Mr. Mike Power reports

SILVER RANGE RESOURCES TERMINATES THREE OPTION AGREEMENTS

Silver Range Resources Ltd. has terminated three option agreements covering three properties in Nevada. 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-per-cent 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 Moz (million ounces) Au (gold) were produced at an average grade of 18.78 grams per tonne (g/t) Au. The principal working on the property is the Tom Keane mine which was developed down to 500 feet, with 3,100 feet of workings on four levels. Historic drilling on the property during 2003 returned 22.86 metres at 2.88 g/t Au and 44.20 m at 1.03 g/t Au. Silver Range optioned the property to ATAC Resources Ltd. in 2020, which 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 eight m at 4.16 g/t Au. All drill holes intersected anomalous gold, with best results of 82.3 m at 0.31 g/t Au, including 9.15 m at 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 kilometres 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 northwest-striking strike-slip faults, and north-to-northeast-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 4,320 g/t Ag (silver). A chip sample across the open pit at the Dark Secret mine returned 40 m at 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 2000s by Rimfire Minerals Corp. and Newmont Mining Corp. At the conclusion of their joint venture in 2007, Rimfire drilled six holes (1,575 metres) on the flanks of the silica caps at Skylight (see Rimfire Minerals' news release dated Nov. 6, 2007). Intercepts were reported from three holes: 10.67 m at 0.49 g/t Au; 3.05 m at 1.766 g/t Au; and 3.05 m at 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 (3-D 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 southwestern United States and northern Canada. It has assembled a portfolio of 38 properties, seven 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.

We seek Safe Harbor.