Newrange Gold Corp. Provides Year-end Update on Pamlico Project

As indicated in Newrange press release of October 6, 2021, ongoing mapping, rock and soil sampling, in conjunction with the expanded IP survey, are building upon the knowledge base that was previously confined to the historic Pamlico Mines area. Within the recently enlarged property (now more than 5,700 hectares) covering an area that has seen little to no previous exploration, Newrange geologists have identified a multi-phase intrusive system with locally strong copper +/- zinc mineralization at surface.

"Our field geologists are making great progress on the evaluation and understanding of the geological setting of the enlarged property," stated Robert Archer, Newrange President & CEO. "We are starting to build a district-scale framework for the gold and copper mineralization that we are seeing, incorporating a re-evaluation of known zones with recently discovered ones. This approach is allowing us to groom several significant target areas for drilling in 2022."

Target Areas:

• Merritt Area/Pamlico Mines: Gold mineralization in and around the Merritt Decline is being reinterpreted with the goal of further defining, and potentially enlarging, the zone of near surface high-grade gold.

• "91" Zone: Discovered in late 2020 in the historic Central Mine area, 1,300 metres northeast of the Merritt Decline, the "91" Zone presents a significant bulk tonnage gold target.

• La Panta Mine: In the northern part of the property, the historic polymetallic La Panta Mine is being re-evaluated for potential continuations of gold-silver-copper-lead-zinc mineralization.

• Pamlico East: Southeast of La Panta, a north-south copper-bearing shear (see Fig. 1) has been identified that shows a strong spatial association with a similarly-trending and three-kilometre-long Induced Polarization (IP) anomaly. As previously reported (Oct. 6, 2021), grab samples along the structure have returned 5.59%, 1.36%, 2.43% and 1.63% copper over a strike length of approximately 250 meters.

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Fig. 1: Copper-bearing shear in limestone, 'Pamlico East' Target Area

• Skarn Zone/McGill Canyon: Rock and soil sampling in this area, approximately 4 kilometres southeast of the Merritt Decline, demonstrates widespread gold-silver-copper-lead-zinc mineralization proximal to the contact between a felsic intrusive and limestones and coincident with a moderate IP anomaly. In particular, grab samples with individual assays of up to 3.0 g/t gold, 2.8% copper and 5% zinc, were taken over an area of 1.2 kilometres east-west by 1.3 kilometres north-south.*

• Pamlico South: In this new area, south of the Skarn Zone and extending along the southern part of the property, several intrusive bodies have been recognized and are being mapped out in more detail. Grab samples from shears, veins and contact zones within the intrusive rocks returned up to 3.75% copper with associated endoskarn alteration (see Fig. 2), while copper mineralization up to 4.2% in grab samples along with widespread anomalous copper, zinc and lead in soils is associated with exoskarn alteration within the adjacent sedimentary rocks.* This extensive area is underlain by a strong chargeability (IP) anomaly roughly 3 kilometres across.

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Fig. 2: Copper-bearing intrusive rocks in old dump, 'Pamlico South' Target Area

Property-wide mapping and rock sampling is ongoing and the aforementioned target areas (see Fig. 3) are being prioritized for drilling in 2022.

Quality Assurance/Quality Control

All rock samples were securely stored following collection and delivered to Paragon Geochemical Laboratories in Sparks, Nevada for preparation and analysis. Samples are dried then stage crushed to 70% passing 10 mesh. A 250-gram sub-sample is then split out and pulverized to 85% passing 200 mesh from which 1 Assay Ton (approximately 30-gram) samples are split for analysis by fire assay (FA) with an Aqua Regia (AQR) digest and OES finish. Samples assaying in excess of 5 g/t Au are re-assayed by FA with a gravimetric finish. Silver was determined by FA with an atomic absorption finish. Samples submitted for multi-element geochemistry were subjected to AQR digestion and ICP-OES. In addition to the QA/QC conducted by the laboratory, the Company inserts blanks, duplicates, standards, and certified reference material (CRM) at a rate of not less than 1 in 20.

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Fig. 3: Pamlico Project Compilation Map

(*Note: A total of 130 grab samples with assays ranging from <5 to 3,000 ppb (3.0 g/t) gold, 1 to 56,000 ppm (5.6%) copper and 2 to 49,600 ppm (4.96%) zinc were taken across the property and those mentioned are for illustrative purposes only.)

Qualified Person

Mr. Robert A. Archer, P. Geo, a Qualified Person as defined by National Instrument 43-101, and the President and CEO of the Company, has reviewed, verified and approved for disclosure the technical information contained in this news release.

About Newrange Gold Corp.

Newrange is focused on district-scale exploration for precious metals in favorable jurisdictions including Nevada and Ontario. The Company's Pamlico Project in Nevada contains a large-scale multi-phase polymetallic mineralizing system with multiple gold and copper targets spread over more than 5,700 hectares. In the prolific Red Lake District of northwestern Ontario, the past-producing high-grade Argosy Gold Mine is open to depth, while the adjacent North Birch Project offers additional blue-sky potential. Focused on developing shareholder value through exploration and development of key projects, the Company is committed to building sustainable value for all stakeholders. Further information can be found on our website at www.newrangegold.com.

Signed: "Robert Archer"

President & CEO

For further information contact:

Sharon Fleming Dave Cross

Corporate Communications Chief Financial Officer and Corporate Secretary

Phone: 760-898-9129 Phone: 604-669-0868
Email: info@newrangegold.com Email: dcross@crossdavis.com

Website: www.newrangegold.com

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statement:

Some of the statements in this news release contain forward-looking information that involves inherent risk and uncertainty affecting the business of Newrange Gold Corp. Actual results may differ materially from those currently anticipated in such statements.