Silver Range optionee to conduct survey at Tule
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The most recent news release, dated 2025-10-28, states that Walker Lane Resources Ltd., an optionee of Silver Range Resources Ltd., is set to commence an airborne geophysical survey at the Tule Canyon property in Nevada. The survey will consist of 212 line kilometres of magnetic and radiometric data collection. This activity is part of the ongoing exploration program on the Tule Canyon property, which was optioned to Walker Lane Resources Ltd. by Silver Range Resources Ltd. on March 26, 2025.
This news is a routine, positive development that aligns with previous expectations set forth by the option agreement announced on March 26, 2025. In that agreement, Walker Lane Resources committed to specific exploration expenditures, including 1,500 meters of diamond drilling by March 8, 2028, to earn its initial 80% interest in the Tule Canyon property. The airborne geophysical survey is a logical and necessary first step in defining drill targets for that commitment.
Silver Range Resources operates on a project generator model, where it acquires and de-risks properties before optioning them out to partners who then fund the more intensive exploration and development. This news signifies that a partner is actively moving forward with its exploration obligations, which is a validation of Silver Range's strategy and the prospectivity of the Tule Canyon property. However, it is an early-stage exploration activity (geophysical survey) rather than drill results or a resource definition, so its immediate material impact on the company's valuation is not expected to be significant beyond confirming continued partner activity.
Comparing this to the previous news release on 2025-10-17, where Silver Range itself commenced an airborne survey and ground exploration at its East Goldfield property with planned drilling in November, both releases indicate ongoing, early-stage exploration activities. The East Goldfield news had a metadata rating of "Routine - Positive," and this Tule Canyon update from a partner is of similar significance.
Financially, this activity is funded by the optionee, Walker Lane Resources, not directly by Silver Range, which is a positive aspect of the project generator model, conserving Silver Range's capital. Silver Range will ultimately benefit through retained royalties and potential milestone payments upon resource definition.
Silver Range Resources Ltd. (TSX-V: SNG) operates primarily as a project generator focused on acquiring, exploring, and optioning out mineral properties. The company aims to de-risk projects to attract partners who fund exploration and development, while Silver Range retains royalty interests, cash payments, and/or shares in the partner companies. Its portfolio spans gold, silver, and copper projects across Nevada and Arizona in the USA, and the Yukon Territory, Northwest Territories, and Nunavut in Canada.
Flagship Projects & Key Developments: * East Goldfield Property (Nevada, Gold): A SNG-led exploration project contiguous with Centerra Gold's Goldfield project. In April 2025, Silver Range defined a drill target near the Tom Keane mine based on historical data, with a conceptual target of 2.26 to 6.6 million tonnes grading 0.34 to 0.62 g/t Au (55,000 to 72,500 ounces of gold), though this is conceptual and not an NI 43-101 compliant resource. In October 2025, SNG commenced an airborne geophysical survey and ground exploration, with drilling planned for November 2025. Silver Range retains a 1.0% Net Smelter Return (NSR) royalty on this property. * Alamo Property (Arizona, Gold-Copper): Acquired by staking in February 2025. This Iron-Oxide-Copper-Gold (IOCG) style target has historical mining at the Wenden mine (reports of 18-20% copper and 0.5 oz/ton Au). Initial sampling by SNG in July 2025 yielded high-grade results up to 37.8 g/t Au and 19.15% Cu. Additional exploration is planned for fall 2025. * Tule Canyon Property (Nevada, Gold-Silver): Optioned to Walker Lane Resources Ltd. in March 2025. Walker Lane can earn 100% by paying $480,000 cash, completing 1,500 meters of diamond drilling, and other conditions over four years. Silver Range retains a 2.5% NSR (buyback to 1% for $500,000 per 0.5%). The current news (Oct 2025) details Walker Lane's airborne geophysical survey, initiating their exploration commitment. * Skylight Property (Nevada, Gold-Silver): Re-optioned to Rush Gold Corp. in January 2025. Rush Gold can earn 100% by paying $310,000 cash, issuing 680,000 shares, and completing 3,000 meters of drilling over three years. Silver Range retains a 3% NSR (two-thirds buyback for $1 million) and a resource payment of $4.00 per ounce of gold equivalent. In June 2025, Rush Gold announced it would begin exploration. * Legal Tender Property (Nevada, Silver-Gold): Optioned to Rush Gold Corp. in September 2025. Rush Gold can earn 100% by paying $200,000 USD and completing 1,000 meters of drilling over four years. Silver Range retains a 2.5% NSR (0.5% buy-down for $500,000 USD) and a resource payment of $4.00 per ounce of gold equivalent. This further expands the partnership with Rush Gold. * Cambridge Property (Nevada, Gold): Joint Venture with Auburn Gold Mining LLC, optioned to Walker Lane Resources Ltd. in March 2025. Walker Lane can earn 100% by paying $460,000 cash, spending $1.5 million on exploration, and completing 1,500 meters of drilling, among other conditions. Silver Range (and Auburn) retain a combined 2.5% NSR. The project is expected to be drill-ready in 2025. * Tesoro Project (Arizona, Gold): Acquired by SNG in June 2025. Historical workings show high-grade gold (up to 52 g/t Au grab samples) and wider low-grade zones. Planned SNG-led exploration includes mapping, geochemical/geophysical surveys, trenching, and drilling.
The company's strategy involves continuous acquisition of new prospective properties and subsequent optioning, aimed at building a diversified portfolio of exploration-stage assets with retained royalty streams.