four majorveins were mapped on the property with exposed strike lengths up to 70 m andwidths ranging up to 2.0 m thick.These veinsdisplay classic low sulphidation epithermal textures including colloformbanding, bladed quartz after calcite, brecciation and annealing.Clots of pyrite and bands of black to darkgrey silver sulphides and sulphosalts are locally present.Samples of this latter material collected by SilverRange have assayed up to 20.1 g/t Au and 1,770 g/t Ag. Best drill results from these veins werereported in an ASARCO drill hole (CS83-03) which returned 3.05 m @ 4.25 g/t Au. This result has not been independentlyverified by Silver Range.
Geological mapping and analysis of historicaldrill hole data strongly suggest that the source and centre of the epithermalsystem lies beneath alluvium west of the exposed mineralization. Drillresults beneath the central hill indicate that the gold mineralization does notextend to depth and there is no evidence of a steeply dipping feeder veinsystem beneath the exposed mineralization in any of the deeper drill holes.The westward dip of all of the majormineralized second phase veins suggests a hydrothermal hydraulic gradient tothe west.Finally, second stage highgrade precious metal veins are more common and larger west of the summit of thecentral hill. These veins are truncatedon the west flank of the hill by the range front fault.Historical drill data indicates that thecovering alluvium is approximately 60 m thick near this fault and that the topof down-dropped bedrock to the west consists of maroon lithic tuff breccia carryinganomalous gold. In sum, this evidenceindicates that the mineralization exposed on the hill at Cold Springs is on theeastern periphery of a larger low-sulphidation epithermal system, down-droppedto the west across the range front fault.
Geophysical surveys
A three-dimensionalinduced polarization and resistivity (3DIP) survey was conducted in Septemberover the prospective area west of the range front fault. The survey detected alarge compact resistivity low defined by material less than 30 ohm-m.This feature is approximately 200 m west ofthe range front fault and on strike with the trend of mineralization exposed onthe hill.The depth to the top of thisbody is 80 m, consistent with estimates of the thickness of alluvium in thearea.The feature persists to depth,beyond the depth of investigation of the survey, conservatively estimated at200 m.This low resistivity feature is interpreted to be a zone of argillicalteration surrounding a steeply dipping hydrothermal source region andrepresents a priority drill target.
Samples were securedand transported by the field crew to ALS Minerals facilities in Reno, Nevadafor sample preparation.Pulps wereshipped to North Vancouver for assaying and geochemical analyses.Rock samples were analyzed by Ultra-TraceAqua Regia ICP-MS (ME-MS41) and fire assayed for gold (30 g sample)(Au-AA25).Samples that exceeded thedetection limits of the routine methods were assayed for silver and copper by inductivelycoupled plasma-atomic emission spectroscopy (Ag/Cu-OG46) and for gold bygravimetric analysis (Au-GRA21).
Technical informationin this news release has been approved by Mike Power, M.Sc., P.Geo., Presidentand CEO of Silver Range Resources Ltd. and a Qualified Person for the purposesof National Instrument 43-101.
Silver Range is aprecious metals prospect generator working in Nevada, Nunavut and the NorthwestTerritories.Silver Range has aportfolio of 18 active projects in Nevada. In total, the company has assembled aportfolio of 42 properties, 12 of which are currently optioned and beingexplored by partners.Silver Range isactively seeking joint venture partners to explore the high grade preciousmetal targets in its portfolio.
Additional informationon Silver Range's properties 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 information concerning SilverRange or its exploration projects 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 Venture Exchange nor itsRegulation Services Provider (as that term is defined in the policies of theTSX Venture Exchange) accepts responsibility for the adequacy or accuracy ofthis release.
This news release may contain forwardlooking statements based on assumptions and judgments of management regardingfuture events or results that may prove to be inaccurate as a result ofexploration and other risk factors beyond its control, and actual results maydiffer materially from the expected results.
SOURCE: Silver Range Resources Ltd.