Silver Range Notes Update From Partner Excalibur Metals at Bellehelen Property
Silver Range Resources (SNG.V) on Wednesday shared results from a spring drill program conducted by partner Excalibur Metals Corp. (EXCL.V) at the Bellehelen Property in Nye County, NV.Wednesday's statement noted Excalibur holds an option to acquire a 100% interest in the Bellehelen property under an agreement with Silver Range dated December 16, 2022, and most recently amended July 17, 2025. Excalibur can exercise the option by: making US$300,000 in cash payments to Silver Range on or before September 18, 2029; issuing Excalibur common shares with a value equivalent to $225,000 to Silver Range on or before September 18, 2029; granting Silver Range a 2% net smelter return royalty interest in future production from the property, with a buy-back option on 1% for US$1 million; and paying Silver Range US$2 per ounce (or the gold-equivalent) on any defined resource identified in the property following the exercise of the option.Silver Range will receive advance royalty payments of US$10,000 if Excalibur has not identified a defined resources on the property by September 18, 2030. The advance royalty payments will continue indefinitely and will be applied against future royalty payments to Silver Range related to future commercial production from the property.Excalibur has announced partial drill results from the recently completed maiden drill program at the company's flagship Bellehelen Silver-Gold Project in Nye County, Nevada. The program consisted of 3,122 metres of reverse circulation drilling across 10 holes at the Spyglass Ridge Target, with precious metals results received for the first six holes and four holes still pending. Data from hole BH26001 highlights a "significant, newly identified mineralized zone" within a previously undrilled silver-gold target, Wednesday's statement added.Shares in SNG were up $0.015 or 11.1% to $0.15 in Canada yesterday.
