Mining Explorers 2011: Silver Range Resources Ltd.
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Last updated 11/6/2011 at Noon
SNG: TSX-V
President and CEO: W. Douglas Eaton, B.A., B.Sc.
Chairman: Bruce A. Youngman, B.Sc.
Chief Financial Officer: Larry Donaldson, C.A.
The spin-out of Silver Range Resources Ltd., which was completed in August, was designed to increase value for shareholders of Strategic Metals Ltd., the junior exploration company that formerly held Silver Range as a wholly owned subsidiary.
By creating a new precious metal-focused company, Strategic hoped to advance bulk tonnage targets at the silver-enriched Silver Range Project and gold-rich Mint Project, both located in Yukon Territory.
This summer, Silver Range conducted a comprehensive exploration and drilling program at the project, which is located about 30 kilometers (19 miles) north of the town of Faro in the Faro District of south-central Yukon.
During the 1970s and '80s, the Faro District was the site of the largest open-pit lead-zinc-silver mining operation in Canada, and the area still has excellent but now under-utilized infrastructure.
With up to 25,000 meters of drilling and C$14 million in planned expenditures, the Silver Range program was designed to follow up on encouraging 2010 results from the Keg Zone and test five additional large-scale target areas for bulk tonnage silver-zinc-lead-copper mineralization.
At the Keg Zone, widely-spaced 2010 drilling intersected broad intervals of porphyry-style, disseminated and stockwork mineralization in all four holes.
This drilling partially tested a 550-meter strike length of a 4-kilometer (2.5 miles) long by several hundred meters wide geochemical and geophysical anomaly.
Systematic geological mapping, prospecting, and geochemical surveys also were undertaken over the entire 700-square-kilometer (270 square miles) project to identify new target areas.
In September, Silver Range agreed to purchase 13 mineral claims known as the JRV claims from an arms-length private company.
The JRV claims are surrounded by claims that have been staked by Silver Range.
They are located in the core of the Snap Zone, which lies in the southeastern part of the Keg property.
Silver Range also reported results from the program's first five diamond drill holes.
Highlights of this drilling include hole Keg-11-09, which returned 70.55 grams per metric ton silver together with significant lead-zinc-copper-tin-indium values over 104.70 meters.
This extended the Keg Main Zone a further 100 meters to the east for a known strike length of 650 meters.
Drill hole Keg-11-07 returned 30.99 g/t silver together with significant lead-zinc-copper-tin-indium values over 141.24 meters.
Work at the Silver Range project is being conducted by Archer, Cathro & Associates (1981) Ltd.
Cash and short-term deposits: C$16.25 million (at June 30, 2011)
Working capital: C$16.61 million (at June 30, 2011)
Market capitalization: C$39.28 million (Sept. 23, 2011)
Suite 1016 - 510 West Hastings St.
Vancouver, B.C., V6B 1L8
Ph: 604 688-2568 Fax: 604 681-0139
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