Silver Range Resources Provides Update On Michelle Project In Yukon; Partner Silver47 Exploration Strikes Silver

Silver Range Resources Ltd (TSX-V:SNG, OTC:SLRRF) said its partner Silver47 Exploration Corp has found promising grams per ton of silver at the Silver Matt site of its Michelle project in Yukon.

All five holes intersected oxide-sulphide mineralization, the company said.

Historically, mineralization was first discovered in the Silver Matt target in 2009 where a grab sample returned 4,180 grams per ton (g/t) of silver and a 2015 hand trench yielded 2.8 metres (m) of 894 g/t silver, 46.9% lead and 8.09% zinc. Silver Range said the Michelle project is considered an early-stage exploration project located 130 kilometres north-northeast of Dawson City, Yukon.

Silver47’s initial drill discovery at the Silver Matt target was made in 2021 through drilling in hole number MCH-21-005, according to Silver Range.

Hole MCH-21-005 found 19.8 m of 556 g/t silver, 20.3% lead, 3.16% zinc, including 7.6 m of 824 parts per million (ppm) silver, 28.7% lead, and 1.54% zinc.

Hole MCH-22-002 yielded 15 m of 907 g/t silver, 26% lead, 2.7% zinc including 7.7 m of 1577 g/t silver, 45% lead, and 4% zinc.

Holes MCH-22-001 to MCH-22-003 were completed from the same collar as the 2021 holes to test potential down-dip and strike extension from the discovery hole MCH21-005. Holes MCH22-004 and MCH22-005 were collared 50 m northwest to test strike extension, according to the company.

Vancouver-based Silver Range said the drill results showed that: “mineralization occurs primarily as strongly oxidized material with remnant intervals of massive sulphide, primarily galena. The high-grade intervals are typically surrounded by a gradational alteration halo into fresh carbonates. Karst voids above and within the mineralized zones were noted. Mineralization appears to have a shallow northeast dip to flat-lying with a northwest/southeast strike orientation observed across the five holes drilled in 2022.”

Results from the other holes drilled in 2022 included:

MCH-21-006 intersected 3.04 m of oxide mineralization grading 42.25 g/t silver, 2.4% lead, and 2.8% zinc at 13.72 m depth.

MCH-22-001 intercepted an intensely oxidized interval of 4.40 m from 21.65 m to 26.05 m contained up to 2% blebby galena with fine white crystalline precipitate zinc and lead oxides.

MCH22-002 found 7% metallic sulphides, with lead-zinc precipitates observed through the 7.68 m interval.

MCH-22-003 intersected 9.4 m of high-grade mineralization including 1.05 m of 1395 g/t silver, 51.47% lead (final values pending), 12.25% zinc at 31.05 m.

Silver Range said that a property-wide surface sample and trenching program was carried out on high-priority targets was done at the same time as the drilling.

A total of 754 soil samples, and 92 rock samples were collected. Notably, a trench dug approximately 500 m northwest of the Silver Matt drill holes reported two 2-meter contiguous samples grading 423 and 247 g/t silver, with more than 10% lead, indicating a significant potential strike extension, according to Silver Range.

Trench TR22-01 was dug approximately 500 m northwest to the Silver Matt site and produced two 2-m composite samples of 423 g/t silver, 11.9% lead, 1.6% zinc; and 247 g/t silver, 14.5% lead and 0.76% zinc from 2.3 to 4.3 m and 4.3 to 6.4 m respectively. A rock grab sample taken 50 m north of this trench graded 226 g/t silver, 15.8% lead, 2.1% zinc, the company said.

Located 10 kilometres (km) east of the Silver Matt target, five trenches were completed at Heeler, following up a 2015 high-grade sample. Trench TR22-03 contained two samples with 14.5 g/t silver, 2.1% lead, 1.5% zinc, and 22.9 g/t silver, 1.5% lead, 1.6% zinc. Both samples also contained anomalous values of critical minerals returning 303 ppm chromium, 3,400 ppm copper, 208 ppm gallium, 1,940 ppm nickel, 936 ppm antimony and 4,980 ppm vanadium.

Soil/talus-fines sampling in the Heeler area was inconclusive with several point anomalies for silver, lead, and zinc. Silver Range said the concentration of critical minerals warrants further prospecting.

Located 21 km northeast of the Silver Matt site, these historic sites produced several anomalies for the 2022-prospecting season, the company said. Soil/talus-fines sampling along contours and ridgelines in this target yielded in three high-priority anomalies for silver, lead, zinc, barium, gallium, and vanadium.

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