"The mineralisation at Tree River bears striking similarity to that found in gold-bearing Archean conglomerates in the Pilbara region of Western Australia and the Witwatersrand in South Africa," the company said.
It said gold was hosted in quartz pebble conglomerate overlying mafic volcanics at the base of an Archean greenstone succession, with a local mapped strike length of 4.8km and 15-20 m thick.
It said the host conglomerate was in the favourable time window for the "Great Gold Deposition Event," quoting Quinton Hennigh from Novo Resources, the company that sparked a Pilbara gold rush and market attention last year.
Silver Range staked the Tree Range property in February, saying it had returned grab samples of up to 142g/t gold.
A geological crew started work this month to verify the extent and tenor of known mineralisation and locate new mineralisation along strike, the company said.
It had working capital of about C$327,000 (US$249,000) at the end of March, then raised C$692,300 (US$527,000) in a private placement in April at 15c per unit, adding it was debt-free at May 28.
Silver Range shares, which have ranged between C11.5-21c over the past year, closed down half-a-cent or 3.2% yesterday to 15c.
