1 September 2020
Silver Range Resources Ltd. 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.