Mr. Mike Power reports

SILVER RANGE STAKES TWO PROJECTS IN ARIZONA AND PROVIDES CORPORATE UPDATE

Silver Range Resources Ltd. has provided an update on exploration work in Arizona, partner activity and property option developments.

In May, Silver Range staked and conducted preliminary exploration on two targets identified by reconnaissance work in Arizona.

Chloride property

The Chloride property is located in Mohave county near the town of Chloride in the Wallapai mining district. It covers the northwestern extension of the Tennessee mine, one of the two principal mines in the district. Initial grab sampling by Silver Range returned analyses up to 18.75 grams per tonne gold, 764 g/t silver, 11.6 per cent zinc and 2.35 per cent lead from dump material at the Elkhart, Dardanelles and Argyll mines. These small past producers are found along a 1,500-metre-long structural extension of the Tennessee mine vein system. At Chloride, a total of 27 samples were collected, four of which returned assays greater than five g/t Au. Silver Range intends to conduct detailed geological mapping, grid soil sampling and geophysical surveys to identify targets for subsequent trenching and drill testing.

Crosby property

The Crosby property is located 67 kilometres west of Prescott in Yavapai county. The property covers the small past-producing Crosby mine, an underground mining operation which saw intermittent production from 1906 to 1931. Known historical development on the property includes a 107 m inclined shaft and systematic development along strike for 100 m to a depth of 50 m. A 10-stamp mill was operated on the property prior to 1931. Preliminary sampling by Silver Range returned dump and chip samples assaying up to 22.8 g/t Au with five of 27 samples returning assays greater than five g/t Au. Silver Range intends to conduct geochemical and geophysical surveys on the property to locate drill and trenching targets.

South Kitikmeot gold property drill results

Silver Range optioned the South Kitikmeot gold property (SKGP) to Viridis Mining & Minerals Ltd. in October, 2021 (Silver Range news release dated Aug. 19, 2021). On June 6, 2023, Viridis released results from a seven-hole/764-metre initial drill program at the Esker Lake property, one of the seven projects in the SKGP (Viridis Mining & Metals news release dated June 6, 2023). Viridis reported that five of the seven holes intersected gold greater than one g/t Au. The seven properties comprising the SKGP cover the known significant gold occurrences between the Lupin gold mine at Contwoyto Lake and the Goose Lake project, currently under development by B2Gold Corp.

Option activity

On May 26, Silver Range concluded two amendments to letters of intent (LOIs) signed with Green Gold LLC granting Green Gold options on the East Goldfield and Tule Canyon properties (Silver Range news release dated April 28, 2023). These amendments extend the deadline to conclude definitive agreements on both properties to Sept. 30, 2023, in return for consideration of $20,000 (U.S.) (East Goldfield) and $11,000 (U.S.) (Tule Canyon), payable by June 30, 2023. All other terms of the original LOIs remain in effect.

Samples were secured and transported under chain of custody to ALS Minerals facilities in Reno, Nev., for sample preparation and analysis. At the laboratory, samples were crushed to progressively to less than two millimetres (ALS code CR-32) and a one-kilogram aliquot was pulverized to 85 per cent passing a 75 mm mesh (code PUL-32). A 50-gram subsample was then fire assayed with an atomic absorption finish (code Au-AA26). In addition, induced coupled plasma analysis for 35 elements was performed on the samples (code ME-ICP41). Overlimit silver analyses were reanalyzed using a gravimetric method (code Ag-OG46). Overlimit copper, zinc and lead analyses were reanalyzed using aqua regia digestion and inductively coupled plasma mass spectrometry employing procedures appropriate to high-grade samples (ALS codes Cu-OG46, Zn-OG46 and Pb-OG46).

Technical information in this news release pertaining to the Chloride and Crosby properties has been approved by Mike Power, MSc, CPG, president and chief executive officer of Silver Range Resources and a qualified person for the purposes of National Instrument 43-101.

About Silver Range Resources Ltd.

Silver Range is a precious metals prospect generator working in the southwest United States and northern Canada. It has assembled a portfolio of 47 properties, of which 15 are currently under option to others. Four other properties have been converted to royalty interests. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.

We seek Safe Harbor.