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Silver Range Resources Ltd. Closes Second Tranche of Private Placement, Provides Updates on Exploration and the Filing of Interim Financial Statements
VANCOUVER, BC / ACCESSWIRE / May 28, 2020 / Silver Range Resources Ltd. (TSXV:SNG) ("Silver ...
About this update from Silver Range Resources Ltd.
[{"type":"text","content":"Silver Range Resources Ltd. Closes Second Tranche of Private Placement, Provides Updates on Exploration and the Filing of Interim Financial StatementsVANCOUVER, BC / ACCESSWIRE / May 28, 2020 / Silver Range Resources Ltd. (TSXV:SNG) (\"Silver Range\") announces the closing of the second tranche of the private placement announced February 11, 2020. The second tranche consisted of the issuance of 5,225,000 units at a price of $0.08 per unit, for gross proceeds of $418,000. Each unit consisted of one common share and one share purchase warrant, with each warrant entitling the holder to purchase one additional common share at a price of $0.16 until May 26, 2022, provided that in the event the closing price of Silver Range's shares is $0.20 or greater for a period of ten consecutive trading days subsequent to the expiry of the statutory hold period, Silver Range will have the right to provide all warrant holders with notice that the expiry date for the warrants has been shortened to thirty calendar days from the giving of such notice.All of the securities issued as part of this second tranche will be subject to a hold period in Canada expiring on September 27, 2020. No finder's fees were paid and an insider, Strategic Metals Ltd., purchased 2,000,000 units for proceeds of $160,000.Exploration updateIn late April, Silver Range conducted a brief sampling program at the Tree River Project. At Tree River, Archean conglomerate hosts gold together with sulphides and carbonaceous material in a setting analogous to that found in the Witwatersrand of South Africa and the Pilbara district in Australia. Sampling by Silver Range at the Main Zone, originally explored by BHP Billiton and Strongbow Exploration returned grab samples up to 114 g/t Au and a chip sample returned 0.20 m @ 540 g/t Au. This zone is exposed intermittently over a strike length of 650 m, is strongly silicified and contains visible gold at the highest-grade exposure. The West Zone is 3.6 km along strike and returned grab samples up to 14.05 g/t Au. The April 2020 sampling consisted of collecting one metre by one metre sawn panel samples in excess of 40 kilograms to obtain a more representative indication of the bulk concentration of gold in bedrock. Samples were collected at the Main and West Zones. Results are pending.Silver Range has resumed operations in Nevada. Geophysica...