Welcome to the forum.
Unfortunately, you've posted to the Tips & Tricks sub-forum. This is a repository for articles on how to do things in PrE, and does not see nearly the traffic as the main forum. Hopefully, our MOD, Steve Grisetti, will move this out to the main forum.
Now, you have a couple of choices on how bes to do what you want.
The first is to use just "instances" of your main Clip. Let's call it the "master" Clip, but that term has other meanings in other editing programs. What you drag to your Timeline is NOT the Clip itself, but an instance of it. If you just wish to extract a portion from it, look in your Project Panel, where it will appear, after you either Capture, or Import it. Dbl-click on it, and it will open in the Source Monitor (looks a lot like the Program Monitor, but with options). Move the CTI (Current Time Indicator) to where you wish your new instance to begin. You can use the playback controls, or click-drag on the CTI. You can step forward, or backward, via the Arrow Cursor Keys to get to the exact Frame that you want to start with. Set your In-Point to that Frame (little bracket on the Source Monitor), and then go to where you want this instance to end. Set the End-Point (opposite facing bracket). Now, just drag from the Source Monitor to the Timeline and you will have an instance from that master Clip of the exact Duration, and with the proper In & Out Points set. This you can Export/Share. You have not altered your master Clip in any way. You can repeat this process, over and over, if you wanted to join up several segments from the master Clip.
Second way would be to drag the master Clip from the Project Panel to the Timeline. Using the CTI there, go to where you want to Cut, and press Ctrl+K to Cut both the Video and Audio. Now, go to the end of the material that you want to remove, and repeat. Select that material to be deleted, Rt-click and choose Delete and Close Gap. Repeat, as is necessary. Export/Share, when done.