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Vancouver-based Silver Range Resources (TSX-V:SNG) announced today that it has optioned its Gold Chief property in Nevada to CrocanCapital Corp.
Crocan is interested in acquiring a 100% interest in the project. To do so, the firm would have to provide aggregate cash payments of $160,000 and aggregate issuances of 650,000 Crocan shares by November 2, 2021.
Under the terms of the agreement, Silver Range would retain 2% of the net smelter return, half of which may be purchased for $1,000,000. In addition, the prospect generator will be entitled to a one-time cash payment $2.00 for each ounce of gold or gold-equivalent identified as a measured or indicated resource. It will also be entitled to a one-time cash payment $2.00 for each ounce of gold or gold-equivalent identified as a proven or probable reserve.
The Gold Chief property is located 9 kilometres north of Caliente in Lincoln County, Nevada, and covers the past-producing Gold Chief Mine and a peripheral prospect. The mine reportedly produced 5224 t at 6.18 g/t gold from 1913-1914 and shipped 189 t at 1.1 OPT gold-equivalent during high-grading operations in the late 1930s.
Silver Range data revealed that mineralization at Gold Chief is carbonate-hosted and is localized along the intersection of the north-striking Stampede Detachment Fault and an orthogonal lateral ramp fault. In 2016, the company sampled the back of a collapsed stope and the results returned 14 m at 1.93g/t gold including 4 m at 3.86 g/t gold with best results (1 mchip) of 4.58 g/t gold.
