Goldrange Resources Announces License Approval for Highly Prospective Ivory Coast Gold Project

July 28, 2021

TORONTO, ONTARIO, July 28, 2021 – Goldrange Resources Corp. (“Goldrange” or the “Company”), is pleased to announce that prospecting licenses for the Tienko and Ferke projects in Côte d'Ivoire (see Figure 1 below) have been approved as per Communique du Conseil des Ministres dated July 21, 2021. Goldrange signed an option agreement with an Côte d'Ivoire company in April 2021 whereby it can earn up to an 80% interest in the 343 km2 Tienko Project (formerly known as the Konela Project) (the “Project” or “Tienko”). The option agreement also includes the right to carry out reconnaissance exploration on the 360 km2 Ferke Project in north central Côte d'Ivoire.

Tienko is a highly prospective gold project located 839 km northwest of Abidjan and 250 km south of Bamako, Mali and is transected by national highway A7. It lies within the same Birimian Greenstone Belt that hosts the nearby 2.0 million ounce Kalana and 2.0 million ounce Kodieran Mines in neighboring Mali.

A formal exploration program at Tienko will include an aggressive drilling campaign to further define existing mineralized areas as well as provide material for gold deportment studies. Exploration for new targets will utilize reconnaissance mapping and sampling, reconnaissance and detailed soil sampling as well as trenching.  In addition, an airborne geophysical survey will be commissioned to help understand the lithologic and structural controls on mineralization.

Joe Arengi, Goldrange CEO stated: “We are very pleased that our partner has obtained governmental approval to the issuance of the exploration permits. The actual issuance of the permits is an administrative step expected to take a few weeks. We can now begin to unlock the potential of this highly prospective project. Our initial efforts will focus on confirming previous results and verifying a few of the significant historic reverse circulation drill results. This will be followed by a more aggressive campaign focused on developing a maiden mineral resource.  Previous exploration on the Project has identified significant gold mineralization over several kilometers in the shallow oxide zone. We believe there is significant potential upside at depth and along strike.”

Initial efforts will focus on the following targets:

- Konela Trend infill and strike continuation (see Figure 2 below)

- Untested soil anomaly south of and parallel to Konela Trend (see Figure 3 below)

- Untested soil anomalies adjacent to Kehi and Nabagala (see Figure 4 below)

Previous exploration identified three main mineralized areas: the 10 km long Konela Trend, the 1.6 km Kehi zone and the 5 km long Nabagala zone (see Figure 1 below). The mineralization is interpreted to be a typical Precambrian orogenic deposit hosted in sheared and highly silicified chlorite schists and a highly altered granitic intrusive along a regional northwest trending shear zone. RAB and air core drilling, along with trenching, have identified significant shallow oxide mineralization.

Figure 1:  Tienko Property Soils and Target Areas (Targets in Yellow)

Figure 2:  Konela Trend (Targets in Yellow)

Figure 3:  Kehi (Target in Yellow)

Figure 4:  Nabagala (Targets in Yellow)


About Goldrange Resources Corp.

Goldrange is an acquisition driven private resource company with a well funded treasury and a focus to quickly assemble a portfolio of highly prospective projects. The Company’s initial focus is on gold projects in Africa and is well positioned to pursue opportunities in other jurisdictions,

Qualified Person Statement

Joseph Arengi, P. Geo., CEO of the Company is the Qualified Person as defined by National Instrument 43-101 and has reviewed and approved the scientific and technical information in this news release.

Investor Relations

Sandy Noyes

[email protected]

On Behalf of Goldrange Resources Corp.,

Joseph Arengi

Forward-looking information

This news release contains forward-looking statements, which relate to future events or future performance and reflect management’s current expectations and assumptions. Such forward-looking statements reflect management’s current beliefs and are based on assumptions made by and information currently available to the Company. Forward-looking statements include statements regarding the Company’s plans to acquire gold and other metal resource properties and that such properties will generate cash flows. Investors are also cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Company does not assume any obligation to update or revise them to reflect new events or circumstances.


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