Acquisition Of New Gold Property In The Walker Lane

VANCOUVER - Silver Range Resources Ltd. has acquired a new high grade gold property in the Walker Lane, western Nevada. The Opulent Property is in Lyon County, approximately 12 kilometers east of Yerington. Shear-hosted mesothermal gold veins cut older Jurassic granite which underlies the entire property. The principal gold occurrences are found along a shear zone system consisting of at least two subparallel structures. Grab samples collected along the two exposed shears returned assays up to 37.2 g/t Au. A chip sample across a shear zone exposure returned 2.88 g/t Au. Six of the 24 samples collected during staking returned assays greater than 5 g/t Au. Individual shear zones are up to 2 m wide and consist of pink-white-tan clay gouge and quartz veinlets. The shear zone system is exposed for 300 m along strike and appears open in one direction where it plunges under colluvium. There is an apparently unrelated copper showing on the property which returned grab sample assays up to 10.85% Cu with minimal gold from a possibly older shear zone striking at a high angle to the gold-bearing shear zones.

While there are numerous exploration workings in the Opulent Property area, there is little documentation of past exploration or mineralization in the public record. The claims cover the Gap Claims MRDS Showing (#10050853) and minor copper production is recorded from the property. Mineralization was sampled by J. Tingley on behalf of the Nevada Bureau of Mines & Geology in 1989. NBMG Sample 4238, taken from the area of the copper showing, reported 1.5% Cu and 7.7 g/t Au. Silver Range examined, sampled and staked the Opulent Property in March 2021.

A total of 24 grab and chip samples were collected during staking in March 2021 and these returned gold values ranging from trace to 37.2 g/t Au in recently received assays. Samples were secured and transported under chain of custody to ALS Minerals facilities in Reno, Nevada for sample preparation. Pulps were shipped to North Vancouver for assaying and geochemical analyses. Rock samples were analyzed by Ultra-Trace Aqua Regia ICP-MS (ME-MS41) and fire assayed for gold (30 g sample) (Au-AA25). Samples returning over-limit copper analyses were reanalyzed with a technique appropriate to ore grade concentrations (Cu-OG46).

Technical information in this news release has been approved by Mike Power, M.Sc., P.Geo., President and CEO of Silver Range Resources Ltd. and a Qualified Person for the purposes of National Instrument 43-101. Historical information cited in this news release was obtained from Nevada Bureau of Mines and Geology district files and from historical publications. This information cannot be independently verified by Silver Range.