May 13, 2024 – Vancouver, B.C. – Silver Range Resources Ltd. [TSX-V:SNG] (“Silver Range” or the “Company”) announces that three option agreements covering three properties in Nevada have been terminated.  On May 8, an option agreement with Rush Gold Corp. covering the Skylight Property in Nye County was terminated.  On May 9, option agreements with Green Gold LLC covering the East Goldfield Property in Nye County and the Tule Canyon Property in Esmeralda County were terminated.  Silver Range has retained a 100% interest in all three properties.

East Goldfield Property

The East Goldfield Property consists of 111 Federal Lode Claims adjoining Centerra Gold Corp.’s Goldfield Project.   The East Goldfield Property covers the eastern extension of the mineralized volcanic belt hosting mineralization at Goldfield where 4.18 M oz Au were produced at an average grade of 18.78 g/t Au.  The principal working on the property is the Tom Keane Mine which was developed down to 500 feet with 3100 feet of workings on four levels.  Historic drilling on the property during 2003 returned 22.86 m @ 2.88 g/t Au and 44.20 m @ 1.03 g/t Au.  Silver Range optioned the property to ATAC Resources Ltd. in 2020 who subsequently conducted surface mapping, sampling, hyperspectral alteration mapping, soil surveys and 4,124 m of reverse circulation drilling in 13 holes.  ATAC’s surface work returned gold in soil responses up to 0.77 g/t Au and a chip sample of 8 m @ 4.16 g/t Au.  All drill holes intersected anomalous gold with best results of 82.3 m @ 0.31 g/t Au including 9.15 m @ 1.03 g.t Au. Silver Range is evaluating options to continue exploring the extent of gold mineralization at East Goldfield.

Tule Canyon Property

The Tule Canyon Project consists of 60 Federal Lode Claims and is located 95 km southwest of Tonopah on the eastern slope of Death Valley.   The property is in the Walker Lane and is underlain by granodiorite of the Sylvania Pluton and cut by Miocene to recent NW striking strike-slip faults and N to NE trending extensional faults.  Mining in the area dates from 1848 when Mexican placer miners worked Tule Canyon.  Intermittent small scale hard rock mining and exploration has been conducted on the property since 1893.  Notable workings include a small heap leach operation near Roosevelt Wells; underground mining and more recent excavation at the China Doll showing southwest of the Roosevelt Wells workings; a small open pit operation at the former Dark Secret Mine and underground mining on the east side of Tule Canyon near the Dark Secret Mine.   Rock sampling by Silver Range on this property has returned assays up to 31.8 g/t Au and 4,320g/t Ag.  A chip sample across the open pit at the Dark Secret Mine returned 40 m @ 0.469 g/t Au.  The property is available for option.

Skylight Property

The Skylight Property consists of 16 Federal Lode Claims, 60 kilometres northwest of Tonopah in the Royston Hills, Nye County.  Skylight is a fully preserved, precious-metal low-sulphidation epithermal system, the heart of which has never been drill tested.  The property is centred on low hills formed by resistant silica caps consisting of quartz breccia and rare bedded silica.  Skylight drew no attention from early prospectors due to the lack of readily exposed high-grade gold or silver mineralization but was recognized as a significant target in the early 2000’s by Rimfire Minerals Corporation and Newmont Mining Corp.  At the conclusion of their joint venture in 2007, Rimfire drilled 6 holes (1575 metres) on the flanks of the silica caps at Skylight. (Rimfire Minerals Corporation News Release – November 6, 2007).  Intercepts were reported from three holes: 10.67 m @ 0.49 g/t Au; 3.05 m @ 1.766 g/t Au; and 3.05 m @ 0.608 g/t Au.  This work was never followed up and the core of the system beneath the silica caps was never drill tested.  

Soil geochemical and three-dimensional induced polarization (3D-IP) surveys conducted by Silver Range at Skylight identified a network of linear chargeability highs with a nexus centred beneath the region of the silica caps.  Elevated gold, silver and arsenic geochemical responses are directly associated with several of these linear chargeability anomalies.  These linear features are interpreted to be conduits feeding the hydrothermal system and may host high-grade vein-hosted precious metal mineralization.  Silver Range is seeking a partner to test these compelling drill targets.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator with projects in the Southwest United States and Northern Canada.  The Company is focusing current and future work in the Southwest United States.  It has assembled a portfolio of 38 properties, 7 of which are currently optioned to other parties.  Five other projects have been converted to royalty interests.  Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals opportunities in its portfolio.

ON BEHALF OF SILVER RANGE RESOURCES LTD.

“Mike Power”
President and CEO

For further information concerning Silver Range or its exploration projects please contact:

Investor & project opportunity inquiries
John Gilbert
Vice-President
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
jgilbert@silverrangeresources.com
http://www.silverrangeresources.com

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This news release may contain forward looking statements based on assumptions and judgments of management regarding future events or results that may prove to be inaccurate as a result of exploration and other risk factors beyond its control, and actual results may differ materially from the expected results.