Mining News: Northern Neighbors: Silver Range nabs two Nunavut gold projects

Silver Range Resources Ltd. Aug. 23 said it has acquired two new gold projects, Happy Thought and Grumpy, near a new proposed road in western Nunavut. In July, the Nunavut government and the Kitikmeot Inuit Association signed a memorandum of understanding for the completion of the proposed Grays Bay Road and Port project in the Western Kitikmeot Region. Championed by the Nunavut government, this project is being advanced “to economically move resources from Nunavut to processing or markets elsewhere in the country and world for the benefit of all Canadians.” The proponents envisage the construction of a public road from Grays Bay on Coronation Gulf south to Contwoyto Lake, there to link up with the Tibbett Lake to Contwoyto Lake ice road, and to roads in the Ekati Mine area. Recognizing the impact this road will have on mineral development economics in the region, Silver Range has moved to acquire gold projects near the proposed road. One such project, Happy Thought, is accessible by fixed wing aircraft and is roughly 70 kilometers (45 miles) east of the proposed Grays Bay to Contwoyto Lake road. Historical grab samples are reported to have returned up to 30 percent pyrrhotite, pyrite and arsenopyrite with assays as high as 13.44 grams per metric ton gold. Cursory sampling near this showing during staking yielded grab samples as high as 3.1 g/t gold. The Grumpy property lies astride the proposed Grays Bay to Contwoyto Lake Road, 23 kilometers (14 miles) south of the planned terminus on Coronation Gulf. A vein system at the Grumpy showing carries gold-bearing sulfides. Seven historical trenches along the exposure returned up to 20 g/t gold over one meter; 19.3 g/t gold over 1.2 meters; and 10.8 g/t gold over 1.9 meters. Samples including adjacent wall rock assayed as high as 12.7 g/t gold across 1.6 meters and 8.3 g/t gold across 2.5 meters. The nearby Cygnet showing consists of auriferous quartz veins at the contact between felsic volcanic rocks and dolomite. Individual veins are to 25 meters long and 0.3 meters wide. Historical grab samples ranging up to 32.9 g/t gold and chip sample results ranging up to 0.3 meters of 16.9 g/t gold are reported from this area.

-Shane Lasley