Business
Silver Range to Acquire Gold Projects and Change Exploration Focus
VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 18, 2016) - Silver Range Resources Ltd. (TSX VENTURE:SNG) ("Silver Range") announces that Michael Power, P. Ge
About this update from Silver Range Resources Ltd.
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - March 18, 2016) - Silver Range Resources Ltd. (TSX VENTURE:SNG) (\"Silver Range\") announces that Michael Power, P. Geo. has been appointed as the President and Chief Executive Officer effective immediately. W. Douglas Eaton, has resigned as the President and Chief Executive Officer, but will remain as a Silver Range director. In addition to the appointment of Mr. Power, Silver Range has agreed to purchase a portfolio of gold exploration projects from Panarc Resources Ltd. (\"Panarc\"), a private company. The portfolio consists of the following six prospects: the Up Town gold project, a high grade granitoid hosted Archean gold target located in the Northwest Territories (adjacent to a multi-million ounce past producer); three iron formation hosted gold targets in the Contwoyto Lake - Back River area of Nunavut (including the Esker Lake prospect); and two epithermal gold targets covering small past producers in the Santa Fe District and the Kawach Range in west-central Nevada. All six projects are wholly-owned by Panarc. Silver Range will acquire a 100% interest in each of the projects through the issuance to Panarc of 10 million Silver Range common shares. Panarc will not retain any royalty or other residual interest in any of the projects. Completion of the purchase of the projects is subject to Silver Range shareholder approval and TSX Venture Exchange acceptance. The appointment of Mr. Power as President and Chief Executive Officer and the purchase of the six gold projects marks a move by Silver Range away from its current Yukon focused silver-lead-zinc exploration model to a broader project generative business model concentrating on gold projects. The primary generative focus will be projects located in Nunavut, the Northwest Territories and Nevada, but other jurisdictions, excluding the Yukon Territory and British Columbia, will be considered as exploration opportunities are identified. In addition to Mike Power's personal experience, Silver Range will have access to the collective expertise of a Yellowknife based exploration group that has worked across the Northwest Territories and Nunavut for 35 years and has made or significantly contributed to numerous precious metals, diamond and base metal discoveries. Silver Range will continue to hold its current Yukon projects, but has n...