Silver Range Resources Ltd. completes option agreement with GGL Resources Corp.
The Providence Greenstone Belt showing its fall colours. — Photo courtesy GGL Resources Corp.
VANCOUVER, British Columbia, Sept. 11, 2017 (GLOBE NEWSWIRE) -- Silver Range Resources Ltd. (TSX-V:SNG) (“Silver Range”) announces that it has received acceptance from the TSX Venture Exchange for its option agreement with GGL Resources Corp. regarding the Providence Greenstone Belt (PGB) Project in the Northwest Territories, as originally announced on August 2, 2017.
The PGB Project is centred approximately 250 kilometres northeast of Yellowknife NWT and consists of 40 mineral claims and leases covering 30,657 hectares. The project contains numerous gold and base metal showings covering approximately 90% of the known showings along the 140-kilometre-long greenstone belt. Silver Range has mobilized surveyors and a geological mapping team to the project to complete claim conversions and conduct detailed mapping and additional sampling at several of the more advanced gold showings on the project.
Pursuant to the option agreement, GGL retains ownership of the PGB Project and the exploration camp on it. GGL also retains the right to explore for diamonds on the PGB Project. Silver Range has the optional right to explore GGL’s PGB Project for all metals and minerals, except diamonds, for consideration consisting of:
- a cash payment of $33,200;
- the issuance of 1,000,000 Silver Range common shares to GGL;
- the surveying of certain mineral claims so that they can be converted to mining leases;
- a commitment to make mining lease payments for the entire PGB Project for at least 12 months;
- a commitment to include claims staked by either party within a defined area of interest in the option agreement, subject to the acceptance of the other party.
- a commitment to make annual mining lease payments for all portions of the PGB Project it maintains under option in subsequent years; and
- a one million dollar milestone payment upon completion of a positive Preliminary Economic Assessment relating to a deposit(s) located within the PGB Project.
If Silver Range discovers a deposit(s) with mineral resources that are calculated in a manner consistent with National Instrument 43-101, Silver Range will be granted ownership of the mineral claims and mining leases surrounding those deposit(s) in return for a 1% net smelter return royalty payable to GGL on metal or mineral production, excluding diamonds, from those deposit(s). One-half of the royalty can be purchased by Silver Range for one million dollars. GGL will retain exploration and development rights for diamonds on any mineral claims and mining leases transferred to Silver Range.
The cash payment and share issuance disclosed above have each been made. All of the 1,000,000 Silver Range common shares issued to GGL are subject to a hold period expiring January 9, 2018.
Silver Range is a precious metals prospect generator working in the Northwest Territories, Nunavut 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.
On behalf of Silver Range Resources Ltd.,
“Mike Power”
President, C.E.O. & Director
