VANCOUVER, BC / ACCESSWIRE / September 1, 2020 / Silver Range Resources Ltd. [TSXV:SNG] ("Silver Range") announces that it has been issued 4,797,611 common shares of Trifecta Gold Ltd. ("Trifecta") pursuant to the terms of an amended option agreement with Trifecta in respect of the Yuge property in Humboldt County, Nevada, as announced on July 9, 2020.
As a result of the issuance of these 4,797,611 shares of Trifecta, Silver Range now holds 4,997,611 shares of Trifecta, representing 8.66% of the 57,686,897 shares of Trifecta currently issued and outstanding.
Pursuant to Silver Range's amended agreement with Trifecta, Trifecta will be required to make a $250,000 payment on or before July 7, 2021 in order to earn a 100% interest in the Yuge property. Upon Trifecta earning this 100% interest, Silver Range would be granted a 2% net smelter return royalty, one-half (1/2) of which could be purchased for $1,000,000. Silver Range would also be granted Defined Resource Payments of US$2.00 per ounce of gold or gold equivalent for each ounce identified in a measured or indicated mineral resource, or a proven or probable mineral reserve estimate, as contained in a NI 43-101 compliant technical report (the "Report") applicable to the Yuge property. Defined Resource Payments would be received by Silver Range within six months of the date of the Report or any subsequent Report.
About Silver Range Resources Ltd.
Silver Range is a precious metals prospect generator working in Nevada and Northern Canada. It has assembled a portfolio of 43 properties, 11 of which are currently under option to others. Silver Range is actively seeking other joint venture partners to explore the high precious metals targets in its portfolio.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
"Michael A. Power"
President and Chief Executive Officer
For further information concerning Silver Range or its exploration projects please contact:
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.
SOURCE: Silver Range Resources Ltd.