Silver Range Resources options Arizona, Nevada gold-copper projects

Silver Range Resources Ltd said it has optioned its Alamo property in Arizona and Sand Springs property in Nevada to Resilience Minerals Limited, a deal worth US$550,000 in cash and US$550,000 in Resilience shares if both options are exercised.

Resilience, an independent group of exploration, mining and financing professionals based in Australia, can earn an 80% interest in each property.

Payments are tied to Resilience completing an initial public offering and listing on the Australian Stock Exchange, which for Alamo must happen on or before the end of the 2026 calendar year.

The two sides would then form a joint venture to explore and develop each project.

Silver Range would receive US$300,000 in cash and US$300,000 in shares for Alamo, and US$250,000 in cash and US$250,000 in shares for Sand Springs.

The company will also receive resource payments on both properties of US$10 per ounce of gold equivalent on the first 50,000 ounces of measured and indicated resources, and US$2 per ounce beyond that.

Silver Range will keep a 1% net smelter return royalty on Alamo and a 2% royalty on Sand Springs.

Resilience can buy back part of each royalty for US$500,000 before commercial production begins.

Alamo, in La Paz County, Arizona, comprises 35 federal lode claims and hosts widespread iron-oxide copper-gold mineralization, including the former Wenden Mine.

Sampling has returned up to 37.8 grams per tonne gold and 19.15% copper, and soil surveys outline a gold-copper system about 1.6 kilometres long.

Sand Springs, in Churchill County, Nevada, lies 42 kilometres southeast of Fallon and hosts gold-copper skarn and gold-quartz-tourmaline vein mineralization.

Silver Range's surface sampling has returned up to 1.5 metres at 10.1 grams per tonne gold from a chip sample and up to 3.50% copper from a grab sample.

Silver Range will pay finder's fees of C$52,500 for Alamo and C$45,000 for Sand Springs to an arm's length party once the IPO is complete.