High-Grade Drill Targets at Strongbox

VANCOUVER - Silver Range Resources Ltd. reported results from a geological and geophysical program conducted at the Strongbox Property in Esmeralda County, Nevada. Property highlights include: widespread surface gold mineralization grading up to 27.1 g/t gold; and, geophysical surveys that define large target areas below and along strike of known high-grade mineralization.

The Strongbox Property covers a system of gold veins that straddle Tule Canyon, located 55 kilometers by road south of the town of Goldfield. Despite being the target of several placer and small-scale hard rock mining operations since the mid-1800s, Strongbox has seen little modern exploration, and Silver Range has found no evidence of drilling.

A total of 42 grab and chip samples were collected during the recent program, 16 of which assayed greater than 1 g/t Au and 9 of which assayed greater than 5 g/t Au. The best sample returned 18.7 g/t Au from vein material that was taken from a dump at the main showing west of Tule Canyon.

Gold on the property occurs in north to northeast trending quartz-limonite veins developed in fault zones within Jurassic granite. Near Tule Canyon, strong veins are spaced 10 to 20 m apart within a 100 to 200 m wide kaolinite-illite-smectite-hematite-goethite alteration zone containing local jarosite and calcite. There are workings on both the east and west sides of the canyon. The most prominent bedrock alteration and the highest grade gold samples are found on the west side of Tule Canyon, while extensive narrow underground workings were driven in more competent veins on the east side of the canyon.

Ground total magnetic field and horizontal loop electromagnetic (HLEM) surveys were conducted to investigate the mineralization. The veins and alteration on the west side of Tule Canyon occur along the southern margin of a large west-trending magnetic low. The HLEM resistivity data delineated features that are directly associated with the surface gold mineralization and which extend along strike of and below known showings. The geophysical survey results delineate bedrock structures and define compelling drill targets.