Silver Range Resources Ltd. (TSX VENTURE: SNG) ("Silver Range") announces that it has staked two highly prospective gold targets -- Yandle and Noomut -- located in the emerging Ennadai-Rankin Greenstone Belt, host to Agnico Eagle's Meliadine Deposit.
The Yandle property covers two NUMIN showings (Yandle and Aruat) which were explored by Comaplex Resources Ltd. ("Comaplex") and Cumberland Resources Ltd. from the early 1990's until 2002. Numerous historical grab samples grading up to 16 g/t Au were collected from a zone of arsenopyrite and pyrite bearing schist developed along the contact between Archean mafic and intermediate volcanic rocks. The zone is 4.5 kilometres long, up to 100 m wide, and is the most extensive alteration zone documented by Comaplex in this portion of the Ennadai Rankin Greenstone Belt. Best reported historical grab sample analyses along the contact zone were 25 g/t Au at Yandle and 59 g/t Au at Aruat. Comaplex completed airborne and ground geophysical surveys, and detailed prospecting and mapping over a wide area prior to drilling their portion of the zone in 2002. The 9 hole drill program initially targeted sulphide horizons in the overlying rhyolitic volcanics. These returned low gold values and Comaplex then switched their attention to the contact zone where they intersected 3 m @ 11 g/t Au. The property was subsequently optioned to Placer Dome who drilled at Yandle in 2003. A total of 12 drill holes (1,766 meters) were completed in the Yandle area with the only reported results being 1.25 m @ 17.5 g/t Au and 2.8 m @ 2.5 g/t Au from separate zones in a single hole. The Aruat Zone remains un-drilled. Placer Dome allowed their option to drop and Comaplex conducted no further work in the area as they refocused their corporate efforts on the Meliadine Deposit near Rankin Inlet, currently being developed by Agnico Eagle Mines Ltd.
The Noomut Property is 15 km southwest of Yandle and covers a 1.9-kilometre-long zone of gold mineralization which has returned historical surface grab samples to 89 g/t Au. Comaplex discovered the River West and River North showings on this trend in 1994 and 1995, sampling quartz veins and disseminated sulphides developed within oxide facies iron formation hosted in volcaniclastic metasedimentary rocks. Ground magnetic field surveys were subsequently conducted to map the iron formation but no further work was performed.
Silver Range intends to conduct community consultations in the Kivalliq region this spring and apply for land use permits to conduct drill programs at the Hard Cash and Yandle Properties thereafter.
Silver Range is a precious metals prospect generator working in Nunavut, the Northwest Territories and Nevada. The company is actively seeking joint venture partners to explore the assets in its portfolio.
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.