Silver Range Options the Skylight Property to RUSH GOLD Corp.
Suite 510 – 1100 Melville Street
Vancouver, B.C. V6E 4A6
Tel: 604-687-2522
www.silverrangeresources.com
TSX-V: SNG
SILVER RANGE OPTIONS THE SKYLIGHT PROPERTY TO RUSH GOLD CORP.
January 15, 2025 – Silver Range Resources Ltd. (TSX-V:SNG) (“Silver Range”) is pleased to
announce that it has signed a Definitive Agreement with Rush Gold Corp. (“Rush Gold”) to allow
Rush Gold to re-option the drill-ready Skylight Property in Nevada. Rush Gold had optioned the
Skylight Property from Silver Range in 2020 but the agreement subsequently lapsed during
difficult market conditions.
Skylight Property
The Skylight Property is a low sulphidation epithermal prospect, located 60 kilometres northwest
of Tonopah in the Royston Hills and consists of 16 Federal Lode claims . Exploration work to
date indicates that the Skylight Property is a fully preserved, precious metal -bearing epithermal
system, the heart of which has never been drill tested.
The Skylight Property is underlain by Oligocene felsic to intermediate volcanic rocks of the same
age as those hosting the 50-million-ounce Round Mountain Gold Deposit, 50 k ilometres to the
east. The Skylight Property is centred on low hills formed by silica caps consisting of quartz
breccia and rare bedded silica. The silica caps are interpreted to be the preserved top of a complete
and intact low sulphidation hydrothermal system. Typically, this portion of a precious metal -
bearing low sulphidation system contains only trace amounts of gold and silver with higher grade
mineralization occurring at depth beneath the outflow zone. Consequently, the Skylight Property
drew no attention from early prospectors due to the lack of readily exposed high -grade gold or
silver mineralization.
Rimfire Minerals Corporation (“Rimfire”) and Newmont Mining Corp . identified the Skylight
Property as a significant target during the course of their joint venture focused on the Walker Lane
in the early 2000’s. Rimfire tested the periphery of the system in 2007 during the last stage of the
joint venture, drilling 6 holes (1575 metres) on the accessible flanks of the silica caps. ( Rimfire
Minerals Corporation News Release – November 6, 2007 ). Intercepts were reported from three
holes: 10.67 m @ 0.49 g/t Au; 3.05 m @ 1.766 g/t Au; and 3.05 m @ 0.608 g/t Au. Despite these
results indicating that the Skylight hydrothermal system was gold -bearing, no additional drilling
was attempted following the dissolution of the joint venture, leaving the core of the system beneath
the silica caps untested.
Silver Range staked the Skylight Property in 2016 and conducted geological and alteration
mapping; soil geochemical surveys; and three-dimensional induced polarization (3D-IP) surveys.
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The 3D-IP surveys identified a network of linear chargeability highs with a nexus centred beneath
the silica caps. Elevated gold, silver and arsenic geochemical responses are directly associated
with several of these linear chargeability anomalies. Alteration mapping defined a low
sulphidation assemblage centred on the silica caps. The assemblage is vent-proximal and consists
of kaolinite, alunite, dickite and nontronite. The chargeability linears within the silica cap are
interpreted to be conduits venting the hydrothermal system and may host high -grade vein-hosted
precious metal mineralization at depth . Silver Range has identified a set of chargeability
intersections and inflections beneath the silica caps which are attractive drill targets.
A video presentation describing the Skylight Property may be found at
https://silverrangeresources.com/projects/southwest-us/under-option/skylight/
Transaction terms
Rush Gold can acquire a 100% interest in the Skylight Property over a three-year period by making
cash payments totalling $310,000; issuing 680,000 shares to Silver Range; and completing 3,000
metres of drilling. Silver Range will retain a 3% Net Smelter Return, 2/3 of which may be
purchased by Rush Gold for $1,000,000 at any time prior to production. In addition, Silver Range
will be entitled to receive a defined resource payment of US$4 per ounce of gold -equivalent
Measured and Indicated Resources or Proven and Probable Reserves defined at the Skylight
Property to Canadian Institute of Petroleum Mining and Metallurgy standards for resource
definition. If Rush Gold has not defined a resource to these standards on the property by the sixth
anniversary of the Definitive Agreement, Silver Range shall be entitled to receive US$10,000 on
the sixth and subsequent anniversaries until a resource is defined.
Technical information in this news release has been approved by Mike Power , M.Sc., CPG ,
President and CEO of Silver Range Resources Ltd. and a Qualified Person for the purposes of
National Instrument 43-101.
About Silver Range
Silver Range is a precious metals prospect generator working in the Southwest United States and
Northern Canada. It has assembled a portfolio of 31 properties, 8 of which are currently optioned
to others. Eight other projects have been converted to royal ty interests. Silver Range is actively
seeking other joint venture partners to explore the high -grade precious metals opportunities in its
portfolio.
Additional information on Silver Range’s properties may be found on the company’s website at
www.silverrangeresources.com.
ON BEHALF OF SILVER RANGE RESOURCES LTD.
“Mike Power”
President, C.E.O. & Director
For further information concerning Silver Range or its exploration projects please contact:
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Investor Inquiries
John Gilbert
Vice President
Tel: (604) 687-2522
NA Toll-Free: (888) 688-2522
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.