Business
Silver Range Resources Ltd. Closes Private Placement and Begins Exploration in Nevada
Not for Dissemination or Distribution in the United States and not for Distribution to Unite...
About this update from Silver Range Resources Ltd.
[{"type":"text","content":"Silver Range Resources Ltd. Closes Private Placement and Begins Exploration in NevadaNot for Dissemination or Distribution in the United States and not for Distribution to United States Newswire ServicesVANCOUVER, BC / ACCESSWIRE / March 21, 2019 / Silver Range Resources Ltd. (TSX-V: SNG) (\"Silver Range\") announces the closing of the private placement announced February 27, 2019. The private placement consisted of the issuance of 1,822,727 common shares at a price of $0.11 per share, for gross proceeds of $200,500. No finders fees were paid and insiders purchased 1,431,818 shares for proceeds of $157,500. All of the securities issued as part of this private placement will be subject to a hold period in Canada expiring on July 22, 2019. Operations update Silver Range has commenced spring exploration work in Nevada including generative work on several new targets and advanced exploration to define drill targets on three staked properties. In light of current market conditions and the opportunities they create, the company will concentrate on identifying and acquiring cost-effective targets with asymmetric risk-reward profiles, and on internal economies to reduce non-operational expenditures. Silver Range has optioned 16 of its 42 properties to 8 partners and continues to actively seek other joint venture partners to explore the high-grade precious metal targets in its portfolio.Partner ActivitiesTrifecta Gold Ltd. (TSX-V: TG) (\"Trifecta\") intends to conduct an initial drill program during the coming exploration season at the Yuge Property in Humboldt County, Nevada. Historical drilling at Yuge returned 3.3 m @ 9.70 g/t gold, and recent surface rock sampling returned up to 150 g/t gold. Trifecta has a staged option to earn a 75% interest in Yuge by conducting a total of US$3,000,000 in exploration and paying Silver Range US$750,000.In northern Canada, Canarc Resources Corp. (TSX-V: CCM) (\"Canarc\") announced its intention to drill the Hard Cash property in 2019, where a 3.4 km trend of high grade surface rock samples follow a magnetic break and an EM resistivity low. In situ surface exposures along this trend have assayed up to 125 g/t gold and 719 g/t silver. Canarc can earn a 100% interest in Hard Cash, subject to a 2% NSR and success fees, by making staged payments totaling $150,000 and issuing Silver Range 1.5 million shar...