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Silver Range expands and options the South Kitikmeot Gold Project in Nunavut
Silver Range expands and options the South Kitikmeot Gold Project in Nunavut Canad...
About this update from Silver Range Resources Ltd.
[{"type":"text","content":"\n\n\n\nSilver Range expands and options the South Kitikmeot Gold Project in Nunavut\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\n\nCanada NewsWire\nVANCOUVER, March 6, 2018\n\n\n\nVANCOUVER, March 6, 2018 /CNW/ - Silver Range Resources Ltd. (TSX-V:SNG) (\"Silver Range\") is pleased to announce that it has significantly expanded the size of the South Kitikmeot Gold Project (\"Project\") in western Nunavut and has optioned the Project to Amaroq Gold Corp. (\"Amaroq\")\n\nOn February 1, 2018, Silver Range was awarded Prospecting Permits covering 47,460 hectares in the area of its Bling, Gold Bugs and Esker Lake Properties.  The South Kitikmeot Gold Project now covers 72,810 hectares including both claims and permits.  The new permits cover favourable host rocks near Project claims with known high-grade iron formation gold occurrences and drill intersections.\n\nOn March 5, 2018, Amaroq signed a Letter of Intent with Silver Range to purchase a 100% interest in all claims and permits comprising the South Kitikmeot Gold Project for consideration in cash and shares, staged over 5 years. Cash consideration totals $1,725,000 while share consideration includes 5% of Amaroq's shares at the time of initial public offering and 1,000,000 shares issued in tranches over the next four years. Silver Range will retain a 3% net smelter return, up to 2% of which could be purchased for $4,000,000. Silver Range will be the operator for exploration work during the first season, and beyond at Amaroq's discretion, and will be paid a management fee equal to 5% of exploration expenditures. \n\nSilver Range and Amaroq are planning a summer field program involving systematic gold-in-till sampling, magnetic and electromagnetic field surveys, to locate targets on hitherto unexplored ground and to expand existing drill targets.\n\nThe South Kitikmeot Gold Project covers known gold occurrences along a 200 km long package of metasedimentary rocks which host the Lupin Mine (3.4 M oz gold (production to date)) and the Back River Project (5.3 M oz gold (Measured and Indicated Resources)) curren...