Silver Range Resources strikes two project deals – ICYMI

Silver Range Resources Ltd ( TSX-V:SNG OTC:SLRRF ) earlier this week outlined agreements with Resilience Minerals covering its Sand Springs and Alamo copper-gold projects in the southwestern United States, with CEO Mike Power explaining how the transactions fit the company’s prospect generator model. Power told Proactive that Resilience Minerals was acquiring an 80% interest, rather than earning into the projects through several stages. He said that, on Resilience Minerals’ IPO, Silver Range Resources would be at the 80% level for gross proceeds of US$1.1 million. The companies would then move into what Power described as a “classic joint venture”, while Silver Range Resources would retain further potential exposure to exploration success through a payment per ounce on discovered resources and a royalty. Power said: “We’ve got some backend if they, and we hope they will, be successful.” The two projects offer separate copper-gold exploration opportunities. Power said Sand Springs, near Fallon, had been high-graded periodically into the 1970s and 1980s before being drilled by Pegasus. Silver Range Resources later acquired the project and conducted exploration work, with Power describing the result as “a very attractive copper gold target”. Alamo, meanwhile, is in Arizona and covers the former Wendon Mine, which Power said was a high-grade gold and copper producer. He recalled seeing a shipment certificate showing half-ounce material alongside 2% or 3% copper and said the property contained extensive ...