Star Metro - Silver Range Resources Ltd. Options Alamo and Sand Springs to Resilience Minerals Limited

Alamo Property Option

Silver Range has granted Resilience an option to acquire an 80% interest in the Alamo mining property (the "Alamo Property"), located in La Paz County, Arizona, U.S.A. Resilience can exercise the option by paying Silver Range US$300,000 and issuing US$300,000 in Resilience shares upon completion of an initial public offering and the listing of the Resilience shares on the Australian Stock Exchange on or before December 31, 2026 (the "IPO"). Once the option has been exercised, Resilience and Silver Range will form a Joint Venture under standard industry terms and conditions to explore and develop the Alamo Property.

In addition to the cash payment and Resilience shares, Silver Range will be entitled to defined resource payments related to any Measured and Indicated Resources identified on the Alamo Property. The resource payments shall consist of US$10 per ounce of gold (or the gold equivalent value in other commodities) on the first 50,000 defined ounces in Measured and Indicated Mineral Resources and US$2 per ounce on all ounces in excess of 50,000 ounces (or the gold equivalent in other commodities). All reported mineral resources will be compliant with National Instrument 43-101 ("NI 43-101") or Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves ("JORC") specifications.

Silver Range will also retain a 1% net smelter return royalty interest (the "Alamo Royalty") in all future metals production from the Alamo Property. Resilience will have the right to purchase one-half (50%) of the Alamo Royalty at any time prior to the commencement of commercial production at the Alamo Property for US$500,000. Altius Minerals Corporation retains an underlying 1% net smelter return royalty interest in the Alamo Property. A finder's fee of CDN$52,500 will be paid by Silver Range to an arm's length third party upon the completion of the IPO. The Alamo Property option and the related finder's fee are subject to TSX Venture Exchange (the "Exchange") acceptance.

The Alamo Property consists of 35 Federal Lode Claims and hosts widespread iron-oxide copper-gold mineralization. It includes the former Wenden Mine and peripheral workings in La Paz County, Arizona. The Wenden Mine was developed to a depth of 1100 feet and accessed through two shafts. A shipment record from 1929 documents 50 tons grading 0.5 OPT Au and 9.65% Cu sent to a nearby smelter from the Wenden Mine. Geologic mapping, prospecting, sampling, soil surveys and VLF-EM surveys have identified numerous structures on the property associated with float gold and copper mineralization. Sampling to date has returned up to 37.8 g/t Au and 19.15% Cu. Gold grades in surface grab samples collected to date (48) averages 4.39 g/t Au with 29% returning more than 5 g/t Au. Copper grades in the same set average 2.47% Cu with 33% returning greater than 2% Cu. Soil geochemical surveys have delineated a large gold-copper system extending for approximately 1.6 km along a northwest strike. Peak soil geochemical response was 1,340 ppb Au and 649 ppm Cu. VLF-EM surveys identified numerous conductors, several of which are associated with known mineralization.

Sand Springs Property Option

Silver Range has granted Resilience an option to acquire an 80% interest in the Sand Springs mining property (the "Sand Springs Property"), located in Churchill County, Nevada, U.S.A. Resilience can exercise the option by paying Silver Range US$250,000 and issuing US$250,000 in Resilience shares upon completion of the IPO. Once the option has been exercised, Resilience and Silver Range will form a Joint Venture under standard industry terms and conditions to explore and develop the Sand Springs Property.

In addition to the cash payment and Resilience shares, Silver Range will be entitled to defined resource payments related to any Measured and Indicated Resources identified on the Sand Springs Property. The resource payments shall consist of US$10 per ounce of gold (or the gold equivalent value in other commodities) on the first 50,000 defined ounces in Measured and Indicated Mineral Resources and US$2 per ounce on all ounces in excess of 50,000 ounces (or the gold equivalent in other commodities). All reported mineral resources will be NI 43-101 or JORC compliant.

Silver Range will also retain a 2% net smelter return royalty interest (the "Sand Springs Royalty") in all future metals production from the Sand Springs Property. Silver Range holds a one-quarter (25%) interest in the Sand Springs Royalty in trust for the original owner of the Sand Springs Property under an agreement dated January 6, 2022. Resilience will have the right to purchase one-quarter (25%) of the Sand Springs Royalty at any time prior to the commencement of commercial production at the Sand Springs Property for US$500,000. A finder's fee of CDN$45,000 will be paid by Silver Range to an arm's length third party upon the completion of the IPO. The Sand Springs Property option and the related finder's fee are subject to TSX Venture Exchange (the "Exchange") acceptance.

The Sand Springs Property is located 42 kilometres southeast of Fallon in Churchill County, Nevada. First discoveries on the Sand Springs Property date from the 1930's when small high-grade mining occurred. This persisted intermittently until the early 1990's. Pegasus Gold staked and drilled the property in 1992-1993, completing 13 shallow drill holes. Best results were 3.05 m @ 4.8 g/t Au and 9.05 m @ 0.77% Cu from separate drill holes. The property was subsequently staked and explored (but not drilled) by Newcrest and Miranda Gold. Silver Range staked the property in 2021. The property is underlain Triassic through Jurassic volcaniclastics, limestone and basalt. These rocks are intruded by a northeast-striking Jurassic / Cretaceous granite to granodiorite with a source likely 200-300 m below surface and two apophyses which reach surface. There is widespread gold-copper skarn mineralization and intrusive-hosted gold-quartz-tourmaline vein mineralization on the property. Surface sampling by Silver Range to date has returned up to 1.5 m @ 10.1 g/t Au from a chip sample and up to 3.50% Cu from a grab sample, both of gold-copper skarn mineralization. Grab samples of the quartz tourmaline vein material have returned up to 2.94 g/t Au

About Resilience Minerals Limited

Resilience Minerals Limited consists of an independent group of exploration, mining and financing professionals based in Australia. The Management Group has extensive experience in mining and mining investment and plans to complete the IPO in late 2026

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 34 properties, 14 of which are currently optioned to others, and also retains eight royalty interests on previously vended projects. Silver Range is actively seeking other joint venture partners to explore the high-grade precious metals targets in its portfolio.

Historic production data cited in this news release was extracted from reports compiled by the Arizona Department of Mines and Mineral Resources. Data cited from these sources cannot be independently verified by Silver Range. Technical information in this news release has been approved by Mike Power, M.Sc., CPG, President and CEO of Silver Range and a Qualified Person for the purposes of National Instrument 43-101.

ON BEHALF OF SILVER RANGE RESOURCES LTD.

"Michael Power"
President and C.E.O

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

Investor Inquiries
Mike Power
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
[email protected]
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.

View the original press release on ACCESS Newswire

K.Morrison--SMC