Silver Range Resources Ltd. ("Silver Range") announces that it has entered into a property purchase agreement ("Agreement") with Benz Mining Corp.("Benz") under which Benz will purchase the Mel zinc-lead-barite property.
The Mel property is located within a belt of important sedimentary exhalative zinc-lead deposits, which includes the Howard's Pass deposits of Chihong Canada Mining., the Tom and Jason deposits of HudBay Minerals, the Cirque deposit of Teck Resources/Korea Zinc, and the Akie deposit of Canada Zinc Metals. The Mel property is situated 80 km east of Watson Lake and 40 km north of the Alaska Highway in southeastern Yukon Territory. The property consists of 538 mineral claims.
The Mel Main Zone hosts an inferred resource of 5.38 million tonnes grading 6.45% zinc, 1.85% lead and 44.79% barite (BaSO4), at a cut-off grade of 5.0% zinc-equivalent. Mineralization at the Main Mel Zone consists of coarse-grained sphalerite and galena disseminated throughout a mixture of mudstone, silica-carbonate and coarsely crystalline barite. Details related to the inferred resource are available in a NI 43-101 report prepared for Silver Range and authored by Giroux Consultants Ltd. and H. Leo King. P. Geo., dated November 12, 2014 and filed on SEDAR.
Under the terms of the Agreement, Silver Range has agreed to sell a 100% interest in the Mel Property to Benz Mining for $2,700,000 in cash and shares, payable over a five-year period. There are no work requirements or any royalties payable to Silver Range under the Agreement. An initial payment of $20,000 has been received by Silver Range.
Technical information in this press release has been approved by Matthew R. Dumala, P.Eng., a geological consultant to Silver Range Resources and qualified person for the purposes of National Instrument 43-101.
Silver Range is a gold prospect generator working in Nunavut, the Northwest Territories and Nevada.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
Mike Power, President, C.E.O. & Director