Silver Range Samples up to 93.8 g/t gold South of Cambridge Mine

VANCOUVER, January 20, 2023 - Silver Range Resources Ltd. (TSXV:SNG) ("Silver Range" or the "Company") is pleased to announce results from a surface sampling program at the Cambridge Project in Lyon County, NV.

During late November 2022, a two-person crew sampled the prospective area south of the Cambridge Mine. Grab samples were collected from float, outcrop and dump piles. Best results were 93.8, 41.4 and 16.4 g/t Au from small shaft dump samples. A total of 18 samples were collected of which 8 returned analyses greater than 5 g/t Au. Silver, up to 265 g/t Ag, copper up to 1.64% and lead up to 9.24% occurs with the higher-grade gold samples. The mineralization appears to be mesothermal in character, similar to that found at the Cambridge Mine.

The Cambridge Project covers numerous historical shafts and adits dating back to the 1860s, including the Cambridge Mine that was once owned by Henry Blasdel, Nevada's first state governor. At that time Mr. Blasdel shipped approximately 10,000 tons of ore grading about 0.3 ounces per ton to a nearby mill on the Walker River for processing. Despite its long history and the abundance of visible gold specimens Silver Range has not found any evidence of modern exploration prior to the Company's acquisition of the Project. Silver Range and JV partner Auburn Gold Mining LLC have consolidated the heart of the historical Cambridge Mine and surrounding mineral showings and are actively seeking a partner to advance this Project. An updated video presentation is available at www.silverrangeresources.com/projects/nevada/cambridge-1/.

Silver Range will showcase the Cambridge Project and other high-grade gold and silver opportunities in the AME Roundup Prospect Generator Hub on January 23 and 24. Results from the sampling program summarized herein will be shown there.

Samples were secured and transported under chain of custody to ALS Minerals facilities in Reno, Nevada for sample preparation and analysis. At the laboratory, samples were crushed to progressively to < 2 mm (ALS Code CR-32) and a 1 kg aliquot was pulverized to 85% passing a 75 mm mesh (Code PUL-32). A 50 g subsample was then fire assayed with an atomic absorption finish (Code Au-AA26). A near-overlimit gold assay was check by gravimetric fire assay (Code Au-OG46). In addition, induced coupled plasma analysis for 35 elements was performed on the samples (Code ME-ICP41). Overlimit silver analyses were re-analyzed using a gravimetric method (Code Ag-OG46).

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 13 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
rdrechsler@silverrangeresources.com
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 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.

SOURCE: Silver Range Resources Ltd.