Silver Range Resources Options Nevada Project To Rush Gold Corp

VANCOUVER - Silver Range Resources Ltd. has signed a Definitive Agreement with Rush Gold Corp. to allow Rush Gold to option the drill-ready Skylight Project in Nevada. Skylight is a low sulphidation epithermal prospect, located 60 kilometers northwest of Tonopah in the Royston Hills. Exploration work to date indicates that Skylight is a fully preserved, precious metal bearing epithermal system, the heart of which has never been drill tested.

Skylight is underlain by Oligocene ash-flow tuffs unconformably overlying Triassic Luning Formation carbonates and clastics. These rocks are cut by northwest-trending right lateral strike-slip faults and by subordinate north-striking steeply-dipping secondary normal faults splayed from the master faults. Skylight is centered on vent-proximal silica breccia and thinly laminated ponded silica indicating deposition at the very top of a hydrothermal cell in an epithermal outflow zone. The silica centers form several resistant hills extending approximately 800 m. Anomalous soil and rock geochemical responses in mercury, gold, silver and arsenic are associated with the silica. Silver Range conducted a three-dimensional induced polarization (3DIP) survey over a grid centered on the silica caps at Skylight. The survey defined a network of charge-ability linears with a nexus centered beneath the region of the silica caps. Elevated gold, silver and arsenic values are directly associated with several of these linear charge-ability anomalies. These linears are interpreted to be conduits feeding the hydrothermal system and may host high-grade vein-hosted precious metal mineralization.

Skylight was recognized as a significant target in the early 2000's by Rimfire Minerals Corporation and Newmont Mining. At the conclusion of their joint venture, Rimfire drilled 6 holes (1575 meters) on the flanks of the silica caps at Skylight in 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. This work was never followed up and the core of the system beneath the silica caps was never drill tested.