Mr. Mike Power reports

SILVER RANGE DEFINES AN EXPLORATION DRILL TARGET AT EAST GOLDFIELD

Silver Range Resources Ltd. has acquired and analyzed a large historical drill data set covering its East Goldfield property in Nye county, Nevada. Using this data, Silver Range has defined an exploration target near the Tom Keane mine.

The data set includes extensive information in annual exploration summaries from a large exploration program conducted in the Goldfield district from 1993 to 1995, which included drill results from prior programs by other operators. These data are in the public domain, archived at the Nevada Bureau of Mines and Geology. The data set also contains drill results reported by Atac Resources Ltd. (Atac Resources news release dated Feb. 22, 2022) and Metallic Ventures Gold Inc. (Metallic Ventures Gold news release dated July 21, 2003). With these data, Silver Range assembled a drill database consisting of 66 historical drill holes within the current property boundaries. Full results are not available for all of these drill holes, but 36 of the holes with known collars have 63 reported gold intersections. In addition, 28 intersections were reported in nine historical holes drilled by Metallic Ventures Gold, for which collar locations are not known. Notable intersections in the database include 4.57 metres at 8.23 grams per tonne gold, 1.5 m at 36.28 g/t Au and 3.0 m at 5.30 g/t Au, and long intervals of mineralization include 22.9 m at 2.88 g/t Au, 44.2 m at 1.03 g/t Au and 20.5 m at 1.22 g/t Au.

The East Goldfield property is 14 kilometres east of Goldfield, Nev., and centred on a west-northwest-trending strong alunite alteration anomaly visible in short-wave infrared (SWIR) ASTER imagery, and a coincident gold-bismuth-copper soil geochemical anomaly. The most significant historical mine workings on the property are at the Tom Keane mine, south of this central anomaly. Workings there consist of a 500-foot inclined shaft and 2,860 feet of underground drifts on four levels. A 1934 examination report listed samples returning 11.6 m at 2.88 g/t Au on the 219 level and 3.04 m at 4.11 g/t Au on the 319 level. Known drilling to date has concentrated south of the central alteration and geochemical anomaly in the area of the Tom Keane mine and both east and west of this site.

Analysis of the drill holes, for which geometric and assay information is available, indicates the great majority of gold intersections occur in a relatively flat-lying horizon in the Milltown andesite at a depth of 120 to 180 m in the region south of the central alteration anomaly. The geometry of this layer may reflect deposition in a permissive horizon within the gently dipping stratigraphy or control by a paleo water table. This finding greatly simplifies exploration targeting in this region of the property.

Tom Keane mine exploration target

In an area approximately 800 m by 200 m in extent, including the Tom Keane mine, 19 drill hole intersections from 26 drill holes were used to define an exploration target, consisting of 2.26 million tonnes to 6.6 million tonnes grading between 0.34 g/t Au and 0.62 g/t Au and containing between 55,000 to 72,500 ounces gold. The quantity and grade are conceptual in nature, and there has not been sufficient exploration to define a mineral resource, and it is uncertain if further exploration will result in the target being delineated as a mineral resource. The exploration target has not been evaluated for reasonable prospects of eventual economic extraction.

A video presentation describing results to date at East Goldfield, including a description of the exploration target, is available on Silver Range's website.

Future work

Silver Range intends to conduct underground sampling and geological mapping in accessible portions of the Tom Keane mine in the near future.

Qualified person

All technical information in this news release has been approved by Matthew R. Dumala, PEng, a geological engineer with Archer Cathro Geological (U.S.) Ltd. Mr. Dumala is a qualified person for the purposes of National Instrument 43-101.

The qualified person has not verified the historical results; hence, they should not be relied upon. Annual exploration summaries by Cameco for the 1993-through-1995 drilling and other historical data for the Goldfield district are available from the Nevada Bureau of Mines and Geology. Drill results from Metallic Ventures Gold and Atac Resources are available under their respective SEDAR+ profiles.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator working in the southwestern United States and Northern Canada. It has assembled a portfolio of 31 properties, 11 of which are currently optioned to others, and also retains eight royalty interests on vended projects. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals opportunities in its portfolio.

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