Silver Range Advances East Goldfield in Nevada

Silver Range Resources Ltd. (SNG) has completed drilling 15 shallow holes, ranging from 1 to 10 meters in depth, at its East Goldfield property in Nevada. The company utilized portable gas-powered diamond drills to test near-surface ledges. The program, which had been delayed by weather in late 2025, yielded assays that were previously pending.

The best intercept came from hole EG22-03, which returned 3.49 meters at 1.76 grams per tonne of gold, including a higher-grade interval of 1.00 meter at 3.29 grams per tonne of gold. Other notable results included EG22-01 with 2.00 meters at 0.84 grams per tonne of gold, EG22-04 with 2.29 meters at 0.86 grams per tonne of gold, EG25-01 with 1.58 meters at 1.98 grams per tonne of gold, EG25-04 with 4.14 meters at 0.42 grams per tonne of gold, and EG26-03 with 4.97 meters at 0.41 grams per tonne of gold. The remaining holes returned trace amounts to 0.79 grams per tonne of gold.

Two of the three tested ledges were described as clearly auriferous, suggesting the presence of blind gold at depth. To further explore these prospects, an ongoing 3D IP/resistivity survey is being conducted to define deep drill targets.

Silver Range Resources Ltd. (SNG) released results that confirm surface geochemistry at its East Goldfield project, but do not alter the underlying resource thesis. The project carries an exploration target of 50-70 koz Au at low grades of 0.34-0.62 g/t. The recent shallow drilling serves primarily as confirmation of surface expressions, while the primary value driver remains the untested potential for a deeper, higher-grade feeder zone.

The market had already priced in these findings. The drilling program was announced in October 2025, with operations conducted in November 2025 and assays pending release. The intercepts are insufficient to alter the risk-reward profile.

Given the company’s stage as a prospect generator with $2.2M in cash and a going-concern warning, results must be transformational, such as a genuine discovery hole, to be considered material. These recent findings do not meet that threshold.

Silver Range Resources Ltd. (SNG) operates as a prospect generator with a portfolio of approximately 35 properties located across Nevada, Arizona, Utah, and Northern Canada. The company generates revenue through option payments, royalties, and defined-resource payments, having secured more than $8 million in proceeds since 2016. Its key projects include the high-sulphidation gold East Goldfield, the IOCG gold-copper Alamo, the carbonate replacement gold-silver-copper Shamrock, and the epithermal silver-gold Bellehelen, which is partnered with Excalibur.

The company’s royalty portfolio includes 1-2% net smelter returns (NSRs) on multiple projects, providing modest optionality. Silver Range Resources has approximately 120 million shares outstanding and held $2.2 million in cash as of March 31, 2026. The company has no debt and reported working capital of $2.8 million. Management has explicitly flagged going concern risk if financing is not secured. Mike Power serves as CEO, leading a team supported by a strong technical advisory panel including former Newmont personnel.