Silver Range Resources Ltd. forms Joint-Venture at Hannapah Project near Tonopah, Nevada

VANCOUVER, BC / ACCESSWIRE / December 6, 2022 / Silver Range Resources Ltd. [TSXV:SNG] ("Silver Range" or the "Company") is pleased to announce that it has formed a Joint-Venture with Mercury Nevada Exploration Inc. ("Mercury"), a private Nevada corporation, to consolidate, explore and jointly market their respective claim holdings in the Hannapah Mining District ("Hannapah Project" or "Project").

The Hannapah Project is located 28 km east of Tonopah near McKinney Tanks Summit. It consists of 55 Federal Lode Claims staked on U.S. Forest Service Land covering most of the historic Hannapah Mining District. Surface rock sampling by Mercury, Silver Range and former option partner Infield Minerals Corp. have returned widespread high-grade silver and lower gold assays. Best results to date include 568 g/t Ag and 1.01 g/t Au from a composite sample of dump material at the Richardson Mine; a nearby grab sample to 598 g/t Ag; and 2.42 g/t Au and 301 g/t Ag from altered rhyolite northeast of the Richardson Mine.

Mineralization on the property is high-level low-sulphidation in style with highest grade mineralization located in faults and fracture-controlled veins. Silver and gold occur in quartz-limonite-goethite-clay vein material at surface and in quartz-pyrite(polybasite) vein material below 20 metres in mines on the Project.

The Hannapah Project occurs west of a terminal inflection in the Kawich-Toiyabe Lineament, an 80 kilometre-long steeply-dipping structure extending from the Reveille Range to the Monitor Range in western Nevada. The Reveille, Bellehelen, Ellendale and Hannapah Mining Districts occur along this structure and host low-sulphidation precious metal mineralization. ASTER alteration imagery and structural geology considerations indicate that there is a large horse-tail fault termination system underlying the Hannapah Project. In the immediate Project area there is a wide, poorly exposed fault network which hosts silver mineralization on and adjacent to the Project.

Silver mineralization in the Hannapah District was discovered in 1870 with reports of a small shipment in 1871. The Hannapah Mine was developed in two shafts from 1902 through 1907 and made small shipments until shut down by a fire in 1907. The Hannapah Mine was briefly reactivated in 1927-1928. The Richardson Mine was staked in 1907 and mined intermittently by the owner until his tragic death in 1935. The Silver Glance Mine at the west end of the Hannapah Project reportedly produced $300,000 in silver and gold between 1905 and 1907. It was briefly reactivated in 1930 with no recorded additional production.