Silver Range drills 1,577 g/t silver over 7.68 metres at Michelle Project, Yukon

Silver Range Resources Ltd.’s [SNG-TSXV] partner, Silver47 Exploration Corp., has completed five shallow diamond drill core holes at the Silver Matt discovery on its Michelle project in north-central Yukon. All 5 holes intersected oxide-sulphide mineralization. Mineralization was first discovered in the Silver Matt area in 2009 by prospecting where a grab sample returned 4,180 g/t silver and where a 2015 hand trench yielding 2.8 metres of 894 g/t silver, 46.9% lead and 8.09% zinc. The initial drill discovery at the Silver Matt Target was made in 2021 through RC drilling in hole MCH-21-005.

Highlights: Discovery RC hole MCH-21-005 returned 19.8 metres of 556 g/t silver, 20.3% lead, 3.16% zinc, including 7.6 metres of 824 ppm silver, 28.7% lead, 1.54% zinc.

Discovery confirmation core hole MCH-22-002 yielding 15 metres of 907 g/t silver, 26% lead, 2.7% zinc. including 7.7 metres of 1,577 g/t silver, 45% lead, 4% zinc.

Holes MCH-22-001 to MCH-22-003 were completed from the same collar as the 2021 RC holes to test potential down-dip and strike extension from discovery hole MCH21-005. Holes MCH22-004 and MCH22-005 were collared 50 metres northwest to test strike extension (results pending).

The objective of MCH-22-001 was to undercut the RC discovery hole MCH-21-005. MCH-22-001 intercepted high-grade mineralization at a shallower depth than expected, indicating a flat to shallow-dipping lens. An intensely oxidized interval of 4.40 metres from 21.65 to 26.05 metres contained up to 2% blebby galena with fine white crystalline precipitate Zinc and Lead oxides.

MCH22-002 was drilled to twin MCH-21-005 to obtain structural data and better-define the mineralized zone, as hole 22-001 produced unexpected results.

MCH-22-003 was oriented to test the NW/SE proposed strike trend, and intersected 9.4 metres of high-grade mineralization, including 1.05 metres of 1,395 g/t silver, 51.47% lead (final values pending), 12.25% zinc at 30 – 31.05 metresw. Hole 3 confirmed the strike orientation and shallow-dip of the mineralized lens.

A property-wide surface sample and trenching program was also carried out on high-priority targets. A total of 754 soil samples, and 92 rock samples (including trenches) were collected. All trenches were hand-dug and reclaimed prior to the end of the program. Notably, a trench dug approximately 500 metres NW of the Silver Matt drill holes reported two 2-metre contiguous samples grading 423 g/t silver and 247 g/t silver, with +10% lead, indicating a significant potential strike extension of the mineralized trend.

Trench TR22-01 was dug approximately 500 metres northwest, and on strike, to the Silver Matt showing produced two 2-metre composite samples of 423 g/t silver, 11.9% lead, 1.6% zinc; and 247 g/t silver, 14.5% lead and 0.76% zinc from 2.3-4.3 metres and 4.3-6.4 metres, respectively. A rock grab sample taken 50 metres north of this trench graded 226 g/t silver, 15.8% lead, 2.1% zinc. Additional samples indicated anomalous zinc concentrations northeast and east of the known mineralization.

Located 10 km east of the Silver Matt Zone, 5 trenches were completed at the Heeler showing, following up a 2015 high-grade sample. Trench TR22-03 contained two samples (1-1.6m, and 2.85-2.95) with 14.5 g/t silver, 2.1% lead, 1.5% zinc; and 22.9 g/t silver, 1.5% lead, 1.6% zinc. Both samples also contained anomalous values of critical minerals returning 303 ppm chromium, 3,400 ppm copper, 208 ppm gallium, 1,940 ppm nickel, 936 ppm antimony and 4,980 ppm vanadium.

Two anomalous zinc samples were taken while prospecting east of the Heeler Target. Sample E814060 graded 2.18% zinc and sample E814531 graded 3.6% zinc, 0.6% lead, and 5.76 g/t silver.

Soil/talus-fines sampling in the Heeler area was inconclusive with several point anomalies for silver, lead, and zinc. Further prospecting of this showing is warranted given the concentration of critical minerals.

Nanny/Boxer Target

Soil/talus-fines sampling along contours and ridgelines in this target area resulted in three high-priority anomalies for silver, lead, zinc, barium, gallium, and vanadium.

Trenches TR-22-09 and TR-22-10 contained significant intervals of silver, lead and zinc mineralization. TR-22-09 exposed two non-continuous intervals (trench filled with talus from 4.8 to 8.5m); 0-4.8 metres of 2 g/t silver, 0.1% lead and 11.9% zinc over 4.8 metres and 10.2-16.1 metres of 7.8 g/t silver, 0.62% lead and 7.9% zinc over 5.9 metres.

Both intervals contained anomalous values of cadmium and gallium. TR-22-10 exposed a 9.5-metre interval of 103 g/t silver, 8.1% lead and 4.2% zinc, including 3 metres of 355 g/t silver, 24.58% lead, 6.29% zinc. Two samples were collected while prospecting the Nanny/Boxer target area with >20% zinc and anomalous silver, lead, cadmium, and antimony concentrations.

Silver Range has granted Silver47 an option to earn a 100% interest in the Michelle Project. Silver Range holds 5,650,000 shares (16.8%) of Silver47, 1% NSR on the Michelle project and is entitled to receive a one-time payment of $1 million if a positive production decision is made on a resource of not less than 80 million ounces of silver as outlined in a feasibility study.

Covering 15,900 hectares, the Michelle project is located in north-central Yukon, 130 km north-northeast of Dawson City.

Silver47 is a private Canadian exploration company.