Mr. Robert Archer reports

NEWRANGE GOLD COMMENCES DRILLING IN GOLD BOX CANYON AREA OF PAMLICO PROJECT

Newrange Gold Corp. has commenced drilling in the Gold Box Canyon area of the Pamlico project in Nevada. As announced Sept. 21, 2020, drill hole P20-65 confirmed the presence of important gold mineralization (0.535 gram gold per tonne over 4.6 metres and 0.113 gram per tonne gold over 22.9 metres) 600 metres east of the Merritt zone in the Gold Box Canyon area of the property. This mineralization is hosted in the same suite of volcanic rocks known to host the majority of gold mineralization in this part of the district.

In the Gold Box Canyon area, 61 of 85 historic surface rock-chip samples contained more than 0.1 gram per tonne gold and ranged from 0.1 gram per tonne gold to more than 16.0 grams per tonne gold. Analyses of these samples identify a highly anomalous zone more than 190 metres wide and 480 metres long that corresponds with the outcrop pattern of the favoured host horizon in Gold Box Canyon. Three other historic rock samples collected on trend but outside of the principal zone in Gold Box Canyon contain reported values of 9,560 parts per billion gold, 30,579 parts per billion gold and 670,758 parts per billion gold (9.56 grams per tonne gold, 30.58 grams per tonne gold and 670.76 grams per tonne gold, respectively) and indicate potential to expand the strike length of the zone to more than 1,500 metres beneath shallow volcaniclastic cover.

Preliminary underground mapping and sampling by the company in Gold Box Canyon identified numerous mineralized structures in multiple historic mine workings. Sixty-seven chip-channel samples collected by the company ranged from 0.4 metre to 2.4 metres in length and all contained highly anomalous gold ranging from 0.048 gram per tonne gold to 16.9 grams per tonne gold, with a numerical average of 2.464 grams per tonne gold. The number and distribution of underground samples in this area are currently not sufficient to estimate average grades or extent of mineralization.

The geology of Gold Box Canyon is very similar to mineralized areas observed along Pamlico Ridge, where the highly fractured and brecciated contact between latite lithic tuff and overlying rhyolite hosts the majority of the mineralization and the highest grades. However, unlike Pamlico Ridge, where the capping rhyolite has been deeply dissected and removed by erosion into isolated remnants, in Gold Box Canyon, the rhyolite cap is generally well preserved beyond the canyon walls and, by inference, the preferred host horizon is thought to be more intact, potentially with better continuity. The canyon itself provides an erosional window where the overlying volcanic rocks have been removed, exposing outcrops of mineralization in this contact horizon. The entire southern and eastern rim of Gold Box Canyon is formed by the rhyolites, with outcropping mineralization dipping along the contact with underlying latite tuffs.

The ridge between Gold Box Canyon and Pamlico Ridge is capped by a younger volcaniclastic unit overlying and obscuring the rhyolite-latite contact. Nevertheless, extensive outcrops of latite lithic tuff containing zones of highly anomalous gold mineralization in this area indicate strong exploration potential may also exist between Gold Box Canyon and Pamlico Ridge, a horizontal distance of more than 900 metres.

Gold mineralization in this area appears to be associated with a large, northwest-trending, mid-amplitude IP (induced polarization) anomaly that occurs at or near the surface along Pamlico Ridge and dips gently to the east and northeast beneath Gold Box Canyon for approximately 1,800 metres, where it is interpreted to merge into a large, intense IP anomaly originally identified on line 5 of the company's 2019 IP survey in the vicinity of the Central and Sunset mines. Together, the entire interpreted extent of the open-ended IP anomaly is more than 1.2 kilometres by 3.3 kilometres and is currently limited only by the extent of the company's survey. The mid-amplitude chargeability anomaly is interpreted to represent remnant and disseminated sulphides within the deeply oxidized Pamlico system along the brecciated latite-rhyolite contact zone while the intense line 5 anomaly is interpreted to contain greater concentrations of metallic sulphide minerals, which may also contain gold and/or silver.

Management is of the opinion that Gold Box Canyon represents significant upside to the exploration potential at Pamlico and is developing plans to further evaluate this important area. To that end, seven holes are planned to test potential dilatant structures in the canyon bottom and additional holes to test mineralization extending beneath the rhyolite-latite contact zone.

Key highlights:

• Underground sampling and initial drill test of IP anomaly confirms important levels of gold mineralization in Gold Box Canyon;
• Extends receptive host horizon more than 990 metres to east from Pamlico Ridge with an interpreted strike length in excess of 1,200 metres;
• Indicates the extensive mid-amplitude chargeability anomaly is related to large, intense line 5 IP anomaly.

Quality assurance/quality control

Robert G. Carrington, PGeo, a qualified person as defined by National Instrument 43-101, the president and chairman of the company, has reviewed, verified and approved for disclosure the technical information contained in this news release. Samples collected by the company for assay were securely delivered to American Assay in Sparks, Nev., for preparation and analysis. Samples were dried then stage crushed to 80 per cent passing 10 mesh. A 1,000-gram subsample was then split out and pulverized to 140 mesh, from which 50-gram samples were split for analysis by fire assay with atomic absorption finish. All samples assaying more than 10 grams per tonne gold are checked and reassayed using fire assay (FA) with a gravimetric finish. In addition to the quality assurance/quality control conducted by the laboratory, the company inserts blanks, standards and certified reference material (CRM) at a rate of one in 20.

About Pamlico

Located 12 miles southeast of Hawthorne, Nev., along U.S. Highway 95, the project enjoys excellent access and infrastructure; a mild, year-round operating climate; and strong political support from Mineral county, one of the most pro-mining counties in the pro-mining state of Nevada. The Pamlico project covers the historic Pamlico group of mines as well as the nearby Good Hope, Gold Bar and Sunset mines.

Discovered in 1884, the district rapidly gained a reputation as being one of Nevada's highest-grade districts. Held by private interests for most of its history, the property remains underexplored in terms of modern exploration.

About Newrange Gold Corp.

Newrange is a precious metal exploration and development company focused on near- to intermediate-term production opportunities in favourable jurisdictions, including Nevada, Ontario and Colorado. With numerous drill intercepts of near-surface oxide gold mineralization to 340 grams gold per metric tonne, the company's flagship Pamlico project is poised to become a significant new Nevada discovery. Focused on developing shareholder value through exploration and development of key projects, the company is committed to building sustainable value for all stakeholders.

We seek Safe Harbor.