Silver Range Options TWO Nevada Properties to Green GOLD Resources
Suite 510 – 110 Melville Street
Vancouver, B.C. V6E 4A6
Tel: 604-687-2522
www.silverrangeresources.com
TSX-V: SNG
SILVER RANGE OPTIONS TWO NEVADA PROPERTIES
TO GREEN GOLD RESOURCES
April 28, 2023 – Silver Range Resources Ltd. (TSX-V:SNG) (“S ilver Range ” or the
“Company”) is pleased to announce that it has optioned the East Goldfield property and the Tule
Canyon property to Green Gold Resources LLC (“Green Gold”) . Both properties are gold
exploration targets located in Nevada’s prolific Walker Lane.
Under two separate binding letters of intent each dated Ap ril 21, 2022 and subject to the
satisfactory completion of a due diligence review by Green Gold, Silver Range granted Green
Gold a two staged option to acquire a 100% interest in the East Goldfield property (the “EGF
Property”) and a one stage option to acquire a 100% interest in the Tule Canyon property (the “TC
Property”). The EGF Property directly adjoins Centerra Gold’s Goldfield District Project which
boasts past production of +4Moz gold. The EGF Property covers the historical Tom Keane Mine
which was developed prior to 1931. Drilling by more recent operators has returned 4.57 m @ 8.57
g/t gold and 82.3 m @ 0.31 g/t gold. The TC Property is located 15 km southwest of Gold Point
and has a history of hard rock mining in several locations for both gold and silver. Silver Range
recently collected samples grading 31.8 g/t gold and 4,320 g/t silver from workings on the
property.
EGF Property option
Under stage one of the option, Green Gold can acquire a 75% interest in the EGF Property by: (i)
completing a stock exchange listing by February 25, 2024; (ii) paying Silver Range an aggregate
US$600,000 by August 25, 2026 , with US$40,000 payable on signing of a definitive agreement;
and (iii) completing 4,000 m of drilling on or before the third anniversary of an Exchange Listing.
Upon exercising the first op tion, subject to the Royalty and Milestone Payment defined below
Green Gold can exercise the second stage of the option and acquire an additional 25% interest in
the EGF Property by: (i) completing a preliminary economic assessment of the specific property
by December 31, 2030; and (ii) paying Silver Range US$250,000 within 10 days of the completion
of the applicable preliminary economic assessment.
If Green Gold exercises the first stage of the option, but not the second stage, the parties will form
a joint venture to further explore and develop the applicable property.
TC Property option
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Subject to the Royalty and Milestone Payment defined below Green Gold can acquire a 100%
interest in the TC Property by: (i) completing a stock exchange listing by February 25, 2024; (ii)
paying Silver Range an aggregate US$600,000 by August 25, 2026 with US$40,000 payable on
signing of a definitive agreement ; and (iii) completing 2,000 m of drilling on or before the third
anniversary of an Exchange Listing.
Royalty and Milestone Payment
If Green Gold acquires a 100% interest in either property, Silver Range will retain a 2.5% net
smelter return royalty interest in any future production from th at property. Green Gold may buy
back up to 60% of the royalty interest for the applicable property prior to the start of commercial
production at th at property by delivering 900 ounces of gold (or the cash equivalent) to Silver
Range.
In addition to the royalty interest, Silver Range will be entitled to receive a one -time Milestone
Payment of US$5.00 per ounce of gold (or the equivalent in other metals) contained in a measured
or indicated mineral resource identified on the applicable property. This payment will be capped
at a maximum of US$500,000 for each property.
The listing requirement under each letter of intent provides Green Gold with the option of listing
on any recognized stock exchange or stock quotation sy stem in Australia, Canada or the United
States of America. Each letter of intent will be replaced with a formal property option agreement
on or before May 25, 2023.
Technical information in this news release has been approved by Mike Power, M.Sc., CPG, President
and CEO of Silver Range Resources Ltd. and a Qualified Person for the purposes of National
Instrument 43-101.
Silver Range is a precious metals prospect generator working in the Southwest United States and
Northern Canada. It has assembled a portfolio of 45 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.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
“Mike Power”
President, C.E.O. & Director
For further information concerning Silver Range or its exploration projects please contact:
Investor Inquiries
Richard Drechsler
Vice-President, Communications
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
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http://www.silverrangeresources.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is
defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy
or accuracy of this release.
This news release may contain forward looking statements based on assumptions and judgm ents
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.